Women entrepreneurs exhibit more confidence than men in making risk-related decisions, according to a report by BMO Wealth Management.
The report says that 72% of female entrepreneurs who participated in the survey said they feel very confident or somewhat confident in making risk-related business decisions, compared to only 64% of male entrepreneurs.
BMO Wealth Management senior manager of wealth planning strategy Chris Buttigieg said: "Decisions that involve risk can cause anxiety, especially for entrepreneurs whose personal finances may be on the line. It's great to see that so many business owners feel confident making these types of decisions."
When asked about their biggest challenges, entrepreneurs highlighted several areas including:
- Managing everything themselves (36 per cent overall; 37 per cent of men; 35 per cent of women)
- Growing their business (33 per cent overall; 34 per cent of men; 35 per cent of women)
- Confidence in their abilities (9 per cent overall; 8 per cent of men; 11 per cent of women)
"Entrepreneurs need to know that they don't have to manage everything on their own. Talking with experts about financial or other matters during their business' development will help ensure they can harness their ambition, while also enriching their personal life," Buttigieg said.