New research by tech giant Facebook has found that the UK is missing out on more than £10 billion by 2020 by not addressing gender imbalances.
The recent research highlighted and focused on the challenges faced by women who want to start their own businesses in the UK. According to Facebook, there are 2.7 million women who want to start their own company, but cite a lack of confidence as the main stumbling block. However, Facebook says that if only one fifth of these women took the plunge, the UK economy would benefit from 340,000 extra businesses and the creation of an estimated 425,000 additional jobs.
Of those surveyed, which included an equally split pool of 4,200 men and women, 25% lacked the confidence to go into business by themselves, while another 24% thought that they lacked the appropriate business skills to successfully make their mark. A further 34% cited a lack of finances as the key reason holding them back from fulfilling their dreams.
More worrying was the fact that 70% of the women who took part in Facebook survey said they lacked a female role model to encourage them to make the jump into business.
Facebook’s Nicola Mendelsohn, the vice president for EMEA, said:
Women make up half the population. They make effective business leaders and unbelievable entrepreneurs, so it’s shocking that more aren’t part of the UK’s small business community today.
To help support female entrepreneurs, Facebook has launched an initiative to encourage more women into business. Head over to the She Means Business page for a range of resources.
For more news, views and reviews on funding and support for the UK economy follow us on Twitter @RBSIF.
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