Women who start their own businesses report a significant boost in confidence, resilience, and self-belief despite many feeling the stress of ‘entrepreneurial load’, according to new research from Small Business Britain, in partnership with Starling Bank.
The research, gathered from 1,000 female entrepreneurs to mark International Women’s Day on 8 March, found four in five (80%) feel more confident in their abilities after launching their business, with 87% feeling happier. However, respondents acknowledged the demands on their time, with 60% struggling to switch off from work and 39% reporting stress and exhaustion.
The findings shed light on the transformative impact of entrepreneurship, not only on the UK economy but on the personal growth and professional development of women leading many of the nation’s 5.5 million small businesses. Yet while female entrepreneurship continues to make a powerful economic impact, estimates suggest up to £250 billion could be added to the UK economy if women started and scaled new businesses at the same rate as men.
“Starting and growing a business is empowering and exciting for women. Entrepreneurship builds resilience, confidence, and an incredible sense of achievement,” said Michelle Ovens CBE, founder of Small Business Britain.
“While there are undoubtedly challenges – including a lot of extra responsibilities to juggle that can often fall disproportionately onto women – female entrepreneurs aren’t looking back. Our research shows they love the flexibility, freedom and joy that running a business brings. With female-led businesses having such a tremendous impact on the UK economy, and representing so much possibility too, we must ensure women have access to all the support they need to drive this confidence and growth even further forward.”
With two fifths of women (40%) are driven to start up their business to pursue a passion, the key benefits of entrepreneurship were found to include:
- Greater flexibility – 72% of women said running their own business has given them more control over their time and working life
- Sense of achievement – 64% feel they’ve grown and developed, with 62% building new skills, and 59% feeling more fulfilled and proud of achieving things they didn’t think possible previously
- More Freedom – 47% say they have more autonomy over their future and 59% have more creative freedom
While starting a business appears to bring significant benefits for female founders, over a third (39%) also report stress and exhaustion, compounded by wider economic challenges and the extra ‘entrepreneurial load’ or running a business. Almost two thirds (64%) said their business takes up a lot of headspace and 60% struggle to switch off from work, while 58% admit to working weekends and (39%) longer hours.
Overall 72% female business owners feel confident about the future of their businesses this year, despite many (45%) citing sales generation and high costs (42%) as continuing headaches.
Maria Vidler, Chief Customer Officer at Starling Bank, said: “At Starling, the only UK bank founded by a woman, we’re proud to support female entrepreneurs who are building their own businesses and boosting their confidence and resilience.
“This research underscores the vital role female entrepreneurs play in the UK economy, driving innovation and economic progress, and helps us understand what they need. With 500,000 UK SMEs as Starling customers, we want to enhance our business products and services to support this vital constituency.
“The growth of female-led businesses benefits individuals and the nation as a whole, and we’re committed to providing women with the tools and resources they need to succeed on their entrepreneurial journeys.”
Keisha Ehigie, founder of Imagine Me Stories – a diverse subscription-based children’s book service in Essex said: “Running my own business has been one of the most empowering experiences of my life. It has boosted my confidence, challenged me in ways I never expected, and given me a deep sense of accomplishment.
“The flexibility and freedom are incredible, but there’s no denying the pressure and long hours that come with it—especially in today’s economy. Despite the challenges, I wouldn’t trade it for anything. The resilience, skills, and community I’ve built along the way make it all worthwhile.”
Small Business Britain has a stated mission to increase the number of female small business owners from 15% of all entrepreneurs to 30% by 2030. As part of this mission Small Business Britain will be working with Starling Bank to offer a range of support for female founders across the country.