Motivation - The factors that motivate male and female entrepreneurs seem to be more intrinsic than otherwise, if you like, such as the need for achievement, the need to be independent, and the need to be in control of their own destinies. These factors seem to be common among males and females. Nevertheless, studies have also shown that females are greatly motivated by the flexibility and work-family balance afforded by being in a business of their own. Running their own businesses also allows females to work at home, thus overcoming the problem of finding child-care. On the other hand, it is more likely for males to cite money as a primary motivational factor. Males have the tendency to prioritize the financial issue more highly than females.
Departure point - This refers to when they leave employment to jump into the cauldron of entrepreneurship. It could be due to work frustration, lack of promotional opportunities, or even enforced layoff due to a sluggish economy. It could also be due to the opening of a window of opportunity which makes it worth jumping out of employment into starting their own businesses. Females may also decide to jump into fire when there is a change in their personal circumstances. For instance, when their children have all grown up and with less parental commitment now, females may start their own businesses to realize their personal dreams. Remember the story of Julia Chong? Females tend to talk more about how and why their businesses got started, whereas males would prefer to harp on how big their businesses will grow.
Sources of funds - Popular sources of funds for both male and female entrepreneurs tend to be from personal savings and borrowings from family members or friends. Being the more aggressive gender, male entrepreneurs are more likely to seek out investors and request for bank financing. Females tend to have a lower risk profile, preferring to start business on a smaller scale and therefore requiring less funding. Females may also find it difficult to get financing from banks or venture capitalists due to discrimination.
Occupational background - Most entrepreneurs, male or female, tend to have some employment experience before they start their own businesses. This working experience is necessary to put them in good stead when they are on their own. There is a tendency for female entrepreneurs to have less formal or corporate experience than males. Male entrepreneurs are more likely to possess greater amounts of experience with personnel, technical and financial issues. This most probably explains why females usually go for home-based businesses while males go for ventures which are much bigger.
Personality characteristics - Both gender portray similar personality characteristics such as being innovative and creative, enthusiasm in their pursuit of success, energetic, goal-oriented, and industriousness. Nevertheless, there is a question mark on the level of confidence of female entrepreneurs. Female entrepreneurs are less likely to believe that they can undertake the key tasks of starting a new venture, such as obtaining bank financing and attracting customers. Male entrepreneurs show more perceptions about opportunities and their own capabilities. They also have a lower fear of failure.
Background - Male entrepreneurs tend to start earlier in life compared to females. Young male entrepreneurs are more likely to perceive opportunities but this drops after the age of 35. Young females have a lower perception of opportunities, but their perception grows and even exceeds that of males in the 45 or higher age group. Females in the younger age groups have a much higher fear of failure than males but this declines across older age groups. For males, the opposite is true - the older they get, the more chicken they become!!
Support groups - For both male and female entrepreneurs, they get a lot of support and encouragement from their spouse, children, and well-meaning friends. Female entrepreneurs, particularly, also get support from women's organizations. These organizations support female entrepreneurs by giving out micro loans or providing training and networking opportunities. Examples of women's organizations in Malaysia supporting female entrepreneurs include the Federation of Women Entrepreneurs Malaysia, National Association of Women Entrepreneurs of Malaysia, and Persatuan Usahawan Wanita Bumiputera.
Type of business started - Male and female entrepreneurs tend to go different directions when it comes to the type of business to start. Male entrepreneurs are likely to be found in the manufacturing and high-tech industries. On the other hand, female entrepreneurs are usually engaged in the retail and personal services sector. Female entrepreneurs tend to start businesses that are less growth oriented, but more oriented towards wage substitution.
From the above, it's quite obvious that male and female entrepreneurs do not speak the same language. I cannot make up my mind who is better, but currently it's still a man's world. Don't you think so? Well, you can leave your thoughts in the comment box below.
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