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Differences between Men anD woMen in business Most small business owners agree that starting, owning and running a business comes with its difficulties, and women owners specifically often face different challenges than their male counterparts. That's according to a new study that found that despite the many hurdles to overcome, 85% of female small business owners say they would dive into small business ownership all over again if giv- en the chance. Their level of satisfaction is especially evident when asked about their exit strategy: • Fewer women (16%) than men (21%) will consider selling their business to the highest bidder. • More women (21%) than men (17%) report leaving their business to their children or relatives as opposed to an outside source. Commissioned by Bank of the West and conducted online by Harris Poll in May 2014, the "Pay It Forward" sur- vey provides valuable insight into the world of small business ownership from a woman's perspective, including what matters most in starting a business, how to manage and grow a business and how to prepare for business ownership. More than 500 small business owners, 207 of which were women, in operation for five years or more were polled. Getting a business off the ground is a serious undertaking for people aspir- ing to be their own boss, but women are especially keen on jumping into owner- ship. Statistics even suggest that female- led businesses are one of the fastest growing types of small businesses in the United States.[1] Before taking on this responsibility, the survey revealed, women perform their due diligence. This is evident in the way women ap- proach starting a business, as compared to men: • A significantly higher percentage of female small business owners report they took business classes (35% of females vs. 26% of males). • More female business owners (31%) conducted Web-based research compared to just 21% of male small business owners. Although women put in more effort to prepare, female business owners shared that they did not fully immerse them- selves in knowing the economic ramifi- cations involved in starting a business. In fact, only 39% of women (compared to 51% of men) understood the financial implications completely or very well. Be that as it may, according to the National Women's Business Council, once women- owned businesses get off the ground, they often grow faster than male-owned busi- nesses. [2] The "Pay It Forward" survey also shed some light into the difference in opinion men and women have in seeking the ad- vice of others on managing, growing and protecting business assets. Compared to their male counterparts, a significantly higher percentage of female small busi- ness owners rate the advice of certain people to be extremely important: • 47% of females versus 35% of males believe the advice of an accountant is im- portant. • 29% of females versus 21% of males believe the advice of a financial advisor is important. • 28% of females versus 21% of males believe the advice of an attorney is impor- tant. Along the same vein, the majority of female and male small business owners named financial advisors among the top three subject matter experts for someone just starting their own business. How- ever: • A significantly higher percentage of females (44%) listed financial advisors as the most important asset. Only 35% of men share the same sentiment. • 26% of males listed technology ex- perts as the most important asset to start- ing a business, compared to just 18% of females. [1] "Venture Capital, Social Capital and the Funding of Women-led Business- es," SBA.gov, April, 2013. [2] "Women-owned businesses start smaller, but add jobs faster," MarketWatch, Sept. 5, 2014. MA OILBURNER LICENSE CLASS – 4 HOURS NOVEMBER 7, 2014 BECKETT TTC, FISKDALE (STURBRIDGE), MA NORA BRONZE OIL HEATING SCHOOL - NIGHTS – 10 WEEKS BEGINS JANUARY 26, 2015 BECKETT TTC, FISKDALE (STURBRIDGE), MA MA OILBURNER LICENSE CLASS – 4 HOURS FEBRUARY 7, 2015 BECKETT TTC, FISKDALE (STURBRIDGE), MA GAS HEATING SCHOOL - NIGHTS – 5 WEEKS BEGINS FEBRUARY 2, 2015 BECKETT TTC, FISKDALE (STURBRIDGE), MA MA OILBURNER LICENSE CLASS – 4 HOURS APRIL 10, 2015 BECKETT TTC, FISKDALE (STURBRIDGE), MA CONTACT: GeorGe LantHier 508.421.3490 Voice 508.421.3477 faX www.firedragonent.com www.fueloilnews.com | fueL oiL news | noVeMber 2014 21