01-05-2008
Women can make their business dreams a reality
Most of us have dreamt about leaving the boss behind and starting our own business, but for women only a few make it a reality. Are they wasting a golden opportunity? The answer is yes according to the Chief Executive of the Small Business Service, Martin Wyn Griffith, who has found that one pound invested in developing a women’s enterprise provides a greater return on investment than a pound invested in developing a male owned enterprise.
Top reasons for women wanting to start a business include having more flexibility to take care of family responsibilities and wanting a change of career. However the risk of having unstable income, a fear of failure and the difficulties of raising start-up cash prevent many from taking the plunge.
Starting a business? Don't forget to buy insurance
That’s why the government’s new business support facility – the Women’s Enterprise Taskforce – has been set up to offer support to women who want to start a business. There is now more help for women in business than ever before, and fewer reasons to prevent their entrepreneurial dreams becoming a reality.
The Women’s Enterprise Taskforce
Announced in February 2008 by Margaret Hodge, the minister of state for industry and the regions, the Women's Enterprise Task Force was created with the aim of channelling the entrepreneurial skills of women considering pursuing their own entrepreneurial activities.
According to co-Chair, Pam Alexander, "our aim is to inspire and harness the talents and skills of potential women entrepreneurs and to do all we can to encourage them to prosper.
"The benefits will be many and broad; firstly, realising the untapped potential of women's enterprise will make a dramatic and positive economic contribution to the UK's GVA."
How can the taskforce help female entrepreneurs? According to the website, the taskforce will concentrate on these areas:
• work with Regional Development Agencies to ensure women have access to high-quality, women-friendly support
• lead joint action with banks to improve awareness of financing options for women entrepreneurs
• improve the transition of women from benefit receipt to self-employment,
• embed gender-disaggregated data-collection as a principle across Government and the regions,
• raise and maintain the public profile of Women’s Enterprise in the media and with the public.
Prowess
Supporting the activities of 100,000 women every year, Prowess provides the tools necessary to access business support advice in their own area and also offer advice in a number of different areas, ranging from techniques for generating sufficient levels of capital, to providing advice on taking on the first employee.
Key to the service they provide is a list of events and resources available in different areas of the country, along with networking facilities to help women connect with each other.
Simple finance for new and growing businesses
Other sources of help and advice
There are many other websites offering support, information and advice for women in business. Some are regional, such as the Regional Women’s Enterprise Unit, and the Bedford University Centre for Women’s Enterprise and others cover the whole country, such as Women into the Network.
Most of these organisations address the reasons that prevent women from starting a business, as well as advising them how to move forward with a business idea.
Dilys Robinson, the principal research fellow at the Institute of Employment Studies (IES) believes that unless an individual's vocation is clear, it may be difficult for them to embark upon a business venture. She asserts that individuals without an established idea over the direction of their career will tend towards employment with a large organisation.
However, according to figures released by the Female Entrepreneurship British Chambers of Commerce in 2004, there was an increase of 27% in the number of women who felt they had the skills to start a business. This number should have significantly increased today.
Finding the funding
For those women intent upon starting up their own business and in need of funding, Women into the Network notes the presence of a number of potential funding avenues, including information offered by the Bank of Scotland, Funding Information North East, government funding and the Business Enterprise Fund (BEF).
The BEF helps businesses that have been turned down for finance by high street banks, and also helps those seeking finance from mainstream lenders.
Taking the plunge
With so many resources and support networks available for women, the way should be paved for many more to break away from full time employment or housewife status to make their mark on the business world.
Having the wholehearted support of family and friends should also give female entrepreneurs the confidence to take the first steps towards business independence.