A fifth of women who run their own businesses think it’s harder for them to succeed than men, according to a new study which has highlighted the challenges faced by female entrepreneurs
Almost one in three women in business feel they are not taken seriously by investors, according to a recent study. A fifth believe it is more difficult for them to succeed than their male counterparts, with 22% attributing this to limited access to funding and investment.
The survey of 500 female entrepreneurs revealed the main challenges they face as business owners, including gender bias and juggling personal and professional life. Four in ten reported they have faced stereotypical perceptions around ’emotional’ versus ‘rational’ decision making, while a quarter struggled to find a supportive team to help them reach their goals.
These figures have been compiled as part of the Women in Business Report, by AXA, which examines the obstacles faced by female business owners and shares inspiring stories from female entrepreneurs.
The research was carried out in partnership with the AXA’s Startup Angel competition, which annually awards two new businesses top prize packages of £25,000 plus mentoring from the AXA Startup Angels’ four successful SME owners.
Mike Crane, director of small business insurance at AXA UK, which commissioned the research, said: “Starting your own business is a huge challenge and our research has highlighted areas where women feel disadvantaged.”
“It’s clear that while the business world has made progress in recent years, it’s sometimes still not a level playing field for women. More than half of the small business owners we surveyed said gender bias and stereotyping were a problem, while almost a third felt they weren’t taken seriously by investors, clients or suppliers.”
The survey also highlighted other challenges faced by women in business, including a lack of representation in senior roles and societal pressures around appearance and behaviour. Despite these challenges, nearly half of the women said running their own business gave them more flexibility to spend time with their families.
A fifth shared they started their own businesses to empower other women and promote diversity, while 15% hoped to make a positive impact on their local communities. Moreover, 43% believe that being a business owner sets a good example for their children.
Mike added: “We believe being a woman shouldn’t be a risk when starting out in business – everyone deserves the same opportunities regardless of gender.
“We’re committed to supporting all budding entrepreneurs to realise their dreams. The AXA Startup Angel competition provides a springboard to bring incredible ideas to life, offering funding and mentorship that can make a real difference in those early days.
“Small businesses are the backbone of the UK economy, and we want to ensure they continue to grow and flourish with our support and encouragement.”
10 THINGS THAT MAKE IT HARDER FOR WOMEN TO SUCCEED IN BUSINESS:
- Gender bias and stereotypes (59%)
- Gendered expectations around leadership styles (42%)
- Stereotypical perceptions of emotional vs rational decision making (42%)
- Difficulty in asserting authority without being viewed negatively (33%)
- Limited work-life balance support (29%)
- Underrepresentation in senior roles (28%)
- Lack of recognition for achievements or contributions (26%)
- Unequal division of domestic and childcare responsibilities (26%)
- Societal expectations around prioritising family over career (26%)
- Social pressure around appearance and behaviour (25%)
