Research highlights finance as key hurdle to female entrepreneurs’ success
Female entrepreneurs is one of the projects being presented at an internal research event to mark International Women’s Day at the University.
- The purpose of the research is to investigate the financial hurdles that hinder female entrepreneurs to grow their business
- Previous studies report a major factor that affects business growth is access to capital/finance
- Data collected from 20 semi-structured interviews to female entrepreneurs in the South of England who own small and medium-sized enterprises confirms finance as the main challenge to expand a business
To date, the number of female entrepreneurs across the world has increased. However, the size of firms owned by women has been considered small or smaller than firms owned by men. It is important to ensure that female-owned businesses are growing in order to keep their contribution to the economy.
Previous studies reported a major factor that affects business growth is access to capital/finance. A number of studies reveal that women have difficulty in accessing capital for starting-up and recurrent finance. All of these will impact on the growth of businesses owned by female entrepreneurs.
Solent University researchers collected data from 20 semi-structured interviews to female entrepreneurs in the South of England who own small and medium-sized enterprises.
The findings of the research confirmed that finance is the main challenge to grow the business. The study identified the type of barriers that related to finance: bank rejection, difficult to convince investor, time and effort to get the funding/finance, cannot afford consultant to write funding application, network/contact to access funding/finance, and cash flow.
The 'Female Entrepreneurs' Financial Hurdles to grow their business' presentation with Dr Whysnianti Basuki will take place on Monday 8 March at 11am: https://staff.solent.ac.uk/events/international-womens-day-2021-research-event
Dr Whysnianti Basuki is an Associate Professor in Business, Faculty of Business, Law and Digital Technology at Solent University.