Two Minutes to Understanding the Key of Economic Growth
At TYO, our most recent female entrepreneurship project- Fostering Women Entrepreneurs in the Middle East- is a two year program designed to provide sustainable, holistic, and personal support to female business owners.
So given this long-term, in-depth work, what could possibly be learned about women’s entrepreneurship in two minutes?
In fact, if you're watching this recently-released clip from the World Bank, just a few minutes can actually demonstrate the lasting value of investing in women entrepreneurs. This informational video about female economic empowerment sums up exactly why TYO offers programs like FWEME- and provides the facts about why women are the key to economic growth. Produced by the Women's Finance Hub- a World Bank initiative to support small and middle enterprises for females- the clip focuses on the importance of women owning their own companies, and the immense benefit that their leadership brings to communities and countries.
We encourage you to check out the entire video- and below, we've highlighted a few of the main points:
- Women do 66% of the world’s work, and make 80% of consumer spending decisions. But women only own 30% of the world’s businesses- and receive only 10% of the world’s income. After months of interviews with women in the northern West Bank, we know that many women work- and desire jobs to gain financial stability for their children and families. But given obstacles such as prejudice and property ownership rights, women don’t have always have the opportunities to be fairly compensated for their labor- or take control of their own businesses. We recently selected the 45 women that will participate in FWEME's first entrepreneurial training in August- each of whom showed remarkable drive in their professional paths, or a strong, creative spark to start their own business. These are the sort of women that will make that 30% figure increase as they take ownership of their enterprises, and receive fair income.
- 135 Million women worldwide don’t have a bank account. The film clip shares several more startling, similar facts - and TYO’s intensive FWEME training that we’re gearing up for in August addresses issues like this. At the training, we'll be discussing topics like bank accounts, budgets, business plans, and more. But we don't just stop there- our holistic, psychosocial approach will address the concerns that women might have about these concepts, and encourage them to take risks. By equipping women with financial literacy and support to overcome their fears, they’re receiving the tools that help them chisel out stronger futures both personally and professionally.
- Women are more likely to pay back loans, and contribute to the community. We know this very well- it’s supported by countless studies and evidence. But it can be difficult in societies that don’t support a woman’s right to work- whether due to a belief that she’s not smart enough, that she should be in the house, or that she needs her husband's permission. Yet one look at the success of our past female entrepreneurs- and how they now share their skills with other women entrepreneurs and employees- demonstrates the positive power of women in the workplace.
Check out the short clip for more evidence about why female entrepreneurs can change the face of entire economies. And while this only takes two minutes to emphasize the importance of women’s economic empowerment, be sure you’re following FWEME over the next few months to meet some of the faces of female entrepreneurship in Nablus.
Cayce Pack is the Women's Empowerment Program Coordinator at TYO. Above, she writes about a recent World Bank video that focuses on women's worth in the world economy- and what that means for female businesswomen in Nablus.