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Empowering Women Entrepreneurs: Key Insights from the GEM 2022/2023 Women's Entrepreneurship Report
KEY POINTS.
The Global Entrepreneurship Monitor (GEM) has recently published its 2022/2023 Women’s Entrepreneurship Report titled Challenging Bias and Stereotypes1. The report presents a trend analysis of women’s entrepreneurship across 49 countries, 5 global regions, and 3 national income levels. It is based on interviews with some 175,000 individuals.
Here are some key findings from the report:
Nearly one in every three entrepreneurs running established businesses is a woman.
For start-up activity, there are .80 women for every 1 man.
Globally, women were more likely than men to be solopreneurs (1.47 women solopreneurs for every 1 man).
One in six women reported an intention to start a business in the near future.
Women’s startup rates were particularly high in low-income countries and Latin America & Caribbean.
Women represent one in four high-growth entrepreneurs globally, with higher proportions in low-income countries and North America.
The report also offers key recommendations to support women entrepreneurs. The GEM research team suggests that more attention needs to be given to women who are starting and growing high growth, high innovation, and large market businesses. Stereotypes that frame women entrepreneurs as a disadvantaged group feed a false narrative that women lack the same competency as men regarding business leadership. Women entrepreneurs play an important role in driving economic growth and advancing social development. However, women are also over-represented among the smallest businesses in highly competitive, low-margin markets and industries. They face inequality in the home, carrying a heavier burden of family responsibilities, which contributes to increased economic dependence and decreased interpersonal power and privilege.
HIGHLIGHTS
The Global Entrepreneurship Monitor (GEM) 2022/2023 Women's Entrepreneurship Report titled "Challenging Bias and Stereotypes":
Women represent two out of every five early-stage entrepreneurs globally..
Startup rates for women dropped by 15% from 2019 to 2020, but held constant in 2021.
Women globally represent about one in three high-growth entrepreneurs and one in three innovation entrepreneurs focused on national and international markets.
The report highlights the gender composition of startups, pandemic impacts on male and female entrepreneurs, and structural and environmental inequalities that need to be addressed on a policy level.
National experts generally rated the enabling environment for women entrepreneurs very poorly in most countries, which may explain why women have a slightly lower perception of entrepreneurship as a career choice compared to men..
The report emphasizes the need to better support women entrepreneurs who are starting and developing high-growth, high-innovation, and large-market businesses.
The report takes a closer look at key topics to better understand gender-based patterns, including the importance of segmentation, digitalization, and sustainability.
These figures highlight the importance of supporting women entrepreneurs and promoting gender equality in entrepreneurship to drive inclusive economic growth and social development.
INTRODUCTION
The Global Entrepreneurship Monitor (GEM) has recently published its 2022/2023 Women's Entrepreneurship Report, titled "Challenging Bias and Stereotypes". This report provides valuable insights into the state of women's entrepreneurship worldwide, offering a trend analysis across 49 countries, five global regions, and three national income levels. It focuses on key GEM indicators, including gender differences in participation rates at various points in the entrepreneurial life cycle, from intentions through startup activity, new business, established business, and business exit.
The report highlights several key findings and recommendations:
1. Women entrepreneurs continue to play an important role in driving economic growth and advancing social development in their countries and communities.
2. Despite facing challenges such as stereotypes questioning their competence, women entrepreneurs are driving innovation and economic growth in their countries, communities, and families.
3. The report emphasizes the need to better support women entrepreneurs who are starting and developing high-growth, high-innovation, and large-market businesses.
4. The report also takes a closer look at key topics to better understand gender-based patterns, including the importance of segmentation, digitalization, and sustainability.
The GEM Women's Entrepreneurship Report is unique in that it is based on interviews with entrepreneurs themselves, providing a direct insight into the experiences and challenges faced by women in entrepreneurship. The report serves as a valuable resource for educators, program leaders, and policymakers, offering evidence-based recommendations to promote gender equality and support women's entrepreneurship.
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What are the key differences and trends in the Global Entrepreneurship Monitor (GEM) Women’s Entrepreneurship Reports from 2019 to 2023 ?
