According to a recent report, women who have gone through the company formation process and started a business, run more successful companies than their male counterparts.
The report, which was conducted by finance company M.P Partners ltd, found that male company owners tend to take more risks financially and also ignore elements of administration which can make them legally vulnerable,
The survey found that over forty per cent of female company owners have gone bankrupt , while just over thirty five per have never had to deal with a company going into administration. Interestingly, much less women commented that they found the fact that there is restricted access to finance in the current market, a huge challenge.
Michael Patrick, chief executive of M.P Partners, comments; “One of the most interesting things that the report revealed is that female company owners seem to be less perplexed by the fact that gaining additional finance at the moment is particularly challenging. This can mean two things; that they have better financial planning and therefore have less need to raise additional finance or that they are not finding getting finance as difficult as their male counterparts.”
However, the report also found that male entrepreneurs are more innovative and strategic in their plans to move their companies further.