New research reveals that while women in their 40s and 50s are eager to bring their own business ideas to life, many of them fail to realise such dreams due to fear of failure, lack of confidence and financial worries.
The Untapped Potential of Entrepreneurial Women report highlights the fact that 63 per cent of women aged 40-59 find the idea of running their own business appealing and 64 per cent of them have an idea for a new business and are keen to combine their education, skills and life experiences gained from raising children, changing careers and even from relationship breakdowns and family violence to launch their own initiatives.
Research Director Dr Rebecca Huntley said that contrary to the popular and stereotypical perception that entrepreneurial success is primarily driven by young founders in their 20s, international research had found that successful start-up founders were often aged between 35 to 45. She added that this demonstrated that middle-aged and even older individuals have a substantial presence in the start-up world and can achieve remarkable success.
However, the research found that 78 per cent have admitted to having yet to take action in realising their aspirations, with financial concerns (83 per cent), a fear of failure (81 per cent) and a lack of confidence (78 per cent) identified as major obstacles.
In relation to the research’s findings, the Council of Small Business Organisations Australia (COSBOA), through Commonwealth funding, has developed a program called Enterprising ME that will enable women to realise their dreams of starting their own businesses, regardless of their age or life stage.
COSBOA CEO Luke Achterstraat said Enterprising ME was an expansion of the successful Accelerator for Enterprising Women program, which offers four key initiatives to empower and support female entrepreneurs already on their journeys to achieve success. It will also offer online, educational resources on key themes like business basics, brand building and managing money, act as a networking platform, and allow women to access virtual mentoring.
“Enterprising ME is accessible and relevant for women at all stages, whether they are a young woman starting their career, a mother juggling family, career and life, or someone with a seed of an idea, or a desire to pursue entrepreneurship but is unsure how to begin,” Achterstraat said.
