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Male vs. Female Entrepreneurs: How Are They Different?

Business News Daily Editor
Business News Daily Editor

Bank of America's spring 2014 Small Business Owner Report found some interesting differences between male and female entrepreneurs.

  • Nearly all entrepreneurs are self-starters with passion and goals for their business. However, there are a few differences in how male and female entrepreneurs choose to run their businesses.
  • In a survey by Bank of America, male and female entrepreneurs were questioned about their business practices and views of their lifestyles.
  • While some characteristics, such as spending time with loved ones, were the same, males and females had different opinions regarding other ways they run their businesses.

Female entrepreneurs might be outdoing men when it comes to running successful businesses.

According to Bank of America's spring 2014 Small Business Owner Report, about 40% of the women surveyed started running their business within the previous five years, and nearly 70% of them expected their revenue to increase that year. N early one-third of the women surveyed said they thought they had less access to capital and fewer new business opportunities than male small business owners did, and only 18% of the women surveyed said they thought they had more access to clients than men did.

Moreover, the survey found that women planned to hire more than men did: 56% of the women surveyed said they planned to hire more employees that year, compared with 50% of men, and 68% of women expected their business to continue growing over the next five years.

The survey also found some interesting differences between female entrepreneurs and their male counterparts. When asked about their key character traits, 58% of women considered multitasking to be a strength, versus only 40% of men. Women were also 10% more likely to list creativity, and 5% more likely to list empathy, as key character traits for employees. On the other hand, 30% of men listed confidence as their strongest attribute, as opposed to only 24% of women.

While 72% of small business owners admitted they've made significant personal sacrifices in order to run their business, the results showed that the sacrifices female entrepreneurs make are significantly different from those of their male counterparts.

According to the findings, women are more likely to sacrifice time for themselves and their social lives for their businesses, whereas men are more likely to sacrifice time with their spouse and time with their children. Women are also more likely to hire their children, while 27% of men said that it would be better if their children did not work for their business.

Despite these differences, both men and women cited "not spending enough time with my loved ones" as their top regret. They were also in agreement about their greatest accomplishments: having enough money to support their families, being their own boss and doing what they love. 

What is entrepreneurship?

Entrepreneurship is the practice of organizing, managing and assuming the risks of a business or enterprise. People who take on these responsibilities are called entrepreneurs.

Entrepreneurs often have an idea or a talent that they realize they can capitalize on. From selling homemade goods to detailing cars, entrepreneurs often make money doing the things they love.

Are most entrepreneurs male or female?

More entrepreneurs are male. This is not because females are less innovative, less imaginative or less capable. In fact, according to research conducted by Ethan Mollick, a management professor at the University of Pennsylvania Wharton School of Business, men are more likely to start a business or become an entrepreneur because of overconfidence. Mollick said this is arguably the largest psychological predictor of someone's decision to pursue a career in entrepreneurship.

What are some common traits of entrepreneurs?

Here are 10 important traits for entrepreneurs to have, according to StartupNation:

  1. Vision. Vision is the ability to accurately see your goals come to life. If you are starting a business, you can practically see your operation being successful.

  2. Passion. Without passion, there is very little motivation. If you truly believe that your business can do great things for the world, and you enjoy doing them, you will be successful.

  3. Tenacity. Tenacity is the idea that people can relentlessly pursue their dreams regardless of the obstacles they face. The ability to navigate and overcome these challenges is a huge factor in an entrepreneur's success.

  4. Strong work ethic. Without constant supervision and direction, entrepreneurs must be able to motivate themselves and put in the time and effort necessary to be successful.

  5. Confidence. Entrepreneurs cannot be skittish or unsure of themselves or their business when starting a new venture.

  6. Flexibility. When you're an entrepreneur, the 9-to-5 workday doesn't exist. You must put in the work your business requires whenever it's needed.

  7. Salesmanship. Entrepreneurs must be comfortable selling their product. You will not get business if you simply expect money to come in the door. Post advertisements. Talk about your business.

  8. Money sense. Entrepreneurs must be able to manage the income and expenses of their business.

  9. Willingness to ask for help and accept help. You will not be able to do it all on your own. In fact, asking for help and receiving help can lead you to be more successful in running your own business.

  10. Resilience. Being able to move on and rise up from hard times is a sign of being a great entrepreneur.



Image Credit: bernardbodo / Getty Images
Business News Daily Editor
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