09 Oct Women Entrepreneurs – Unlocking the Women Entrepreneurial Prospective
Women Entrepreneurs – Unlocking the Women Entrepreneurial Prospective
It is truly said that women always get the tougher; ranging from breathing life to propelling cash for their new start-ups. UAE was also not an exception when it comes to having limited prospects and facilities for women entrepreneurs. The Kaufmann Foundation asserted that women in UAE were depriving considering quicker access to equity finance, venture capital or angel investment. International Finance Corporation also endorsed the fact that the gap of financing a women-owned SMEs is far greater in developing countries than those that are developed. Within such situations what makes UAE standout is its remarkable will to unlock the entrepreneurial prospects for women; by not only providing them with all the needed facilities but also supporting them morally.
In UAE, the strongest ever winds of change are blowing for women from the past couple of years, as the conventional stereotyped mindset of relegating women to the business offshoots has been progressively faded away. Today, women in UAE are remarkably managing the executive roles, as well as more workshops and awareness and motivational programmes are being arranged to encourage, advice and guide prospective women entrepreneurs.
Importance of promoting women entrepreneurs in the UAE
An Emirati woman entrepreneur can be a leader in driving innovation and economic growth in the UAE. The UAE, particularly in Abu Dhabi, has seen a remarkable rise in women owned businesses, showcasing the growing women empowerment of Emirati women entrepreneurs.
Empowering women entrepreneurs in the UAE is crucial for several reasons.
Firstly, it helps to unlock the immense economic potential of the country’s female population, tapping into a vast pool of untapped talent and innovation.
Secondly, supporting women-led businesses can contribute to job creation, foster greater economic diversification, and promote social inclusion and gender equity. By creating an environment that encourages and enables women to pursue their entrepreneurial aspirations, the UAE can further strengthen its position as a global hub for innovation and entrepreneurship.
Entrepreneurial Ecosystem in the UAE
The UAE has emerged as a hub for women entrepreneurship in the Middle East, with Emirati women playing a pivotal role in driving the country’s economic growth and diversification. These female entrepreneurs are making their mark across a diverse range of industries, from tech and healthcare to e-commerce and professional services.
Government initiatives and support for women entrepreneurs
The UAE government has implemented a range of initiatives to support women entrepreneurs. These include access to funding and investment opportunities, as well as targeted policies that remove barriers and create a more inclusive entrepreneurial ecosystem.
Private sector involvement
Complementing these government efforts, the private sector in the UAE, including the Dubai Business Women Council and Dubai Chamber, has played a pivotal role in nurturing women entrepreneurs through incubators, accelerators, and mentorship programs.
Platforms for women entrepreneurs UAE
Currently, there are some tremendous platforms like ‘RO’Ya’ and ‘Womena’ that are now available to provide full-fledged support, encouragement, guidance and even start-up capital to the promising female entrepreneurs. RO’Ya is a collaborative initiative of MasterCard and Dubai Business Women Council (DBWC) and it precisely targets to encourage and empower promising Arab women entrepreneurs. Similarly, Womena is a women angel investment platform that helps women driving start-up capital for their ventures.
With the flourishing environment for women entrepreneurship and booming markets, foreign female investors are also setting up their businesses in the United Arab Emirates; especially in Dubai. Dubai in the recent years has shown a tremendous increase in numbers of women entrepreneur. Women entrepreneurs are now actively participating in business activities and doing exceptionally well in the business like handbags, salon, event management, catering, day care services, makeup, accessories, garments and much more. And this is not it, women with higher professional qualification, market knowledge and experiences are also taking the helms of full-fledged financial for-profit corporations in their hand.
Challenges Faced by Women Entrepreneurs in the UAE
Access to financing
However, women entrepreneurs in the UAE face several key challenges. Access to financing is a primary hurdle, as women-led businesses often encounter difficulties in securing traditional banking services and venture capital. This disparity in access to capital can hinder the growth and success of female-led enterprises, highlighting the need for more tailored financial products and services.
