You’ve worked hard for your career, and from that determination to succeed you’ve found yourself hustling as an entrepreneur, a business owner. So first and foremost, congratulations on starting your own business and taking charge of your life! That takes real guts.
But did you know that your economic independence promotes stability in global markets?
I’ll get into that soon, but women entrepreneurs who connect locally and across the globe with networks, sources of capital, knowledge and technology have the power to do more with potential business success. And in July of this year, a little report was released revealing how 50 top global cities are fostering high-potential women entrepreneurs. It ranked cities on the impact of local policies, programs and characters in addition to national laws and customs, splitting them across five characteristics: capital, technology, talent, culture and markets.
Not surprisingly, the report (Dell Global Women’s Entrepreneur Cities Index 2017) named New York City as the top place to be for us entrepreneurs due to its ability to attract and support our business goals. Along with the Big Apple, the top five included the San Francisco Bay area, London, Boston, and Stockholm. Sydney was the first Australian city on the list, placing 11th. Melbourne also made an appearance, coming in at number 17.
In terms of global market growth thanks to the empowerment of women business leaders, there was one interesting fact I’d noticed while perusing through the report. I wasn’t sure whether to be taken aback or not, but it said that when barriers to women entrepreneurs were removed, there was a dramatic uplift in a city’s economic prospect.
That’s proof enough for me that when women are provided more opportunities in business leadership, positive outcomes for the growth of economy are concrete. But clearly there is still improvement to be made for women, because it’s the male-owned businesses which are three times more likely to break the USD $1 million mark.
Our untapped potential means that with the right resources and stronger attention, the world could see thousands more women-led businesses breaking that financial barrier, thereby creating more economic prosperity and jobs. So basically, if we armed city leaders and policymakers with data-driven research and clear calls to action, we could seriously improve the landscape of our economy.
Essentially, what’s good for women is good for the economy. But come on, we’ve been saying that for years! Our value as female entrepreneurs is unprecedented, and despite our growth in numbers, we need more support from government departments and collaborative mindsets.
So keep your successes moving forward, and let’s aim to start breaking barriers in business. In the meantime, my passport is hankering for a new travel stamp so a trip to the Big Apple might have to be the way to go!