BRUSSELS — The proportion of female entrepreneurs in Belgium rose to 35.6% in 2023, up from 33.7% in 2007, according to figures released on Wednesday by the Federal Department of Economic Affairs.
However, the data also revealed a concerning trend: fewer women started businesses last year, largely due to the worsening economic climate.
The department’s analysis suggests that the gender gap in entrepreneurship is likely to narrow further, as women entrepreneurs tend to be younger than their male counterparts.
Of the female entrepreneurs in Belgium, 12% are under the age of 30, while 23.9% are between 30 and 40 years old. Despite this positive outlook, the economic challenges of 2023 appear to have deterred many women from launching new ventures.
Challenges Amid Growth
The decline in new female-led businesses has sparked concerns, particularly as Belgium ranks relatively high in Europe for female entrepreneurship.
The country is placed seventh among EU nations, outperforming France, Luxembourg, and Germany, and exceeding the EU average.
Female entrepreneurs in Belgium are most active in the liberal professions and trade sectors, areas that have been significantly impacted by inflation and rising operational costs.
The calculation of self-employed individuals in the report also includes “helpers” — those who assist or replace self-employed individuals without a formal employment contract.
This broader definition, however, did little to mask the decrease in new female business founders last year.
Minister Simonet’s Call for Action
Eléonore Simonet, Belgium’s Minister for SMEs and the Self-Employed, criticized the figures as “far too low,” emphasizing the need for a more balanced entrepreneurial landscape.
“The world of entrepreneurship is still often a ‘man’s business,’ with only 36% of active self-employed individuals being women,” Simonet remarked.
She further highlighted the structural barriers that women face, including access to financing, mentorship, and balancing professional ambitions with family responsibilities.
“This is far too low; it is vital that we bring about change,” Simonet stressed. “No woman should have to choose between her family and her professional future.”
Future Outlook
Despite the challenges, the Federal Department of Economic Affairs remains optimistic, predicting that the share of female entrepreneurs will continue to grow.
Targeted policies, including financial incentives and mentorship programs, are seen as key to reversing the decline in new female-led businesses.
As Belgium looks to sustain its lead over neighboring countries in terms of female entrepreneurship, addressing the economic and societal barriers that deter women from starting businesses will be crucial.
For many aspiring female entrepreneurs, the challenge remains not only to start but to thrive in an increasingly uncertain economic landscape.
