There are fundamental differences between women and men. The differences are not just biological, but also their characters, emotional maturity, and how they approach conflicts. That by no means says one gender is better than the other, but there’s no doubt they each have different approaches to things.
It is, therefore, interesting to see how these differences play out in the business and commerce world. In some instances, women’s unique quality of feeling and embracing the world has given them an edge over their male counterparts. Then there are those instances, where an organization remains bullish due to the risk-taking nature and rush-thinking of men.
When comparing the sexes, often, it is the wrong messages that get across; one that pits one sex against the other. However, it is the logical and emotion-free nature of men than often gives them an edge when it comes to running some form of business.
For businesses that require people-skills (being a people’s person). It is the women’s ability to socialize better and their need to always keep in touch that gives them an edge. That is to say; there are some businesses women will be better than men. At the same time, there are those businesses; men will still be better than women.
For instance, typically, women-found yoga spots and beauty salons perform way better than those found and run by men. On the other hand, fintech startup or software development company found and run by men perform better than those found and run by women. Then there are those businesses like quality custom essay writing services, where no gender has the edge over the other based on purely their sexuality.
So what Influences the difference in success rate between Women-owned and Men-owned businesses
Partnership v/s Solo
It is easier for men to form an alliance than it is for women. Giving men a considerable pool of capital and other resources needed to take their venture off the ground and grow into a bigger company. Men are also better at dividing the tasks and responsibilities among themselves based on each individual’s strength.
Women, for the most part, like to go at it alone; team solo. That significantly disadvantages them not just from the angle of capital and other resources. Also, they tend to do everything in the company; leading to quick burnouts. However, if they are going to rope in another person into the business, the chances are high that person will be their spouse.
Advertising the Business
For some reason, women typically apportion less budget for marketing and promotion. Unlike businesses run by men. Men are also more likely to borrow funds from venture capitalists, angel investors, and other credit lending institutions compared to women. Most women steer clear such risky undertakings.
Ross from The Solar Advantage says ” While there may be differences when looking at these from a distance, the key is understanding everybody is different. You can find unique individuals that will help bolster your business if you don’t apply general stereotypes.”
Too Dear to Sell
It is not uncommon to see a man jump from one industry to an entirely new industry. They start a business, run it, sell it, make some profit, and then move on to the next venture. This trait has made men conquer more industries across the business field; there being more men than women.
Women get too attached to their businesses; perhaps too attached for their own good. They are hell-bent on the lifecycle of their business, and thoughts of selling out to make a huge profit are rarely entertained. Their businesses are their ‘babies,’ and the umbilical cord attaching the two is often too strong to cut.
Better at Socializing
Women enjoy human-to-human one-on-one interactions, and socializing comes naturally to them compared to men. They are exceptionally better at forming teams with better people. They can connect to individuals to levels men cannot understand. However, where there are women, there is bound to be more emotionally-charged criticism and gossips.
Emotional decisions in businesses led by women capitalists led to many employees being fired because they made a wrong comment or did something in the wrong timing. Men would have otherwise handled the situation with a soberer, albeit colder mind than women.
Personal Goals v/s Business Goals
Her personal goals propel a woman’s business venture. They start and run businesses as they advance their skills, directing them towards the achievement of their mission and vision. For a woman, a project is valued based on its ability to put to the test their skills and worthiness.
Men, on the other hand, and quickly drop what they were doing and pick up a new venture if they deem it better. For them, business goals are much more important than personal goals. That is why you are more likely to see a man who had started several startups (sometimes multiple at the same time) and gave up on them quickly when they realized they won’t deliver their business goals.
Women, like a captain of a ship, will remain behind the wheel, regardless of the fact the ship is sinking. They always remain steadfast towards the achievement of their personal goals, despite it being obvious the business is failing.
Small v/s Medium and Big
Referring to the aforementioned fact that women are less likely to seek borrowed funds due to their inherent risks. You can always bet right that women-found businesses will remain small. Men, being the risk-takers they are, will readily take on the opportunity for credit and use those funds to grow their business.
Though women and men can be equally successful in business, the point of the comparisons above is not to pit the genders against each other. Rather to point out that some line of businesses would benefit more by roping more women on-board and benefit from their natures. If the types of businesses require a more feminine approach.
Also, businesses in high-risk nature might want to rope more men in and benefit from their ‘risk and conquer’ nature.