An increase in the rate of entrepreneurship among females could lead to the formation of some 700,000 new businesses, according to industry minister Margaret Hodge.
Speaking on the day of the launch of the Women's Enterprise Ambassadors Network, Ms Hodge claimed that if the UK had the same rate of entrepreneurship as the United States, there would be substantially more small businesses in the UK.
"Encouraging greater levels of entrepreneurship amongst women is a priority," Ms Hodge said.
"Men are twice as likely as women to set up their own business; we know it is particularly important for women to have somebody in whom they can confide and with whom they can discuss their problems."
There is now a network of 1,000 female entrepreneurs ready to pass on their tips and advice about starting up a business, according to the minister. The ambassadors can "encourage and support new female entrepreneurs".
Ms Hodge was appointed to her role in May 2006, following roles as minister of state for children, young people and families, and minister of state for employment and welfare reform.
