Female small-business owners feel more confident regarding the success of their businesses than their male counterparts and are more cautious when it comes to business risks, according to the Small Business Pulse, a survey by The Hartford.
“These findings align with the measured approach we see in many of our own female customers,” says Janice Co, vice president of strategy and chief marketing officer for The Hartford’s small commercial insurance unit. “As women realize they’ve built successful businesses, they tend to sharpen their focus on protecting their accomplishments against future uncertainty. Women are a powerful force in the small business community and The Hartford is proud to serve them.”
According to respondents, 91 percent of women say their businesses are successful as opposed to 80 percent of men. Fifty-five percent of female respondents consider themselves as conservative compared to 47 percent of male respondents. Another 80 percent of female respondents say they would not have been more successful had they taken on more risks in comparison to 67 percent of male respondents.
Although female respondents report feeling successful, they also admit they face some large challenges. Major challenges include increased costs of doing business at 50 percent, government rules and regulations at 36 percent, cash flow at 35 percent, lack of demand at 21 percent, hiring and retention at 21 percent, and access to credit at 15 percent.
Regarding the economy, female respondents are not as optimistic as male respondents. In fact, only 53 percent of female respondents say they are optimistic that the economy will strengthen this year as opposed to 64 percent of men.
The survey also finds that female respondents are more likely to consider their businesses when voting during November’s presidential election. Eighty-nine percent of female respondents say a presidential candidate’s position on pro small-business policies will affect how they vote in comparison to 79 percent of male respondents. Another 55 percent of female respondents say it majorly impact their voting compared to 45 percent of male respondents.
“Our research suggests that efforts to help small-business owners should be addressed on all fronts," Co says. “Resources are needed at every level to foster small-business success – from local organizations serving as advocates on behalf of small business in the community, to policies in Washington that make taxes easy to understand.”