A recent survey by PNC’s bi-annual Economic Outlook Survey highlights the driving forces behind women business leaders. The survey indicates that passion and personal satisfaction are the main reasons why women start and stay in business. According to the survey, 43% of women business leaders cited passion for their work as their primary motivator, compared to only 28% of men. Financial success was the next highest factor, chosen by 35% of women and a higher percentage of men.
The Role of Passion in Business Leadership
Shana Peterson-Sheptak, head of Business Banking at PNC, explains, “For many women business owners, starting and running a business is born out of a personal interest or an opportunity to make a difference in the community. This isn’t at the expense of profitability but shows the power of being passionate about what you do.”
This passion differentiates women leaders from their male counterparts, who more often cited obligation to family or co-workers as their reason for staying in business. Only 6% of women leaders reported staying in business out of obligation, compared to 12% of men.
Optimism for Economic and Business Success
The survey also revealed that women business leaders are more optimistic about the future than their male counterparts. Over the next six months, women are more likely to expect increases in demand (51% to 49%), sales (51% to 49%), customer prices (49% to 40%), and profits (52% to 43%). Additionally, women are more confident about their own compensation and retirement savings improving, a significant shift from PNC’s Fall 2022 survey results.
Peterson-Sheptak notes, “Better than expected economic performance in the first part of 2024 is creating optimism for many business leaders, both men and women. But women leaders are especially confident that their businesses will be successful in the coming months and their abilities as leaders will help make them so.”
Confidence in the economy also varies between genders, with 64% of women expressing confidence in the national economy compared to 51% of men. Locally, 72% of women are confident compared to 60% of men. For many women leaders, their optimism stems from their confidence in their ability to manage their businesses effectively.
Support Systems for Women Business Leaders
The survey highlighted notable differences in how men and women business leaders seek and value support. Both genders rely on peers in their field, but women place more importance on support from community, friends, and family. Sixty-two percent of women consider this support vital compared to 41% of men.
PNC’s survey results suggest that women financial decision-makers value relationships that extend beyond banking products and services to include financial education and community connections. This preference is reflected in PNC’s approach, which includes a network of over 5,000 PNC-certified Women’s Business Advocates (WBAs) who are dedicated to supporting women entrepreneurs.
PNC’s Commitment to Women Entrepreneurs
PNC’s commitment to supporting women business leaders is evident through its local cross-line of business market teams and regional presidents. The bank’s initiatives aim to provide resources and build relationships that empower women financial decision-makers.
Peterson-Sheptak emphasizes, “Women entrepreneurs are leading with passion for their business, confidence, and optimism for the future. We need to make sure we have the resources and people to support their success.”
