Will COVID-19 create more women entrepreneurs?

A new study published by the software accounting firm, FreeAgent, has unearthed some interesting findings about women choosing to become entrepreneurs as a result of the impact of COVID-19. Apart from those who needed to embark upon an entrepreneurial life because of redundancy or being furloughed for weeks and months during the pandemic, many more are making proactive life choices to start businesses. The experience of having to remote work, or find alternative sources of self employment from home, have created a wake-up call for many women. They have taken the time to reassess what they want from life and work; what really matters in terms of health and wellbeing; and how they want to better manage family and work life. Thirty-three per cent of the study’s participants said their need to achieve better work/life balance was the primary reason for starting their entrepreneurial journeys. It meant they could spend more quality time with their children; choose when and how to work; and importantly, manage their childcare costs more effectively. But ultimately, it seems the freedom to be able to choose what type of work they wanted to do, and how to do it, to be in control of their destinies, was the most popular reason amongst women to start a business during the COVID-19 pandemic. 41.7% of women surveyed wanted to build a work-life that would fit in with their wider aspirations and responsibilities. So the pandemic has given them the courage to take the plunge, start their businesses, and change their lives.