I remember seeing women, many with babies hanging at their hips or suckling at their breasts, at the corners of sandy streets back home in Senegal, selling one product or another under the hot sun, from crackling roasted peanuts to fresh sorrel juice. At the time, I did not even know what the concept of entrepreneurship was. I just instinctively knew the important role these women were playing in the fabric of our society. I knew behind many of their yellowed smiles and inviting and astute banter, hid countless economic and social hardships that the meager revenue from their sporadic sales barely alleviated. These were the first women entrepreneurs I was ever exposed to. Every time I think about entrepreneurship, these are the women I think about…
Yet when I started my own entrepreneurial journey, as an immigrant and a career woman side hustling my way into business, I somehow forgot about these women…I drowned, consciously or not, into the noise of the world around me, giving into salesy gimmicks and marketing hoaxes. So do so many of us out there…Until I’ve had a wakeup call lately, and remembered the women of my childhood, selling at the corners of sandy streets and alleyways, heartily bantering, authentically sharing from the heart to feed their families…Every time I have to get back to business, literally and figuratively, I intentionally pause and remember these women. I remember their hearts, their art, their determination, their drive. I remember their signature marketing anchored in relentless humanity, away from marketing gimmicks and sales ploys…
According to the 2021/2022 Global Entrepreneurship Monitor (GEM) Women’s Entrepreneurship Report, women constitute two out of every five early-stage entrepreneurs active on a global scale. Women are also one in three high-growth entrepreneurs, and one in three innovation entrepreneurs focusing on national and international markets. In general, women in lower-income countries tend to report intentions to start a business at higher rates than women in high-income countries, with the Dominican Republic showing the highest startup rate for women (43.7% vs.41.7% for men). They are also found to exit businesses at lower rates than their male counterparts (3.6% for women vs. 4.4% for men), but this may also be impacted by their lower rates of business entry.
Unfortunately, the pandemic altered these statistics, with women’s entrepreneurial intentions decreasing from 19.1% to 16.7% in 2021 mostly in low-income countries. Women also unfortunately suffered an increase in business exit rates during the COVID-19 pandemic (from 2.9% to 3.6%), while men observed higher rates (from 3.5% to 4.4%). Despite this, almost half of women entrepreneurs at the early stage recognized new business opportunities created by the pandemic, demonstrating a similar alertness to new opportunities and ability to pivot as their male counterparts.
Overall, on a global scale, women entrepreneurs show a high level of activity in growth and high innovation businesses with a focus on national and international markets. While there are few gender-related differences in education and age, women entrepreneurs are generally less affluent than their male counterparts, except in low income countries. Most of the notable differences between men and women entrepreneurs are industry and business size-related, with fewer women with businesses in Information, Computer and Technology (2.7% of women vs. 4.7% of men) and with employees. In terms of stereotypical gendered perceptions around entrepreneurship, the largest gender divide was observed around access to investments, mostly in low income countries.
All these global statistics show the undeniably important and growing role women play in the world of entrepreneurship, despite the many obstacles they face and crises around them. This goes against the stereotypes minimizing, or flat out denying, the innate entrepreneurial nature of women. As a matter of fact, the relationship between entrepreneurship and women has recently emerged as a current and relative recent research area, showing the undeniable link between entrepreneurship and women.
As a woman and/or mom, if you’re thinking of reconnecting with your entrepreneurial self, whether you’re getting back to your business or side hustle, or are looking for more ownership in your career, this is also your reminder, and encouragement, to do so:
- Identify needs and problems
Women and moms have long been attuned to the needs and issues around them, which is a crucial factor in entrepreneurship. It is this attunement to the needs and issues around them, from their own financial needs and those of their families and communities, to gaps in the society around them, that fuels their aspirations to start businesses.
In the same way, identifying the needs and problems around you, whether it’s at work or in your own business or side hustle, is essential to reconnecting with the entrepreneur in you.
What are the needs in your team at work? In the classroom you teach? What are the problems you are experiencing in your life?
- Recognize new business opportunities in crisis
Almost half of women entrepreneurs at the early stage recognized new business opportunities created by the pandemic. In addition, outcomes during the pandemic were better in countries led by women, as in states with female leaders where the least fatalities were observed. This is not surprising, as women and moms have for the longest time, emerged as leaders in times of crisis. Hence the term “glass cliff”, which describes the phenomenon that female leaders are usually put in charge when a company is in trouble.
- Stick it out!
As lower business exit rates show the resiliency of women entrepreneurs, it also outlines one of the most crucial elements of women’s entrepreneurship. It’s the ability to stick it out despite obstacles, including lack of funding, damaging stereotypes and scarce support, that keeps women’s businesses afloat and thriving.
For me, the beautiful, resilient and creative women selling roasted peanuts, fresh sorrel juice and so many other products at the corners of sandy streets and alleyways in my hometown of Dakar, Senegal, will always be the picture of entrepreneurship. Their ability to identify problems and needs, to recognize new opportunities in the midst of crisis, and to stick it out in unwelcoming environments lacking the resources they need, will always exemplify the essence of what it means to be an entrepreneur. As a woman and mom, these are the values that help me reconnect with the entrepreneur in me, in my career and business. I hope these are also the values you use to reconnect to your own entrepreneurial side, at work and in business.
The Corporate Sis.
