A survey conducted for the Bank of Montreal reveals that female entrepreneurs find it easier to overcome the difficulties of starting a new business than men.
The BMO Small Business Report recently polled 304 Canadian small business owners and managers about the obstacles they faced when starting out. Respondents were given a list of difficulties, and females indicated they had less difficult experiences on all accounts:
- 87% of men had difficulty balancing work and family life, compared to 83% of women
- 81% of men had trouble obtaining enough money/access to capital to get their business going, compared to 53% of women
- 68% of men had a hard time getting advice on how to start the business, compared to 49% of women
- 83% of men found it difficult to earn enough money until the business was profitable, compared to 67% of women
- 55% of men said it was hard to make their own decisions, compared to 33% of women
- 79% of men thought it was a challenge to build a customer network, compared to 61% of women
The survey also found, however, that female-led start-ups experienced more frequent cash flow problems throughout their businesses' life cycle.
Where do women business owners turn for advice? BMO says they are most inclined to rely on advisors who are unaffiliated with institutions for help, after which they are likely to turn to their banks for financial advice.