Even some of our most successful female entrepreneurs don’t feel visible, according to a survey of female businesswomen across the Asia Pacific.
At a time when we know seeing visible female role models is essential for encouraging girls and young women into entrepreneurial work, it’s disappointing to see that just 10% of those surveyed by EY felt they were ” very prominent” – despite the 15 Australians alone in the study of 142 respondents generating more than $5 billion in revenue in 2015.
No doubt part of the problem stems from the fact media outlets and conference organisers continue to overlook women when seeking out spokespeople and talent. It’s a vicious cycle that sees those more familiar with such opportunities – usually men – called upon over and over again. Just last week we saw it at CeBIT, with one panel session in its Financial Technology Conference featuring five men and no women (well done to one such panelist, Blue Chilli’s Alan Jones, who upon discovering the imbalance immediately put out a call for a woman to take his place).
But the EY study found almost half of the women (43%) surveyed spend less than 10% of their time promoting themselves.
In today’s market, an individual behind a great business can do a lot for extending the reach of their brand. It’s their story that captures attention. Their story that sees customers find loyalty and connection with the product or service they’re offering.
It’s also these stories that inspire the next generation.
The EY study also found the female entrepreneurs surveyed are seriously ambitious. Ninety per cent reported they plan to scale their businesses, with 60% looking to grow internationally and 16% working toward an IPO.
Meanwhile, 58% said they have explored external financing options, but 74% said they found the process “intimidating”.
The fact such a high volume of these leading entrepreneurs would tick yes on the term “intimidating” is concerning regarding the much needed funds women require to build scalable businesses. One such issue could be the fact 53% lack a clear exit strategy, something EY says many investors need to understand before providing finance. Meanwhile, only 35% said they have a network of trusted advisors available for help.
The study was undertaken as part of EY’s Entrepreneurial Winning Women Asia-Pacific program, which sees a selection of well-establishing women-led businesses given access to resources and connections to help become global market leaders.