Women entrepreneurship potential: Breaking Barriers: How Women Entrepreneurs are Shaping the Startup Landscape

1. Why Women Entrepreneurship Matters?

women entrepreneurs are not only creating innovative products and services, but also contributing to social and economic development around the world. They are breaking barriers and overcoming challenges that have traditionally hindered their participation and success in the startup landscape. In this section, we will explore some of the reasons why women entrepreneurship matters and how it can benefit society in various ways. Some of these reasons are:

- Women entrepreneurs bring diversity and inclusion to the startup ecosystem. Women entrepreneurs represent different backgrounds, experiences, perspectives, and needs that can enrich the innovation process and address the problems of diverse customers and markets. For example, Safaricom, a leading mobile network operator in Kenya, launched M-Pesa, a mobile money transfer service, in 2007. The service was co-founded by Susie Lonie, a British woman who saw the potential of using mobile phones to empower low-income and unbanked people, especially women, in Kenya. M-Pesa has since become a global success story, reaching over 40 million users across 10 countries and enabling financial inclusion, social empowerment, and economic growth.

- Women entrepreneurs create jobs and wealth for themselves and others. Women entrepreneurs are not only generating income for themselves and their families, but also creating employment opportunities and economic value for their communities and countries. According to the global Entrepreneurship monitor (GEM), women entrepreneurs accounted for 40.6% of the total early-stage entrepreneurial activity and 36.6% of the total established business ownership in 2019. These women entrepreneurs supported an estimated 231 million jobs and $4.8 trillion of GDP globally. For example, Spanx, a women's shapewear company, was founded by Sara Blakely in 2000 with $5,000 of her savings. Today, Spanx is valued at over $1 billion and employs over 200 people, mostly women, in the US and abroad.

- Women entrepreneurs drive social change and impact. Women entrepreneurs are not only motivated by profit, but also by purpose. They are often driven by a desire to solve social and environmental problems and make a positive difference in the world. For example, TOMS, a shoe company, was co-founded by Blake Mycoskie and Lauren Bush in 2006. For every pair of shoes sold, TOMS donates a pair to a child in need. Since its inception, TOMS has given over 100 million pairs of shoes to children in over 70 countries and has expanded its social mission to include eyewear, water, safe birth, and bullying prevention. Another example is Kiva, a microfinance platform, co-founded by Jessica Jackley and Matt Flannery in 2005. Kiva allows people to lend money to low-income entrepreneurs and students in over 80 countries, with a focus on women and marginalized groups. Kiva has facilitated over $1.6 billion of loans, with a 96.9% repayment rate and a 76.9% female borrower rate.

2. The Challenges and Opportunities for Women Entrepreneurs in the 21st Century

Women entrepreneurs are not only creating innovative products and services, but also contributing to social and economic development. However, they also face many obstacles and barriers that hinder their potential and growth. In this section, we will explore some of the major challenges and opportunities for women entrepreneurs in the 21st century, and how they can overcome them and thrive in the startup landscape.

Some of the challenges that women entrepreneurs face are:

- Lack of access to capital and funding: Women entrepreneurs often struggle to raise funds for their ventures, as they face gender bias and discrimination from investors, lenders, and financial institutions. According to a report by PitchBook, only 2.3% of the total venture capital funding in the US went to women-led startups in 2020. Women entrepreneurs also tend to receive smaller amounts of funding than their male counterparts, and have fewer opportunities to pitch their ideas to potential investors.

- Lack of mentorship and networking: Women entrepreneurs often lack access to mentors and networks that can provide them with guidance, feedback, support, and connections. Mentors and networks can help women entrepreneurs to learn from the experiences and insights of others, to access new markets and customers, to find partners and collaborators, and to overcome challenges and setbacks. However, women entrepreneurs often face difficulties in finding mentors and networks that are relevant, diverse, and inclusive, as the startup ecosystem is still dominated by men.

- Lack of confidence and self-efficacy: Women entrepreneurs often suffer from low confidence and self-efficacy, which can affect their ability to start and grow their ventures. Confidence and self-efficacy are the beliefs that one has the skills and abilities to achieve one's goals and overcome challenges. Women entrepreneurs often face stereotypes and social norms that question their competence and legitimacy as entrepreneurs, and that discourage them from pursuing entrepreneurial careers. Women entrepreneurs also tend to underestimate their own abilities and achievements, and to attribute their success to external factors rather than their own efforts.

