Female entrepreneurs and small business owners feel more confident in the success of their business than their male counterparts do – and they also take a more cautious approach to business risk.
A recent survey from The Hartford found 91 percent of female small business owners in the United States say their business is successful, compared to 80 percent of men. Women are also more likely to be conservative with risk. When asked to rate the overall level of risk they are currently taking with their business, 55 percent of female small business owners rate themselves as conservative, compared to 47 percent of males. Furthermore, 80 percent of female small business owners believe they would not have been more successful had they taken on more risk, compared to 67 percent of males.
The Hartford says these survey findings mirror what the company sees when dealing with commercial insurance clients.
“As women realize they’ve built successful businesses, they tend to sharpen their focus on protecting their accomplishments against future uncertainty. Women are a powerful force in the small business community and The Hartford is proud to serve them,” said Janice Co, vice president of president of strategy and chief marketing officer for The Hartford’s small commercial insurance unit.
When it comes to facing challenges, half of (50 percent) female small business owners are concerned with the increased cost of doing business and 36 percent are concerned with government rules and regulations. Rounding out the top three concerns is the issue of cash flow, with 25 percent citing it as a major barrier. Lack of demand and/or customers (21 percent), problems hiring and retaining qualified employees (21 percent) and access to credit issues (15 percent) round out the major barriers female business owners say they face.