Female entrepreneurs are dismantling stereotypes while achieving new levels of success. According to a new Bank of America survey, women business owners lead the charge on digital transformations, surpassing male peers in applying tech advancements to business operations and strategies.
“When it comes to small business, women entrepreneurs are at the forefront of the digital transformation,” said Sharon Miller, managing director and head of small business at Bank of America. “It is exciting to see how they are innovating and leveraging mobile tools to help their businesses succeed. Their increased optimism about the future and the potential for hiring and growth is also very encouraging.”
To collect the insights, Bank of America conducted an annual survey of over one thousand women entrepreneurs. The results revealed an overwhelming sense of optimism – 58 percent of survey participants said they expect their revenue to improve in the coming year.
Small businesses possess the unique opportunity to embrace advancements at a faster rate than large, traditional enterprises. With that, the survey results said that 33 percent of female entrepreneurs “use a mobile device to process digital financial transactions, compared to 26 percent of men,” a Bank of America spokesman said.
Female entrepreneurs tend to be more open to using technology for internal and external operations, the survey results suggested. The spokesman said that 71 percent of women — compared to 65 percent of men — accept mobile payments from customers. Twenty-nine percent of female business leaders to 19 percent of males in similar roles digitally grant refunds to customers. Forty-four percent of women polled post social media updates on mobile — 33 percent of men did the same.
This digital mind-set might be indicative of the female participants’ perceived challenges to succeed, perhaps motivating them to in fact become well-versed in cutting-edge technologies to compete against male business competitors.
“Sixty-one percent of women entrepreneurs say it was more difficult for them to get their business off the ground than it was for male business owners they know,” the spokesman said. “Sixty-eight percent say women face greater challenges than men when it comes to accessing capital.”
This shouldn’t be confused for the lack of progress. In fact, 84 percent of survey participants said they think that women’s access to capital has improved in the last 10 years.
“Access to capital is key to small business growth, but research shows that it can be tougher for women entrepreneurs than for men,” continued Miller. “The fact that the overwhelming majority of women business owners see progress in the last 10 years is encouraging.”
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