The pandemic has not only heightened awareness of the importance of work-life balance but has also illuminated the shortcomings of many workplace wellbeing initiatives, particularly for women. Despite the introduction of nap pods, flexible hours, and summer Fridays, a significant number of female workers in the UK are dissatisfied, leading to a marked increase in women launching their own businesses. The primary motivation for these women braving the stress of entrepreneurship during an economic downturn is the pursuit of a better work-life balance, according to recent research.
This study conducted by Small Business Britain reveals that nearly 40% of female entrepreneurs identified the improvement of their work-life balance as the main catalyst for starting a business. A further 30% indicated that their decision to launch firms was driven by the desire to choose their workplace, while 25% reassessed their careers post-childbirth. The rise in women entrepreneurs is not only significant for the individuals involved but also contributes phenomenally to the UK economy. Despite the economic challenges, most women report being happier having ventured into entrepreneurship and experiencing immeasurable benefits in their lives.
Rise of Female Entrepreneurship in the UK
Amid the pandemic, many workplaces are striving to improve employee wellbeing. However, flexible hours and other initiatives are still falling short for many women. In response, there has been a significant increase in the number of women in the U.K. starting their own businesses to achieve a better work-life balance.
Seeking Work-Life Balance Through Entrepreneurship
Research by Small Business Britain revealed that nearly 40% of female entrepreneurs started a business primarily to improve their work-life balance. Furthermore, 30% launched their firms to choose their work environment, and 25% reassessed their careers after having children.
Despite the economic downturn, these women entrepreneurs are making a significant contribution to the U.K. economy. Small Business Britain and the f-entrepreneur campaign founder, Michelle Ovens, stated that most women are happier having taken the plunge into entrepreneurship, and are experiencing vast benefits.
Female Entrepreneurship on the Rise
The female entrepreneurial spirit is thriving despite spiraling gas bills, rising interest rates, and an impending recession. Last year, women founded over 150,000 new companies, more than twice as many as in 2018, according to NatWest Group’s Rose Review report.
The enforced work-from-home stint during lockdown gave women a taste of working on their own terms. As businesses are now requiring employees to return to the office, many women are transitioning to entrepreneurship.
Challenging Times and Opportunities
However, entrepreneurship does not come without its challenges. As Glassdoor career trends expert Jill Cotton highlights, being a business owner doesn’t automatically provide a better work-life balance. The pressure to perform can increase, and business owners might find themselves working harder to launch their ventures.
On the brighter side, starting your own business provides the flexibility to work as and when you want. Although setting clear boundaries between work and home might be tricky, the benefits can outweigh the challenges.
Conclusion and Takeaways
The rise of female entrepreneurship in the U.K. signals a shift in the workplace dynamic. Women are seeking better work-life balance and greater control over their careers. While the transition to entrepreneurship comes with its challenges, it also opens up new opportunities for personal and professional growth. This trend could inspire more women worldwide to explore entrepreneurship as a viable career option.
