In an era marked by a quest for autonomy and self-determination, a significant number of women in the United Kingdom are embracing entrepreneurship, seeking freedoms and opportunities that traditional employment has failed to provide.
In 2019, Tameeka Smith, a former director of a prominent youth charity, embarked on a journey of self-employment, founding Trimenco CIC, a nonprofit organisation dedicated to training, mentoring, and coaching. Smith’s decision was driven by a desire for autonomy and the realisation that her potential was best realised through entrepreneurship. “I am now the conductor of my own orchestra, fully in the driving seat of my own career and life,” Smith reflects on her decision to steer her professional destiny.
The trend Smith represents is not isolated. In 2022, over 150,000 new businesses were launched by women in the UK, marking a historic surge. Female-led companies now constitute over 20.5% of all UK businesses, a notable increase from 16.7% in 2018. This shift is largely attributed to the pursuit of freedoms and opportunities not found within the confines of traditional workplaces.
The Fawcett Society’s report highlights a grim reality: the gender pay gap persists, particularly affecting women over 40, who are unlikely to see its closure within their working lives. Additionally, women’s representation in commercial roles on the boards of Britain’s 350 largest listed companies remains a meagre one in five. These statistics underscore the systemic barriers and glass ceilings prevalent in mainstream workplaces.
Entrepreneurs like Ameena Hamid and Zhin Kader exemplify the drive and determination of women choosing to forge their own paths. Hamid, disillusioned by the lack of control and recognition in the theatre industry, established her own production company. Kader, frustrated by the limitations and ethical dilemmas in the fashion industry, launched Estéra Swim and the podcast Fashion Tweak. Their stories are testaments to the entrepreneurial spirit driven by a blend of personal values and professional frustrations.
Rebekah Lloyd’s journey into entrepreneurship was ignited by a lack of support during a health crisis. The experience catalysed her desire for autonomy, freedom, and the ability to create and innovate without the constraints of traditional employment. Lloyd’s story is a powerful reminder of the transformative potential of entrepreneurship.
Aleks Pakulniewicz, the driving force behind Velo Bianco, stands out as a testament to innovative entrepreneurship. With a keen eye for detail and a passion for sustainability, Aleks has steered Velo Bianco to the forefront of the bridal industry, offering online solutions for modern brides. Her journey reflects a commitment to excellence and a deep understanding of her customers’ evolving needs, marking her as a distinguished figure in the realm of business innovation. Her story is not just one of success but of inspiring leadership and relentless pursuit of disrupting a centuries-old industry.
Despite the progress, challenges persist. The Treasury estimates that if women in the UK embarked on entrepreneurship at the same rate as men, up to £250bn of new value could be added to the economy. Yet, women face systemic barriers, including limited access to venture capital and professional networks. Rebekah Capon of Hatch Enterprise highlights the added layers of difficulty for women facing intersectional marginalisation.
Martha Bennett’s entrepreneurial journey with Ludo Tutors exemplifies the innovative and resilient spirit of female entrepreneurs. Despite challenges in funding and learning the ropes of business, Bennett’s experience has been positive, emphasising the welcoming and encouraging nature of the business community.
The coronavirus pandemic brought unique challenges to women-led businesses, but the subsequent recovery has seen an increased acceptance of flexible and remote working arrangements. Anne Boden of Starling Bank, chair of the government’s Women-led high-growth enterprise taskforce, asserts the need for equal opportunities rather than fixing women. The focus should be on ensuring women have access to the same opportunities as men, particularly in sectors like tech, stem, and biotechnology, where women-led teams receive a fraction of venture capital funding compared to men-only teams.
The journey of entrepreneurship is not without its personal challenges. Abi Read’s experience transitioning from pottery-making as a hobby to a full-time business while navigating pregnancy highlights the lack of support for new parents in entrepreneurship. This personal story underscores the need for systemic changes to support women entrepreneurs in all stages of life.
Katrina Sale of the Female Founders Forum advocates for early intervention, emphasising the importance of encouraging young girls to see entrepreneurship as a viable and exciting career path. Achieving gender equality in entrepreneurship requires a proactive and sustained effort, starting from a young age.
In conclusion, the rise of female entrepreneurship in the UK is a testament to the changing landscape of work and the pursuit of autonomy, creativity, and opportunity. While significant strides have been made, continued efforts are necessary to dismantle systemic barriers and cultivate an environment where women entrepreneurs can thrive and contribute to the economy’s growth and innovation.
