{"id":797,"date":"2018-11-14T09:36:15","date_gmt":"2018-11-14T09:36:15","guid":{"rendered":"https:\/\/www.insurancebee.com\/blog\/?p=797"},"modified":"2023-02-08T10:03:54","modified_gmt":"2023-02-08T10:03:54","slug":"research-women-entrepreneurs","status":"publish","type":"post","link":"https:\/\/www.insurancebee.com\/blog\/research-women-entrepreneurs","title":{"rendered":"Research shows women entrepreneurs are doin’ it for themselves"},"content":{"rendered":"

\"\"<\/span><\/p>\n

Remember that 1980s feminist anthem  \u2013 \u2018Sisters are doin\u2019 it for themselves\u2019?<\/span><\/p>\n

Inspired by the suffragette movement, it was written by Annie Lennox and recorded as a duet with the late, great Aretha Franklin.<\/span><\/p>\n

Recently, we\u2019ve been humming it a lot here at InsuranceBee.<\/span><\/p>\n

Why? Well, to celebrate<\/span> Women\u2019s Entrepreneurship Day<\/span><\/a>, we ran a survey of female business owners. We wanted to know what made them start up their own business, how they funded it and who inspired them.<\/span><\/p>\n

And you know what? It turns out women really <\/span>are <\/span><\/i>doing it for themselves.<\/span><\/p>\n

A whopping 85% self-funded their start-ups and a quarter (25%) said they\u2019d needed no-one to motivate them \u2013 except themselves.<\/span><\/p>\n

Me, myself, I<\/b><\/h2>\n

\u2018Myself\u2019 came the chorus of answers to the question \u2018who, or what\u2019 inspired you?\u2019<\/span><\/p>\n

\u2018I knew the only way I was going to advance in my life was to jump in with both feet and give all I\u2019ve got\u2019, one woman entrepreneur explained. So, she did.<\/span><\/p>\n

Aside from themselves, many others were inspired by other women. \u2018My mother inspired me\u2019, another female business owner answered. \u2018Watching her go to work and not get paid what she was worth was enough inspiration\u2019.<\/span><\/p>\n

Mothers, daughters and their daughters too<\/b><\/h2>\n

As well as their mothers and grandmothers, daughters played their part, too. One woman started her firm to be a good role model for her daughters. Another cited her daughter as inspiration for a different reason:<\/span><\/p>\n

\u2018She was being raised by other people while my husband and I worked 60 hours a week\u2019.<\/span><\/p>\n

Let\u2019s hear it for the boy<\/b><\/h2>\n

But grandfathers, uncles, fathers, sons and husbands also inspired women to follow their dreams.<\/span><\/p>\n

The sight of her father\u2019s \u2018raw painful hands\u2019 inspired one woman to jump from her 9-5. For another, her father and husband were so supportive, she named her company after them.<\/span><\/p>\n

But for some, it was not their husband\u2019s support that motivated them. Quite the opposite, in fact. One woman set up her own business because her husband left her and she needed immediate funds.<\/span><\/p>\n

Another was prompted to start up her firm in spite of her husband:<\/span><\/p>\n

\u2018My ex-husband wouldn\u2019t \u201callow\u201d me to get a regular job, and I had bills to pay. So, I started my cleaning business, and when I divorced him I took it a step further to support myself and my children.\u2019<\/span><\/p>\n

In all, nearly half (45%) of the women we surveyed said family and\/or friends inspired them to go it alone.<\/span><\/p>\n

9 to 5, it\u2019s no way to make a livin\u2019<\/b><\/h2>\n

As for why they started up their own business, 14% said it was always their dream. For others, it came naturally. With parents and grandparents all owning their own firms, entrepreneurism runs in their blood.<\/span><\/p>\n

But the single biggest reason given was to be their own boss (26%).<\/span><\/p>\n

Several said they\u2019d experienced \u2018bad bosses\u2019, or worked \u2018for a company that wasn\u2019t true to its word\u2019.<\/span><\/p>\n

\u2018The fastest way for me to move into a position I wanted in a business\u2019, one figured, \u2018was to own the business\u2019.<\/span><\/p>\n

Being your own boss means financial freedom. You\u2019re no longer working 9 to 5 to line someone else\u2019s pocket.<\/span><\/p>\n

And making more money, of course, was a big motivator (20%).<\/span><\/p>\n

Other reasons were:<\/span><\/p>\n

\u2013         Flexible working hours (23%)<\/span><\/p>\n

\u2013         Wanting a new challenge (10%)<\/span><\/p>\n

\u2013         Redundancy\/health (2%)<\/span><\/p>\n

I did it my way<\/b><\/h2>\n

Getting funding can be tricky for female business owners. Despite the fact that women own 38% of all businesses in the United States,<\/span> they receive only 2% of all venture financing<\/span><\/a>. And even if they are able to raise funds, it\u2019s usually in smaller amounts than men.<\/span><\/p>\n

So, we weren\u2019t surprised to find only 3 of our female entrepreneurs (1%) got outside investment to start up. 7% got bank or SBA loans, 6% borrowed from family or friends and 1% used their inheritance or redundancy pay-out.  <\/span><\/p>\n

The rest? 85% self-funded their start-up.<\/span><\/p>\n

That\u2019s self-belief. That\u2019s sheer determination. That\u2019s sisters doin\u2019 it for themselves.<\/span><\/p>\n

If you\u2019re thinking about following in the footsteps of these fearsome females, we\u2019ve got top tips and lots of insight to come in the next few days.<\/span><\/p>\n

Just watch this space.<\/span><\/p>\n

Image used under license from Shutterstock.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Remember that 1980s feminist anthem  \u2013 \u2018Sisters are doin\u2019 it for themselves\u2019? Inspired by the suffragette movement, it was written by Annie Lennox and recorded as a duet with the late, great Aretha Franklin. Recently, we\u2019ve been humming it a … Read more…<\/a><\/p>\n","protected":false},"author":16,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[56],"tags":[],"class_list":["post-797","post","type-post","status-publish","format-standard","hentry","category-smb-advice"],"yoast_head":"\r\nResearch shows women entrepreneurs are doin' it for themselves<\/title>\r\n<meta name=\"description\" content=\"What inspires women entrepreneurs to go solo? 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