Study reveals one in three female entrepreneurs feel overlooked by investors
A recent study has found that nearly one in three female entrepreneurs feel overlooked by investors, with 20 per cent believing they face greater hurdles to success than men, largely due to restricted access to funding and investment.
According to the survey involving 500 women business owners, the predominant challenges they confront include gender biases and balancing work with personal life.
An alarming 40 per cent faced stereotypical perceptions around 'emotional' versus 'rational' decision making, while a quarter struggled to find a supportive team to help them reach their goals.
These figures have been compiled as part of the Women in Business Report, by AXA, which examines the obstacles faced by female business owners and shares inspiring stories from female entrepreneurs.
The research was carried out in partnership with the AXA's Startup Angel competition, which annually awards two new businesses top prize packages of £25,000 plus mentoring from the AXA Startup Angels' four successful SME owners.
Mike Crane, director of small business insurance at AXA UK, which commissioned the research, said: "Starting your own business is a huge challenge and our research has highlighted areas where women feel disadvantaged."
Mike added: "It's clear that while the business world has made progress in recent years, it's sometimes still not a level playing field for women.
"More than half of the small business owners we surveyed said gender bias and stereotyping were a problem, while almost a third felt they weren't taken seriously by investors, clients or suppliers."
The survey shed light on various other hurdles women in business face, including underrepresentation in senior positions and societal expectations surrounding appearance and behaviour. However, nearly half of the women respondents stated that running their own business provided them with greater flexibility to spend time with their families.
One in five shared that they started their businesses with the goal of empowering other women and promoting diversity, while 15 per cent aimed to positively impact their local communities. Furthermore, 43 per cent believed that being a business owner sets a positive example for their children.
Mike added: "We believe being a woman shouldn't be a risk when starting out in business – everyone deserves the same opportunities regardless of gender.
"We're committed to supporting all budding entrepreneurs to realise their dreams. The AXA Startup Angel competition provides a springboard to bring incredible ideas to life, offering funding and mentorship that can make a real difference in those early days.
"Small businesses are the backbone of the UK economy, and we want to ensure they continue to grow and flourish with our support and encouragement."
10 THINGS THAT MAKE IT HARDER FOR WOMEN TO SUCCEED IN BUSINESS:
Gender bias and stereotypes (59%)
Gendered expectations around leadership styles (42%)
Stereotypical perceptions of emotional vs rational decision making (42%)
Difficulty in asserting authority without being viewed negatively (33%)
Limited work-life balance support (29%)
Underrepresentation in senior roles (28%)
Lack of recognition for achievements or contributions (26%)
Unequal division of domestic and childcare responsibilities (26%)
Societal expectations around prioritising family over career (26%)
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