Women have been the purveyors of entrepreneurial progress for centuries and they have fought relentlessly to create value and take on financial risk in the pursuit of profit. Female entrepreneurs or femmepreneurs are tenacious multi-taskers, passionate about innovation and prosperity, and are determined to succeed against the odds.
Today, over 400 million women around the world classify themselves as entrepreneurs (femmepreneurs).
"Nascent or new femmepreneurs represent 252 million and established femmepreneurs (in business more than 42 months) represent 153 million. Sub-Saharan Africa and Latin America account for the highest rates of total entrepreneurial activity at 21.8 percent and 17.3 percent respectively." Source
Successful femmepreneurs are purpose driven and authentic. They have tapped into their inner power (or activated power from God) to maintain strength, fortitude and an innovative mindset. In fact, "it is estimated that by the year 2030, 67% of wealth will be controlled by Femmepreneurs". Source
Some recognizable femmepreneurs include: Madame C.J. Walker, Gabrielle Bonheur “Coco” Chanel, Folorunso Alakija (Famfa Oil Ltd), Joyce Chen, (northern-style Chinese cuisine), Estée Lauder, Kiran Mazumdar Shaw (Biocon), Anne Wojcicki (23 & Me) and of course Oprah Winfrey (OWN+Harpo).
The large majority of the aforementioned femmepreneurs began operating in the Third Industrial Revolution, which brought about the use of personal computers and electronics in general to automate functions. Businesses that are operating in today's current society, the Fourth Industrial Revolution (4IR), have access to disruptive technologies that can level the playing field on a global level. Technologies such as robotics, artificial intelligence, cloud computing, and the Internet of Things.
"The Internet of Things (IoT) is the connection of everyday products like cars, alarm clocks, and lights to computing devices via the internet. It allows them to exchange data with each other, providing marketers with more context about their customers' product usage." Source
Truthfully speaking, not all countries have full access to what the 4IR has to offer but many countries (both developing and developed) have access to the internet and some of the IoT.
Furthermore, the global impact of COVID-19 has ushered in a more hyperconnected society for both tech and non-tech industries. Women are becoming more efficient and adept at harnessing the power of digital platforms within their businesses. Thus, blending the digital and physical worlds with great business ideas and fortitude can help propel femmepreneurs and intrapreneurs (within companies) to greater success and impact.
The good news is that regardless of access to 4IR tools, all businesses—particularly femmepreneurships—can succeed. The key to success generally stems from having access to capital, business training, human resources, mentorship/support networks, and prayer.
Accordingly, femmepreneurs all around the world should exploit the use of technology to further their business planning and global reach with cloud-based tools in areas that include project management, scheduling, video conferencing, digital learning, knowledge acquisition, virtual human resources, and financing.
Now, more than ever, femmepreneurs do not just survive, but thrive.
Brand Rebirth is a purpose-driven brand consulting and virtual learning firm. We are a certified Women-Owned Business that provides 1:1 Consulting to mid-size businesses and brand masterclasses via Rebirth U to women business-owners and corporate teams.
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Tanika Vital-Pringle is the Founder and Chief Brand Strategist of Brand Rebirth. https://www.linkedin.com/in/tanika-vital-pringle-global-mba-483116/
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