The disparity between the wages of men and women is much too large everywhere, but the UK isn’t the best in this regard either. New research on the subject has encouraged the government to create initiatives to help women entrepreneurs start and expand their own businesses.
The Rose Review of Female Entrepreneurship, which is an independent body commissioned by the UK Treasury reviewing these disparities, said in their study that closing this gap between male and female wages could generate as much as £250 billion for the British economy. Not only are they emphasizing the morality of the issue, they are making the argument that it’s hurting the British economy.
The Stats & the Response
The study from the Rose Review determined that only one-third of entrepreneurs are women. It also stated that male-run companies are five times more likely to turn around a million pounds than females are. This correlates to over a million “missing businesses” that could be making the markets more competitive and the economy stronger overall.
Only 6 percent of British women run their own companies while it is 11 percent in the US and nine percent in Australia. To succeed in their goal increasing the number of female entrepreneurs by 50 percent, they will need to help women get opportunities, funding, and mentorship while cultivating an environment where women can get beyond the other hurdles that they face.
There are both public and private initiatives to help women get these things. First, working with UK Finance, the Treasury of the United Kingdom is establishing a new code system called “Investing in Female Entrepreneurship.” This initiative is an eight-point plan to increase female entrepreneurship and cultivate an environment where women can get the funding and support they need. There are many private institutions that support women entrepreneurs. Now that the government seems to be backing their work, it will probably become easier for private entities to help and support women in business.
Public Opportunities from the Government
First and foremost, the Investing in Female Entrepreneurs code implores financial institutions to implement the principles of gender equality and transparent reporting of funding data. They want to launch new investment methods in increase the funding of female-led businesses and encourage UK investors to support women. The government will also help create new banking products to help business leaders who have a family to take care of. Furthermore, government-backed access to experts and mentors will facilitate women’s networking opportunities. Finally, accelerating development of educational courses at colleges and universities aims to help more women get involved in business.
Private Initiatives
According to the site MoneyPug, which is commonly used in the UK to find the best personal loans, there are many options for private funding that all have their own particular advantages and opportunities.
One organization, called Blooming Founders, helps early-stage entrepreneurs in their quest to successfully launch a business. Running all sorts of events offering guidance and business development, these range from networking nights out and investment pitch opportunities. They also have a work space where members can join and rent out for events.
Female Founders was launched in order to connect successful female entrepreneurs with new businesswomen in the UK. Many women from companies are employed to offer their expertise and network to newcomers through roundtables, mentoring events, and more. It is a great way to meet people contacts and peers.
Another institution is For Working Ladies, which promotes women working remotely. This is also a network, but it also offers digital content in addition to events. Personal finance to well-being is discussed, as well as topic-led discussions like investment, branding, and successful launches. The platform helps women help each other.
The Barriers Women Face
Despite the new government initiative and the private groups helping women, much needs to be done to achieve equality and grow the economy of the UK. First, men need to be interested in promoting women in business. Notice that most of the platforms are by women for women. Females are subject to obstacles every step of the way, from investments, to being taken seriously, to finding a network and mentors who will support them. But with a comprehensive effort, the UK can move towards equality and bolster the British economy by over 1 million companies and the equivalent of £250 billion.
