Desperate to turn things around? Take a fresh look at women-owned businesses. Far from being a niche market, they could be the tipping point for a global economic comeback.

The Center for Women’s Business Research study shows that there are about 8 million women-owned enterprises in the US. Those businesses have an annual impact of nearly US$3 trillion dollars and create or maintain more than 23 million jobs — 16% of all US employment. 

Women entrepreneurs have economic clout. Greater participation of women in the labor force correlates with higher GDP growth.

Worldwide, women own or operate 25% to 33% of all private businesses, according to the World Bank. Women-owned enterprises grow faster than those owned by men and faster than businesses overall.

Challenges and needs specific to women

But women face some very gender-specific obstacles when it comes to doing business. In many countries they still grapple with discriminatory laws.  Economic, legal and cultural obstacles can stand in the way of significant progress.  

Women entrepreneurs have distinctive needs. More access to both capital and business networks can make the difference they need to really scale up and drive economic revival.

Women as global change agents

The good news: certain programs and actions have been initiated and are making a difference:

• The US government has appointed a woman as Secretary of State, and has created a new position, Ambassador at-Large for Global Women’s Issues.
• The World Bank’s Doing Business project has launched a two-year research program to identify and recommend reforms to eliminate the legal and regulatory barriers facing women.
• The Declaration on Fostering Women’s Entrepreneurship in the Middle East and North Africa (MENA), calls for a “targeted and integrated support approach” to help women in the MENA region start new businesses and create employment.

Nurturing future market leaders: a success story

These efforts, and many more like them, are showing remarkable success. But they are just the beginning. They need to be built on to turn women entrepreneurs into agents of positive and effective change. The result? The ultimate win-win situation: good citizenship, good business and a stronger global economy.