The best place in the world to be a female entrepreneur is the United States, according to recent research.
In sixth place came the UK – behind Australia, Germany, France and Mexicobased in the Global Entrepreneurship and Development Index (GEDI), which surveyed 17 countries.
The index, revealed at Dell’s Women Entrepreneur Network (DWEN) conference in Istanbul, Turkey, is the first global index to measure the impact of female entrepreneurship and should provide parameters from which to grow.
But what kind of atmosphere helps a female entrepreneur thrive? And why is it important?
‘Unleashing the power of female entrepreneurship can have a dramatic effect on a country’s economy,’ said Karen Quintos, chief marketing officer (CMO) and senior vice president Dell.
‘The research clearly supports the assertion that key things need to be fixed in order for female entrepreneurship to survive and flourish.
‘Increased access to knowledge, networks, capital and technology are critical if countries are to empower female entrepreneurship and create a culture of success.’
According to the research, there is no single determining factor to entrepreneurial success, however the best performing countries demonstrate strength across a variety of categories.
India, which came in at number 16, scored highly for ‘opportunity recognition,’ suggesting the female population recognises opportunities for businesses where they live, but received low scores relating to ‘institutional foundations,’ because women’s ability to act on those opportunities is limited.
Economic development is not enough to encourage female entrapreneurship either, according to the report.
Being strong in key areas such as legal rights, education and access to finance do not automatically result in high-potential female entrepreneurship.
Japan, U.K. and U.S. are all high income countries but Japan has the lowest percentage of female managers – 9 per cent – due to social and cultural norms, compared to 43 per cent in the U.S.
There is a trend among less educated females in developing countries to take advantage of entrepreneurial opportunities, but without education they lack the skills to expand their business while access to finance is also crucial.
But the report found both networking and technology are offering new solutions to problems that limit the success of female entrepreneurs.
‘Technology has also made it cheaper than ever to start a business and removes many of the social and physical barriers women must overcome to start their own businesses and connect with the resources they need,’ added Ms Quintos.
‘The positive impact that female entrepreneurs can have on countries with the foresight to empower them has been proven, and includes increased job creation and the generation of wealth.’
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