In their recent report, Bank of America found that small business owners, especially women, are optimistic about the future. According to the Spring 2014 BOA Small Business Owner Report, two out of five female respondents have launched businesses in the past five years. Although respondents indicated that most of these businesses got off to rocky starts, which is to be expected with any new business, 70 percent predict their sales to grow and 56 percent expect to hire additional personnel in 2014.
Additional findings of the survey:
- 29 percent of women feel they have less access to capital and new business than their male counterparts
- 18 percent of women feel they have more access to clients than men do
- 40 percent of men cited confidence as one of their top skills vs. only 30 percent of women
- Both men and women stated that multitasking is one of their best skills
- More men believe they are tech-savvy and strategic
- More women believe they are creative and empathetic
- 27 percent of men believe it is best to keep family and business separate whereas 32 percent of women said their children will always have a place in the family business
What are business owners giving up?
Women and men alike make sacrifices for the good of their companies, but the sacrifices are different. For instance, 74 percent of women give up “me” time, 45 percent sacrifice their social lives and 22 percent sacrifice financial stability. Men are more likely to sacrifice vacation time (63 percent), time with their spouses (47 percent) and time with their kids (46 percent).
When asked what they regret most, both genders said it is not spending enough time with their families (37 percent). Additionally, 29 percent admitted that they wished they’d started their business sooner.
Lesonsky, Reiva. “For Women Business Owners, Everything’s Coming Up Roses”. Smallbiztrends.com. 6/17/2014.