The proportion of female entrepreneurs in the UK has doubled in recent years, with nearly 60 per cent of millennial entrepreneurs – those under the age of 35 – female.
To mark International Women’s Day 2016 on 8 March, the recently published results of HSBC private bank’s latest essence of enterprise report demonstrate that female entrepreneurs are increasingly more successful than their male counterparts also.
Last year, the average business revenue generated by female entrepreneurs was roughly $4.1m, compared with $4m for men, the report found.
Women in business were also likely to be more successful in terms of amassing personal wealth, with the most successful British female entrepreneurs’ worth on average $5.2m compared with their male equivalents, who were worth $4.7m.
HSBC private bank chief executive Chris Allen said that it was encouraging to see women match and even surpass men in terms of entrepreneurship and business success. “The emergence of female entrepreneurship reflects how women are forging ahead with their passions and succeeding.
“This is a clear signal that gender diversity is changing amongst UK entrepreneurs,” he added.
HSBC surveyed 2,834 entrepreneurs from around the world in the report, 501 of which were from the UK.
Possibly because of the culture of longer working hours Britain has, the report found that attraction to the flexibility of being one’s own boss was a key reason people became entrepreneurs. Some 71 per cent of UK entrepreneurs said that lifestyle reasons factored into their decision making to start out on their own, compared to the global average of 66 per cent.
In all, ten per cent of all UK entrepreneurs surveyed said that lifestyle reasons were the most important factor determining the choice to start their own venture.
Despite growing success, female entrepreneurs still worry more than their male counterparts about the startup process, according to a further study.
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