Female entrepreneurship has been recognized as an important source of economic growth all over the world. However, many women-led organizations face a myriad of challenges ranging from access to finance, technological inputs, inadequate business exposure & orientation, and access to the right networks.
Studies are showing that when women gain access to their own financial freedom, they empower many other women; they are lifted out of poverty, children begin to become healthier, and the overall economic status of a country improves.
The economic independence of female entrepreneurs, the deploying of their self-assertion skills, and assumption of responsibility will allow for an ever-increasing number of women to recognize their own skills and strength to acquire economic independence.
According to Tory Burch, women in emerging marketplaces put as much as 90% of their earnings back into their local economy. The World Bank’s VP on Poverty Reduction and Economic Management Network has stated that this is a significantly higher percentage than men generally reinvest into their local economy.
This may have to do with how men are more likely to spend their earnings on personal consumables, such as tobacco or alcohol, while women are more likely to purchase items for their families or children. Whatever the reason, boosting the economic purchasing power of women clearly helps to support the local economy, creating flourishing pockets of power in a global marketplace.
Access to finance is a huge barrier to the advancement of women-owned businesses. Other constraints include occupation segregation, lack of networks and limited links to high-value markets.
Through programs targeting women entrepreneurs, such as The CANs’ Women Can Program, women are able to gain access to technical support to enhance impact acceleration, and unlock opportunities through networks of their peers, impact investors, government and foreign organizations.
Entrepreneurship is one of the best ways towards self-sufficiency and poverty alleviation in a country like Nigeria, where employment is not always guaranteed. Involvement of women in entrepreneurial activities would ensure effective utilization of labour, generation of income and hence improvement in standard of living. With the right access to the right resources, women indeed can dominate the entrepreneurial world.