As one of the fastest growing segments of the economy, women-owned ventures have an important role in the Canadian business world. According to Industry Canada, women had ownership in more than 47 percent of Canada's small businesses in 2010, with the numbers only appearing to increase, and females are now starting four out of every five startup companies.
Women entrepreneurs may be increasing their presence in the Canadian business world, but there are still stark differences between women in the workforce and their male counterparts. These individuals may be a booming segment in the business world, but the number of females owning their own business with employees has stalled. While many aspiring entrepreneurs may have the desire to begin their own business, they need to be willing to take a risk to do so - and that is an area where many women are found to be lacking.
Risk taking is one of the biggest differences across the gender divide. Women tend to have a low tolerance for risk, according to The Financial Post, and as such they allocate more funds for investments in companies they understand with an eye on creating a balanced portfolio.Male business leaders generally embrace more risk, deeming it necessary to achieve expansion or greater rewards, although more women are beginning to take part in these uncertain ventures.
"In general men are more comfortable with risk," Alyssa Richard, an entrepreneur and business owner, told the Canadian Business Network. "On the other hand, women can be very organized...if you can find that woman who is willing to take risks and is confident and she brings the strength of a female, it's like finding a rare peacock."
Many women try to balance professional aspirations with long term goals relating to family matters or their personal lives, which can result in an aversion to risk taking as they plan for the future.
Risk taking relates to the strong financial discipline women believe is necessary to have when it comes to running their business. The Financial Post reports that 65 per cent of women like being able to manage and plan for their future, and having ownership in a company allows them the freedom to do it. The important element, however, comes when female workers must try to balance their desired financial discipline with risk taking.
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