A poll of 500 female small business owners revealed that 35% have experienced gender discrimination while running their businesses, with many feeling they have to prove themselves more than their male counterparts
Recent research has revealed that over a third of women have encountered gender bias while operating their own businesses. A survey of 500 female small business owners showed that 35% have been subjected to prejudiced behaviour in the workplace, with more than half (53%) feeling the need to outperform their male peers.
The study also found that nearly half (47%) of women say they are additional risks associated with launching a business as a woman, primarily due to not being taken seriously. They also said they had to regularly grapple with the challenge of striking a balance between professional and personal life.
Imposter syndrome, a psychological phenomenon characterised by self-doubt, was also identified as a significant barrier for many women considering starting their own business.
This research comes amid a downward trend in the number of female business owners. Government data from 7,800 small businesses found that in 2023, only 15% were owned or led by women, a decrease from 18% in 2022 and 19% in 2021.
The research was commissioned by AXA UK which aims to support entrepreneurs with its Startup Angel competition. The competition provides new and aspiring business owners the opportunity to win one of two grand prize packages worth £25,000 each, along with mentorship from small business experts.
When it comes to funding their ventures, most women reported relying on personal savings (65%), while others sought financial support from family and friends (36%). Interestingly, 11% also entered small business competitions.
Mike Crane, Director of Small Business Insurance at AXA UK, explained: “We want to make sure everyone with a brilliant business plan has the opportunity to make their dreams a reality.
“For those just setting out on their journey, the Startup Angel competition offers an injection of much-needed funding to get them started plus support from some of the country’s best entrepreneurs who’ve walked the walk themselves and can offer expert guidance.”
Despite the hurdles, a whopping 90% of the women surveyed said that they would motivate other women to launch their own businesses. Almost half said that entrepreneurship had given them increased flexibility and more family time, while 43% saw it as an opportunity to set a positive example for their children.
To navigate any obstacles, many of the women highlighted setting boundaries to maintain a healthy work-life balance, building a strong support network, and prioritising mental health and self-care as helpful strategies.
Mike Crane added: “There’s a multitude of positive ways in which running a business has been transformative for those who have taken the plunge.
“The Startup Angel competition could be the first stepping stone for a budding entrepreneur to take that next step and be their own boss.”
