Women setting pace among entrepreneurs

To back up her claim, Venus, in her research done at University of Wales, said female-owned businesses experienced a 77 percent growth between 1973 to 2005 in the US. In 1970, women accounted for only five percent of American small businesses; by 2003, the percentage had risen to 38 percent.

"By 2005, there were approximately 4.7 million self-employed women in the USA — an increase of 77 percent since 1973, compared to an increase of just six percent in the number of self-employed men," Venus said.

In Canada, Venus told the seminar, female-owned business had doubled over the last 15 years with an annual growth rate of 3.3 percent since 1989.

As a result, a new business class has arisen in countries such as Canada and the United States over the past decade, she said.

Venus, who visited Trinidad last week to speak to our own business women, made her observations at a seminar held at Paria Suites, South Trunk Road, La Romaine.

Over 100 women attended the one-day seminar themed, "Women & Entrepreneurship — Motivation, Support, Development." The seminar was sponsored by National Entrepreneurship Development Company Limited (NEDCO).

Some of the topics discussed were: a global perspective of women and entrepreneurship; motivation of women entrepreneurs; what does entrepreneurship mean to women and business development for women.

Business women were told that the number of females starting businesses, was rising by 60 percent faster than those run by men. Venus cited a study conducted in Britain in 1997 which recorded an increase of women entrepreneurs of 86 percent between 1991- 1997. She then compared these figures to increases in self-employed men — a mere 38 percent. And in Wales, Venus said, a study revealed that the need for independence and control had been cited by 50 percent of female owners of businesses, as being the prime motivating factor for establishing their own enterprise.

The study showed that the least motivating factors were social status, social recognition self-esteem. She said women were more likely to be "pulled" into self-employment by personal ambition.

"Personal fulfilment, self-determination, challenge and ambition are key motivating factors for women," Venus said. Just how women in developed countries made their mark in business, was discussed at length by Prof Venus.

She pointed out that better networking for business opportunities was an important factor which business women must use in order to thrive in what is a predominantly male-dominated field.

Women must also have easier access to finance, she told them .

That, Venus said, was perhaps lacking for business women in Trinidad and Tobago. "It is among the most critical needs of female entrepreneurs in Trinidad and Tobago," Prof Venus said.

Using a Powerpoint presentation, Venus said that more appropriate premises and locations, were also lacking for women venturing as entrepreneurs in TT.

She also observed that better business advice and information on business opportunities were also needed for those women involved in small and micro-business enterprises.

Venus, a member of a steering group of Women in Enterprise and which provides start-up advice and training for women, recommended that Governments remove barriers to competition, noting this would go a long way for their survival.

She also pointed out that there are too many regulations for the establishing of new firms.

To make female entrepreneurship easier, Venus argued that there should be an easier bidding process and suggested that purchasing and writing up contracts by new and developing firms should be looked at.

Venus, who has conducted extensive research on women and their entrepreneurship in the small business sector, observed that female entrepreneurs belonged to four groups : conventional, innovators, radical proprietors and domestic traders.

Conventional entrepreneurs are those who build on traditional roles within the family and set up business such as hotels, restaurants, nursery or cleaning companies. Innovators were ambitious and developed opportunities outside of their arena and often achieve a high business profile.

Radical business women, Venus said, are driven by a desire to improve the position of women in society rather than a desire to make money while domestic traders are motivated by the need for flexible working hours that fits in with their domestic responsibilities.