Updated: Jun 24, 2021
Do you know that empowering girls and women is essential to the health and development of families, communities, and nations? Do you also know that females face discrimination and violence in every part of the globe?
Entrepreneurship is a contemporary concept utilized to empower women professionally in the corporate world. Entrepreneurship is an ongoing contemporary concept that drives innovative changes and brings new inventions that root new trends and concepts through creative and innovative thinking. Entrepreneurship has disrupted several industries in the world. It enables to foster and produce exotic consumer and capital products, processes and brings about positive changes to the world.
700 million women and girls around the world were married off before the age of 18
1 in 5 women and girls have experienced sexual violence in the past 12 months alone
Women represent only 23.7% in political offices
In the modern economic context, Women across the globe are facing several significant issues that drain their mental and physical activities to strive forward in their professional and personal life.
Women empowerment encompasses promoting women’s sense of self-worth and it gives them the fundamental right to determine their own choices, and also it gives the right to influence social change for themselves.
The above statistics from the United Nations is extremely saddening to digest as many females are increasingly discriminated against and abused in multiple ways.
Therefore, according to many scholars and informed guides to affect real change in the scope of women empowerment it is recommended to nurture the concept of “Entrepreneurship” in girls when they are in elementary school.
This will aid young souls to have an idea about the benefits of an entrepreneur by having a clear overview of the new trend patterns in the corporate sector. Moreover, they will understand the significance of immersing in entrepreneurial skills rather than only financial and managerial skills.
The major reasons for inculcating the essence of entrepreneurship in young girls is mainly due to;
Female Entrepreneur Gap – the female entrepreneur gap focuses on the disparity of capital available for females in the modern era and the sustained discrimination they face daily. The key motive to nurture entrepreneurship in young girls is to mitigate the gap women are facing with the struggle to raise capital.
Homophily - According to the Harvard Business School research, women received $1.46 billion in venture capital in the U.S, which only represents 2 per cent of total venture funding in the U.S. One of the key contributing factors towards this inequality is “Homophily”, which elucidates that individuals tend to live and network within homogeneous bubbles. Homophily is a significant factor that influences venture capitalists’ choices, as they tend to mentor and lend money to entrepreneurs who look like them.
The majority of entrepreneurs across the world are white men, they inculcate massive sums of both monetary and human resources. This notion affects their career choices where they tend to lend money to men mostly as they have a higher ratio of reflecting the same behaviour.
The study taken from this concept highlights the importance of enabling girls to interact with strong female entrepreneurs, as they will be more likely to see themselves as one. This idea and research were also substantiated by the Global Entrepreneurship Monitor (GEM) women’s report (2019), they discovered women’s confidence was lower in developed countries than in developing nations as they have lower reliability and trust in themselves.
This negative trait among females developed as developed countries adopt complex and technical business processes compared to developing countries leading to this vicious cycle.
Building Entrepreneurial skills – It is vital to building entrepreneurial skills from a young age to thrive in the competitive world rather than accomplishing all the technical, financial and managerial skills and then gaining a glimpse of entrepreneurial skills later on.
It is vital to aid young girls from childhood to understand the essence of entrepreneurship to help them grow and compartmentalize the characteristics and skills of a successful entrepreneur so that they can make wise choices in life and not be the victims of violence, discrimination and abuse in the modern era. According to Forbes, the five major entrepreneurial skills include; goal-setting, decision-making, financial management, people skills, and business ethics.
Increasingly, there are various entrepreneurial platforms such as Junior Achievement’s Be Entrepreneurial program and Venture Lab that has downloadable curriculums on their platforms that educators can view and enlighten young girls and women.
Young girls are conducting extensive research for careers in industries that have not yet been invented, however, they need to have the courage and confidence to foster growth and move forward without any hindrance along the pathway.
The real question is “whether the global organizations and institutions would implement a framework to empower girls and women across the world not just limited to either developed or developing countries, but all “. Girls need to understand both entrepreneurial skills and also inculcate a great level of emotional intelligence and develop people skills to sustain in the long term.