The Global Entrepreneurship Monitor (GEM) Women's Entrepreneurship Reports in the last years, 2019-2023, have highlighted several key differences and trends in female entrepreneurship. Here are the key differences and trends observed in the reports:
2019:
In the 2019 report, women globally represented one in three established business owners, and 30.2% of surveyed women entrepreneurs expected to hire six or more employees in the next five years.
2020/2021:
The 2020/2021 report found that women represented about one in three growth-oriented entrepreneurs globally, and 17 percent of women were entrepreneurs in low- and middle-income countries.
2021/2022:
The 2021/2022 report revealed that startup rates for women dropped by 15% from 2019 to 2020, but held constant in 2021. It also highlighted gender differences in entrepreneurial intentions, with women experiencing sharper declines than men in their intentions to start a business within three years and overall startup rates in 2020.
2022/2023:
The 2022/2023 report showed a mixed effect on entrepreneurship across the world, with variable impacts from the pandemic. It emphasized the importance of obtaining and monitoring hard data related to the state of women’s entrepreneurship to enroll more support into the ecosystem and drive collaboration.
2023:
The 2023 report presented a trend analysis of women's entrepreneurship across 49 countries, 5 global regions, and 3 national income levels. It revealed that women represent two out of every five early-stage entrepreneurs and underscored the importance of understanding the drivers of gender differences in entrepreneurship.
These reports have consistently emphasized the need for tailored solutions to address the barriers to business startup and growth for women entrepreneurs, and the importance of supporting women in entrepreneurship to promote inclusive economic growth.
What are the countries that are an example of entrepreneurship according to the report ?
According to various sources, including The Global Entrepreneurship Monitor (GEM) 2022/2023 Women's Entrepreneurship Report, several countries are considered to be examples of entrepreneurship. The Prosperity Index compiled by the international think-tank The Legatum Institute ranks countries based on entrepreneurship and new business venture opportunities. The top five countries for entrepreneurship, according to the 2015 Prosperity Entrepreneurship & Opportunity Sub-Index, are Sweden, Denmark, Switzerland, Iceland, and Norway. Interestingly, in 2015, 16 out of the top 25 ranked countries for Entrepreneurship & Opportunity were in Europe, with 15 of those 16 inside Western Europe, Central Europe, and Scandinavia
The United States, Germany, and Japan are also seen as the top three countries for entrepreneurship based on characteristics like innovation, easy access to capital, and openness for business. The World Bank's Doing Business 2020 report ranks New Zealand as the economy with the most business-friendly environment, followed by Singapore, Hong Kong (China), Denmark, and South Korea. The CEOWORLD magazine's Entrepreneurship Index evaluates a total of 100 economies, and the 2021 rankings placed the United States, Germany, and the United Kingdom as the top three most entrepreneurial countries, respectively.
These countries serve as examples of entrepreneurship due to their supportive business environments, access to capital, and innovative cultures. However, it is important to note that entrepreneurship is a global phenomenon, and there are many other countries where entrepreneurship is thriving. The GEM Women's Entrepreneurship Report highlights the need for tailored solutions and support to address the challenges faced by women entrepreneurs in all countries and promote gender equality in entrepreneurship.
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What are the major difficulties for women entrepreneurs?
According to various sources, including The Global Entrepreneurship Monitor (GEM) 2022/2023 Women's Entrepreneurship Report titled "Challenging Bias and Stereotypes," women entrepreneurs face several major difficulties, including:
1. Limited access to funding and capital expansion, which can hinder business growth.
2. Struggles to be taken seriously and defying social expectations, which can impact their professional networks and access to mentors.
3. Balancing responsibilities between personal and professional life, especially for those lacking support from family, as entrepreneurship demands time and commitment.
4. Gender inequality and unfavorable environments, which can create additional barriers for women entrepreneurs.
5. Fear of failure and the pressure to conform to societal expectations of being a good mother and wife while also being a leader in business.
6. Limited access to education and resources in some regions, which can hinder the development of innovative ideas and business skills.
These challenges underscore the need for tailored solutions and support to address the barriers faced by women entrepreneurs and promote gender equality in entrepreneurship.
