The Power of Women Entrepreneurs Around the World

On March 6, in recognition of Women’s History Month, My Own Business Institute (MOBI) Partner Sunday Friends hosted an event entitled, Inside Poverty: Women as a Catalyst for Change. The event included a panel discussion (MOBI Advisory Board Member Tanya Monsef was a featured speaker!) and a screening of the documentary, She Rises Up, a film that follows the entrepreneurial journey of three women and the impact on their communities in Sri Lanka, Senegal, and Peru.

Small businesses are the backbone of the U.S. economy, contributing to employment, economic growth, and innovation—and women entrepreneurs play a major role in keeping that backbone strong. Their influence extends beyond the United States. According to the 2023/2024 Global Entrepreneurship Monitor (GEM) Women’s Entrepreneurship Report, women operate more than 200 million businesses across 83 economies worldwide.

While Women’s History Month may have passed, MOBI continues to celebrate the accomplishments, resilience, and impact of women entrepreneurs. Owning and running a small business is no easy task. According to MOBI’s Choosing the Right Business session, entrepreneurs need courage, creativity, resilience, adaptability, curiosity, and humility to take the first steps, and to face and conquer the challenges that arise along the way. 

For women, the challenges and obstacles are often multiplied by policy, structure, culture, and mindset, all of which can hinder their place in the workforce and as entrepreneurs. For many first-generation entrepreneurs, it can also come with self-doubt and impostor syndrome. Yet despite these challenges, women around the world continue to persevere and succeed—each one becoming a symbol of courage and determination.

This month—and every month—we celebrate women entrepreneurs and honor their strength, creativity, and enduring resilience.

The Rising Force and Impact of Women Entrepreneurs: Inspiration from She Rises Up

Women have a strong history of owning and operating businesses. According to the previously mentioned GEM Report, women’s startup activity rates have risen from an average of 6.1% to 10.4% for the 2021-2023 period across 30 participating countries. The same report notes that established business rates for women in these same areas have increased from 4.2% to 5.9%, on average.

These data points speak to the drive and determination of women entrepreneurs. More women than ever are strategically preparing to start or grow their businesses—and taking that leap with courage and conviction. 

Women entrepreneurs’ creativity and commitment are unstoppable. She Rises Up features the story of Magatte Wade, a Senegalese entrepreneur who founded the company Skin Is Skin. As a way to uplift her community, she brought the company’s headquarters back to Senegal to provide local job opportunities for women. “I want to create jobs in the places that don’t have jobs, so people have a choice to stay in their communities and live good lives,” Wade said in the documentary.

Women start businesses for many reasons—from creating an income opportunity to continuing family traditions. But as She Rises Up and the GEM report both show, there’s often a shared purpose: to make a difference in the world and help their communities thrive. “I think a lot of people see this just as a textile business,” Peiris said. “And to them I say, I see the potential of this to really uplift our communities.”

Women entrepreneurs dream of building something for themselves—but they also dream of a better future for their families and communities. Small business ownership can be a powerful tool to break the cycle of poverty and rewrite the future. “One can break the chains—even if they are made out of iron, they can be broken. That’s what happened in my life,” said Gladys Yupanqui of Peru in She Rises Up.

Creating Opportunity: Why Supporting Women Entrepreneurs Matters

Entrepreneurship is not only a tool for breaking the cycle of poverty—it’s also a powerful driver of opportunity. While systemic challenges persist for women seeking to start and grow businesses, when the right structures are in place to support them, entrepreneurship can thrive.

In the documentary She Rises Up, Magatte Wade explains that in many countries, it’s often easier for a large foreign corporation to start a business than it is for a local entrepreneur. This disparity highlights the importance of supportive systems for small business owners, especially women.

The World Economic Forum estimated that while women make up about one-half of the world’s population, they only contribute 37% to global GDP.  This implies significant potential for women to boost the global economy. McKinsey & Company, a global management consulting firm, calculated in 2015 that if women were to participate in the world economy to the same extent as men, they could add up to $28 trillion—the combined value of the U.S. and China’s economies—to global GDP by 2025. Additionally, a 2024 report by Goldman Sachs highlights that halving the gender employment gap could boost global GDP by 6%, and closing it entirely could lead to a 10% increase in developed markets and a 13% rise in emerging markets. This underscores the urgency for policymakers and stakeholders to foster inclusive entrepreneurial ecosystems and actively support women entrepreneurs.

