Only 1 in 3 entrepreneurs are women, and increasing their proportion within the SME landscape could enhance value creation for the UK economy still further as a result of the different skills, experiences, insights and ideas they can bring.
The 2019 Rose Review found that businesses that are run by women are on average half the size of male-led firms and far less likely to scale up to over £1 m turnover. Closing the gap between women and men could add an equivalent £250 bn GVA to the UK economy, equivalent to 4 years of economic growth.
Women face a range of challenges in starting and scaling businesses, including care responsibilities, and work-life balance, greater difficulties accessing finance, affordability and accessibility of childcare lower, levels of confidence, self-belief and risk receptiveness.
Women do not lack the ambition to start or grow – they just need women-tailored, women-friendly services to help them on their way.
YTKO are experts in supporting women-led businesses, where over half of our Outset and Getset clients are women. Our professional networks and peer communities like our award-winning Enterprising Women network are a powerful mechanism to inspire female would-be entrepreneurs and help them build their confidence and skills, support them through their business journey and increase the likelihood they will be successful.
Accelerating Women’s Enterprise
YTKO is leading a new collaborative project, Accelerating Women’s Enterprise, (AWE), to help women living in some of the regions either side of the English Channel to increase their personal skills and develop business ideas and knowledge. They are supported via training, workshops, face-to-face advice, mentoring and online learning – all specifically developed for women.
AWE has really helped me with my confidence in knowing that my ideas aren’t completely crazy or impossible. Meeting other female entrepreneurs also made me realise that there are many others out there, like me, making it work, so I can too!