What percentage of women entrepreneurs face limited funding according to the global entrepreneurship monitor women's entrepreneurship report
The Global Entrepreneurship Monitor (GEM) 2022/2023 Women's Entrepreneurship Report and related sources provide insights into the challenges faced by women entrepreneurs, including limited access to funding. Here are the relevant findings:
- The GEM 2022/2023 Women's Entrepreneurship Report emphasizes the challenges faced by women entrepreneurs, including limited access to funding and capital expansion, which can hinder business growth.
- The report underscores that women entrepreneurs continue to play an important role in driving economic growth and advancing social development in their countries and communities, despite facing harmful stereotypes that question their competence.
- According to the GEM 2021/22 Women's Entrepreneurship Report, women represent about one in three high-growth entrepreneurs and one in three innovation entrepreneurs focused on national and international markets
- The report also highlights that women entrepreneurs are driving innovation and economic growth in their countries, communities, and families, despite facing challenges such as limited access to funding and capital expansion..
These findings underscore the need to address the barriers faced by women entrepreneurs, particularly in accessing funding and capital, to promote gender equality in entrepreneurship and drive inclusive economic growth.
GEM 2022/2023 Women's Entrepreneurship Report. African women entrepreneurs.
The Global Entrepreneurship Monitor (GEM) 2022/2023 Women's Entrepreneurship Report provides insights related to African women entrepreneurs, as follows:
Younger Entrepreneurs: The report revealed that, on average, women entrepreneurs tend to be younger than men, particularly in low-income countries
Startup Rates: The report noted that one in ten women entrepreneurs globally were in the earliest stages of starting a business, indicating a significant presence of early-stage women entrepreneurs
Challenges in Obtaining Loans. Many African women entrepreneurs grapple with obstacles to obtaining loans, indicating challenges in accessing financial resources for business development
These insights underscore the importance of understanding the unique challenges and opportunities faced by women entrepreneurs in Africa and the need for tailored support to promote their entrepreneurial endeavors.
According to The Global Entrepreneurship Monitor (GEM) 2022/2023 Women's Entrepreneurship Report and other sources, women entrepreneurs in Africa face several major barriers, including:
1. Traditional gender roles and social norms: Women in Africa often have to balance their work with family responsibilities, which can limit their ability to attend networking events, workshops, and training programs.
2. Limited access to funding.: Women entrepreneurs in Africa face challenges in accessing loans and financial resources, which can hinder their business development.
3. Limited mobility and networks: Female entrepreneurs in Africa rely mainly on small and highly homogeneous networks of proximity, which reduces their potential for growth and expansion.
4. Discrimination and inequality: Women in Africa are often discriminated against in various areas, including access to finances, land ownership, and government tenders.
5. Underrepresentation in decision-making. Women are still underrepresented in decision-making positions in Africa, which can further limit their opportunities for business growth.
6. Limited access to entrepreneurship training: A lack of quality entrepreneurship training in some African countries hinders the development of a culture of entrepreneurship and business skills.
These barriers underscore the need for tailored solutions and support to address the challenges faced by women entrepreneurs in Africa and promote gender equality in entrepreneurship.
Championing gender equality and fostering support for women's entrepreneurship are key steps in closing the gender gap.
The gender gap in entrepreneurship is a persistent issue that has been highlighted by various reports, including The Global Entrepreneurship Monitor (GEM) 2022/2023 Women's Entrepreneurship Report titled "Challenging Bias and Stereotypes." The report reveals that women entrepreneurs continue to face significant challenges in accessing funding, building networks, and overcoming gender-based stereotypes and biases.
One of the major barriers to women's entrepreneurship is the lack of access to funding and capital. Women entrepreneurs in Africa, for example, face challenges in accessing loans and financial resources, which can hinder their business development. Additionally, women entrepreneurs are often underrepresented in traditionally male-dominated sectors and represent one in three high-potential entrepreneurs. This highlights the need for policymakers to provide support to women entrepreneurs equally in all sectors and countries, especially in male-dominated sectors where negative stereotypes are triggered.
Another significant barrier to women's entrepreneurship is the lack of access to education and training. Women entrepreneurs often face challenges in participating in training programs, which undermines their ability to contribute to inclusive and sustainable growth. Most governments promote entrepreneurship education and training as strategies to mitigate and reduce gender inequality.
