As the world celebrates International Women’s Day tomorrow, the significant role of women in economic growth and stability through entrepreneurship cannot be overlooked. Despite the obstacles they have faced, women show remarkable resilience and determination in creating and growing businesses.
The Organization for Economic Co-operation and Development and the International Labor Organization highlight that women entrepreneurs advance economically by operating their own businesses, thereby creating jobs for themselves and others. Job creation helped lower the unemployment rate and boost consumer spending. In addition, women entrepreneurs bring unique perspectives and skills to the workforce and contribute to the growth of various industries. They also play an important role in poverty reduction and human development.
Importantly, women have made huge strides in breaking down barriers and stereotypes. They have also reached leadership positions in business as well as politics and society.
Suzet Constable, beautician and owner of Passion Nails and Hair, a registered business located in Old Harbour, St Catherine, has been an entrepreneur for the past 15 years.
She currently employs three other women and up to five during busy holiday periods. By the end of March, he will expand his business to employ two barbers.
“It’s a really good feeling to be my own boss. Sometimes it’s stressful, but it gives me peace of mind that I can do whatever I want. I wouldn’t trade it for anything,” she said.
Constable said her sister, who is an entrepreneur, taught her cosmetology and influenced her to pursue self-employment. She, in turn, taught the skill to another sister and brother who also became freelancers.
The mother of a teenage son, Constable emphasized that her success in business is the result of her hard work, reliability, excellent customer service, client referrals and using social media to promote her work.
“We started the business with two stylish chairs. Now, I have 10. My dream is to open two more salons in Kingston and Portmore,” she said.
JN Bank Small Business Loans, a division of JN Bank and the largest private lender to the micro and small business sector, noted that over 70% of loan applications and disbursements to customers have traditionally been to women.
“Over the years, we have come to appreciate that easier access to microfinance and business management training has been a major contributor to women in Jamaica and the Caribbean region becoming entrepreneurs. Their ability to access finance has helped them scale their small businesses,” said Gillian Hyde, Deputy Managing Director, JN Bank.
“Many women in Jamaica are the breadwinners of their families and some are single mothers running their households. They are a driving force driving the development of our country and are essential to the growth of the micro and small business sector, whether their businesses are operated from home or as established entities. When women start operating a business, many of them already have the desire and ability to excel. Based on our findings, our loan applicants work in a wide range of industries, particularly the retail sector, which is a significant trade for micro-entrepreneurs,” explained Hyde.
Over the past two decades, JN Bank Small Business Loans has made more than 500,000 loans valued at just over $55 billion. Of the more than 94,000 loans valued at approximately $21 billion disbursed over the past five years, approximately 70 percent of these loans were made to women.
According to the Planning Institute of Jamaica, approximately 40% of Jamaican households are headed by a woman. Since it is the responsibility of these single parents to support their families, turning to entrepreneurship has helped improve the standard of living of their households.
International Labor Organization Report 2021, Assessing Women’s Entrepreneurship Development: Jamaica, stated that Jamaican women lead the Caribbean region in terms of self-employment and account for 65% of all self-employed women in the region. The report also highlighted that women make up a relatively large share of the informal and formal sectors, accounting for 57% and 50% of businesses in each sector.