Women entrepreneurs play a vital role in the Canadian economy, as highlighted by the government’s Women Entrepreneurship Strategy, which has invested nearly $7 billion since its 2018 launch. Despite this support, a significant gender gap persists, with fewer women engaging in startups or managing established businesses compared to men. Addressing these disparities requires dismantling persistent myths that hinder women’s entrepreneurial success.
Misconception #1: Women don’t want to be entrepreneurs
Women are often perceived as less motivated to pursue entrepreneurship due to the masculine language surrounding traits like “risk-taking” and “confidence.” However, 37% of self-employed Canadians are women, indicating strong entrepreneurial ambition.
Misconception #2: Women are not successful entrepreneurs
Traditional measures of success, such as profitability and growth, undervalue women-led businesses, which are often smaller or part-time due to societal responsibilities. Yet, women’s entrepreneurial performance reflects systemic factors, not lack of capability.
Misconception #3: Women can’t secure business funding
Women are less likely to receive financial backing, not due to inability but because they often face discouragement or bias during funding processes. Questions posed to women tend to focus on potential risks, unlike the success-oriented queries directed at men.
Misconception #4: Women are risk-averse
While some research indicates women show higher financial risk aversion, this perception is influenced by societal norms. Women often take overlooked risks, such as prioritizing ethical decisions over financial gain, challenging the narrow definition of risk in entrepreneurship.
Misconception #5: Women don’t establish the right networks
Women tend to form formal mentoring relationships rather than informal networks, which offer greater career benefits. Despite fewer informal connections, women actively support both men and women’s careers more than their male counterparts.
By challenging these misconceptions and fostering inclusivity, the entrepreneurial landscape can empower more women to thrive, benefiting economies and societies globally.
