The Federation of Small Businesses (FSB) said the Government needs to take a lesson from the US and encourage entrepreneurship and increase the number of female owned business in order for the economy to actually grow.
Nearly 50% of the workforce is women but less than 30% of the self-employed are women and that concerns the FSB on International Women’s Day. The FSB wants an encouragement of female entrepreneurship by the Government in order to break down barriers to self employed and to promote additional sources of financing, encourage mentoring and promote role models that are females.
If the levels of female entrepreneurship were the same as in the US then an additional £42 billion would be put into the economy and an additional 600,000 women owned business.
The FSB believes the government has not tapped into the economic resource that female owned businesses represent and has not included them in their plans to grow the economy.
The FSB has the following recommendations for the Government to encourage female participation in entrepreneurship; facilitate networking by introducing enterprise clubs for women with successful female entrepreneurs and provide access to speakers, promote other sources of finance and access to support and training to increase the growth of women owned businesses, have a mentor system and promote a women specific business networks through Jobcentre Plus and also tap into existing campaigns promoting business roles models that are women.
National Chairman of the FSB, John Walker, increasing the number of small businesses run by women will be good for the economy but the number of women entrepreneurs is very, very low and since the Government is looking to the private sector for help putting the economy on track it is only logical the number of female owned businesses need to increase throughout the country.
The UK needs to learn from the US, where they have nurtured women participation in business and by doing this there will be cultivation for growth and help reduce unemployment. In its budget this month, the Government can ensure self employment for both women and men is a real option.