Women are creating and running businesses around the world and in doing so, they are contributing to economies that represent more than 70 percent of the world's population and 93 percent of global gross domestic product, according to a new report from the Center for Women's Leadership at Babson College in Wellesley, Mass.
Among the findings of the Global Entrepreneurship Monitor 2007 Report on Women and Entrepreneurship Women:
Entrepreneurship is a key contributor to economic growth in low and middle-income countries, particularly in Latin America and the Caribbean.
A gender gap persists in new venture creation and business ownership – a factor that is most obvious in high-income countries but exists throughout all regions. Only in Japan and Peru are women more active than men in starting businesses.
The likelihood of being involved in entrepreneurial activity is three to four times higher for women who are employed in a wage job (whether full or part time) compared to women who are not working, are retired, or are students. This suggests that working provides access to resources, social capital, and ideas that may aide in establishing an entrepreneurial venture.
Early-stage entrepreneurs in high-income countries are more likely to become established entrepreneurs than those in low and middle-income countries.
In high-income countries, there is no gender difference in the survival rate of women's businesses versus those of men. Women entrepreneurs in low and middle income countries are less likely than their male counterparts to keep their businesses thriving beyond 42 months.
The rate of “opportunity entrepreneurs” (as opposed to those who start businesses out of necessity) differs significantly by gender in all country groups. Globally, the rate of male opportunity entrepreneurship is higher than that of women.
In low and middle-income countries, women become early-stage entrepreneurs between the ages of 25-34, and established between the ages of 35-44. These age spans broaden in high-income countries; early-stage women are 25-44 and established 35-54 years old.
On average, women entrepreneurs in high-income countries are better educated than those in low and middle-income countries.
Fear of failure is higher for women compared to their male counterparts. Women in Europe and Asia low/middle income countries had the highest fear of failure rates (40.3 percent) compared to women in Latin America and the Caribbean (34.2 percent), and women in high-income countries (27.1 percent).
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