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Women in business: advantages, challenges, and opportunities

Ribakova Elena
31 August 2021, MVT 11:20
Ribakova Elena
31 August 2021, MVT 11:20

Men and women will inevitably have different experiences and backgrounds, which shape their approach to business. Challenging each other and collaborating with people who think differently can breed creativity and promote the innovative ideas that push organisations forward.

For a growing number of women, the fastest route to the c-suite is launching their own business. Studies conducted in the year 2019 by the Maldives National Bureau of Statistics on Small Business depicts a change in tide. While small businesses contribute to 26% of total employment, 52% of these SMEs are owned by female entrepreneurs and that is 20,772 individuals.

Soft skills and emotional intelligence may prove a key competitive advantage for women in business. A 2016 study published by the global consulting firm Hay Group found that women outperform men in 11 of 12 key emotional intelligence competencies. These competencies included emotional self-awareness, empathy, conflict management, adaptability, and teamwork—all essential skills for effective leadership in the workplace.

Today, women have taken up industries such as manufacturing (61%), trade (9%), education (15%) and accommodation (3%) as well traditional sectors such as agriculture (5%).

The most interesting is the way women have taken to social media platforms to market many of their beautiful creations.Entrepreneurship presents a path for women to close the pay gap and rise to leadership positions, on their own terms.

Running their own company also offers the opportunity for women to collaborate with and hire other ambitious, like-minded women, fostering a new generation of women in leadership roles.