It’s official: women can do a lot more with less!
At least that was a major finding in the US from an annual study that tracks entrepreneurial activity.
The typical woman who had recently started a new business told survey takers she needed $10,000, half as much as men.
The survey is based on responses in June and July of 2015 from 5944 people between the ages of 18 and 74, says Donna Kelley, an entrepreneurship professor at Babson who co-authored the study by researchers at Babson College and Baruch College
Donna says a variety of factors could explain why women needed less money than men to start new businesses.
For example, perhaps women are more efficient when it comes to launching a new company. Or maybe they had less money to begin with.
The report also found that women were twice as likely as men to rely on family members to help in funding their new ventures.
But what was most interesting is that women started their businesses much later in life than men.
Women were most likely to launch new ventures between the ages of 35 and 44, while men got their entrepreneurial feet wet between 25 and 34.
Donna says the reason for that could be women getting driven out of the corporate world due to “career frustration.”
Women may wish to start home-based businesses that allow them also to take care of their children, she adds.
Female business owners are more likely than men to work from home, US Census figures show.
Donna also told Bloomberg that she believes women could start their businesses on such shoe-strapped budgets because they are likely to be more efficient with their money.
To read about how an out-of-work Aussie mum became an online sensation on a shoe-string budget, click here.