Empowering Women Entrepreneurs

According to the GEM report, countries with the highest rates of women’s entrepreneurship often share common characteristics: low barriers to entry, supportive government policies, streamlined legal and commercial infrastructure, and strong cultural encouragement of entrepreneurial activity. The data is clear—when ecosystems are built to support entrepreneurship, the possibilities for women are expansive.

To advance women’s entrepreneurship, the GEM report offers key recommendations, including highlighting successful women entrepreneurs, supporting research and data collection, expanding access to capital, and facilitating inclusive education and training. Tailored programs that directly address the needs of women entrepreneurs can help overcome barriers like limited networks and restricted access to resources or mentors. With the right support, more women can pursue entrepreneurship—and thrive.

With a commitment to accessible, understandable, and actionable curriculum, MOBI provides free online entrepreneurship education to anyone interested in learning how to start, manage, or grow a business. MOBI provides entrepreneurial education adapted to meet local needs by leveraging the support of more than 100 partners around the world.

Sunday Friends, a MOBI Partner based in San José, California, has taken an innovative approach to providing entrepreneurship education as part of its mission to break the intergenerational cycle of poverty. Sunday Friends provides MOBI’s curriculum as part of its Dream. Build. Mentor. (DBM) Lab: Entrepreneurship Accelerator is designed for family businesses and family learning. Instruction is provided to “family units” consisting of two members to encourage multiple generations to participate and learn together.

Visit the Q&A post from MOBI Advisory Board Member and event panelist Tanya Monsef to learn more.

MOBI is deeply grateful to these partners—and all of its partners—who continue to find innovative ways to deliver entrepreneurship education that is not only accessible, but also equitable.

Celebrating Women’s History Month and the Empowerment of Entrepreneurship

The history of women’s entrepreneurship is strong—and it lives in our communities. Think of the women in your neighborhood who have owned shops, worked as tailors, or offered cleaning services. They too, are entrepreneurs.

According to the GEM report, entrepreneurial perceptions among women have improved significantly over the past two decades, with a 79% increase in perceived business opportunities and a 27% increase in perceived startup skills. It’s exciting to imagine how women’s entrepreneurship will continue to evolve. With supportive policies, inclusive ecosystems, and ongoing access to education and training, the possibilities are endless.

One thing is certain: women entrepreneurs are resilient, creative, and resourceful. The journeys of the women featured in the documentary She Rises Up and the many MOBI alumni highlighted in our Success Stories are proof of these traits. Women can be entrepreneurs and business owners—and sharing their stories matters. These stories inspire, empower, and pave the way for the next generation of women entrepreneurs.

If you’re able, we invite you to take action. We encourage you to try the activity shared by MOBI partner Sunday Friends at their Inside Poverty: Women as a Catalyst for Change event. On a piece of paper that’s yours to keep, write one thing you can commit to doing this week to support women’s entrepreneurship. Maybe it’s shopping at a local woman-owned business, pursuing your dream of starting a business, enrolling in a MOBI course, or simply sharing this blog with a friend who may find it meaningful.

The choice is yours—and every step makes a difference.

About Annasofia Zuleta
Annasofia Zuleta is the Operations and Communications Manager at the My Own Business Institute. Prior to her time at MOBI, Annasofia made significant contributions to student life at various institutions, including UC Berkeley and Santa Clara University. Her passion for nurturing entrepreneurial dreams and facilitating the journeys of those seeking education led her to the MOBI team. Annasofia earned a Master’s Degree in Higher Education, Student Affairs from the University of California, Los Angeles (UCLA), and a Bachelor of Arts degree in Gender, Ethnicity, and Multicultural Studies from Cal Poly Pomona, where she laid the foundation for her commitment to diversity and inclusion.

About the My Own Business Institute
The My Own Business Institute (MOBI) at Santa Clara University’s Leavey School of Business is the world’s leading provider of free online entrepreneurship education. MOBI students and alumni represent all 249 countries and territories recognized by the International Standardization Organization (ISO). MOBI partners with over 100 organizations and institutions around the world to bring free online entrepreneurship education to those who need and want it most. The MOBI curriculum and website are based on the work of Phil Holland, a successful entrepreneur and author of The Entrepreneur’s Guide. MOBI was generously gifted to Santa Clara University in 2014 by Phil and his wife Peggy, an accomplished school teacher and administrator, along with an endowment, valued at $22 million at the time of transfer, to ensure that the organization and its accompanying websites would flourish into the future and continue to support the vital social and economic contributions of small businesses worldwide.