Contractors will be interested to hear that according to new research, if there were as many female entrepreneurs as there are male entrepreneurs, GDP could be boosted by 10% by 2030.
The latest report, ‘Inspiring Female Entrepreneurs’, which was carried out by the Chartered Institute of Personnel and Development (CIPD), female-run enterprises are often particularly successful due to their unique approach to both leadership and running their businesses.
For example, women tend to be motivated more by a sense of purpose, rather than just the monetary side of things. According to the CIPD, they are also more likely to grow their business gradually and sustainably, choosing to avoid debt by self-financing; and tend to take a personal approach to marketing and relationship management.
Public Policy Adviser at CIPD, Dianah Worman OBE, commented on the findings, “It’s clear from our research that women have a lot to offer to the economy – be it by starting up their own businesses or by letting their entrepreneurial flair and business savvy shine in the corporate world.
“Government is right to actively stimulate the wider take up of flexible working by employers and to seek to support women in setting up and growing their own enterprises. It makes perfect sense to find ways of helping them to do this in order to build economic growth.
“The research found that the key drivers that motivate women to set up on their own are the desire for more autonomy and the need for greater work-life balance and flexible working.
“However, the women interviewed in the report also revealed some of the challenges associated with going it alone, stating that more women would be motivated to start successful businesses if they had access to a central business advice portal with quality guidance on financial business planning, franchising, up-skilling and training.”
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