A recent study reveals that female entrepreneurship can improve the global economy to the tune of $2.5 trillion. (iStock)
Studies show the pandemic has had a disproportionate effect on women, many of whom are balancing work with motherhood and homeschooling. Yet women are also rising to the task — and many even see the health crisis and economic recession as an opportunity to launch a business.
In a recent study conducted by AllBright, the network geared towards women’s business and entrepreneurship, women are looking for a change in career as the world changes around them. 25% of women are hoping to start their own business, while 3 in 5 are hoping to change their field entirely.
The AllBright study concluded that:
- 25% of women want to be business owners.
- These new career paths fall under a multitude of categories, but “health and wellness” and “communication” have shown significant growth.
- 50% of women see COVID as an opportunity to shift their careers in directions that weren’t accessible before the pandemic.
As Native Business Executive Editor Carmen Davis (Makah/Chippewa-Cree/Yakama) recently shared in one of her weekly From the Editor posts: “Whenever a woman accomplishes a first or makes any significant stride on her own terms, it empowers women across the board.”
Fun Facts About Female Leadership
It’s worth noting that countries that are female-led have responded more quickly and more efficiently to the covid-19 crisis than other countries. And countries with higher percentages of female leadership weathered the Great Recession better than countries with predominantly male leadership, Forbes reported.
Meanwhile, studies show that in 2008 during the Great Recession, banks headed by women fared better than their male counterparts.
That’s great news for Citigroup. Jane Fraser will become the first woman to lead a major Wall Street bank when she takes her post as CEO of Citigroup in February. This week’s announcement about Fraser’s appointment accompanied articles in national news media about how Fraser, a mother of two, balanced her career ascension with that of her husband’s. She spoke candidly with magazine Working Mother, among other publications, about how she worked part-time while her boys were young, and in 2008, her husband, Alberto Piedra, quit his job as head of global banking at Dresdner Kleinwort to care for their children as Fraser focused on her career.
Entrepreneurship, of course, is a different ballgame. But studies go to show that whenever women are leading countries, major corporations or their own businesses, the economy performs better — and as relates to female entrepreneurship, better to the tune of $2.5 trillion.
Study: Unleashing the Power of Female Entrepreneurs Would Raise Global GDP by $2.5 Trillion
A study by Boston Consulting Group (BCG) reveals that if there were equal participation from males and females in entrepreneurial pursuits globally, the GDP would see significant growth from 3% to 6%. Not to mention the economy would be buoyed from $2.5 trillion to $5 trillion, easily.
Entrepreneurship can shape the way that communities across the world grow and thrive.
In another recent From the Editor post, Carmen Davis stated that: “Entrepreneurship seeds generational prosperity and a community-wide resurgence through demonstrating to others, and to future generations, what’s possible. Entrepreneurship is also, importantly, one of the most traditional activities we as Native people can engage in; just like our ancestors did all across Turtle Island since time immemorial.”