The drive to boost female entrepreneurship is about much more than equality, it’s actually about economic impact.
Research shows the economy could benefit by more than £180 billion by 2025 if female entrepreneurial activity in the UK increased to match male activity. In Scotland alone, the economic impact could be as much as £7.6 billion.
But research also shows that by creating and supporting diverse and mixed gender boards and teams, those companies grow faster with increased profitability.
Liz Cameron, above, is chief executive of Scottish Chambers of Commerce. A lifelong advocate for mentoring, she believes that role models mentoring female entrepreneurs will have the game-changing impact that is needed, and has launched the Women’s Business Mentoring partnership with Women’s Enterprise Scotland. Some of Scotland’s most successful women entrepreneurs, such as Marie Macklin CBE of Macklin Partnerships, Poonam Gupta OBE of PG Paper, Petra Wetzel of WEST Brewery, and Jeanette Forbes of PCL Group, have thrown their weight behind the enterprise.
This project is about building a community of women entrepreneurs that will give access to a network of women in business, and most importantly, establish a sustained relationship, including regular touch points with a business mentor, explains Cameron.
“For many women in business, their talents and ideas can often be overlooked, causing them to be held back. Our vision is that through a sustained mentoring relationship and through access to a strong community, more women will have the confidence, tools and self-awareness to go out, tackle the challenges, secure the opportunities and grow their business.”
Mentoring, and the showcasing of successful women role models are a powerful means of overcoming these barriers, evidence shows that this kind of exposure is a proven trigger of success. But, Cameron insists, we need more females starting and growing their own businesses.
“To have the opportunity to connect with other females in business, to listen and learn from real life experiences and expertise, gives us a solid platform of confidence from which to overcome any challenges ahead.
“Hearing how others have succeeded will give up-and-coming women entrepreneurs the opportunity to build a strong community around them.”
Cameron says they are already witnessing the success of the community they are building, with more than100 registrations in the first week.
“It’s this practical, business-led approach that is the most appealing element of what we are doing and our ambition is that every mentored business achieves a specific business milestone during the mentoring relationship.
“Whether it’s securing a specified quantity of new orders or employing a number of extra people or taking the business from a home office to an external unit, these are the markers of success that will add immense value to our communities.”
Cameron is also encouraging mentors to come forward, and says this experience is just as rewarding as being mentored.
Michelle Rodger is a communications consultant
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