Do Men Or Women Make Better Entrepreneurs?
By Wendy Turner-Hargreaves
Someone asked me that question this week, which sparked a thought-provoking debate into the gender split in business and the entrepreneurial world.
First of all, a few facts. A quick look around at some of the ‘Top 100 entrepreneurs list reveals some interesting insight into the imbalance of the entrepreneur world. Of the world’s most famous top 100 entrepreneurs only six are women, while women rank more highly in ‘Britain’s top 100 entrepreneurs’ list with 17 entries. Even though this is higher it still struck me as a low, especially when you consider that there are younger, female entrepreneurs who are achieving success that far outweighs their male counterparts. Kathryn Parsons is a good example. At 35 she is co-CEO and co-founder of Decoded, an agency which aims to increase digital literacy.
But the ‘accumulation’ of wealth takes time, which perhaps explains why women like Kathryn haven’t made it onto those lists, despite a net worth of approx. £1.8M. Wealth needs time to accrue.
But why does this split exist?
Perhaps it’s something to do with confidence and the effect of failure. Men are far more likely to see a mistake as a stumbling block while women, typically less risk averse, might proceed with more caution or abandon the game altogether. Men might look externally for the cause of that failure – the economy or market factors, while women are more likely to internalise the failure and be self-critical. Which is a shame, because many typically ‘feminine’ traits are good for business; patience, attention to detail, humility are all needed when we’re negotiating to secure a deal.
It’s also worth considering how men and women fund their entrepreneurial pursuits. Research shows that men are more likely to borrow or seek investment while women rely on savings or family, creating a natural age gap; it takes time to build up those funds. On the whole, male entrepreneurs tend to be younger (Mark Zuckerberg is the perfect example) while women are generally older, with a few exceptions like Sara Blakely for example, who at 29 founded SPANX with her own savings.
As a little aside – the son of a friend of mine started school this year and in his class of thirty, bizarrely, there are only seven girls. The school have never seen a disparity of that kind before and they’re being honest about it – they’re finding it tough. It got me thinking about how that can happen in business too and how a significant skew either way creates an often-unmentioned imbalance. But everyone can feel it.
Right person, right skills, right seat – whether that’s within an organisation or you’re pioneering alone. If you tick each of those boxes you’re best placed to achieve your vision.
That’s our approach at Fidelis, and we’ve achieved a balance and culture in our team which comes from a rich fusion of personalities, experience and talent. We don’t have an organisation chart, we have an accountability chart so that everyone owns a piece of our business, which we blend to make the whole.
But back to the question; do men or women make better entrepreneurs?
Is it men, with their confident, risk taking ambition? Perhaps that dogged, bullishness sees them through. Or is it women, with their intelligent consideration, attention to detail and patience?
The answer lies somewhere in the middle of course, a hybrid of male and female, a balance of masculine and feminine traits. A good entrepreneur, regardless of gender, needs all of these skills along with tenacity, a sense of humour and the ability to see the bigger picture.
There is no better. Just different.
At Fidelis, we are always pleased to hear from business owners who are looking to sell or exit their business. Wherever you are in the process, for a confidential, no obligation discussion please get in touch.
Contact details:
Telephone: 0161 410 7070
Email: theteam@thefidelisgroup.co.uk
You can find us on social media here:
LinkedIn https://www.linkedin.com/company/fidelis-group-limited
Twitter https://twitter.com/fidelisgroupltd
YouTube https://www.youtube.com/channel/UCkJZ-NwYf48RJKnbBQAgicg