Executive Summary
The Global Entrepreneur Equality Study underscores the crucial impact of social background, emphasizing that a family with business experience notably shapes the aspirations of female entrepreneurs in initiating and thriving in business. The study delves into the distinct perceptions of male and female role models, elucidating their effects on confidence levels. According to the study, women often look to local or community-level female role models, perceiving them as fighters against stereotypes, while predominantly viewing male role models as global figures and recognizing them as inspirational leaders. 67% of female entrepreneurs state that having a role model from their region or community is important, and 70% of female entrepreneurs prefer local role models over global ones.
Key Findings
Social background and family experience in entrepreneurship play a significant role in shaping the perspectives of women when launching their business.
The study unveiled that respondents with family members who have owned or currently own a share in a business tend to exhibit greater support for family members pursuing entrepreneurship. Conversely, participants without a family background in business often demonstrate increased levels of optimism and self-confidence.
“In Kenya, opportunities for women are scarce, and my mother’s experience is a prime example. She spent her entire life in the slums with no idea of running her own business. I didn’t initially disclose my plans to my parents after graduating as an architect because I was uncertain about how to proceed with my own business. However, I had a dream – to change women’s lives here – which I shared with my friend, who ultimately became my co-founder,” stated Elizabeth Ntuda, co-founder at Gwiji
This inclination may be attributed to their lack of exposure to the challenges typically associated with family-owned businesses.
My mom is a great self-made leader, but she had no experience in running her own business. Sometimes it was easy for me to run my company because I didn’t realize how hard it actually was
Anna Bai, a serial entrepreneur from Barcelona
Challenges, when encountered, play a pivotal role in fostering resilience, confidence, and self-reliance. Moreover, personal experiences in independently starting a business contribute to enhanced mental preparedness, resilience, and confidence among aspiring entrepreneurs.
“When I started my new business, I had a strong self-belief, accompanied by a hint of naivety and delusion. However, my parents, both long-time corporate employees, tried to dissuade me due to their risk-averse perspective and wanting the best for me. As much as I value them and others, I’ve come to understand the importance of not letting too many opinions, especially from those not on a similar path, keep me from following my passion and entrepreneurial traits. Trusting my own vision and goals is crucial for forging my own way forward,” shared Lauren Windebank, founder of Roma Black and Co-founder of TRIBE from UK.
Male vs Female Role Models
Men are often viewed as inspirational leaders, while women are perceived as individuals fighting against stereotypes.
71% have identified that they have had a male role model that inspires them, whereas only 57% of participants indicate a female role model. The respondents attribute this discrepancy to a lack of representation in business, as well as concerns about the reliability and knowledge surrounding female success stories and admirable examples. 37% indicated they have both male and female role models.
For me, the experience of being in a specific location and region, and connecting with role models based on that criterion, is more important than gender
Kate Gaika, a serial entrepreneur from Cyprus
Male role models are mostly perceived as innovators, game changers, and inspiring leaders. They are recognized for their fearless approach, marked by confidence, and a willingness to take risks, make mistakes, and learn from uncharted territories.
“Many men are known for being risk-takers, and I’ve observed this tendency, which likely contributes to the higher number of male entrepreneurs. Women tend to overthink things and can be more risk averse. However, there is a growing trend of women starting their own businesses, driven by the need for greater flexibility,” shared Lauren Windebank, founder of Roma Black and Co-founder of TRIBE from UK.
In contrast, female role models are viewed as stereotype fighters, hard workers, and barrier breakers. These inspirational women demonstrate that success as an entrepreneur does not require sacrificing one’s personal life. By showcasing these examples, women are empowered to play influential roles in the tech industry, fostering positive change and contributing to a more inclusive and diverse environment.
My mom is my role model. She has worked incredibly hard to reach her current position. She went back to education and made numerous sacrifices to climb the ranks within the organization
Lauren Windebank, founder of Roma Black and Co-founder of TRIBE from UK
The impact of male and female role models on confidence differs: respondents with male role models exhibit heightened confidence, readiness to initiate new businesses, and increased optimism when discussing success and goal achievement. Conversely, the influence of female role models has the opposite effect on participants. This may be attributed to the prevalence of triumphant global stories featuring male leaders, while narratives of female role models are often marked by difficulties and the continuous overcoming of obstacles.
