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More Than 250M Women Worldwide Are Entrepreneurs, According to the Global Entrepreneurship Monitor Women's Report from Babson College and Smith College


WELLESLEY, Mass., Nov. 18, 2019 /PRNewswire/ -- Approximately 252 million women around the world are entrepreneurs and another 153 million women are operating established businesses, according to the Global Entrepreneurship Monitor 2018/2019 Report on Women's Entrepreneurship, released today by Babson College and Smith College and sponsored by the Korea Entrepreneurship Foundation.  This 2018/2019 report provides analysis from 59 economies, aggregating data from two GEM data collection cycles, 10 economies reporting in 2017 and 49 reporting in 2018.

The latest Global Entrepreneurship Monitor report, authored by Babson College and Smith College, demonstrates the value that women entrepreneurs bring to societies around the world.

The Global Entrepreneurship Monitor (GEM) was initiated in 1999 as a joint venture of Babson College and the London Business School.

"This report considers women's entrepreneurship within the context of entrepreneurship ecosystems. The concept of entrepreneurial ecosystems has achieved importance especially with regard to policy, regional clusters, innovation systems, context and institutional frameworks that promote and support entrepreneurship," says Babson College's Amanda Elam, Diana International Research Institute Fellow, Center for Women's Entrepreneurial Leadership at Babson College.

"Overall, this report demonstrates the value women entrepreneurs bring to societies worldwide and suggests areas for improvement in ecosystems that better encourage and support women entrepreneurs," said Candida G. Brush, Babson College Vice Provost of Global Entrepreneurial Leadership.

"The findings of this report provide a foundation for guiding future research, policy decision-making, and design of initiatives and programs to enhance growth and development of women's entrepreneurship within context," said Monica Dean, Director, Jill Ker Conway Innovation and Entrepreneurship Center at Smith College.

The report has three main recommendations. We should:

Entrepreneurship Activity

Total Entrepreneurial Activity

Entrepreneurial Intentions

Established Business Ownership

Business Discontinuance

Entrepreneur Characteristics

TEA by Age

TEA by Education

Entrepreneurs' Perceptions

Impact and Performance of Women Entrepreneurs

Solo Entrepreneurship

Current Employees

Growth Expectations

Innovation

Internationalization

Industry

Entrepreneurial Ecosystem Influences

Expecting Good Opportunities

Having the Skills to Start a Business

Undeterred by Fear of Failure

Personally Knows an Entrepreneur

Ease of Starting a Business

Starting a New Business is a Good Career Idea

Owning a Business is a High-Status Job

Media is Favorable to New Businesses

Entrepreneurial Investors

Entrepreneurial Investment Rates

Investor Relation to Entrepreneur

IMPLICATIONS

This latest special report on women and entrepreneurship suggests that significant work remains to be done to encourage and support of women entrepreneurs and their ability to build economic security for themselves, their families, their communities, and their countries. Three main recommendations are offered.

  1. Address stereotypes of who are entrepreneurs and what is entrepreneurship. From an economic development perspective, expanding societal views to a more inclusive vision of entrepreneurship is a critical action that can be supported by all ecosystem participants. The GEM Global Report for this year focused on the theme of entrepreneurship of all kinds which embraces women entrepreneurs. This inclusive approach is more beneficial and far-reaching than a continued emphasis on past models.
  2. Change the dialogue about entrepreneurship to match the reality reflected in the data. It is a long-standing pattern within entrepreneurial ecosystems to focus on the access to capital, and this is indeed a critical need for business owners. However, capital may also be a symptom rather than the root illness. This report shows that when looking at global data, only 16.2% of women (15.4% of men) attributed the closure of their business to lack of access to capital. Other reasons for discontinuance were related to selling the business or retiring. This finding suggests a need for more training on how to capture value when exiting a business.
  3. Learn from each other about the best ways to build successful businesses and a vibrant entrepreneurial ecosystem. The comparisons between women and men provided in this study are not meant to provide the "men's numbers" as targets, objectives or goals, rather they are simply descriptive measures. From an economic development perspective, the actual objective is to learn from the data, quantitative and qualitative, to guide the development of an ecosystem that works well for all informed by social, cultural, political and economic contexts while informing what may need to be addressed in those contextual dimensions as well.

