Today is a day of celebration, pride, gratitude, and optimism; today is International Women’s Entrepreneurship Day!
As an organization, our goal is to achieve parity for women entrepreneurs in Alberta and beyond. For more than twenty-five years, we have connected women with access to capital, training and workshops, business advising, and mentorship opportunities—supporting the entrepreneurial dreams of women in our communities.
Supporting women owned businesses is more than just a catch phrase. A 10% increase in women owned SMEs could have a $198 billion impact on annual Canadian GDP.[1] And globally, advancing women’s equality and opportunity could add $12 trillion to the global economy by 2025.[2]
There is no doubt that our communities and economies are stronger when women are full participants in entrepreneurship. But why do organizations like AWE care so deeply about this cause?
Job Creation
Research shows that there is great diversity in the aspirations of women entrepreneurs, with an increasing number interested in pursuing high growth ventures. As opportunities for entrepreneurship increase, even more women-owned businesses will shift from start up phases, to growth or scaling phases. According to the Global Entrepreneurship Monitor’s 2020/21 Women’s Entrepreneurship Report, 30.2% of women entrepreneurs surveyed planned to hire six or more employees in the next five years, a number that has increased since 2019. [3]
Accomplishing Economic & Social Objectives
It is believed that businesses led by women blend both economic and social objectives, meaning that women entrepreneurs, while striving for strong financial performance, make Alberta (and beyond) a better place. [4] In fact, one motivator for pursuing entrepreneurship that is frequently reported by women entrepreneurs is the opportunity to do meaningful work.
Diversity in Leadership Styles
Increasing gender diversity in entrepreneurship provides the opportunity to activate a much wider range of leadership styles to propel their businesses toward success. A study from KPMG outlines the importance of situational leadership, or the ability to adjust one’s leadership style with fluidity depending on the circumstances, that is frequently demonstrated by women in leadership positions.[5] To go even further, a critical driver of business success is employing diversity of thought in order to solve complex problems.
Access to Financial Freedom
Entrepreneurship provides a pathway to generate income that differs from traditional work environments. More specifically, many women are motivated to pursue entrepreneurship as it enables increased flexibility that is more conducive to needs like work-family balance, or the ability to work from home. For those unable to participate in traditional workplaces due to personal constraints, entrepreneurship can be an avenue for many to achieve financial independence through means that are more accessible to them.
Products & Services that Fill Key Marketplace Gaps
30% of women entrepreneurs in Alberta report innovation in a product/service or market.[6] Innovation, radical or modest, is a central facet of successful entrepreneurship. With gender diversity comes a variety of perspectives and the ability to see and solve problems that may have been previously overlooked.
See It, Be It
Representation is paramount for the advancement of women entrepreneurship. As more women build successful businesses, they pave the way for future entrepreneurs to recognize the vast realm of possibilities that exist while breaking down barriers to entrepreneurship. The more we lift each other up, the clearer it becomes that these achievements are attainable for all. Look no further than to the Women Entrepreneurship Knowledge Hub (WEKH) See it. Be it. Database, featuring profiles of successful women entrepreneurs across Canada, for proof that “women need to see successful women entrepreneurs so they can dare become one.”
Gender Equality in Work = Gender Equality in Society
As stated in the McKinsey & Company report, The Power of Parity: Advancing Women’s Equality in Canada, “the former is not possible without the latter.” Encouraging more women to be entrepreneurs is one of many initiatives that can make Canada a global leader in gender equality. Namely, increasing “the ability of women to be equal players in labour markets—to find employment, be compensated fairly for it, gain the skills and opportunity to perform higher productivity jobs, and share work outside the market economy equitably.”
The above reasoning is only the tip of the iceberg. The benefits of achieving parity for women entrepreneurs are endless. This International Women’s Entrepreneurship Day, let us celebrate how far we have come, dream boldly of where we may go, and act fiercely in our resolutions to advance women entrepreneurship here and now. #choosewomen
