Increased support from government should be provided to help female entrepreneurs overcome ‘entrenched barriers’, a new report claims.
Research, commissioned by Prowess, shows that men are twice more likely than women to be entrepreneurs, and are 72% more likely to be still managing their own businesses three years after starting up.
The report suggests that government support is needed to balance out the barriers that are more likely to affect women such as under-capitalisation of ventures, low levels of self-confidence, and the visibility of appropriate role models.
Particular attention should be given to young women (18-24-year-olds) as they are the least entrepreneurial of all age groups, and 75% less likely to be in business than males of the same age.
However, women are more eager to use new technology: the survey found they are twice as likely as males to be using technologies which were not available a year ago.
The findings also show that women are driving enterprise in the rural economy and there is significant entrepreneurial activity in the Black African and Caribbean female population.
Prowess executive director Erika Watson, said: “If we're to release successfully the undoubted potential of women entrepreneurs, support and training needs to be matched by a consistent and sustained policy commitment from government.”
© Crimson Business Ltd. 2006