The Business Case for More Women Entrepreneurs
Why the world is better served when women start more businesses
Given the fact that women make up 85% of all consumer purchases, it’s interesting to think that, according to the latest census data from 2007, women own only 28.7% of businesses.
This statistic has some interesting implications when you consider the following facts I found over at she-economy:
59% of women feel misunderstood by food marketers
66% feel misunderstood by health care marketers
74% feel misunderstood by automotive marketers
84% feel misunderstood by investment marketers
91% of women in one survey said that advertisers don’t understand them
The world needs you
This leads to one simple conclusion: the world needs more women entrepreneurs.
Why? Because women see the world in different ways than men, and they see opportunities that men might not see. Women have different problems that need solving, problems that often only other women are well equipped enough to solve. And women know how to market their businesses and products to other women in a way that makes sense.
For instance, a woman I know had an addiction to designer handbags. With every extra dollar she had, she ran out and bought the latest Louis Vuitton, Prada, or Gucci handbag. Her friends and family would often ask if they could borrow one of her purses, and she would gladly agree. But it happened a lot! This experience led her to a bright insight, and she asked herself: “What if I rented out my handbags?” And that’s exactly what she did. Today, she has a successful accessories rental business online (and off) through which she rents handbags, shoes, and jewelry.
Or take the story of Kristen Richmond and Kirsten Tobey, who started Revolution Foods. This dynamic female entrepreneurship duo saw the need to radically change the food that kids were eating in school cafeterias, a place many more women visit than men. Their simple idea was to serve attractive, healthy food that fit within the tight confines of school budgets. Initially it was very difficult for the women to attract venture capital in an industry dominated by men, because “the company’s purpose was ‘off-spec’ from traditional venture business models.” Today, Revolution Foods serves over 200,000 meals per day and has revenues over $70 million.
Both these stories, and many more like them, serve to show that there are tons of opportunities out there for women just like you to go after. The time is now for women entrepreneurs to rise up!
Today, spend some time looking at the world around you. Are there unique challenges in your life as a woman that you think haven’t been best solved yet? There’s no reason to settle for the status quo! Think up a better solution and get scrappy. You never know where that little idea can take you.
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