In a Babson College survey released this week it was found that women entrepreneurs in developing countries found it tough to get ahead and weren’t reaching their full potential because they lacked confidence in asking for money.
Released Wednesday, Babson surveyed more than 3,000 participants in the 10,000 women initiative which is supported by the Goldman Sachs Foundation. The initiative mentors and provides business literacy education to more than 10,000 women who run small businesses around the world.
So, what did the data show? Well, it showed a lot of work had been done and success had been achieved in both empowering women and enabling them to establish a business – but , there were also some downsides (note: but much less than the incredible growth upside):
70% of initiative graduates reported increased revenue
Nearly 60% added employees
The majority of start-up funded was self-sourced
60% of the women did not apply for outside funding such as loans and grants even though they needed it to grow the business
22% borrowed capital from friends and family
The survey also found that one of the barriers to applying for loans or sourcing outside capital was understanding the application process and the risks involved if the business went belly up. The survey highlighted an escapable challenge:
"Because the majority of 10,000 Women businesses are growing without outside funding, it is possible that the businesses are not achieving their full growth potential,"
Goldman Sachs and 10,000 Women get a big tick from our team!!
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