Overall, this report demonstrates the value women entrepreneurs bring to societies worldwide and suggests areas for improvement in conditions that encourage and support their aspirations.

About the GEM Women's Report

This Global Entrepreneurship Monitor (GEM) Women's Report offers an in-depth view of women who start and run businesses around the world. Studies on women's participation in entrepreneurial behaviors have long been a part of the GEM project, with special reports developed approximately every two years. Each report considers how regional, economic, and social factors influence similarities and differences among women and men entrepreneurs. The report identifies countries and regions where the gender gap is significant and where it may be changing. The findings from each report provide a broadly global and comprehensively detailed foundation for guiding future research, policy decision-making, and design of initiatives and programs to enhance awareness about women's entrepreneurship.

About Babson College

Babson College is the educator, convener, and thought leader of Entrepreneurship of All Kinds®. The top-ranked college for entrepreneurship education, Babson is a dynamic living and learning laboratory where students, faculty, and staff work together to address the real-world problems of business and society. We prepare the entrepreneurial leaders our world needs most: those with strong functional knowledge and the skills and vision to navigate change, accommodate ambiguity, surmount complexity, and motivate teams in a common purpose to make a difference in the world, and have an impact on organizations of all sizes and types. As we have for nearly a half-century, Babson continues to advance Entrepreneurial Thought & Action® as the most positive force on the planet for generating sustainable economic and social value.

About Smith College

Since its founding in 1871, Smith College has educated women of promise for lives of distinction. One of the largest women's colleges in the United States and the first to offer an accredited engineering program, Smith links the power of the liberal arts to excellence in research and scholarship, developing engaged global citizens and leaders for society's contemporary challenges. Smith educates women to understand the complexity of human history and the variety of the world's cultures through engagement with social, political, aesthetic and scientific issues.

Smith College's Jill Ker Conway Innovation and Entrepreneurship Center is an intellectual hub that challenges students, faculty and staff to develop innovative solutions to pressing problems. As a catalyst for the acceleration of innovation, entrepreneurial activity and financial literacy at Smith, we cultivate change agents prepared to succeed in a complex world. The Center hosts and facilitates a slate of programs and activities focused on creative thinking, problem solving and interdisciplinary teamwork.

With a mission to transform the world by creating a pipeline of exceptionally innovative, entrepreneurial, and financially savvy women, Smith's Conway Center is built on three core pillars: innovation, entrepreneurial spirit and financial literacy. The Center's work is driven by students' demand: Smith students want to be constructive in the world. The Conway Innovation and Entrepreneurship Center gives them the tools and confidence to do so.

About GEM

The Global Entrepreneurship Monitor (GEM) was initiated in 1999 as a joint venture of Babson College and the London Business School.  GEM, now a global consortium of over 500 researchers in its 20th year of operation, is the largest and most developed research program on entrepreneurship in the world, including data from 100+ economies. GEM is unique because, unlike most entrepreneurship data sets that measure newer and smaller firms, GEM studies the behavior of individuals with respect to starting and managing a business. GEM consortium teams are members of an exclusive research project which provides access to the collective knowledge of some of the world's most renowned researchers and institutions involved in entrepreneurship research. At a time in history when individual entrepreneurial activity may hold the key to transforming the global economy and discouraging ingrained economic disparity in countries with minimal economic opportunity, GEM data has influenced national economic policies and continues to expand its collaborative role.

1 For the sake of brevity in this report, Asia refers to East and South Asia and Pacific, Europe refers to Europe and Central Asia, Latin America refers to Latin America and the Caribbean, and MENA refers to Middle East and North Africa.
2 Ecosystem influences were measured for all respondents, both entrepreneurs and non-entrepreneurs.

 

SOURCE Babson College


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