How Australian Women Entrepreneurs are Defying the Odds to Build Successful Businesses
One-third of Australian businesses are led by women, and this number is steadily increasing. Women entrepreneurs in Australia are not only more educated than their male counterparts but are also pioneering innovations in social impact and environmental sustainability. However, significant barriers persist, including gaps in opportunities, networks, resources, and investment.
Key Findings from the Women’s Agenda Report
A new report from Women’s Agenda, in partnership with Commonwealth Bank and CommBank Women in Focus, sheds light on the challenges and opportunities for women entrepreneurs in Australia. The report, which surveyed over 1,000 women business owners and startup founders in April 2024, highlights the following:
- Optimism and Determination: Despite the challenges, 75% of respondents are focused on expansion, and over half plan to hire new talent within the next year.
- Social Impact: A significant 56% of women-led businesses are dedicated to making a positive impact in areas such as care, health, social justice, and combating family violence.
- Economic Challenges: Inflation and the cost of living are major hurdles, with 74% citing these as primary challenges to growth. Additionally, over a third of respondents feel that current government policies negatively impact their businesses.
- Talent Shortages: More than one in five women entrepreneurs are struggling with finding and retaining talent.
- Gender-Based Barriers: Bias from prospective investors and unpaid care obligations are additional burdens for women founders.
Expert Insights and Strategies
Julie Mathers, CEO of Snuggle Hunny, sees current economic challenges as opportunities for entrepreneurs to become more focused on their businesses. She believes that surviving the current “storm” will make businesses stronger and more resilient.
Dr. Elaine Stead, a venture capitalist with Main Sequence, emphasizes the importance of networks. She advises women entrepreneurs to leverage their networks for support and survival during tough economic times. She underscores that the first priority for small business owners should be to survive the immediate challenges before focusing on growth.
Opportunities and Support Networks
The report highlights that access to networks is the top driver of success for female founders. Over 80% of respondents identified their biggest support as a network that includes other women entrepreneurs, stakeholders invested in their success, and supportive personal connections. This finding underscores the importance of relationship-building in business.
Conclusion
Despite facing numerous challenges, Australian women entrepreneurs are demonstrating resilience and optimism. Their commitment to innovation and social impact, combined with their determination to overcome barriers, is driving their businesses forward. The findings from the Women’s Agenda report reveal that with the right support, networks, and resources, women-led businesses can thrive even in challenging economic climates.
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