The rise of female entrepreneurship

The number of self-employed people rose from 3.3 million people, that is 12% of the workforce, in 2001 to 4.8 million, or 15% of the workforce, in 2017 in the UK.

What has seen the greatest rise is a total of 181,000 16 to 24-year-olds who were classified as self-employed workers in 2016, up 74% from the 104,000 in 2001.

Tracy Reid, snapshot of her on the go with a coffee in her hand and on her phone.

Tracy Reid on the go. [Tracy Reid]

So are you pondering on the idea of being self-employed? It gives you the power of complete independence. Self-employment allows people to work freely choosing their own hours and picking their own holidays. It also allows people to feel free from any sort of authority in that they have no higher power to answer to – this has become particularly popular considering that some people have been in formal education for 20 years by the time they complete university.

Another advantage is that it gives you creative freedom. Being solely dependent on yourself and only have yourself to blame can be a very desirable position for those coming from cooperate backgrounds. Having the power to work for yourself allows you to take risks and explore your creativity.

One could say, pure convenience is another reason for the rapid rise in self-employment, basing your work time around your desirable hours allows parents to work and juggle family life. Unlike the huge majority of jobs available, self-employment can involve as much variety as one would like. If people wish to travel and attend business meetings in person anywhere then they have the power to, with no one to judge how you’re work hours would be best spent.

Female-founded start-ups represent a growing share of investment activity. In 2011, women founded 11% of start-ups that raised equity investment. By 2018, this figure had almost doubled to 21%.

Female-founded businesses also have similar rates of follow-on funding. Once they receive an investment, the percentage that secures additional rounds of capital is almost equal to male-founded firms (52% versus 51%).

Women have always been independent, with the desire for equality, especially in the gender pay gap, wanting to achieve more but climbing to the top through male-dominated roles has never been easy. Self-employment allows you to not deal with many gender-related challenges.

Tracy Reid enjoying being self-employed, sitting and smiling.

Tracy Reid enjoys being self-employed [Tracy Reid]

Tracy J. Reid has been self-employed for over 10 years. Granted that at the start of her career she had a few contracted jobs, however now she is classified as a female entrepreneur.

Her role consists of having an online business and is a lifestyle coach for women in their midlife careers.

Being “passionate about empowering and coaching women to live their best lives” allowed her to receive a certified in life coaching and digital marketing, leading to her in creating a website, which she then lead to promoting her services leading to receiving clients.

When asked what it is like being a female entrepreneur, with a big smile on her face she insisted on saying that “there are challenging times when it comes to juggling family responsibilities. However, there are many more benefits. When you work for yourself you create your own schedule and you make everything fit your priorities. You can do whatever you like.”

“The best thing women can do if they want is to start their own business! If you need direction, find a good coach, get clear on the business idea, test it out, service people you know and then start promoting yourself.”

Women in this generation need to feel inspired and strive, anything is possible and starting to believe in one’s self is the core in moving forward and achieving a level of success that is desirable for them.




Featured image by KhanhLam via Flickr CC.

Edited by Laura Scheepers, MIscha Manser & Kesia Evans.