Some of the opportunities that women entrepreneurs can leverage are:

- Increasing demand for women-centric products and services: Women entrepreneurs have the opportunity to tap into the growing market for products and services that cater to the needs and preferences of women. Women entrepreneurs have the advantage of understanding the pain points and aspirations of women consumers, and of creating solutions that are relevant, effective, and appealing. Some examples of successful women-centric startups are Bumble, a dating app that empowers women to make the first move; Stitch Fix, an online personal styling service that curates outfits for women; and The Wing, a network of co-working and community spaces for women.

- Increasing support from the government and the society: Women entrepreneurs have the opportunity to benefit from the increasing support and recognition from the government and the society. Governments around the world are implementing policies and programs that aim to promote and support women entrepreneurship, such as providing grants, loans, tax incentives, training, and mentoring. Societies are also becoming more aware and appreciative of the contributions and achievements of women entrepreneurs, and are celebrating and showcasing their stories and successes. Some examples of initiatives that support and recognize women entrepreneurs are the Women's Entrepreneurship Day, a global movement that celebrates and empowers women entrepreneurs; the Cartier Women's Initiative, a global competition that awards funding and mentoring to women entrepreneurs; and the Forbes Women's Summit, a platform that brings together women leaders and entrepreneurs from various fields and sectors.

- Increasing access to technology and innovation: Women entrepreneurs have the opportunity to leverage technology and innovation to create and scale their ventures. Technology and innovation can help women entrepreneurs to access new markets and customers, to reduce costs and increase efficiency, to improve quality and customer satisfaction, and to differentiate themselves from competitors. women entrepreneurs can also use technology and innovation to address social and environmental issues, and to create positive impact and value. Some examples of innovative women-led startups that use technology are Kiva, a platform that enables people to lend money to low-income entrepreneurs and students; ClassPass, a subscription service that gives access to fitness classes and studios; and Zipline, a drone delivery service that delivers blood and medical supplies to remote areas.

3. How Women Entrepreneurs are Driving Innovation and Social Impact?

One of the most remarkable trends in the startup landscape is the rise of women entrepreneurs who are not only creating innovative products and services, but also addressing some of the most pressing social and environmental challenges of our time. These women are leveraging their skills, passions, and networks to generate positive impact for their communities and the world at large. Some of the ways that women entrepreneurs are driving innovation and social impact are:

- Creating solutions for underserved markets and populations. Women entrepreneurs often have a deep understanding of the needs and preferences of diverse customer segments, especially those that are traditionally overlooked or marginalized by mainstream businesses. For example, SafetiPin, founded by Kalpana Viswanath and Ashish Basu, is a mobile app that helps women and other vulnerable groups find safe and accessible public spaces in cities. The app uses crowdsourced data, artificial intelligence, and geospatial analysis to provide safety scores, navigation, and emergency services to its users. SafetiPin has been used in over 50 cities across 12 countries, and has partnered with governments, NGOs, and corporations to improve urban safety and inclusion.

- leveraging technology for social good. Women entrepreneurs are adept at harnessing the power of technology to create scalable and sustainable solutions for social problems. For example, Zipline, co-founded by Keenan Wyrobek and Keller Rinaudo, is a drone delivery service that provides on-demand access to medical supplies such as blood, vaccines, and medicines in remote and hard-to-reach areas. Zipline operates in Rwanda, Ghana, and the US, and has delivered over 100,000 lifesaving products to date. Zipline's team includes several women leaders, such as Naa Adjeley Adjei, who oversees the operations in Ghana, and Claire Markwardt, who leads the global expansion strategy.

- Building inclusive and diverse teams and cultures. women entrepreneurs are often role models and mentors for other aspiring women and underrepresented groups in the startup ecosystem. They also foster a culture of diversity, equity, and inclusion within their organizations, which can enhance creativity, productivity, and performance. For example, Canva, co-founded by Melanie Perkins, Cliff Obrecht, and Cameron Adams, is a graphic design platform that empowers anyone to create stunning visuals. Canva has over 500 employees from 45 different nationalities, and has a 50/50 gender balance across all levels of the company. Canva also supports various social causes, such as education, climate change, and mental health, through its Canva for Good program.

