Female entrepreneurs plan more than men
Female entrepreneurs are more likely to plan their business development than their male counterparts, according to female business network Everywoman.
Research from Everywoman highlighted that 55% of female entrepreneurs work to a business plan, compared with only 34% of male entrepreneurs. Co–founder and director of Everywoman Karen Gill said:
“In order to grow, you need to have good planning in place and as the survey shows, it is the female entrepreneurs who are more likely to be doing that. Female–led businesses have long been labelled as lifestyle businesses with no desire for growth, but this research proves that in fact these businesses do want to grow.”
The survey also found that women are more likely to set profit targets than men — 47% of female entrepreneurs compared with 37% of men.
“During tough conditions such as an economic downturn, the most important thing you can have alongside a business plan is a good relationship with your suppliers, your customers, and your bank. Women tend to be good at developing these relationships and at communicating.” added Gill
The research also found that 88% of women predict that their business will grow over the next five years, compared to 74% of men.
Commenting on the research, National Federation of Enterprise Agencies chief executive George Derbyshire said:
“Women in business have in the past been described as being more cautious than men and less likely to be confident when starting a business — so it’s great to see such high confidence levels from women on future success, especially in the midst of the current economic climate.”
“Organisation, communication and interpersonal skills are all key when running a business — whether the owner is male or female — and even more so through difficult times,” he added. “Business planning is a fundamental part of that.”
Business guidance for female entrepreneurs is available on the Everywoman website