Female entrepreneurs are more successful than male entrepreneurs
New research reveals that women entrepeneurs are less like to fail when setting up a business than men
Female entrepeneurs are less likely to fail in setting up a business than their male counterparts are, despite having more obstacles to overcome, it is claimed.
The findings come from research by private bank Kleinwort Benson in partnership with YouGov, which surveyed 500 business leaders to find that though more women fear failure and face more hurdles than men do, they are actually less likely to fail.
Paul Bentley, head of entrepeneurs at Kleinwort Benson, said: "In our experience, female entrepeneurs 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."
Of the business leaders surveyed for the report, just 11 per cent of female respondents said they had failed to set up a successful business, while 17 per cent of men admitted to the same, though the report did not publish the respective numbers of men and women respondents.
Fear of failure is still a problem for women, with 40 per cent of them admitting they were worried about falling short when setting up their businesses compared to 36 per cent of male respondents.
A total 32 per cent of men said they had to overcome obstacles along the way, compared to 42 per cent of women.
"Our new female clients are from a wide range of industries but we are seeing a significant number from technology and property, which is borne out by the research," Bentley added.
"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."
Of all respondents, 18 per cent of small business owners in the Midlands and Wales said they had failed to set up a business, compared to 14 per cent in Scotland, the North, London and the South.
Accelerating AI modernisation with data infrastructure
Generate business value from your AI initiativesFree Download
Recommendations for managing AI risks
Integrate your external AI tool findings into your broader security programsFree Download
Modernise your legacy databases in the cloud
An introduction to cloud databasesFree Download
Powering through to innovation
IT agility drive digital transformationFree Download