Businesses owned and driven by women are a huge driving force behind economic growth and prosperity - and will only become more so now that the 'glass ceiling' is starting to shatter, says Sheridan Sulskis, chief executive of Coventry & Warwickshire Reinvestment Trust
The landscape of business ownership is perpetually shifting and evolving. In the last decade, its evolution has taken a spectacular, if belated, transformation with increasing numbers of women stepping into entrepreneurship.
This shift has brought numerous positive changes. Women-owned businesses now play a pivotal role in shaping both our economy and society. Their impact is colossal and far-reaching and, as barriers continue to be broken down, will only become more so.
In 2023, businesses owned and driven by women are a huge driving force behind economic growth and prosperity. As these enterprises thrive, they create job opportunities, spurring employment rates and injecting vitality into our communities. Studies have shown that when women participate actively in the labour force, it often brings a boost to the overall economic output of a nation. By bringing their skills, strengths and perspectives to a diverse range of industries, women entrepreneurs deliver a more balanced and resilient economy, shielding it from potential shocks.
The innovative spirit of women-owned businesses fuels advancements in products and services. The unique perspectives and life experiences of women entrepreneurs often give rise to groundbreaking solutions that cater to previously underserved markets. This enriches our society and ensures that all needs are met which, in turn, leads to a more inclusive and equitable economy.
Beyond their economic impact, women-owned businesses serve as a catalyst for positive social change. They act as beacons of empowerment for other aspiring women, shattering the glass ceiling, and inspiring others to pursue their dreams fearlessly. As the number of women in leadership roles increases, we are witnessing a shift in societal perceptions, challenging traditional gender norms and reinforcing the notion that success knows no gender boundaries.
Women entrepreneurs also contribute significantly to community building and philanthropy. They often exhibit a deep sense of social responsibility, actively engaging in initiatives that address societal challenges and uplift marginalised groups. This creates a ripple effect of compassion and empathy, strengthening the fabric of our communities and fostering a more compassionate society. Good business sense and compassion can go hand in hand. In fact, the latter should be an integral part of the former. Employees who feel happy and valued and respected are likely to be much more loyal and productive. Many women entrepreneurs ‘get’ that and build it into the heart of their businesses.
The rise of women-owned businesses is a critical step towards achieving gender equality. By enabling women to gain financial independence and control over their destinies, these enterprises are instrumental in breaking down systemic barriers. They create pathways for women to access resources, education, and networks that were historically limited. As a result, women's overall wellbeing improves, translating into better health, education and opportunities for future generations.
On a broader level, the rise of women-owned businesses in various sectors is challenging the status quo, encouraging institutions to promote diversity and inclusivity for the collective good. This pushes companies and organisations to reevaluate their policies, fostering a more equitable work environment for everyone.
The significance of women-owned businesses extends far beyond financial gain. As they soar to new heights of success, these entrepreneurs uplift our economy, drive innovation, and generate employment opportunities. More importantly, their impact on society is profound, reshaping our collective mindset about gender roles and empowering women to lead in every sphere of life.
By supporting and encouraging women in their entrepreneurial endeavours, we invest in a brighter future, where gender equality thrives and our communities flourish. Let us celebrate the achievements of women-owned businesses and recognise their immense value in building a more inclusive, prosperous and compassionate society for all. Together, we can create a world where every woman's dream can take flight, and our society soars to unprecedented heights.