It’s a catchy moniker that, on the surface, sounds like it could be a side-business for someone’s mom. But in reality, the dual nature of its name exposes its true face – a combination of two of the most difficult jobs in existence: Mom and entrepreneur.
According to Maria Locker, Founder & CEO, Mompreneur® Showcase Group Inc. a mompreneur is a woman who is dedicated to the success of her business and her family simultaneously, forgoing the need to sacrifice one for the other.”
“She is a self-starter with passion and drive, and is determined to make her family life and work life successful on her own terms. A mompreneur may have a bricks-and-mortar business, or an online or direct marketing business… no matter what industry or avenue of business she is in, we truly feel that any woman who juggles their own business and family at the same time is a true mompreneur!” says Locker.
How big is the mompreneur sector?
Companies owned by women are the fastest-growing segment of the Canadian business sector.
According to Statistics Canada:
- 46% of small & medium-sized businesses are owned or partly owned by women
- 4 out every 5 businesses in Canada being started by women.
- It is estimated that over 1 million women in Canada are self-employed.
Mompreneurs are involved in virtually every industry and sector; from professional services to manufacturing, technology to health.” Says Locker; “ We have women who are just starting out, to those who have been in business for over 30 years.”
A 2011, Small and Medium-Sized Enterprises study by Industry Canada indicated that 15.5 per cent of SMEs were majority owned by women, mostly concentrated in service oriented sectors like; health care, retail, arts, accommodation and food services.
According to the study, “The distribution of majority female-owned SMEs in the agriculture, forestry, fishing and hunting, and construction sectors was three to four times lower than the distribution of majority male-owned SMEs in these sectors.”
Mompreneurs are innovators
The Industry Canada study found that a significantly higher proportion of majority female-owned SMEs engaged in product innovation and process innovation compared with other SMEs.
“Moms are at the forefront of this trend.” Says Grace Moores, from Mompreneur Showcase Group Inc. (aka Mompreneurs), a national network dedicated to the support, education, and empowerment of Canada’s women entrepreneurs. “4 out every 5 businesses in Canada are being started by women and it’s estimated that over 1 million women in Canada are self-employed.”
The experience gap continues to close as well. Between the studies of 2007 and 2011, there was an increase from 50 to 68 percent in the proportion of female-owned SMEs whose owners had over 10 years of managerial experience. This is a trend that continues to increase.
Mompreneurs are better for business (and for communities too)
According to Moores, “Women in business is a growing sector. Coca Cola recently held a presentation for their global 5 by 20 project, where they stated that women in business were the biggest emerging market, bigger than the populations of China and India combined.”
Studies have shown that companies with the highest percentages of women board directors outperform those with fewer women on the board. According to the research group Catalyst, more gender diversity leads to more innovation, independence and good governance, all of which improve profits.
Moores agrees. “When women work, they reinvest their earnings back into the their communities, raising GDP and lowering illiteracy rates. More and more women are turning to entrepreneurship globally, as it is becoming an obvious avenue for women to direct their skills, education, and expertise learned in previous experiences and careers towards a purpose that is catered to their unique needs and lifestyle choices.”