Despite significant ambition among female entrepreneurs, nearly three in five (57%) cite a lack of business knowledge and confidence as barriers to growth, with 39% saying securing funding is a major challenge
Access to funding, as well as a lack of financial skills and confidence, are some of the major barriers holding female entrepreneurs back, according to a new report by Small Business Britain, in partnership with Square and Clearpay. The report examines the challenges that women business owners face, and explores how entrepreneurial growth and inclusion can be boosted across the UK.
The research – which consulted more than 1,000 female entrepreneurs – revealed that a desire for greater independence is the biggest driver for women starting their own businesses, cited as the primary reason by 60% of women. “Money was incredibly tight and there were days when I sacrificed lunch,” says Leo. “Despite this, I persisted with boot-strapping because raising external investment was completely out of my comfort zone and I felt intimidated by the finance world.”
Small Business Britain’s report, in partnership with Square and Clearpay, proposes a series of early-stage interventions to boost gender inclusion and entrepreneurial success – including creating more accessible funding, producing targeted financial skills training, as well as mentoring and advice for female founders. Small Business Britain also runs the successful f:Entrepreneur campaign that celebrates and supports a large community of female founders across the UK.
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