Over a Third of Women Experience Gender Bias in Business Ownership, Recent Studies Reveal

• Recent studies have shown that over one-third of women have encountered gender bias in running their businesses 
• More than half (53 percent) of the women are coerced to compete above and beyond their male counterparts 

Recent research has shown that over one third of women have experienced gender bias when operating their own businesses. A survey of 500 women small business owners discovered that 35 percent had suffered discriminatory behavior in the workplace, and over half (53 percent) are under pressure to perform better than male colleagues. 

The study also indicated that 47 percent of the women perceive that there are other risks in being entrepreneurs as women, primarily because they feel they are being discounted or not taken seriously. Some women also struggle to maintain work and personal life boundaries. Imposter syndrome was also reported to be an obstacle in high percentages by women who have had entrepreneurial thoughts. 

Commissioned by AXA UK under its Startup Angel competition, the research reflects the company's dedication to aiding entrepreneurs. The competition provides budding business owners with an opportunity to win one of two grand prizes of £25,000 each, as well as mentorship from experts in small businesses. 

This study is at a period when there is a decline in female business owners. Figures from the government from 7,800 small businesses show that only 15 percent of businesses were owned or controlled by women in 2023, down from 18 percent in 2022 and 19 percent in 2021. In raising finance, most of the women polled utilized personal savings (65 percent), while some took a loan from family and friends to fund their business, and 11 percent engaged in small business competitions. 

Mike Crane, Director of Small Business Insurance at AXA UK, said "we want to enable everyone with an excellent business proposition to make it a reality. For start-ups, the Startup Angel competition offers the vital funding and advice from seasoned entrepreneurs who are in a position to offer volumes of experience". 

Despite adversity, 90 percent of the women polled would encourage other women to venture out and start a business. They named greater flexibility and greater time with the family as some of the key benefits, and 43 percent saw entrepreneurial pursuits as an experiment in being a good influence on children. 

In attempting to overcome challenges, women prioritized establishing boundaries for good work-life balance, creating a network of friends to help them, and carving out time for mind health and self-nurturing. Mike concluded “Starting a business has transformed many of those who've taken the leap. The Startup Angel competition could be the first step for an aspiring entrepreneur to become their own boss“.