November 14 ,2017 | by Erin O’Neill

Female entrepreneurs need relatable role models, research shows

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Having a relatable role model could help female entrepreneurs in the UK who wish to set up their own business to feel more confident in their ability to do so, according to research from Facebook.

The social networking website commissioned the research for its #SheMeansBusiness programme and found that more than 80 per cent of aspiring female entrepreneurs believe that having a relatable role model would inspire them to set up their own business.

Curve

The research showed that whilst one in five women aged between 25 and 39 want to set up their own business, they are being held back by a confidence curve. 

Just 64 per cent of women in this age group feel confident about starting their own company, compared to 81 per cent of women in the 40 to 54 age group and women in their late teens and early 20s.

Separate research carried out by Development Economics for Facebook found that if one in five women who wish to start up their own business did so, 425,000 jobs would be created in the UK by 2020, which could possibly add £10.1 billion to the country’s economy.

Characteristics

The research identified the most important characteristics for female entrepreneurs when it comes to their ideal role model, with 49 per cent citing someone from the same sector as the business that they would like to set up as the most relatable.

This was followed by someone who has dealt with challenges or failure and someone who was facing similar financial circumstances when they first started out, which were cited by 44 per cent and 37 per cent respectively.

Celebrity role models were found to be less important, with just 8 per cent of respondents citing this as the most appealing factor. 

Erin O’Neill

Erin O’Neill is an LSBF News Writer who reports on small business, careers, technology and education news.

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