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Facebook reveals factors holding back female entrepreneurs

Written by Eric Johansson on Friday, 17 June 2016. Posted in Diversity, People

The UK is losing out on a £10.1bn boost to the economy by not supporting female-led startups enough, according to new research from the social media giant

Facebook reveals factors holding back female entrepreneurs

There’s no doubt Britain’s brimming with female talent. Sarah Wood, co-founder and co-CEO of the social-video company Unruly, and Ultimo lingerie tycoon Michelle Mone are just two examples of why UK business women should be taken seriously. So it is shocking to hear that by failing to sufficiently support female entrepreneurship, Blighty is missing out on a potential £10.1bn boost to the economy.

In a YouGov survey of 4,241 UK adults – 2,232 of which were women – Facebook has revealed that, despite the Woods and Mones of this world, 72% of women feel that they can’t identify a female role model running a business in the vein of the one they want to set up. While one out of ten women want to launch their own company, 37% don’t feel ready, 25% lack the confidence and 24% don’t feel they possess the business skills required to make the leap. Additionally, 34% are being held back by not having access to finance.

In a bid to unlock these budding entrepreneurs’ potential, Facebook has kick-started SheMeansBusiness, a joint effort with the Federation of Small Businesses and the British Chambers of Commerce designed to encourage more women to take the leap into entrepreneurship by providing them with practical support and advice.

“We’re calling on all the brilliant friends, amazing mums, determined wives and grandmothers with an idea to realise their potential and help inspire others to do the same,” said Nicola Mendelsohn, VP EMEA at Facebook. “Women make up half of the population, they make effective business leaders and unbelievable entrepreneurs, so it’s shocking that more aren’t part of the UK’s small business community today.”

Applauding all efforts to boost business equality and profitability, we’re definitely giving this new initiative a like.

About the Author

Eric Johansson

As acting web editor and resident Viking, Johansson ensures EB is filled with engaging and eclectic entrepreneurial stories. While one of our most prolific tech writers, he has sharpened his editorial teeth by writing about entertainment and fitness. Follow him on Twitter at @EricJohanssonLJ to catch up with his stream of consciousness.

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