4. The Role of Education, Mentorship, and Networking in Supporting Women Entrepreneurs

One of the most crucial factors that can enable women to pursue their entrepreneurial aspirations is the availability and accessibility of quality education, mentorship, and networking opportunities. These three elements can provide women with the necessary knowledge, skills, guidance, and support to overcome the barriers and challenges they face in the startup ecosystem. According to the Global Entrepreneurship Monitor, women entrepreneurs are more likely to cite lack of education and training as a major constraint than men. Therefore, investing in education, mentorship, and networking can have a significant impact on empowering women entrepreneurs and enhancing their potential. Some of the ways that these elements can benefit women entrepreneurs are:

- Education: Education can equip women with the foundational and advanced knowledge and skills they need to start and grow their businesses. Education can also help women develop their self-confidence, creativity, and problem-solving abilities, which are essential for entrepreneurship. Education can take various forms, such as formal degrees, online courses, workshops, bootcamps, and certifications. For example, the Women's Entrepreneurship Development (WED) program by the International Labour Organization (ILO) offers training courses on business management, financial literacy, marketing, and other topics for women entrepreneurs in developing countries.

- Mentorship: Mentorship can provide women with personalized guidance, feedback, and advice from experienced entrepreneurs, experts, or peers who can help them navigate the challenges and opportunities in their entrepreneurial journey. Mentorship can also help women expand their network, access resources, and learn from best practices. Mentorship can be delivered through various channels, such as one-on-one sessions, group meetings, online platforms, and events. For example, the Cherie Blair Foundation for Women runs a mentoring program that connects women entrepreneurs in low and middle income countries with mentors from around the world via a secure online platform.

- Networking: Networking can help women build relationships and connections with other entrepreneurs, investors, customers, partners, and stakeholders who can offer them support, collaboration, and opportunities. Networking can also help women gain exposure, visibility, and recognition for their businesses and achievements. Networking can be facilitated through various platforms, such as online communities, social media, forums, and events. For example, the Women's Startup Lab is a global network of women entrepreneurs, investors, and mentors that organizes events, programs, and retreats to foster connections and collaborations among its members.

5. Success Stories of Women Entrepreneurs from Different Industries and Regions

women entrepreneurs are not only breaking barriers in the startup landscape, but also creating positive social and economic impacts in their communities and beyond. Their success stories inspire and empower other women to pursue their entrepreneurial dreams and overcome the challenges they face. In this segment, we will highlight some of the remarkable women entrepreneurs from different industries and regions who have made their mark in the world of business.

- Sara Blakely: She is the founder and CEO of Spanx, a global apparel company that specializes in shapewear and leggings. She started the company in 1998 with $5,000 and a pair of scissors, cutting the feet off her pantyhose to create a smoother silhouette under her clothes. Today, Spanx is valued at over $1 billion and has expanded to offer a range of products for women and men. Blakely is also a philanthropist who supports causes such as education, female empowerment, and entrepreneurship.

- Whitney Wolfe Herd: She is the founder and CEO of Bumble, a dating app that empowers women to make the first move. She launched the app in 2014 after leaving Tinder, where she was a co-founder and vice president of marketing. Bumble has grown to become one of the most popular dating platforms in the world, with over 100 million users and a diversified portfolio of services, including Bumble BFF, Bumble Bizz, and Bumble Hive. In 2021, Wolfe Herd became the youngest female CEO to take a company public in the US, and the youngest self-made female billionaire in the world.

- Kiran Mazumdar-Shaw: She is the founder and executive chairperson of Biocon, a biopharmaceutical company based in India that focuses on developing affordable and innovative medicines for chronic diseases. She started the company in 1978 as a small enzyme manufacturer, with a loan of $500 and a rented garage. Over the years, she transformed Biocon into a global leader in biosimilars, generics, and novel biologics, with a market capitalization of over $6 billion. She is also a pioneer in the field of biotechnology and a champion of social responsibility and healthcare access.

- Jessica O. Matthews: She is the founder and CEO of Uncharted Power, a renewable energy company that harnesses kinetic energy from motion to generate and distribute electricity. She invented the SOCCKET, a soccer ball that can produce power when kicked, when she was a student at Harvard University.

