The business landscape is changing. The COVID-19 pandemic aside, attitudes toward "traditional" ways of doing business are changing. Moreover, there is evidence to suggest that women are playing an important role in shaping this future of business. We take a look at the history that has created the current landscape and what we can expect to see in the future.
Many people are unfamiliar with the fact that the history of female entrepreneurship goes back into the past. The first well-documented female entrepreneurs date back to 1870 BC in the city of Assur in northern Iraq. Assyrian women at that time often contributed to the vast commercial networks that flourished in the region, demonstrating that business was not exclusive to men.
There are also many more recent examples of women in business. Margaret Hardenbroeck, for example, arrived in what would become New York in 1659 and established herself as a debt collector before becoming a commercial agent. She traded between Holland and the colonies, and eventually became the wealthiest woman in New York.
Such stories are not as uncommon as you might think. Throughout the 18th century, women entrepreneurs were trading in major cities around the world, and there are many examples of successful women entrepreneurs owning and running their own businesses. Mary Katherine Goddard became the first woman publisher in the United States in 1766, Madam C.J. Walker owned a million-dollar hair care business in the 1890s, and Coco Chanel opened her first boutique in 1913.
However, in the mid-19th century, there was a shift in the labor force that saw women focusing more on domestic tasks, while men became the sole wage earners. Until recently, these "traditional" gender roles have persisted.
In 1973, for example, there was only one female CEO of a Fortune 500 company, Katharine Graham. During this time, only 38% of the U.S. workforce were women. By 2019, that number had increased to 46.2%, while 37 Fortune 500 companies had a female CEO.
While there are certainly challenges facing women in business, there are also many positives to focus on. We can also find many examples of businesswomen and entrepreneurs who are implementing significant changes, boosting their careers and helping to shape the future of business.
These are just a few of the ways women are helping to transform the business world for generations to come:
As women gain more power and influence in the business world, they bring with them new ideas and innovation. Across a wide range of industries, greater gender equality helps create new products, services and businesses. Not only does this benefit organizations, but it is also good for consumers, giving them more choices that are more relevant to them.
There is also evidence to suggest that companies are more profitable when women hold more than one in three executive positions.
Although the representation of women in leadership roles remains a problem, it has improved in recent years. In addition, women in these positions bring with them a unique set of skills and competencies that can help enact change.
In addition to the hard skills needed for executive and C-suite roles, it's the soft skills that can make all the difference. A 2016 study also found that women score higher than men on almost all emotional intelligence competencies. These include qualities such as conflict management, adaptability and teamwork, which are essential for leadership in the workplace.
Inclusion and diversity remain some of the broadest issues in the business world. However, as more women find paths into and progress through the corporate world, the more representation there will be. As a result, the more role models and inspirational women in business there are, the more attractive the industry becomes to others.
With mentoring and coaching, women can help other women enter and thrive in the business world, helping to create more inclusive work environments for all.
Studies have shown that some of the main factors behind the persistent gender gap are social norms and harmful stereotypes about women and men. As more women enter and succeed in business and as more women entrepreneurs create change, these social norms will change.
Today's women in business are helping to break down harmful stereotypes and challenging the status quo. Today's trailblazers are shaping the future of business for years to come for the benefit of all.
