by Debra Johnson
They say, though less often than 30 years ago, that behind every successful man there stands a woman. What about successful women? In the 21st century, successful women entrepreneurs are quite common. What motivated them to start their own businesses in the first place?
According to research by the Ewing Marion Kauffman Foundation, women entrepreneurs are motivated by both psychological and financial factors. The top five motivating factors are:
- Wealth-building – The reason women entrepreneurs start their own companies is a desire to build wealth. This should come as no surprise, as most entrepreneurs are driven by a profit motive. Men, however, cited the desire to build wealth third on their lists, at 73 percent of men in the study compared to 76 percent of women. The ability of successful women to create wealth through their own businesses is a mark of woman’s progress in society in recent decades.
- A great business idea – 71 percent of the successful female entrepreneurs in the Kauffman foundation survey reported that they started a business because they had a great idea and wanted to capitalize on it. This motivation was almost as widespread as the desire to build wealth, cited by 77 percent of the population. This is a hallmark of the entrepreneurial mind. Entrepreneurs love ideas. They have a lot of ideas and they commit to making them happen.
- Start-up culture’s appeal – Following closely on the great idea is the appeal of start-up culture, mentioned by 68 percent of women. The energy and excitement of running a start-up and creating something from nothing are exciting to all entrepreneurs, but seems to be more important to men, 77% of whom cited it as important, very important or extremely important in the Kauffman Foundation study.
- Desire to own a company – More women in the survey, at 70 percent, than men, at 65 percent, have always wanted to start their own company. This is an interesting idea to ponder. Little girls used to dream of their wedding day. While that is still an important part of any woman’s life, it seems that girls now also dream of becoming successful entrepreneurs.
- Dissatisfaction with job – Many people think that a large majority of entrepreneurs fall into running a company because they can’t find traditional employment. This is actually not true, as five percent of both men and women in the Kauffman survey cited inability to find a job as their motivation. The truth is that most entrepreneurs do not want to work for someone else. 70 percent of women and 60 percent of men stated that this was important to them in becoming entrepreneurs.
Looking at the reasons that successful entrepreneurs chose to start a business, it becomes clear that women have similar motivations to men in starting a business. However, the importance of each of those motivations differs between successful female and male entrepreneurs.
About the Author: Debra Johnson is a blogger and editor of http://www.liveinnanny.com/. She welcomes your comments at her email Id: -jdebra84 @ gmail.com.