Women's and BAME Enterprise
Women make up 51% of the UK population and 47% of those active in the labour market, but are under represented in participation in enterprise and offer a wealth of untapped talent and economic opportunity. Just over a million women are self-employed, up by 17% since 2000. Despite this progress, the gap between male and female entrepreneurship in the UK remains stubbornly wide – men are still almost twice as likely to start businesses as women, and the gap is wider still for young women. If the UK matched US levels of female entrepreneurship, there would be 600,000 more businesses in the UK.
Whilst ethnic minority groups overall have a self-employment rate similar (7%) to British and other white groups (8% there is a wide variation between ethnic groups – with people from Black groups having the lowest self-employment rate at 4.5%. And other evidence shows that people from ethnic minority groups are less likely (10%, and specifically 8% for Black groups) to be involved in running a business when compared to White groups (15%).
Making this decade the most entrepreneurial and dynamic in our history demands a coherent and comprehensive strategy for enterprise. The coalition Government is well aware of the challenge it faces to raise enterprise awareness and start-up activity amongst women and black and minority ethnic groups in the UK. This includes:
Challenging aspirations and capability
Embedding enterprise awareness and business management skills into mainstream education: schools, FE colleges and HE institutions.
Transforming opportunities for individuals and their communities
Introducing a radical change in the support offered to workless people through Work for Yourself. By providing access to mentors and small loans for the most disadvantaged.
Supporting cash flow and access to finance
Ensuring individuals and businesses have the skills, tools and networks they need to understand the options and to access finance, and that Government identifies and addresses market failures.
Modernising business support
Ensuring the support, information and advice provided to businesses is fit for the 21st Century.
Reducing burdens
Making it easier to start and grow a business by delivering long-term certainty and stability in the tax system, and pushing ahead with the promise to reduce regulation.
