Women business owners value creativity and innovation during a downturn

9 Aug

Female entrepreneurs may avoid taking huge risks, but are willing to try out new ideas and approaches to growing their businesses, are creative during a downturn, and are in business for passion rather than money.

That’s according to the findings from the first PNC Women Business Owners Outlook, a survey carried out among 1300 women business owners in the US between 30 March and 11 May 2011 (ahead of the US losing its AAA credit rating).

Eight out of 10 of the business owners surveyed said they anticipated growth over the next two years – and only 7% said they planned to sell. The majority prefer to avoid risk, with just 39% willing to accept moderate risk to grow their businesses.

However, more than half (56%) said they would rely on new ways of doing things rather than sticking with what has worked in the past. While 62% rely on their own ideas, 45% would make a decision  using their intuition – with 55% preferring to take an analytical approach to their decisions.

Interestingly, just 22% said there were in it for the money, with 45% citing ‘passion for their business’ as a top reason for running their own company.

Beth Marcello, director of women’s business development at PNC Bank, said: “Creativity is paramount for a business to navigate through a down period. Our findings validate the value that women business owners place on creativity and innovation. Their willingness to try new ideas can result in new products or services, social media marketing tactics, or even expansion into international markets.”


2 Responses to “Women business owners value creativity and innovation during a downturn”

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: