Five myths about women entrepreneurs that it's time to debunk

If women participated in entrepreneurship on an equal footing with men, world GDP could increase by 3-6 per cent, adding between $2.5 trillion and $5 trillion to the global economy, according to Canadian experts. They named five major myths about women entrepreneurs that should be debunked.

Myth 1: Women don't want to be entrepreneurs

There is a misconception that women are not motivated to start their own businesses. This is partly because the language of entrepreneurship is often saturated with "masculine" terms: "risk-takers," "achievement-oriented," "confident." However, women make up 37 per cent of the self-employed in Canada, indicating a strong entrepreneurial motivation among them.

Myth 2: Women are not successful in business

Success is often measured by company size, profits and growth rates. Women are more likely to run smaller businesses with more modest profits, but that doesn't mean they are less successful. Much depends on the fact that women often combine business with family responsibilities and work in industries with less growth.

Myth 3: Women can't get funding

Women entrepreneurs are less likely to get financial support, not because of a lack of ability, but because they are less likely to apply for it for fear of rejection. When they do seek funding, they are often asked questions about potential risks, whereas men are asked about prospects for success. This affects confidence and, consequently, the amount of funding received.

Myth 4: Women are afraid to take risks

Women are believed to be more cautious and risk-averse, which hinders them in entrepreneurship. While some studies indicate that women are more cautious in financial decisions, this is more a result of social expectations and stereotypes. Women do take risks, but often in other areas, such as standing up for their beliefs or choosing an ethical path, even if it may reduce financial success.

Myth 5: Women don't build the right networks of contacts

There's a perception that women don't know how to make effective business connections. Research shows that women are more likely to participate in formal networks and professional associations, while men combine formal and informal connections. Women's lack of informal contacts is not due to a lack of desire, but to fewer women entrepreneurs to make such connections.