The EC report “Gender Smart financing with women, opportunities for Europe” explains that women are becoming a driving force in a sustainable business ecosystem. However, according to Eurostat, women in Europe are significantly less likely to opt for self-employment than men.
The challenges that discourage them from entrepreneurship and self-employment are multifaceted and tied to human capital; e.g. women have less entrepreneurial experience, less social capital, less knowledge of entrepreneurship and finance.
Also, there is a negative perception of women entrepreneurs in society and politics, including tax systems and family policies. A recent study by Leitch et al. finds that women entrepreneurs do not ask for advice and external financing. According to our own field research, participants stated that they would need additional knowledge of entrepreneurship, finance and digitization, and would be happy to educate themselves.
EnFinCap proposes training of women entrepreneurs in the field of entrepreneurship and finance (understanding of the principles of entrepreneurship, risk management, saving in times of crisis, avoiding unmanageable debt and taking care of proper business operation, personal financial security and financial security of the company,…). The project goals reflect the real challenges in the labor market and policy directives, as well as the real needs of women micro entrepreneurs.
The goals are designed to create positive effects for individuals as well as for the organizations and other stakeholders involved.
The goal of EnFinCap is to empower women (independent) micro-entrepreneurs with competencies, knowledge and self-confidence to take responsibility for their lives and create a secure future for themselves and their families. Therefore, EnFinCap needs to be seen as a key long-term investment in human capital for our common good. Through the project’s implementation and the reach of the target group, we aim to identify the possible gaps in financial literacy of women microentrepreneurs, and provide them with all necessary educational material, in order for them to be more independent, more aware of their opportunities and their responsibilities, and show them that, with professional diligence and organization, aiming high is reachable.
This project has been funded with support from the European Commission. This publication reflects the views only of the author, and the Commission cannot be held responsible for any use that might be made of the information contained therein.2021-1-SI01-KA220-VET-000034638