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Why the business world needs female entrepreneurs now more than ever

As governments around the world work to support the recovery of their economies after the devastation a short lockdown has caused, attorney and television legal commentary Kelly Hyman highlights why now is the perfect time for women everywhere to pursue their entrepreneurial dreams. New and successful businesses are often borne out of times of significant […]

As governments around the world work to support the recovery of their economies after the devastation a short lockdown has caused, attorney and television legal commentary Kelly Hyman highlights why now is the perfect time for women everywhere to pursue their entrepreneurial dreams. New and successful businesses are often borne out of times of significant change or crisis.  With the number of women in business rising across the US and globally, now could be the perfect time for you – and the economy – to move ahead with it.

While Covid-19 quarantine measures are beginning to ease, advice to continue social distancing and exercise high levels of hygiene remain firmly in place.  Few businesses can operate in the same way they did before the pandemic.  While problem-solving and using existing alternative options can work in some cases, there is real scope for new ideas, services, products, and businesses to fill those gaps, or even disrupt entire industries.

Female entrepreneurs gaining support

Of course, building a new business in the current period of crisis and change won’t be an exclusively female endeavour. But numerous pointers are supporting a drive for female entrepreneurs:

For media commentary Kelly Hyman, championing women in business is in her DNA. Kelly Hyman was raised by her single mom who ran a tennis shop and taught tennis in southern California and New York.

That growing recognition of and support for women in business comes in many forms. That includes the creation of the Small Business Administration’s Office of Women’s Business Ownership and the National Women’s Business Council. With a growing number of ways to find help and funding for women-led businesses at a time when unemployment in the US has surged to 14.7%, now could be the perfect time for many women to move ahead with their business plans, start their own company and eventually create new jobs too.

Achieving success at times of crisis

Even though there is more support for female entrepreneurs right now, particularly in the US, building something from scratch can seem daunting, even at a time of crisis, stress, and change.

But history shows that times of change are a hotbed for ideas and often the perfect springboard for new ideas and businesses to succeed. Burger King is just one example of a highly successful company that began trading during a tough time – in the 1954 US recession. Its success was due to several details, with one of them being cost-based. Recessions and times of crisis are lean periods for businesses and consumers, but if you can find the right product or service that customers need, want, and can afford, that’s an excellent place to start.

For the current Covid-19 pandemic, it’s not just cost issues that can drive new businesses. Due to supply chain disruptions, stricter hygiene requirements, and the need for new ways of conducting business in some industries, new concepts in existing industries could thrive. Add in need for leadership to drive forward those new ideas, and as the data shows, women are well placed to create those new businesses.

Another feature of the coronavirus crisis has been the need to multi-task and juggle work with home-schooling and making sure family and friends are safe and getting everything they need. Women excel at this type of challenge and can use their experience and abilities to drive forward with a business that helps solve the problem of multi-tasking for others.

As a woman in business herself, actress-turned-attorney and political commentary Kelly Hyman knows it takes hard work and commitment to succeed. With more backing available than ever before and at a time when the right type of business in a changing environment could take off, the business world and the economy could benefit significantly from more female entrepreneur activity right now.

Sources:

HBR study

https://hbr.org/2019/06/research-women-score-higher-than-men-in-most-leadership-skills

New funding for women in business

https://www.forbes.com/sites/maneetahuja/2020/03/08/exclusive-the-wing-launches-the-guild-a-new-incubator-program-for-women-owned-businesses/#69558cc13d37

Yelp women in business search function

https://www.forbes.com/sites/melissakravitz/2020/02/26/yelp-women-owned-business-search/#963aa8b45ef4

McKinsey study

https://www.mckinsey.com/featured-insights/employment-and-growth/how-advancing-womens-equality-can-add-12-trillion-to-global-growth

US unemployment data

https://www.bls.gov/news.release/empsit.nr0.htm

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