Why are more and more women starting their own businesses?

Why are more and more women starting their own businesses?

In 2023, a UK government-backed taskforce on female entrepreneurship reported that female entrepreneurs established over 150,000 new companies in the preceding year, more than twice as many than in 2018. Why such a significant increase?

The remote work setup during the pandemic helped women be more flexible with their schedules. It gave them opportunities to manage both their careers and personal/family lives. With the return to office mandates, more female workers are turning to entrepreneurship for greater flexibility.

Nearly 40% of female respondents to research by Small Business Britain said the search for a better work-life balance led them to start their own businesses.

Thirty percent of respondents also noted that they founded companies because they wanted to choose where they worked, with 25% reassessing their careers after having children.

What does the rise of female entrepreneurs mean for the business world?

As Michelle Ovens, founder of Small Business Britain and the f-entrepreneur campaign, said in the UK media last year, “There has been a significant increase in women entrepreneurs across the UK, and collectively they make a phenomenal contribution to the U.K. economy.”

Positive qualitative trends will also be seen. With more women starting their businesses, perspectives, ideas and leadership styles diversify. This inclusivity encourages innovation and creativity, which can enhance business dynamics. It also addresses the longstanding gender gap, empowering women economically.

Female entrepreneurs bring unique insights and resilience. They help to create a more balanced and fair business environment, bringing a positive image to the industry. This trend benefits individual businesses and enriches the broader entrepreneurial ecosystem, fostering a climate of progress and equality in the professional world.

About Sam P

EnterpriseZone Staff Writer

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