Women and Their Path towards Entrepreneurship
It is very disappointing to know that women still earn less than men leading to the rise in concept of more women in the field as entrepreneurs. This was confirmed by two studies conducted recently. But there is also good news too. The report says that the environment is changing, more companies are committed to closing that pay gap and more women are starting to earn the same as their male counterparts and women are doing other things to make more money: like start businesses and reports do say that they are flourishing.Now women started to dream to become an Entrepreneur rather cocooning herself as an employee.
The pay difference has mostly affected the women in color. Reports says that over the last five years, growth in “side entrepreneurship” is up 99% among African American women while 63% for Asian American women and 46% for Latina/Hispanic women. As of 2019, according to the report, women of color accounted for 50% of all women-owned businesses, with an estimated 6.4 million women of color-owned businesses employing nearly 2.4 million people and generating $422.5 billion in income.
All these points imply one thing that is women have made significant gains not only in the workplace but in entrepreneurship too. Although there is still a long way in achieving equality, compared with reports from last 2 decades we can clearly say that their workplace conditions have improved tremendously.
Absence of Versatility
pic source: Google
All of these growths seem exceptional except for the fact that: most of the female entrepreneurs are drawing their water from the same well. Most of them choose to be in personal services such as hair and nail salons and pet care businesses, healthcare and social assistance such as child daycare and home healthcare services and professional/scientific/technical services such as lawyers, bookkeepers, architects, public relations firms and consultants. Some of these companies may not be able to keep up with other verticals such as wholesale and retail trade or tech-focused business.
But it is always better to face one challenge at a time. It is so good to finally see the contraction in gender-based pay gaps in the corporate world. It is also wonderful to see women migrating towards entrepreneurship and succeeding in it.
Edited by: The World Women News Team
