UK Female Entrepreneurs Cite Human Connection as Key to Success

• The Rise Report reveals that female entrepreneurs in the UK believe that human connection is important for success
• The report was commissioned by a community of female founders in the UK

A new national study, called The Rise Report, has found that UK female entrepreneurs see human connection as a pivotal aspect of overcoming obstacles, achieving development, and succeeding.

The study is the largest of its kind that has emerged from the grassroots level in the UK, and it was done on behalf of one of the largest communities of female entrepreneurs, with support from Barclays Bank.

The findings were collected by surveying 2,225 female entrepreneurs across the UK, there are over £1 billion worth of annual turnover generated from this group. The qualitative data consisted of 436,000 words of responses of women surveyed.

This research clearly indicates entrepreneurship is not a lone venture but occurs through a network and shared experiences with other entrepreneurs.

The report comes at a very pertinent time, as it has been reported that if women started and grew companies, as quickly or efficiently as men; it could potentially generate £310 billion worth of economic growth for the UK economy.

Key findings from the report indicate that human connection is essential to every stage and size of business is 78 percent of respondents pointed to human connection as a key part of their entrepreneurial experience.

Peer networks were found to be the most effective way of providing support to 39 percent of respondents, mentoring and coaching were found to be essential by 32 percent of respondents.

But when human connection is absent, the effects can be profound. More than 27 percent of female founders experience mental health issues, including burnout and self-doubt.

The experience of loneliness is the same for founders of small and large businesses, suggesting it is a common problem, not confined to early-stage startups.

Emmie Faust, co-author of the report and founder of Female Founders Rise, a network of more than 11,000 female entrepreneurs in the UK, is encouraging stakeholders to listen and act. Faust states that entrepreneurship can be a lonely experience without the right mentors and peer group.

The report also points to issues of funding, where 73 percent of respondents reported negative attitudes towards private funding sources such as business loans, venture capital, and angel investment.

In addition, 30 percent of respondents reported that public funding applications were too complicated, and 10 percent reported negative investor behavior, such as lack of respect, ghosting, and imbalance of power.