The International Business Machines Association has come out with a report to mark International Entrepreneurs Day 2020.
The organization estimates that over 3.6 million people are in the world’s 300 million active entrepreneurs.
More than half of those are women and nearly one in five of them are from rural and low-income countries.
The data suggests that the number of women entrepreneurs is growing faster than men.
In 2020, women accounted for 17 percent of all companies, but by 2022 that figure had fallen to 10 percent, according to the IBA report.
Its not just women that are starting their own businesses.
It’s also men who are starting up their own companies, according the report.
It notes that men make up 30 percent of the global workforce, but account for 42 percent of companies with revenues of $1 billion or more.
“There are a lot of reasons why women are the fastest growing segment of the economy,” says IBA executive director and senior vice president of economic development, Michael Gerson.
“There’s gender inequality, and the fact that women are entering into the workforce and they’re not necessarily making a good living, but they are getting the skills and training that are needed.”
He believes that the trend of female-owned businesses is not necessarily the result of discrimination against women, but rather the result, he says, of a broader trend of business-to-business networking.
Gerson points out that companies that have women on the board of directors or in senior management have a higher chance of success.
In a study released last year, the World Bank found that women and girls are now the fastest-growing demographic group in business in Asia and Africa.
Gerson believes that this trend has been the result more of the increased visibility of women in business than any of the other factors that he cited.
He says that there are more women than men in the workforce, and they are starting businesses that are not necessarily profitable, but profitable enough to make a living for themselves.
And, he adds, there is an opportunity for women entrepreneurs.
“The idea that you have to be a male to be an entrepreneur, that’s just not the case anymore,” he says.
As we’ve said before, the best way to start a business is to start with an idea, and start a company is to do it by yourself.
But, Gerson says, the next step is to find an entrepreneurial mentor.
I hope that we have a lot more female entrepreneurs in the next 10 to 15 years,” he adds.
This article was originally published on FoxSports.com and is reprinted with permission.