The business world is historically run by men. According to a study from Aston University, men are much more likely to engage in entrepreneurship than women. There are many reasons for this gender gap, however, this reality is changing quickly with the rise of female entrepreneurs around the world. 

Over recent years, we’ve seen more and more women emerging into the entrepreneurship industry. Within the last decade, the number of businesses run by women has increased by 45 percent. The reality is that women are reshaping the market. 

In this article, you’ll learn more about the current scenario and understand the next big challenges for these women.

The Proportion of Female Business Owners by Country

We all know that female entrepreneurs are conquering the world. We also all know there is still a huge gap when we compare the number of businesses owned by men versus women throughout the globe. In this infographic created by RS Components, you can understand more about these proportions in different countries.

Infographic: Female Entrepreneurs around the World

You’re probably surprised to see some of the countries that are on the top of the list, with the unexpected first being Ghana, a small coastal country of about 29 million people. Considered the world’s fastest-growing economy by the International Monetary Fund (IMF), Ghana on the rise, and female entrepreneurs have a lot to do with that.  

A developed economy is not a synonym of a high number of women that own a business. According to Mastercard’s Index of Women Entrepreneurs, women’s progression as entrepreneurs are not necessarily aligned to the pace of their country’s economic development and wealth.

The entrepreneurial career is challenging for women. However, according to Crunchbase, perceptions are predominantly positive. Currently, entrepreneurs are taking the challenge to bring businesses from the microscale to global enterprises. 

Impressive, right?

The Next Steps for Female Entrepreneurs 

This infographic shows how much has changed in the entrepreneurial scenario. It also shows how unexpected countries can be the bridge for the gender gap in the business ecosystem. 

When it comes to future steps, there’s still have a lot of obstacles to overcome. According to research from Guidant Financial, these are the biggest challenges for female entrepreneurs in the U.S:

  1. Lack of Capital/Cash Flow
  2. Marketing/Advertising
  3. Time Management
  4. Administrative Work
  5. Recruiting/Retention of Employees
  6. Managing/Providing Benefits

Of course, finding solutions to these challenges is not an easy task. Empowering women, sharing knowledge, and spreading powerful stories of female entrepreneurs is a good first step to changing the scene at a faster pace.

An interesting fact of this is the happiness level for those who own their own businesses. According to the same research, 70% of participants are between 8 and 10 on a scale from 1 to 10 of happiness. It shows that even with big challenges, this is a path that women are looking forward to following.

Understanding challenges and discovering inspiring female entrepreneurs is key to empowering the presence of women in business. Check out more inspiring stories on EIA blog!