Issue link: https://maltatoday.uberflip.com/i/181770
24 Opinion maltatoday, SUNDAY, 29 SEPTEMBER 2013 You are a woman! You can do S mall and medium enterprises are the pulsating heart of the European economy. Without them, Europe would not have been able to grow into one of the largest economies in the world. However, the current economic crisis has somewhat put a hold on this economic spirit. One of the few things upon which politicians in Europe seem to agree is the fact that encouraging young people in general, and women in particular, to set up their own business is one of the ways out of this economic crisis. The need for a workable entrepreneurial policy therefore becomes more tangible. In small countries like Malta the need of a coherent and functioning SME policy is even more essential. With about 99.8% of our enterprises falling under the traditional definition of SME, we must continue reinforcing the structures that hold such a framework together. If one were to analyse these enterprises, one would, however, find a feature common to all of them: the absolute majority are owned and led by men. The lack of women entrepreneurs is a big challenge, not only for Malta but also for the rest of the European Union. This was outlined during an interesting debate held in Brussels and addressed by Commissioner Viviane Reding. Hearing her speak one immediately realises that there are problems which women face when venturing into the world of entrepreneurs. It is notable that these problems are common irrespective of nationality. In fact, while the gender gap in the general workforce is rapidly closing, the gap with regards to Marlene Mizzi entrepreneurship is still wide. On a European level in fact, one would find that women account for only 31% of the entrepreneurs, whilst only 10% of the total female workforce is self-employed. The figures in Malta are even more alarming. The latest Labour Force Survey published last week showed that only 4.8% of women in the workforce are self-employed. This result is due to a number of different factors. Apart from the normal problems faced by anyone setting up their own business, women also face a number of other significant challenges due to their gender. In studies commissioned by the European Commission, it emerged that it is more difficult for women to have access to initial capital than it is for their male counterparts. Banks require more collateral from women than from men, since women are generally considered to have fewer financial assets and shorter credit histories than men. The banks also seem to have a degree of bias about the success of female entrepreneurs. On the other hand, those women who do venture into the entrepreneurial world tend to concentrate in particular business areas. Most female entrepreneurs are in fact found in the social and educational sectors. Areas of high innovation and creativity have an even larger gender gap, with female participation in science and technological entrepreneurship hovering below the 15% mark. It is quite clear that this status quo has to be changed. During my meeting with Commissioner Reding, as well as with a number of other MEPs we spoke about the possible way forward in order to decrease this gap. Commissioner Reding highlighted that legislation that was being proposed aimed to reduce the administrative and bureaucratic burdens of start-up companies. However, legislation on its own should not be the only tool for tackling this problem. Women must also realise that some of the problems must be solved by their own initiative. Women tend to be more cautious about starting their own business than men. Women tend to underestimate their potential, and they also tend to keep back from taking risks. Men's appetite for risk is sharper than that of women, which also contributes to the low number of women entrepreneurs. As politicians and as a society, 'Women tend to underestimate their potential, and they also tend to keep back from taking risks' we must therefore work in order to encourage more women into the entrepreneurial world. It is in everyone's best interest to have a more active and gender-balanced workforce. A truly innovative and forward-looking society must be able to harness the potential of each and every individual, regardless of gender. Having said so, women must realise that entrepreneurship is a 'no pain, no gain' game and must find it in themselves to push their ambitions forward. Legislation must be guided to assist women as Reputation is key A ll indications point to another bumper summer for tourism operators. For the fourth year in a row, we are going to see record numbers visiting our shores. And, as things stand today, 2013 is set to be a benchmark year. The Gonzi administration will most certainly be remembered for giving a fresh dynamism to our tourism industry. A number of landmark decisions were taken which literally changed the industry around. The most important decision was of course to facilitate the introduction of lowcost flights to and from Malta. This was a game-changing decision. Not only did it make travel to and from Malta cheaper, it also Stefano Mallia linked the island to new markets and put Malta on the internet marketplace. Travel deals are today done mainly over the internet. The success of any tourism destination therefore depends on how strong its presence is on the worldwide web. The Gonzi administration will most certainly be remembered for giving a fresh dynamism to our tourism industry. A number of landmark decisions were taken which literally changed the industry around By signing deals with the two major low-cost carriers, Malta established a strong presence on two of the most visited travel websites in the world. Thanks to the deals struck with these (and other) airlines, Malta is now accessible from practically every corner of Europe. Any tourist wanting to visit this Mediterranean island can now do it with relative ease and, in most cases, at affordable prices. Another game changer was the decision to invest heavily in our tourism products to effectively upgrade 'Product Malta'. I am referring here to rehabilitation and restoration projects such as St George's Square and Merchants' Street in Valletta, the restoration of the harbour and Mdina fortifications, the Malta National Aquarium project, the investment in events such as the Isle of MTV, Notte Bianca and others. If you ever wonder about the importance of these projects, just think of how many times you saw a tourist take a photo of kids playing in St George's Square – photos which ended up on Facebook. Just think of how many of our young visitors uploaded videos taken during the Isle of MTV concert to Youtube and then told their friends about it. Our travel decisions today are influenced by what our friends say about a destination and by what we read about it from those who went before. Gone are the days when one used to rely on what travel agents proposed. By investing in our product, we are creating increased goodwill for our country. We are making it easier for our visitors to talk positively about us. We are creating repeat visitors, a fact evidenced by the fact that 30% of our tourists are indeed repeas. That is a remarkably high proportion and clearly shows that we are meeting and sometimes exceeding expectations. Generating over a billion euros every year, tourism is a vital river of money flowing into our economy. If that river for any reason starts to dry up, the impact will immediately be felt throughout the economy. The reason for this is that the moment it hits our shores, the tourism river bifurcates into thousands of little streams that literally reach every part of our economy. We cannot lose sight of the fact that our success in tourism is one of the reasons that our economy has kept afloat whilst others have gone under. The responsibility to keep this industry moving forward now lies with the Labour government. When it comes to tourism, the government has been surprisingly silent. Maybe it's practising the mantra 'If it ain't broke, don't fix it'. We however need to keep in mind that tourism is a fast-changing industry, and the only way to stay ahead of the game is to change and evolve. If you stay put, chances are that you will become irrelevant in the game. So the question has to be asked: what is this government planning to do to keep up with the previous