Walk unafraid

THE postindustrial economy is indifferent to men's strength. The attributes that are most valuable for business -- innovation, leadership, passion, open communication, the ability to focus -- are not predominantly male. Women own more than 40% businesses in China. They are now, for the first time in history, the majority of the workforce in the US. Bangladeshi women are not far behind -- today they constitute about 40% of the workforce, according to the World Bank data. 

These statistics, however, do not tell the whole story. Only in seven countries of the world --Panama, Thailand, Ghana, Ecuador, Nigeria, Mexico and Uganda -- do women participate in business at rates equal to men's. 

There is still a large wage gap. Women entrepreneurs face harder obstacles, from balancing work and family to accessing financing, mostly due to deeply ingrained gender bias, discriminatory laws and regulations and a lack of collateral. 

Microfinance providers such as Grameen Bank and others have shown that small loans can make a big difference and women are better borrowers. The social business model championed by Grameen has opened up new avenues for women around the globe. Financial institutions must do a better job of banking on women's potential. 

Bangladeshi women entrepreneurs need help to develop networks with their counterparts in other countries to share knowledge and learn from them. They also need entrepreneurial education and training that provide them with necessary skills and can equip them with confidence to see their bold ideas through. 

When it comes to setting up business, research points out to stark differences between men and women. Men tend to do more research identifying business opportunities, are more profit-driven, and bigger risk-takers.  

For women, wealth is not always the main driver. They tend to prefer lower risk opportunities. They are happy with lower returns and a more localised customer base. Despite smaller growth trajectories, women are more likely to earn positive revenues and offer employees family-friendly benefits like flexible hours and job sharing.  

Research shows that women business leaders inspire other women to pursue their dreams. For instance, Selina Jahan of Nasingdi founded a cooperative farm comprised mostly of women who are growing organic, diverse food crops and creating lives of courage and dignity. Last year, she was given the Islamic Development Bank award as the best farmer in 52 Islamic countries. 

Women reinvest what they make in their families and communities. Studies show that women spend more of their earnings on food, healthcare, home improvement and schooling for children. 

In other words, investing in women is a good investment in our collective future. Empowering women has a multiplier effect, leading to more job growth and stronger local economies. Multiple studies also show that women save more than men -- and a higher savings rate translates into a higher tax base.

A McKinsey survey found that of the companies that had made efforts to empower women in emerging markets, 34% reported increased profits, and another 38% said they were expecting to see higher profit as a result of those efforts.

Women are today the world's third largest "emerging market" after China and India. A Boston Consulting Group survey forecasted that by 2028 women will be responsible for about two-thirds of all consumers spending worldwide.

Not only as business owners, but also as engineers, doctors, farmers, teachers, workers, and householders, women are central to the global economy. Yet laws, customs and practices that reinforce gender discrimination at multiple levels remain. Women constitute most of the world's poor and hungry, hold less than 20% of the land titles.  

Many parts of the world remain a dangerous place for women. Girls make their way to school, afraid of men who might punish them for daring to learn to read and write. To these men their greatest strategic threat comes not from a drone but from a little girl with a book. The West, on the other hand, must realise that books are way cheaper and far more effective than bombs.  

All over the world, millions of women are courageously venturing far from tradition that holds them back; little girls are walking across the desert to school. 

Let's walk with them. 

The writer is a feature writer, The Daily Star.