Women in Business in Developing Countries
Women around the world contribute significantly to the economy of developing countries, thus strengthening their communities and supporting their families. According to the World Bank, the number of women entrepreneurs in developing countries is increasing, and there are approximately eight to ten million formal small to medium businesses with at least one female owner in these areas. "Women-owned businesses tend to be informal, home-based and concentrated in the areas of small-scale entrepreneurship and traditional sectors, which primarily includes retail and service" (World Bank, 2019). Not only do women actively participate in the economy of many communities, when they do, they are more likely to direct their earnings back into the community and into their families, thus promoting education for their own children and other children and nuturition and healthcare for their families (Borgen Project, 2017).
Challenges to Women Entrepeneurs
Women face unique challenges in their business endeavors. They face the financial constraints common to small businesses everywhere, but they also often face cultural and legal restrictions. In cultures where women cannot move freely without male escorts, for example, they must start businesses that cater more to female clients, with whom they can interact freely. Sometimes legal restrictions make it difficult for women to own their own businesses at all or without a man to register as a co-owner.
OneIN and Female Business Owners
Women comprise a great number of OneIN's small business owners. They own beauty salons, catering businesses, and shops. They use their profits to educate and care for their families and build their businesses even more. We encourage women to step out in faith and start businesses that will strengthen their families and their communities!
The Borgen Project: https://borgenproject.org/womens-entrepreneurship-in-developing-nations/
The World Bank: http://www.worldbank.org/en/topic/gender/publication/female-entrepreneurship-resource-point-introduction-and-module-1-why-gender-matters