More women are turning away from the 9-to-5 to jump into entrepreneurship. Here’s why.
Throughout the years, the number of women embracing entrepreneurship has gone nowhere but up. Amidst the economic gloom, women prove to be among the most resilient as they continue to find opportunities for growth in the world of business.
Owning at least 36% of the UK’s small businesses, Carolyn Currie, chief executive of Women’s Enterprise Scotland (WES) says the current trend of women-owned businesses is not surprising at all. “Business ownership allows women to have more direction and choice over the work they do,” she said.
Why are more women turning to entrepreneurship?
To be more flexible
The reality is, more females consider their family when working. A survey conducted by MBO Partners reveals that 74% of women choose flexibility over money. Barbara Gault, vice president and executive director at the Institute for Women’s Policy Research suspects that the reason for this response is “probably in part because women have such greater responsibility of caregiving.”
By becoming their own boss, women had the liberty to earn while caring for their families. The ability to set their own schedules and not be tied down by the 9-to-5, helps women balance their life, whether they’re choosing self-employment for their families or themselves.
To earn more
We have some good and bad news in the corporate world. The good news is, women are finally getting recognized at work more and wages are increasing. The bad news is, despite the Equal Pay Act, which has received royal assent 51 years ago, the gender pay gap still persists. With the current rate, women won’t receive equity until 2119. That doesn’t sound too hopeful!
To counter the gap, many women shifted to entrepreneurship to take charge over how much they could earn. It could be six or seven figures, there really is no income limit once you become your own boss.
To follow their passion
There are mixed views on whether one should follow their passions when building a business or not, but following passions continue to be a primary reason for the shift to entrepreneurship. The 9-to-5 routine just didn’t cut it. For many women (and men), passion drives their business. Most successful entrepreneurs make it because they took the leap and worked on something they loved doing.
Nicole Pomije, founder of The Cookie Cups, found freedom from her regular corporate job by following her passion in desserts. “I wanted to explore my own passions,” she shares in an interview. “I knew that being on my own without a steady paycheck would be challenging but once I gave my notice, I felt this sense of freedom and feeling that the sky is the limit. It was.”
The world of entrepreneurship is promising, especially for women! Sure, it’s a narrow road and it can be harder than it looks, but there’s a reason why more women recognize the benefits of starting their own business to become their own boss.
If you’re thinking about starting your own business and have no idea what to do, start brainstorming with our article on the most profitable business in 2021.