Moreover, women entrepreneurs face gender-based barriers to starting and growing their businesses, including discriminatory property, matrimonial, and inheritance laws and/or cultural practices, limited mobility, and social exclusion based on sex. These factors mean that women entrepreneurs are in a less favorable position compared to men when it comes to accessing commercial credit from formal financial service providers, more lucrative markets, technology, and information to establish and grow their businesses, and national incentives in small enterprise development through gender-blind private sector development and fiscal policies and legislation.
To address these barriers, policymakers, educators, and program leaders need to develop tailored solutions and support to promote gender equality in entrepreneurship. This includes creating an enabling environment for women's entrepreneurship development and gender equality, building the institutional capacity of agencies involved in women's entrepreneurship development and gender equality, and developing tools and support services for women entrepreneurs. Additionally, calls for the integration of gender equality into education and training activities are not uncommon, reflecting an intellectual recognition of the ways in which gender is an organizing principle in entrepreneurship education and training as well as a political perspective that recognizes women's marginalization from theory and research in the field.
In conclusion, the gender gap in entrepreneurship remains a significant challenge that requires tailored solutions and support to promote gender equality and support women's entrepreneurship. The GEM Women's Entrepreneurship Report serves as a valuable resource for policymakers, educators, and program leaders, offering evidence-based recommendations to promote gender equality and support women's entrepreneurship.
The Global Entrepreneurship Monitor (GEM) 2022/2023 Women's Entrepreneurship Report titled "Challenging Bias and Stereotypes" underscores the importance of supporting female entrepreneurs to drive economic growth and promote gender equality. The report reveals that women represent two out of every five early-stage entrepreneurs, highlighting their significant presence in the entrepreneurial landscape. However, women entrepreneurs continue to face significant challenges, including access to funding, building networks, and overcoming gender-based stereotypes and biases
To support female entrepreneurs, it is crucial to:
1. Invest in women-owned businesses, providing them with the capital they need to start and grow their businesses.
2. Create a directory of female entrepreneurs, connecting them with potential clients, collaborators, and mentors
3. Share their stories, promoting their successes and challenges to inspire other women to become entrepreneurs.
4. Provide access to resources and networks, helping women entrepreneurs overcome challenges and achieve success in their businesses.
5. Encourage and mentor them, building their confidence and providing support to succeed.
6. Advocate for an enabling environment for women's entrepreneurship development and gender equality, creating a more equitable and prosperous society.
By supporting female entrepreneurs, we can help to promote gender equality and inclusive economic growth, fostering a more equitable and prosperous society. The GEM Women's Entrepreneurship Report serves as a valuable resource for policymakers, educators, and program leaders, offering evidence-based recommendations to promote gender equality and support women's entrepreneurship.
The GEM 2022/2023 Women’s Entrepreneurship Report is titled “Challenging Bias and Stereotypes”. The report is authored by Amanda Elam, PhD, Babson College, GEM Global (lead author), Karen D. Hughes, PhD, University of Alberta and DIRI Fellow, GEM Canada, Mahsa Samsami, PhD, University of Agder, GEM South Africa, Fatima Boutaleb, PhD, Hassan II University of Casablanca-Morocco, GEM Morocco, Natanya Meyer, University of Johannesburg, GEM South Africa, Abdullah Mohammed Alshukaili, University of Nizwa, GEM Oman, and Ulrike Guelich, Bangkok University, GEM Thailand .
Curator Montse Domínguez i Munllonch
SOURCES AND REFERENCES.
KEYWORDS
Women’s Entrepreneurship
Challenging Bias
Stereotypes
GEM Women’s Report 2022/2023
Solopreneurs
High Potential Startup Activity
Social and Environmental Sustainability
Digitalization
HASHTAGS
#WomensEntrepreneurship #ChallengingBias #Stereotypes #GEMWomensReport20222023 #GEMWomensReport #Solopreneurs #HighPotentialStartupActivity #SocialandEnvironmentalSustainability #Digitalization #coachabilityfoundation #coachability #empoweringentrepreneurwomen #empoweringwomen #empoweringwomeninfragileeconomies
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