Empowering more women entrepreneurs

The world needs more women to come to the frontline and help lead the world. As more and more countries and communities are investing in women entrepreneurship, Chief Executive and Designer, Tory Burch believes this will give a huge boost to the economy everywhere.

The Global Economic Monitor points out that even with over 126 million women operated and 98 million women established businesses, women still face a huge equality gap. The statistics further reveal that only 7 countries in the world, namely, Mexico, Panama, Thailand, Ecuador, Nigeria, Uganda and Ghana have an almost equal number of working men and women.

Having started her company as a small venture from her apartment in 2004, Burch shares that her experience in the business helped her understand the challenges faced by women entrepreneurs and a result she founded the Tory Burch Foundation in 2009 to economically support them. On interacting with other entrepreneurs and based on her own findings she realized there were three factors that needed attention to empower these women.

Access to capital

With non-gender neutral policies along with other hurdles, it gets particularly difficult for women to gain access to finance. However, microfinance providers such as Women’s World Banking, Grameen and Accion are doing their bit to assist these women.

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Supportive environment for new ventures

Burch points out that many women still don’t have mentors to guide them and help them during the first few, most crucial years of their business. Since most of these women don’t have a lot of support, they see fewer entrepreneurial opportunities than men. Many organizations such as, Vital Voices Global Partnership, with support from organizations such as America’s State Department, Bank of America etc.; are now are helping women develop networks around the world. Yet, more needs to be done to further enable women get proper guidance.

Entrepreneurial education

As researches often show that women doubt their entrepreneurial capabilities more than men, one sure way to help them gain the confidence is to ensure they have better access to relevant education. Goldman Sachs under its 10, 000 women programme, provides management training to women, who further assist other women with their ventures.

ORIGINAL SOURCE: The Economist

http://www.economist.com/news/21589133-investing-businesswomen-will-boost-economy-everyone-says-tory-burch-chief-executive-and