New survey claims female entrepreneurs are more successful than men
Female entrepreneurs also likely to have had to overcome obstacles and fear of failing
Although they are more likely to face obstacles, female entrepreneurs are less likely to have failed in setting up a business than men, according to new research by private bank Kleinwort Benson.
From a sample of 500 business leaders, the report found that 11% of female respondents said they had failed to set up a business, compared to 17% of men.
Despite this, 40% of the women surveyed confessed to having a fear of failing, in comparison to 36% of men – with 42% of women also saying that they had to overcome obstacles, compared to 32% of men.
By region, 18% of small business owners in the Midlands and Wales said they had failed in setting up a business, compared to 14% of their peers in Scotland and the North, and London and the South.
However, the report also found that 50% of entrepreneurs in London said they had to face late payments from clients, in comparison with only 36% from the Midlands.
Business owners over the age of 55 were the least likely to fear failing at 34%, and also reported the lowest rate of having to overcome obstacles at 32%.
Additionally, 20% of entrepreneurs up to 45 felt that their age had given rise to negative effects on the business such as being overlooked by investors compared to 4% of those aged 46 to 54.
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Paul Bentley, head of entrepreneurs at Kleinwort Benson, commented: “In our experience, female entrepreneurs tend to be more risk averse and position themselves better to create long term value. This is beneficial in two ways.
“Firstly they often avoid the pitfalls that befall early stage businesses. Secondly, their businesses will have demonstrated a more consistent track record and they will be more attractive to potential acquirers.
“Overall, we can see that women are increasingly embracing entrepreneurship and are successfully overcoming obstacles, such as funding, late payments and generating sales, to become models of entrepreneurial growth.”