Although the definition of an entrepreneur, “One who undertakes
to conduct an enterprise assuming full control and risk.” is not
gender specific, it is no wonder that most entrepreneurs are
men. Because women tend to undertake the greater share of
raising children and keeping the house together, many women
simply do not have the time to start a business! As a woman
entrepreneur, and the current President of the Women
Entrepreneurs of Canada, (WEC), I have had the opportunity to
take a close look at the issues that female business owners
face. At a recent international women’s conference in Glasgow,
the Bank of Scotland presented some of its research. According
to the bank, women business owners tend to: • under-capitalize
their businesses at startup; • have a disinclination to use debt
finance and to be more risk averse than their male counterparts;
• use a higher proportion of their personal savings within their
business, both at startup and development; • be less confident
than men about their knowledge and understanding of financial
products and services. …all of which can impact on financing and
growing their businesses. This may be exacerbated by the banks’
historical unwillingness to treat their female business
customers in the same manner as male customers. Women owned
businesses tend to be more service oriented and therefore have
less equity than male owned businesses—another reason banks can
be skeptical. Financing is crucial to all commerce, and perhaps
managing money is most critical among small businesses, whether
at the start or when expanding. The struggle to maintain
adequate cashflow is constant among entrepreneurs. Is it any
surprise then, that financial worry is the most prevalent cause
of stress and insomnia! With women generating forty percent of
new start-ups, and one-third of self-employed proprietorships in
Canada owned or led by women, women entrepreneurs have increased
by more than two hundred per cent in the last twenty years. As a
result, women are seeking more opportunities to grow their
network and enhance their support systems. The Women
Entrepreneurs of Canada was founded in Toronto in 1992, as a
resource, support and opportunity network for women in business.
WEC promotes and fosters the success of women entrepreneurs in
Canada and helps them define and achieve success on their own
terms. WEC promotes the interests of women entrepreneurs in the
larger business community; facilitates the transfer of relevant
knowledge that is appropriate to WEC members; and partners with
organizations both in Canada and abroad, such as the National
Association of Women Business Owners in the USA, and
international groups like Femmes Chefs d’Enterprises Mondiales
and the Italian Associazione Imprenditrici e Donne Dirigenti
D’Azienda, (see www.aidda.org), to bring best practices,
opportunities and resources to its members here. It is often
said that in unity there is strength, and I would say that goes
double for the members of WEC. This is an organization where
women can meet and mix with other women who face similar issues
in starting, running, and growing their businesses. WEC is a
resource that provides a unified voice to government and the
public, pushing the issues of women entrepreneurs to the
forefront. Recently, I had a chance to represent WEC before the
Standing Committee on the Status of Women in Ottawa and I was
able to convey our position on financing, statistical research,
daycare, and maternity leave. WEC recommends increased women’s
business research to create more opportunities for women while
bringing what is known about women’s businesses up-to-date. And
regarding maternity leave—as women employers do not have the
same benefits as their employees; what might be done to level
the playing field and extend that benefit to all as, for
example, it is in Finland? WEC is working hard to communicate a
confident and refreshingly optimistic message about the future
prospects for women and it is gratifying that the message is
being heard. I urge any woman in business to find out more about
WEC and the benefits of becoming a member by visiting the
website at: www.wec.ca.