Female entrepreneurs are fast increasing in number, and economic and social importance. In addition to their impressive rate of growth in the United States over the last few decades, their growth has been noted in many countries, particularly in Australia, Britain, Denmark, The Netherlands, France, Iceland, Sweden, Finland, and Norway, according to the Global Entrepreneurship and Development Institute (GEDI). This trend is likely to continue, and even to accelerate, with changes in societal attitudes and old stereotypes as well as with the improvement in female education, and women’s rights and gender equality laws. The purpose of this paper is to: (1) provide an overview of the growth and current state of female entrepreneurship, (2) survey the relevant literature, and (3) introduce the “self-Elevation” hypothesis that points to the inner needs that propel some women to attempt to raise their status by establishing new businesses. We propose this hypothesis in the hope that it would be a subject of future scholarly research and debate. It is important to add that, for this study, we define “self-elevation” as the individual’s inner drive to move or contribute to the movement from an undesirable state of affair to a more desirable one, like a better financial standing, and a more prosperous community.