Celebrating MSMEs Day with Her Expat Life: Empowering Women Entrepreneurs Globally

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Celebrating MSMEs Day with Her Expat Life: Empowering Women Entrepreneurs Globally

June 27 marks Micro-, Small, and Medium-sized Enterprises (MSMEs) Day, a celebration dedicated to acknowledging the vital role small businesses play in the global economy. MSMEs drive economic growth, foster innovation, and generate employment. Among the numerous small enterprises making a significant impact is Her Expat Life, a global platform designed to support women living, working, building businesses and travelling abroad.
This article examines the multifaceted impacts of globalization and underscores the imperative of supporting women-led business owners and minority-owned enterprises to foster inclusive economic growth. Such insights underpin a critical need for robust networking opportunities, comprehensive educational resources, and resilient support systems that empower these entrepreneurs to thrive in a competitive global market.
Globalization: A Double-Edged Sword
Globalization, defined as the connection of different parts of the world and the operation of businesses on an international scale, has significant implications for MSMEs. According to an ECIPE study, globalization has increased the standard of living in many developing countries but has also presented challenges for local economies and individual workers.
The World Bank reports that extreme poverty has decreased by 35% since 1990 due to globalization, demonstrating its positive impact on living standards in developing nations. The rapid advancements in communication and transportation have enabled businesses to operate more efficiently on a global scale, offering competitive advantages such as access to cheaper raw materials and labor.
However, globalization also poses risks, particularly for MSMEs. The ECIPE study highlights that globalization can lead to increased competition, income disparity, and exploitation of workers in developing countries. For businesses to sustain themselves in this globalized world, they must navigate these challenges carefully while leveraging the benefits of international connectivity, that’s where supporting local businesses is crucial.
The Rise of Women-Led Businesses Owners:
Alongside growing globalisation of businesses, the rise in women-owned solo businesses has been significant in recent years. Between 2020 and 2021, the growth rate of women entrepreneurs in the U.S. was 48%, outpacing their male counterparts who saw a growth rate of 26% during the same period. This trend has been driven by various factors, including job scarcity and the desire for greater control over career paths.
Additionally, According to DiversityComm Black/African American and Hispanic/Latino women-owned businesses saw revenue increases of 32.7% and 17.1%, respectively, surpassing the average growth rate of 12.1% for all women-owned businesses.
Overcoming Barriers Beyond Capital: The Multifaceted Challenges of Women-Led SMEs
Despite these advancements, women-owned businesses still face significant challenges, particularly in accessing capital. All-women startup teams received only 1.9% of total venture capital funding in 2021. However, the positive impact of women-owned businesses on the economy is substantial, with potential revenue gains of up to $7.9 trillion if gender gaps in business revenues were closed​.
In addition to capital constraints, women entrepreneurs face several other significant barriers, including balancing business with family responsibilities, encountering societal and gender biases, limited access to mentorship and professional networks, legal and regulatory challenges, and underrepresentation in high-growth industries such as technology and manufacturing. These challenges can hinder their business growth and sustainability, despite the notable progress made by women-owned businesses in recent years.
Supporting and Promoting Women in Business
Promoting women in business requires a multi-faceted approach that empowers them to make informed business decisions and equal opportunities for expansion through a variety of avenues:
1.Training and Mentorship: Providing training programs and mentorship can help women entrepreneurs develop essential business skills and knowledge. According to the Global Entrepreneurship Monitor (GEM) report, women who receive business training are more likely to succeed in their ventures. Initiatives such as workshops, seminars, and online courses tailored for women entrepreneurs are invaluable.
2.Networking Opportunities: Creating platforms where women business owners can network, share experiences, and collaborate is crucial. A McKinsey report found that companies with diverse leadership teams perform better. Platforms like Her Expat Life facilitate networking among female expats, fostering partnerships and new business opportunities. Her Expat Life’s unique algorithm allows users to be matched with other female expats who are interested in building business partnerships, looking for a co-founder or simply want a work buddy.
3.Cultural Adaptation: Understanding and adapting to local cultures are critical for business success. For example, learning the language, customs, and business etiquette of the host country can enhance relationships with local clients and partners, as highlighted in reports on global business practices.
4.Local Connections and Diversity: Building strong local connections can open doors to new opportunities. Engaging with local communities and businesses provides valuable insights and support. Expatriate women entrepreneurs bring diverse perspectives, which can lead to innovative solutions and a competitive edge, supported by McKinsey’s findings on community support and growth rates. For example, Her Expat Life has over 200 lifestyle brand partners globally, offering special discounts, demos, and rewards for members of the Her Expat Life Community. This strategic partnership has accelerated their growth through effective cross-promotion activities that start locally and expand globally via digital marketing. This approach leverages the strength of both local and international markets, enhancing visibility and engagement for all partners involved.
5.Community Projects and Charities: Engaging in community projects and supporting local charities can enhance a company’s image and build goodwill, as noted in Cone Communications’ CSR study. This involvement demonstrates a commitment to social responsibility and resonates positively with consumers.
6.Digital Platforms for Global Reach: Utilizing digital platforms such as social media and e-commerce can expand business reach globally. Platforms like Her Expat Life offer digital tools and communities that empower expatriate women to connect and collaborate globally, reducing isolation and enhancing business opportunities.
By integrating these strategies supported by relevant reports and studies, businesses and communities can create an inclusive environment where women entrepreneurs thrive, contributing to economic growth and gender equality worldwide.
Conclusion
As we celebrate MSMEs Day, it is crucial to acknowledge and support enterprises such as Her Expat Life, which are making a significant impact by empowering women entrepreneurs globally. By actively promoting women in business and nurturing entrepreneurial endeavors, we cultivate a dynamic economic landscape that benefits society as a whole. Her Expat Life embodies the essence of MSMEs, showcasing how dedication, innovation, and robust community support can catalyze transformative change, creating a brighter future for women worldwide.
References

●ECIPE. (n.d.). Globalisation and its effects on SMEs. https://ecipe.org/publications/globalisation-and-its-effects-on-smes/
●World Bank. (n.d.). Business Languages in a Globalized World. Retrieved from https://www.worldbank.org/en/topic/competitiveness/publication/business-languages-in-a-globalized-world
●Luisa Zhou. (n.d.). Retrieved from https://www.luisazhou.com/
●DiversityComm. (n.d.). Retrieved from https://www.diversitycomm.net/
●McKinsey & Company. (n.d.). Delivering through diversity. Retrieved from https://www.mckinsey.com/business-functions/organization/our-insights/delivering-through-diversity
●Cone Communications. (n.d.). 2017 CSR study. Retrieved from https://www.conecomm.com/research-blog/2017-csr-study
●Women’s Business Enterprise National Council (WBENC): WBEN
●https://www.herexpatlife.com/her-expat-life-blog