Women entrepreneurs may be the key to global economic development.Today women are as likely as men to recognize the business opportunities around them. In Africa and most of Asia, fear of business failure rates among women is equal to or less than that among men. Women consider themselves strong innovators. In developing countries, in particular, the opportunities offered by women entrepreneurs help grow markets and increase employment prospects. Retail, beauty, and food services are among the sectors in which women focus. In Africa and Asia, about 75 percent of women are in these consumer-oriented sectors. The problem is that this centers women in sectors that are low earning and domestically focused on low prospects of economic and business growth. Personal initiative skills development is important for women. But exposure to male-dominated sectors is also important.
Which opportunities are we missing on women entrepreneurs?
Women entrepreneurs are rarely in mining, construction, electronics, and software. Knowing this tells us that there is an opportunity for far greater economic advancement. When women cross over into male-dominated sectors, they can earn three times as much as in traditionally female-dominated sectors. By encouraging women to enter male-dominated sectors — and thereby changing the mindset of financial lenders and providing new opportunities for women to learn, grow and develop entrepreneurial businesses — women in developing countries can escape poverty and improve their country’s economic condition. for the private sector, there are good business reasons to embrace women entrepreneurs: It can lead to greater profitability and enable them to better anticipate the needs of their market. To educate yourself about this issue, please read about Female entrepreneurship and the key to global economic development? written by Lisa Cornish, a Devex Reporter based in Canberra, Australia.
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