Women who start their own businesses report a significant boost in confidence, resilience, and self-belief, even though many are feeling the stress of so-called “entrepreneurial load”.
That was according to new research conducted on the eve of International Women’s Day tomorrow from Small Business Britain, in partnership with Starling Bank. who spoke to 1,000 female entrepreneurs.
They found that one in five feel more confident in their abilities after launching their business, with 87 per cent feeling personally happier. But many acknowledged the demands on their time, with six in ten struggling to switch off from work and four in ten reporting stress and exhaustion.
The findings, they say, shed light on the transformative impact of entrepreneurship, not only on the UK economy but on the personal growth and professional development of women leading many of the nation’s 5.5 million small businesses.
Yet while female entrepreneurship continues to make a powerful economic impact, estimates suggest up to £250 billion could be added to the UK economy if women started and scaled new businesses at the same rate as men.
“Starting and growing a business is empowering and exciting for women. Entrepreneurship builds resilience, confidence, and an incredible sense of achievement,” said Michelle Ovens CBE, founder of Small Business Britain.
“While there are undoubtedly challenges, including a lot of extra responsibilities to juggle that can often fall disproportionately on to women, female entrepreneurs aren’t looking back.
Our research shows they love the flexibility, freedom and joy that running a business brings. With female-led businesses having such a tremendous impact on the UK economy, and representing so much possibility too, we must ensure women have access to all the support they need to drive this confidence and growth even further forward.”
Maria Vidler, Chief Customer Officer at Starling Bank, the only UK bank founded by a woman, said: “This research underscores the vital role female entrepreneurs play in the UK economy, driving innovation and economic progress, and helps us understand what they need.
“With 500,000 UK SMEs as Starling customers, we want to enhance our business products and services to support this vital constituency.
The flexibility and freedom are incredible, but there’s no denying the pressure and long hours that come with it
“The growth of female-led businesses benefits individuals and the nation as a whole, and we’re committed to providing women with the tools and resources they need to succeed on their entrepreneurial journeys.”
Keisha Ehigie (pictured above), founder of Imagine Me Stories, an diverse subscription-based children’s book service in Essex said: “Running my own business has been one of the most empowering experiences of my life. It has boosted my confidence, challenged me in ways I never expected, and given me a deep sense of accomplishment.
“The flexibility and freedom are incredible, but there’s no denying the pressure and long hours that come with it — especially in today’s economy. Despite the challenges, I wouldn’t trade it for anything. The resilience, skills, and community I’ve built along the way make it all worthwhile.”
Small Business Britain has a stated mission to increase the number of female small business owners from 15 per cent of all entrepreneurs to 30 per cent by 2030. As part of this mission, Small Business Britain will be working with Starling Bank to offer a range of support for female founders across the country.”
Alison Riley, owner of Bridal Reloved Caistor, an eco-conscious boutique offering pre-loved and ex-sample wedding dresses in Lincolnshire, said: “I absolutely love running my own business, despite the long hours and challenges. It is hard to switch off but I am so excited and motivated by my business that over all I am much happier.
“The opportunities I have created for myself have boosted my confidence no end and there is nothing like knowing that you have earned a wage and paid the bills off your own steam.
“Also, as a working mum, the flexibility means that I haven’t missed any of my child’s school events and performances which is priceless.”
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