The gap between the number of men and women launching their own businesses is closing - and the tide is being turned by some trailblazing female entrepreneurs.
The statistic that there are more men called David or Steve leading FTSE 100 companies than the total number of women has been held up as an example of the glass ceiling in action. But the disparity between the number of men and women launching their own businesses – dubbed the ‘enterprise gap’ – is beginning to close, thanks to the inspiring women leading the way.
The 2017 Global Entrepreneurship Monitor found that although at 5.2%, women are half as likely to become entrepreneurs as men, between 2003-2006 and 2013-2016, the growth rate of female entrepreneurs was an encouraging 45%.
“It’s happening slowly, but the gap is closing,” says Karen Bonner, lecturer in entrepreneurship at Queen’s University, Belfast and co-author of the Global Entrepreneurship Monitor. “There may be fewer of them, but women are becoming entrepreneurs at a much faster growth rate than men. They’re starting to see it as a viable career choice that offers them flexibility, and a good alternative to employment.”
Karen believes the women at the forefront of entrepreneurship are the key to seeing this growth continue. “Women are more likely than men to say that fear of failure is preventing them from making the leap,” she says. “But having female entrepreneurs as role models and mentors helps increase that rate.”
This growth in the number of female entrepreneurs isn’t just good for individuals and our economy (There are now around 1.2 million women-led small and medium sized businesses in the UK, which contribute an estimated £115 billion to the economy). It can be good for everyone.
When they succeed in taking the plunge, studies have shown that women have similar levels of ambition for their businesses as their male counterparts, and the motivation of 66% of women starting their own business is to contribute to society (against 39% of men).
Here are five of the women who’ve been blazing that a trail for decades, inspiring men and women alike with their success stories.
Karren has been a prominent face of female entrepreneurship during her 20 years in business. Currently CEO of West Ham United Football Club, she’s also Senior Non-Executive Director of Syco Entertainment, and was made a life peer in 2014. As a leading commentator on and advocate of women in business, Karren is committed to helping other women succeed.
From her beginnings as the founder of Ultimo Lingerie, Baroness Michelle Mone has expanded her portfolio to incorporate global interests as diverse as architectural interior design, cryptocurrency, property and jewellery. A respected speaker and mentor of women in business, she also helped to found the Women’s Enterprise Project in the Middle East.
Life peer, co-founder of LastMinute.com and Lucky Voice, charity founder and patron, Martha Lane Fox has an enormous number of strings to her bow. Yet she remained a down-to-earth advocate of female entrepreneurs - you can listen to Martha talking about growing a community in business on Natwest’s the Women in Business podcast.
To the tabloids, she’s known as as the woman who bought sex to the high street. But in business circles, the Chief Executive of Knickerbox and Ann Summers is renowned for her commitment to hiring and supporting women within her female-focused businesses. She also founded the WOW (Women On Wednesday): Championing Working Women initiative, with the aim of supporting women setting up their own businesses.
Justine Roberts, CBE
Founder and CEO of Mumsnet, Justine built the site up from scratch 20 years ago, forging a path for female internet entrepreneurs and supporting other mothers starting out in business. Voted one of the most powerful women in the UK, Justine hosts a network of around 10,000 blogging and vlogging influencers, whom she connects with brands.