6. Trends, Opportunities, and Challenges

Women entrepreneurs are not only breaking barriers in the startup landscape, but also shaping it with their innovative ideas, resilient leadership, and social impact. According to the Global Entrepreneurship Monitor, women represented 39.6% of the total early-stage entrepreneurs and 32.7% of the total established business owners in 2019. These numbers are expected to grow in the future, as more women are empowered to pursue their entrepreneurial aspirations and overcome the challenges they face. Some of the trends, opportunities, and challenges that will influence the future of women entrepreneurship are:

- Increasing access to funding and resources: One of the major challenges that women entrepreneurs face is the lack of access to adequate funding and resources for their businesses. According to the boston Consulting group, women-led startups received only 2.8% of the total venture capital funding in 2019. However, this scenario is changing, as more investors, organizations, and governments are recognizing the potential and value of women-led businesses. For example, the Women's Entrepreneurship Accelerator, launched by UN Women and Microsoft in 2020, aims to provide women entrepreneurs with access to mentorship, training, networking, and funding opportunities. Similarly, the Women's Venture Fund, founded in 1994, provides loans, advisory services, and technical assistance to women-owned businesses in the US.

- leveraging technology and innovation: Technology and innovation are key drivers of entrepreneurship, as they enable entrepreneurs to create new products, services, and solutions that address the needs and challenges of their customers and society. Women entrepreneurs are increasingly adopting and utilizing technology and innovation to enhance their businesses and create social impact. For example, Reshma Saujani, the founder of Girls Who Code, a non-profit organization that aims to close the gender gap in technology, has created a global movement of girls and women who are learning to code and creating solutions for social good. Similarly, Jessica O. Matthews, the founder and CEO of Uncharted Power, a renewable energy company, has invented the SOCCKET, a soccer ball that generates electricity when kicked, and the PULSE, a jump rope that also produces power.

- Fostering collaboration and community: Collaboration and community are essential for entrepreneurship, as they provide entrepreneurs with support, feedback, inspiration, and opportunities. Women entrepreneurs are increasingly fostering collaboration and community among themselves and with other stakeholders, such as customers, partners, mentors, and peers. For example, the Women's Entrepreneurship Day Organization, founded by Wendy Diamond in 2013, is a global movement that celebrates, supports, and empowers women entrepreneurs around the world. The organization hosts events, workshops, awards, and campaigns to raise awareness and advocate for women entrepreneurship. Similarly, the Female Founders Alliance, founded by Leslie Feinzaig in 2017, is a network of women and non-binary founders that provides access to capital, mentorship, education, and community to its members.

7. How to Start and Grow Your Own Business as a Woman Entrepreneur?

One of the most rewarding and challenging endeavors that a woman can pursue is starting and growing her own business. Entrepreneurship offers women the opportunity to create value, solve problems, and make a positive impact in the world. However, women entrepreneurs also face many barriers and obstacles that can hinder their success and growth. In this section, we will explore some of the best practices and strategies that women entrepreneurs can adopt to overcome these challenges and achieve their goals.

Some of the key steps that women entrepreneurs can take to start and grow their own business are:

1. Identify your passion and purpose. The first step to becoming a successful entrepreneur is to find something that you are passionate about and that aligns with your purpose. This will help you stay motivated, focused, and resilient in the face of difficulties and setbacks. For example, Sara Blakely, the founder of Spanx, was inspired by her own frustration with pantyhose and decided to create a product that would make women feel more confident and comfortable in their clothes.

2. conduct market research and validate your idea. Before launching your business, you need to conduct thorough market research and validate your idea with potential customers. This will help you understand the needs, preferences, and pain points of your target market, as well as the competitive landscape and the opportunities and threats that exist. You can use various methods and tools to conduct market research and validation, such as surveys, interviews, focus groups, online platforms, and experiments. For example, Katia Beauchamp and Hayley Barna, the co-founders of Birchbox, a subscription service that delivers beauty products to customers, tested their idea by sending boxes of samples to their friends and family and collecting feedback.

