Unlocking the Female Economy
A new white paper entitled: Unlocking the Female Economy: The Path to Entrepreneurial Success explores the evolving landscape of female entrepreneurship. Based on in-depth research of 2,000 high net worth individuals, 800 of whom describe themselves as entrepreneurs, the report examines some of the behavioural traits of male and female business owners. It canvasses insight from a distinguished panel of business experts, in order to understand how to provide better support to aspiring, as well as established, female entrepreneurs through providing a designated ‘toolkit’ for success.
The findings include:
Encouraging female entrepreneurship should be an economic and policy priority. Women are now better represented than ever before across the labour force, but their participation in entrepreneurship remains low.
In entrepreneurship, the pay gap is reversed, which suggests that women will tend to achieve greater financial success in an environment that is purely market-driven, rather than a more traditional job in which pay must be negotiated.
Men and women have different attitudes to risk-taking. For female entrepreneurs, this attribute has some benefits as it can minimise the danger that they will take excessive risks. But the more cautious approach may mean that they miss business opportunities.
Networks are a vital source of advice and support. Women should adopt a strategic approach to building networks to ensure that they have access to the support and information they need to grow their business.