99designs’ second annual global poll of entrepreneurs has discovered significant similarities between the way men and women run a business. However, when it comes to raising outside capital for new ventures, a massive funding gap still exists.
According to the International Women’s Day Entrepreneurship survey of more than 3,000 entrepreneurs, men are twice as likely as their female counterparts to have raised at least $100,000 or more to fuel their business.
28% of the men polled raised at least $100K or more to start their business, as compared to just 15% of the women. Despite the growing number of female entrepreneurs and calls worldwide for wage parity, the results show little change from the inaugural survey.
In addition to being less likely to raise significant outside funding, female entrepreneurs were more likely to be operating home-based businesses (68% vs. 48% of men) and sole proprietorships (49% of women vs. 31% of men) than their male counterparts.
Financing disparities aside, 99designs Chief Marketing and Operations Officer Pamela Webber said interestingly the report reflected more similarities than differences between the two sexes.
For example, both men and women:
Experience the same levels of guilt about spending time with their business
Cited “less time with friends” as the biggest sacrifice to being an entrepreneur – although men were more likely to cite “less time with family” than women at 46% vs. 34%)
See a “Hard Work Ethic” followed by “Confidence” as the top skills/traits needed to be a successful entrepreneur
Believe “Charisma,” “Intelligence” and “Financial Acumen” to be the most overrated traits for success as an entrepreneur.