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By Dayna Evans
In an annual survey that tracks entrepreneurship throughout the U.S., it was found that women entrepreneurs reported to needing half as much money as men when starting businesses. Women: We’ve been doing more with less since the dawn of time.
The survey, called the Global Entrepreneurship Monitor, asked 5,944 people between the ages of 18 and 74 living in the U.S. about their entrepreneurial habits and found that the typical woman who had just started a business said she started it with only $10,000. And while women reported to needing only half as much money, they were twice as likely as men to rely on family members to help in funding their new ventures.
But what was most interesting is that women started their businesses much later in life than men: Women were most likely to launch new ventures between the ages of 35 and 44, while men got their entrepreneurial feet wet between 25 and 34. Donna Kelley, a co-author of the study, said the reason for that could be women getting driven out of the corporate world due to “career frustration.” Kelley also told Bloomberg that she believes women could start their businesses on such shoe-strapped budgets because they are likely to be more efficient with their money. Or alternately: They’re given less money from the get-go.