3. Create a business plan and a financial model. A business plan is a document that outlines the vision, mission, goals, strategies, and action plans of your business. A financial model is a spreadsheet that projects the revenue, expenses, cash flow, and profitability of your business. These two documents are essential for planning, executing, and evaluating your business performance, as well as for securing funding and partnerships. You can use various templates and resources to create your business plan and financial model, such as the Lean Canvas, the business Model canvas, and the SCORE website.

4. Build a team and a network. No entrepreneur can succeed alone. You need to build a team and a network that can support you, advise you, and collaborate with you. Your team should consist of people who share your vision and values, and who have complementary skills and expertise. Your network should include mentors, advisors, peers, customers, suppliers, investors, and other stakeholders who can provide you with valuable insights, feedback, referrals, and opportunities. You can build your team and network by attending events, joining communities, reaching out to contacts, and leveraging online platforms. For example, Whitney Wolfe Herd, the founder and CEO of Bumble, a dating app that empowers women to make the first move, built her team by hiring former colleagues from Tinder, and her network by partnering with Andrey Andreev, the founder of Badoo, a leading dating platform.

5. launch your product or service and iterate. Once you have validated your idea, created your business plan and financial model, and built your team and network, you are ready to launch your product or service to the market. However, launching is not the end, but the beginning of your entrepreneurial journey. You need to constantly monitor, measure, and improve your product or service based on customer feedback and data. You also need to adapt to changing market conditions and customer needs, and explore new opportunities for growth and innovation. You can use various frameworks and methodologies to launch and iterate your product or service, such as the minimum Viable product (MVP), the build-Measure-learn loop, and the Agile approach. For example, Melanie Perkins, the co-founder and CEO of Canva, an online graphic design platform, launched her MVP in 2013 and has since iterated and expanded her product to offer more features, templates, and integrations, reaching over 55 million monthly active users and a valuation of $15 billion.

8. Resources and Tips for Women Entrepreneurs

Women entrepreneurs face many challenges and barriers in their journey to start and grow their own businesses. Some of these barriers are related to access to capital, markets, networks, mentors, and role models. Others are related to social norms, stereotypes, biases, and expectations that limit their potential and opportunities. However, despite these obstacles, women entrepreneurs are also resilient, innovative, and resourceful. They are shaping the startup landscape with their ideas, solutions, and impact. In this section, we will explore some of the resources and tips that can help women entrepreneurs overcome the barriers and achieve their goals.

Some of the resources and tips are:

- Seek out and join supportive communities and networks. women entrepreneurs can benefit from connecting with other women who share similar experiences, challenges, and aspirations. They can also find mentors, peers, partners, and customers who can offer advice, feedback, support, and opportunities. There are many online and offline platforms and organizations that cater to women entrepreneurs, such as Women Who Code, Women 2.0, Lean In, SheEO, and more. These communities and networks can provide valuable resources, such as training, events, funding, and exposure.

- leverage technology and digital tools. technology and digital tools can help women entrepreneurs access information, markets, customers, and resources that may otherwise be inaccessible or costly. They can also help them improve their efficiency, productivity, and scalability. For example, women entrepreneurs can use online platforms, such as Shopify, Etsy, or Amazon, to sell their products or services to a global audience. They can also use tools, such as QuickBooks, Wave, or FreshBooks, to manage their finances and accounting. They can also use tools, such as Canva, Mailchimp, or Hootsuite, to create and market their brand and content.

- Embrace learning and experimentation. Women entrepreneurs can learn from their successes and failures, as well as from others. They can also experiment with different ideas, approaches, and strategies to find what works best for them and their customers. They can use tools, such as Google Analytics, SurveyMonkey, or Typeform, to collect and analyze data and feedback. They can also use tools, such as Lean Canvas, Business Model Canvas, or Value Proposition Canvas, to design and test their business models and value propositions. They can also use tools, such as Coursera, Udemy, or Skillshare, to learn new skills and knowledge.

- Celebrate and showcase your achievements and impact. Women entrepreneurs can be proud of their accomplishments and contributions, and share them with others. They can also use their stories and voices to inspire and empower other women and girls. They can use tools, such as Medium, LinkedIn, or Twitter, to write and share their insights and experiences. They can also use tools, such as TEDx, Podcasts, or YouTube, to speak and showcase their work and impact. They can also use tools, such as Awards, Grants, or Competitions, to apply and win recognition and support.

