Insight. Innovation. Industry.

Business owners young, female and motivated

A recent study of Canadian entrepreneurs shows an increasing number of business owners are young, well-educated women, BCBusiness reported.

Based upon 809 interviews last September with small and medium business (SMB) owners, the study, titled The New Canadian Entrepreneurial Experience: Women and the future of Small Business, was sponsored by customer relationship management firm Salesforce and conducted by Toronto-based Gandalf Group.

Key findings included:

  • The percentage of entrepreneurs under age 45 was higher for women (59 percent) than for men, at 42 percent. Of those younger than 35, 27 percent were women in comparison to 19 percent of men.
  • Entrepreneurs younger than 45 were more motivated than older respondents to start businesses due to financial uncertainty and disaffection with previous employment.
  • Seventy-five percent of female business owners were in the service sector while men were twice as likely as women to own a business in the Science, Technology, Engineering and Mathematics (STEM) sector. Women STEM business owners experience greater challenges than their male counterparts, including more difficulty accessing capital.
  • Women tended to be more motivated by work-life balance (79 percent) while men were more motivated by financial considerations (78 percent). ◊