Did you know?
More than 126 million women entrepreneurs were starting or running new businesses in 67 economies in 2012, according to the Global Entrepreneurship Monitor (GEM) 2012 Women’s Report.
This is a crazy number.
So why are an increasing numbers of women branching out into their own businesses?
OR if we can ask that question differently…
If you are an entrepreneur: Why did YOU start your business in the first place?
And if you are thinking about becoming an entrepreneur: Why do you want to be self-employed in future?
I asked these two questions in a previous workshop and it resulted into a healthy discussion as the women talked about their reasons for taking up entrepreneurship.
Although many reasons surfaced, here are the top 5 reasons why those ladies are in business for themselves. Can you relate to any of these?
1. Freedom and independence
This was one of the top reasons why they started their own businesses. Becoming an entrepreneur empowers you to make your own decisions. It gives you the freedom to set your own rules, goals, objectives and working hours to fit your lifestyle and needs. You have the freedom to work on your own terms and to decide which projects or clients to take and which you can do without. You have the freedom to grow your business as big as you want or to keep it small and comfortable.
2. Follow A Passion
Many started a business because it gives you the ability to follow a dream and do something that you’re really passionate about. This passion can furthermore motivate you to continue with your business, even when you hit some uphill stretches. The following question was however raised: “Can all passions be converted in a profitable business?” Well, I believe you have a great chance to financially succeed if you focus on how your passion is going to help other people. In other words, how you can serve people with your passion and really bring value to the world
3. Income
Many women start their own business because they want to (or need to) contribute to the family income. Being able to contribute financially is seen as an important emotional factor that can lift a women’s self-esteem as you are not entirely depended on your husband’s income. For many it also reduces the feeling of guilt when spending money on yourself as you can now use your own money to do so.
4. Family
The corporate rat race took its toll on many women in the group and impacted on their family life. This was another big reason why especially moms wanted to leave their full-time jobs and start their own businesses. The mere fact that you are home and can take a moment to help the kids with homework or pause to get a hug from a loved one made it all worthwhile.
5. Contribution
Women by nature are loving, caring and enjoy helping others. Therefore, they often start a business where they can contribute and improve the lives of others – whether it is via delivering a specific service or selling specific products. For them it is more about the satisfaction of making a positive contribution and playing a role in the success and lives of others.
Naturally, we all have different motivations and reasons for starting a business. So whether your reasons are the same or not– it doesn’t matter, because we are individuals with unique circumstances.
What matters however, is that you know why you are in business, because this knowledge can motivate you to keep going when you reach some uphill struggles or obstacles in your path.
To Your Success
PS: Get in on the discussion. We’d love to hear from you! Tell us in the comment box below why you started your business. What other reasons can you add to this list?
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