The new generation of female entrepreneurs want money and power according to new research from Queensland University of Technology, which reveals women aged 18 to 27 are driven by financial rewards and social status when starting up a business.
The current study is being conducted by Dr Rebekah Russell-Bennett, Dr Judy Drennan (QUT) and Dr Stephen Dann (ANU).
Dr Russell-Bennett, from QUT’s Faculty of Business, said preliminary results from the latest study on female entrepreneurs, showed businesswomen from Generation Y were quite different from older generations.
”Generation Y stands out. They start a business for financial reasons and to gain social status,” she said.
Dr Russell-Bennett’s research is the result of two separate studies which look at female entrepreneurs over three generations - the baby boomers aged 42 to 61, Generation X aged 28 to 41, and generation Y aged 18 to 27.
”Compared to the boomers and Generation X, Generation Y are more likely to be university educated, to be the eldest girl in the family, to be younger when starting a business, and to need more capital to start a business.”
”What we are seeing is a trend that shows young women are much more empowered and in control. They are confident and determined to achieve,” she said.
”They are not willing to sit back and wait for someone to come and rescue them. They are bucking the notion of being the ’silly little girl’ and they are out there competing with men.”
Dr Russell-Bennett said before starting a business, women entrepreneurs from Generation Y were evaluating that business for profit.
”Whereas in the past women might have started a business because they had the skill, such as a dressmaking business, now women are doing it because they want bigger and better profits.”
Dr Russell-Bennett said another trend from the study was that women felt they were treated differently because of their gender and complained about the difficulties in gaining business finance.
”Of the barriers to start up a business half of the women surveyed blamed financial reasons. They believed that banks were reluctant to finance them due to their age and lack of experience as well as lack of financial security.
”One woman said ’I remember talking to a bank about finance and they just laughed at me. The attitude from other people, especially family, was to not take me seriously’.”
Dr Russell-Bennett said as a result of this barrier women were sourcing their business start-up capital from savings.
”In my previous study done in 1995, over 50 per cent used a bank, in 2006 only six per cent used a bank.”
Dr Russell-Bennett is continuing her previous study and is looking for businesswomen to take part. The study involves an online survey and is open to any businesswoman or female entrepreneur aged 18 or over.
For more information on participating in the survey email rebekah.bennett@qut.edu.au
Media contact
- Sandra Hutchinson, QUT media officer, 07 3138 2130 or s3.hutchinson@qut.edu.au
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