International Trade And Women Entrepreneurs: Global Perspectives



Source: World Bank

Author: PRERNA SHARMA 

ABSTRACT

The study leverages the data on women's entrepreneurship and Trade from the Global Outlook. Research attention devoted to women entrepreneurs has amplified in recent years as female entrepreneurship is measured as a recognizable source of economic and community development. Today, women in developed economies own more than 25% of all businesses and the numbers continue to stay hopeful for developing nations like India, Malaysia, South Africa too. In Bangladesh, Women make up most of the workforce of the export oriented garment industry hence making the highest contribution to the country's economic growth. This article emphasizes on women entrepreneurs in the global scenario of the 21st Century and yet the problems faced by them in the modern world’s male dominated setting. 


INTRODUCTION

 In 2016, the United Nations’ Sustainable Development Goals (SDGs) came into existence, where SDG 5 talks about gender equality. In the last five years, the world has come a long way, developed and grown, in many sectors, but a lot remains to be done. Instead of governments looking for foreign direct investments and tax cuts to grow their economy, they should be focusing more on policies to advance women's participation. Why? Because women are often at a disadvantage. Women entrepreneurs have more effective communication, organizational and networking skills than their male counterparts. Their approach and work ethic reduces failure of organizations as well as increases the possibility of inspiring other women to start their businesses. This increased the creation of jobs for women and help in decreasing the inequality ratio of the working force. When women become successful in a field, the next generation of women is more likely to emulate their success. It is very important to talk about this, now more than ever, about women and their power to change the global economic outcomes by just getting the right chance and educational support. 

BODY

WOMEN IN TRADE  

According to research, 47% of women participated in the global workforce, in ratio to 74% of men. At the World Trade Organization (WTO) women are in minority, too. The World Bank is a little better: women constitute 36 percent of the key professional positions. At the International Monetary Fund (IMF), in contrast, a mere 11 percent of economists are women. These are the international financial institutions which are managing globalization so as to promote growth and development. The above-mentioned human resource numbers beg the following question: Whose stability, whose growth, and whose development? When we look at the World, only one in three businesses are owned by women, and those too tend to be small businesses and usually operate in the unorganized sector.

We can say that Global Trade is a much far concept for women than men, ironically when female-owned Businesses are highly underrepresented in international trade, with only 15% of those companies exporting from their country. We do not live in an ideal world and biggest reality of that is the gender differences are visible in all stratas of society as well as both developed and developing nations. This inequality is caused by a set of structures that have been in place for centuries and are factors contributing to geopolitical and economic instability.  

The talents of women can be identified, trained and given an equal platform to be showcased for various types of industries to increase the productivity in the industrial sector as well as the nation. 

WOMEN AS ENTREPRENEURS 

According to studies, it has been observed that Women are very good entrepreneurs as they can maintain work balance in life. These factors may vary from place to place and business to business but women entrepreneurship is necessary for the growth of any economy whether it is large or small.

It is observable that women entrepreneurs have proved to be a strong driving force in today‘s corporate world. Woman can pick up a job any day, but if she becomes an entrepreneur she can provide a livelihood to 10 more women at least!

Highly educated, technically sound and professionally qualified women must be encouraged for managing their own business, rather than being employed in any outlets. 

THE CHALLENGES FACED BY FEMALE ENTREPRENEURS

Women have been found to face more gender-based barriers to securing capital for their businesses, such as inherent gender bias capital funding practices, they secure smaller amounts of investment capital and fewer bank loans. Obstacles are the stumbling blocks that often become the stepping stones to success. To help women surmount these obstacles, a supportive entrepreneurial environment includes policies that encourage financial institutions to market investment funds and loan products to women directly, and create and assign specific financial products explicitly for women entrepreneurs. Attracting more female investors and establishing funds that are led by women and invested in businesses founded and owned by women, should help to create more gender equity in funding practices that are particularly fruitful for women entrepreneurs. A supportive environment for women’s entrepreneurship requires unified systems with reciprocal features and an entrepreneurially constructive culture. This includes investments and human and financial capital, opportunities for growth, and a mixture of innovative and progressive institutional and infrastructural provisions. Networking helps women overcome gender-based limitations to entrepreneurship by helping them access resources, financial information, and capital, and identify new business opportunities.

CONCLUSION

Today, women in developed economies own more than 25% of all businesses and women-owned businesses in Africa, Asia, Eastern Europe and Latin America are growing rapidly. The challenges for women in the field of entrepreneurship, Trade and business still exist, and mostly so because of notions being followed through the stereotypes about them being not capable enough to own and handle businesses. But it's 2023, and like every other year and century, women continue to prove that their potential is vastly underutilized than them being incompetent. Research has shown that the participation of women in the economy, and specifically in trade, has a significant impact on a country’s GDP. It is rightly said that when more women work, economies grow. Currently, women make up half of the world’s population, but only contribute to 37% of the global GDP. It is obvious that improving gender equality results in higher employment levels, increases productivity and positively impacts GDP per capita. It is estimated that a gender-equal world economy would add over £20T (USD28T) to the global GDP.  


____________________________________________

REFERENCES: 

Women in Trade – A global perspective https://www.ocoglobal.com/general/women-in-trade-a-global-perspective/

Women Entrepreneurship in International Trade: Bridging the Gap by Bringing Feminist Theories into Entrepreneurship and Internationalization Theories

https://www.mdpi.com/2071-1050/11/22/6230 


Research Paper Title- (Women Entrepreneurship – A Global Perspective) By Dr. Purna Prabhakar Nandamuri ICFAI Business School https://www.researchgate.net/publication/280934018_Women_Entrepreneurship_-_A_Global_Perspective 

Published: 09 January 2021- (Women’s entrepreneurship and culture: gender role expectations and identities, societal culture, and the entrepreneurial environment) By Amanda Bullough, Ulrike Guelich, Tatiana S. Manolova & Leon Schjo https://link.springer.com/article/10.1007/s11187-020-00429-6#article-info 

THE RISE OF WOMEN ENTREPRENEURS: People, Processes, and Global Trends By- Jeanne Halladay Coughlin


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