A recent survey titled “Elevating Female Entrepreneurs,” conducted by OnePoll on behalf of Office Depot, revealed significant motivations behind why women start small businesses. The study found that 33% of female small business owners were driven by a desire to inspire other women. This motivation was even more pronounced among women of color, with 39% citing it as their primary reason and 82% of these women wanting to show others that overcoming stigmas and achieving success is possible.

Overcoming Startup Challenges

Starting a business presents numerous obstacles, and female entrepreneurs face specific challenges that can hinder their progress. The survey identified several significant hurdles:

Lack of Funds: 47% of respondents indicated that insufficient funds were a major barrier.
High Startup Costs: 58% struggled with the financial burden of starting a business.
Equipment and Maintenance Fees: 39% identified these costs as their most significant financial challenge.
Work-Life Balance: 38% found it challenging to balance their personal and professional lives.
Marketing Issues: 35% had difficulties effectively marketing their businesses.
Growth Challenges: 32% faced obstacles in scaling their operations.
Networking: 29% found it difficult to establish a network.

Women of color reported additional difficulties, with 53% feeling they lacked sufficient resources during their startup journey. Furthermore, 40% believed that some of their challenges were related to racial or ethnic discrimination, and 42% felt they were denied opportunities that would have helped their businesses.

The Journey to Entrepreneurship

For many women, the journey to entrepreneurship is a long-held aspiration. The survey revealed that 84% had dreamed of starting their own business for as long as they could remember. Additionally, 80% of these women based their businesses on hobbies or activities they were already passionate about. The COVID-19 pandemic served as a catalyst for 61% of the newer women entrepreneurs, motivating them to start their businesses in the past two years.

To make their entrepreneurial dreams a reality, 61% of the women surveyed, including 71% of women of color, worked day jobs while starting their businesses to save enough money to eventually transition to full-time entrepreneurship. The women business owners also expressed a need for more resources, such as cash grants (38%) and marketing materials (29%), to help them during the startup phase.

The Rewards of Business Ownership

Despite the numerous challenges, 73% of the women surveyed believe it is easier for a woman to become a successful business owner today than it was ten years ago. The survey highlighted that owning a business has been an overall positive experience for 81% of the women, with many citing various rewards of entrepreneurship:

Being Your Own Boss: 66% of respondents valued the autonomy that comes with running their own business.
Watching the Business Grow: 40% found great satisfaction in seeing their business evolve.
Putting an Idea into Action: 36% enjoyed the process of turning their ideas into reality.
Work-Life Balance: 25% appreciated the flexibility that comes with being a business owner.
Inspiring Other Women: 24% were motivated by the impact they could have on other women.

The journey of women entrepreneurs is marked by a mix of challenges and rewards. While they face significant obstacles, their resilience and determination enable them to overcome these hurdles and find success. The motivations behind their entrepreneurial pursuits, combined with the rewards they experience, highlight the growing opportunities for women in the business world today.