Female entrepreneurs are less likely to fail when trying to set up a business than men, according to research by Kleinwort Benson.
The report, conducted in association with YouGov, reveals that out of a sample of 500 business leaders only 11% of women asked had failed to set up a business successfully. But 17% of male respondents had failed to do so.
The poll also suggests that women are slightly more likely to fear failure than men. Four in ten female business leaders said they feared failing to successfully establish a business – compared to 36% of men.
The failure rate among business leaders is highest among business leaders in the Midlands and Wales (18%). Entrepreneurs in London and the South, Scotland and the North have a lower failure rate of just 14%.
Business leaders over 55-years-old report the lowest fear of failure. They are also less likely to have faced serious obstacles such as being overlooked for investment. Only 4% said they had experienced this – compared to 20% aged 45 of younger.
Late payments also remain a serious problem for many featured in the survey. It is a particular problem in London, where 50% cited it as a major obstacle. In the Midlands only 36% say they face this on a regular basis.
Paul Bentley, head of entrepreneurs at Kleinwort Benson, said that female entrepreneurs tend to be “more risk averse” and “position themselves better to create long-term value”.
“This is beneficial in two ways. Firstly they often avoid the pitfalls that befall early stage businesses. Secondly, their businesses will have demonstrated a more consistent track record and they will be more attractive to potential acquirers,” he continued.
Further reading: Scotland among top places for tech salaries