ONE of the notable advantages for female business owners on PEI is the strong sense of community and support networks available. The Island’s relatively small size facilitates connections and collaboration among entrepreneurs, creating a supportive environment where women can access mentorship, resources, and encouragement from their peers. Networking events, business associations, and community organizations play a vital role in fostering these connections, enabling women entrepreneurs to share knowledge, experiences, and opportunities.
Small and medium-sized enterprises (SMEs) account for almost 90% of private sector employment in Canada. 90 % 18% of businesses, including small, medium and large businesses, are majority owned by women in Canada. 18 % Majority women-owned SMEs are significantly more likely to implement marketing innovations than men-owned SMEs, at 26.1% vs. 9.8%, respectively. 26 % Almost 90% of women entrepreneurs are self- employed rather than majority owners of incorporated businesses. 90 %
of broader societal issues related to gender equality and economic empowerment. Access to capital remains a significant barrier for women entrepreneurs, with limited funding options and investment opportunities available compared to urban centres. The lack of venture capital and angel investment networks on the Island can make it challenging for women to secure financing for their businesses, hindering their growth and expansion prospects. Moreover, balancing work-life responsibilities can be particularly challenging for female business owners on PEI, especially in industries with seasonal fluctuations or demanding schedules. Juggling business obligations with family commitments
PEI fosters a tight-knit community where collaboration and support among women entrepreneurs are highly valued.
Moreover, PEI’s thriving tourism industry and agricultural sector offer unique opportunities for female entrepreneurs to carve out niche businesses and capitalize on the Island’s natural beauty and resources. Whether it’s starting a boutique accommodation, a farm- to-table restaurant, or an artisanal craft business, women entrepreneurs leverage PEI’s distinct charm and local offerings to attract customers and differentiate their ventures in the marketplace. However, despite these advantages, female business owners on PEI also face challenges that are reflective
and personal priorities requires resilience, time management skills, and a strong support system. Despite these challenges, female business owners on Prince Edward Island demonstrate resilience, innovation, and determination in pursuing their entrepreneurial dreams and making valuable contributions to the Island’s economy and community. By fostering supportive networks and resources, PEI can empower women entrepreneurs to thrive and drive economic growth and innovation on the Island.
Source: (https://wekh.ca/wp- content/uploads/2023/06/ WEKH_State_of_Womens_
Entrepreneurship_in_ Canada_2023-X.pdf)
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