Work-life balance
Work-life balance is another significant challenge. Balancing the demands of entrepreneurship with personal and family commitments can be a delicate balancing act for Emirati women entrepreneurs. Developing support systems, such as flexible work arrangements and childcare facilities, can help women navigate this challenge and thrive in their entrepreneurial pursuits.
Lack of business networks and connections
Cultivating strong professional networks and connections is also crucial for the success of women entrepreneurs in the UAE. However, they may face additional barriers in accessing industry-specific knowledge, resources, and collaborative opportunities. Fostering the development of women-focused networking events, industry associations, and peer-to-peer mentorship programs can empower women entrepreneurs to build the relationships and support systems they need to succeed.
Entrepreneur Ideas For Women
Despite these challenges, the UAE’s women entrepreneurs are poised to capitalize on a wealth of opportunities.
Leveraging digital technologies
The rise of digital technologies presents a significant opportunity, as women-led businesses can leverage e-commerce platforms, online marketing tools, and social media to overcome geographic and accessibility barriers, reaching wider customer bases and expanding their market reach.
Tapping into emerging sectors
While male entrepreneurs have long dominated the company setup and startup scene, women in the UAE are now carving out their own path, successfully establishing companies and serving as trailblazers for aspiring female entrepreneurs across the country. These female innovators are not only transforming the entrepreneurial landscape, but also challenging gender norms and promoting gender equality in the business world.
Tapping into the UAE’s emerging high-growth sectors, such as fintech, healthcare, and sustainability, also offers unique opportunities for women entrepreneurs. By leveraging their creativity, problem-solving skills, and sector-specific expertise, these female innovators can establish successful and impactful businesses at the forefront of the country’s economic transformation.
Accessing global markets
Internationalization is another key opportunity for women entrepreneurs in the UAE. With the support of government programs, trade agreements, and global networking platforms, women-led enterprises can explore new markets, diversify their revenue streams, and strengthen their competitive position.
Accessing global markets can open up a world of possibilities for Emirati women entrepreneurs, empowering them to scale their businesses and contribute to the UAE’s broader economic goals.
Recommendations and Strategies
To capitalize on these opportunities and address the challenges faced by women entrepreneurs, the UAE should focus on several key strategies:
Improving access to financing
Increasing the availability of tailored financial products and services, such as targeted loan programs, venture capital funds, and alternative financing options, can help address the funding disparity faced by women-led businesses.
Fostering work-life balance
Implementing family-friendly policies, including flexible work arrangements and access to childcare facilities, can enable women entrepreneurs to manage their professional and personal responsibilities more effectively.
Building strong networks and collaborations
Developing industry-specific associations, networking events, and peer-to-peer mentorship programs can empower women entrepreneurs to connect with like-minded individuals, share best practices, and access valuable knowledge and resources.
By implementing these strategies and continuing to foster a supportive and inclusive entrepreneurial ecosystem, the UAE can unlock the full potential of its women entrepreneurs. As these female leaders and innovators thrive, they will undoubtedly play a pivotal role in shaping the country’s economic future and transforming the Middle East landscape.
With the applauding efforts of UAE government and overwhelming support of the society is rapidly unlocking the prospects of female entrepreneurship in UAE . According to Richard Branson, the best way to allow someone to make their own destinies is to provide them with greater power. We believe that its high time for the women in UAE and all the foreign women investors to spread their wings and fly high.
Another great platform that is on its toes to assist women entrepreneurs is Business Setup Consultants (BSC). BSC is helping entrepreneurs from all across the world, and it seeks to serve equally to women entrepreneurs in setting up their businesses in UAE. After angel financing and guidance, entrepreneurs definitely need to manage the complex process of setting up business. We can serve you as a dear friend at this point of time. So, if you want to avoid such complexities you can consult us for setting up your business . The professional team of BSC consultants is always available to help you in setting up your business. All you need is to trust the expert team of BSC to take-off your business.
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