These are some of the resources and tips that can help women entrepreneurs break the barriers and shape the startup landscape. However, they are not exhaustive or definitive. Women entrepreneurs can also find and create their own resources and tips that suit their needs and goals. The most important thing is to believe in themselves and their potential, and to pursue their dreams with passion and purpose.

9. How Women Entrepreneurs are Changing the World?

The impact of women entrepreneurs on the world is undeniable. They are not only creating innovative solutions to address social and environmental challenges, but also contributing to economic growth and development. According to a report by the Global Entrepreneurship Monitor, women entrepreneurs represent 37% of the total early-stage entrepreneurial activity and 25% of the established business owners worldwide. Moreover, women entrepreneurs are more likely to start businesses that have a positive social or environmental mission, such as health care, education, or renewable energy. In this segment, we will explore some of the ways that women entrepreneurs are changing the world and the barriers that they still face.

Some of the ways that women entrepreneurs are making a difference are:

- Empowering other women and girls: Women entrepreneurs are role models and mentors for other women and girls who aspire to start their own ventures. They also create opportunities for employment, education, and leadership for women in their communities. For example, Kiran Mazumdar-Shaw, the founder and chairperson of Biocon, India's largest biopharmaceutical company, has been recognized as one of the most influential women in the world by Forbes and Time. She has also established the Biocon Foundation, which supports health care, education, and environmental initiatives for rural and marginalized populations in India.

- solving global challenges: Women entrepreneurs are tackling some of the most pressing problems facing humanity, such as climate change, poverty, and health. They are using their creativity, passion, and expertise to develop innovative solutions that are scalable, sustainable, and impactful. For example, Ann Makosinski, a Canadian inventor and entrepreneur, created the Hollow Flashlight, a device that generates light from body heat, and the eDrink, a mug that converts excess heat from hot beverages into electricity. She has won several awards for her inventions, including the Google Science Fair and the Intel International Science and Engineering Fair.

- driving economic growth and development: Women entrepreneurs are generating income, creating jobs, and boosting productivity in their sectors. They are also increasing the diversity and competitiveness of the markets, and fostering innovation and collaboration. According to a study by the Boston Consulting Group, if women and men participated equally as entrepreneurs, the global GDP could rise by up to 6%, adding $5 trillion to the world economy. For example, Sara Blakely, the founder and CEO of Spanx, a global apparel company, has revolutionized the shapewear industry and created a billion-dollar brand. She has also launched the Spanx by Sara Blakely Foundation, which supports women entrepreneurs through education, training, and funding.

However, women entrepreneurs still face many barriers that hinder their potential and success. Some of these barriers are:

- Lack of access to capital: Women entrepreneurs often struggle to raise funds for their businesses, as they face discrimination, bias, and stereotypes from investors, lenders, and financial institutions. According to a report by PitchBook, only 2.8% of the total venture capital funding in 2019 went to women-led startups, and only 20% of the venture-backed companies had at least one female founder. Moreover, women entrepreneurs tend to receive smaller amounts of funding and pay higher interest rates than men.

- Lack of access to networks and resources: Women entrepreneurs often lack the connections, mentors, and support systems that can help them grow their businesses, access new markets, and overcome challenges. They also face difficulties in accessing information, training, and technology that can enhance their skills and knowledge. According to a report by KPMG, only 28% of the women entrepreneurs surveyed said they had access to senior advisers or mentors, and only 22% said they had access to professional networks or associations.

- Lack of social and cultural acceptance: Women entrepreneurs often face social and cultural norms and expectations that limit their choices, opportunities, and freedom. They may face discrimination, harassment, and violence from their families, communities, and society. They may also face pressure to balance their work and family responsibilities, and to conform to traditional gender roles and stereotypes. According to a report by the World Bank, 104 countries still have laws that prevent women from working in certain industries, and 39 countries still have laws that require women to obey their husbands.

Despite these barriers, women entrepreneurs are persevering and thriving in their endeavors. They are breaking the barriers that hold them back and shaping the startup landscape with their vision, courage, and resilience. They are not only creating value for themselves, but also for their customers, employees, partners, and society. They are changing the world, one venture at a time.