Marvin Onumonu35% of female small business owners reported they had experienced gender bias running their small and medium sized enterprise (SME), research from AXA UK has found.
Research revealed that 53% of the female SME owners surveyed said they felt pressure to prove themselves more than male business owners.
The survey also found that 47% thought there were more risks involved with starting a business as a woman, such as not being taken seriously, difficulties balancing professional and personal life, and issues around imposter syndrome.
Mike Crane, director of small business insurance at AXA UK, said: “Our research shows that women can feel disadvantaged when branching out on their own, struggling to find the support and investment they need to grow their ideas into a fully-fledged business.
“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 AXA 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 challenges, almost half of those surveyed stated that starting a business gave them more flexibility for family time, and 43% believed it set a positive example to their children.
The survey found 92% of female business owners would recommend others start their own business.
Additionally, AXA revealed common ways to tackle difficulties included setting work-life boundaries and building strong support networks, with 35% highlighting the importance of prioritising mental health and self-care.
Crane added: “Despite the challenges faced by women setting up in business, it’s clear that launching their own startup has been a game-changing decision.
“Our research shows there’s a multitude of positive ways in which running a business has been transformative for those who have taken the plunge.
“The AXA Startup Angel competition could be the first stepping stone for a budding entrepreneur to take that next step and be their own boss.”