For instance, the study identifies Sheryl Sandberg as a prominent female role model on a global scale. An American business executive, author, and social activist, Sandberg has made substantial contributions to the field. In contrast, respondents emphasize charismatic leaders such as Steve Jobs, Elon Musk, and Jeff Bezos as exceptional examples of male role models. These leaders are lauded for their ability to build resilient teams and unite people around a shared vision.
Regional vs Global
Most female entrepreneurs prefer local role models over global ones. According to 67% of respondents, having a role model from one’s region, country, community, or family is considered important when starting a business.
If I could go back in time, I would seek out a coach or mentor. This person might not have followed the exact same path as me, but perhaps a female from the community with two children who successfully built a business
Lauren Windebank, founder of Roma Black and Co-founder of TRIBE from UK
Based on a wide range of types of people that can be local role models, almost 70% of the respondents state that they can relate more to local role models than to figures well-known globally.
“I don’t really have global role models; instead, I find inspiration from friends and my community, observing their careers. To generate new ideas, it’s essential to surround oneself with individuals from your community and diverse spheres, drawing inspiration from their character and spirit,” Vasilika Klimov, SkillUp School Luxembourg.
Female role models are not always big personalities or celebrities. Family members, teachers, and like-minded entrepreneurs can be role models too. They can inspire the community by setting an example and sharing the same “closer to the ground” experience. These communities also play roles of support and mentorship, which is crucial in the early stages of business development.
“I went through a phase where I had successful entrepreneurs as role models from my region, but ultimately, my own motivation proved to be more crucial. It’s not worth seeking motivation from external role models, as true motivation always comes from within,” shared Anastasia Tyrin, a serial entrepreneur from Spain.
Many respondents doubt others’ ability to relate to their unique challenges, citing regional differences and diverse experiences. Particularly in the tech sector, women are frequently confined to administrative roles rather than prominent positions, posing a challenge in finding inspiring female leaders for startups and aspiring leaders.
An additional significant factor is the lack of awareness regarding potential role models. Some participants argue that learning from a diverse set of examples is more advantageous than focusing on a single individual. This knowledge gap is exacerbated by the historical underrepresentation of women in the business sphere.
It is hard to overestimate the significance of role models for women. That’s why in Aurora Tech Award we aim to discover and share stories of incredible women entrepreneurs in tech in emerging markets. We hope to spotlight more women role models in tech for future generations of girls
Ekaterina Smirnova Head of Awards, Startup Program, inDrive
Respondents highlighted local role models like Barbra Mutabazi and Djiba Diallo, underscoring their influence in the communities. These figures not only empower women with their example but also serve as inspiration for others pursuing careers and fostering global connections.
Lack of Role Models
Despite the significance of role models, some individuals lack them for reasons such as unreliability, inadequate representation, or insufficient knowledge.
12% of respondents state that there have been no influential role models during their entrepreneurial journey, with many believing that others might not relate to their challenges. The diversity of local specifics makes it challenging to connect with certain influencers due to vastly different experiences.
It’s difficult to relate to other female/male leaders as there are lots of them, but none seem too significant or influential
Anna Bai, a serial entrepreneur from Barcelona
About the Study
The Global Entrepreneur Equality Study, conducted by DUAMENTES for the Aurora Tech Award, powered by inDrive, a special prize created for women founders promoting equality in tech entrepreneurship, covered over 200 female entrepreneurs. The study took place in October-November 2023 and spanned 40 countries, with the five most represented being Pakistan, Nigeria, USA, Germany, and Brazil. 60% of respondents are under the age of 40, and the most represented business sectors include Education, Healthcare, and IT. 70% of the participants are represented by startups with 10 or less employees.
This report is a part of DUAMENTES Global Diversity Studies, with a strategic mission for its expansion into various significant areas.
Research Design
The research design comprised three main stages:
- Online survey with hypothesis exploration on the significance of role models, social background, and other factors for female entrepreneurs.
- A focused survey on the importance of role models.
- Qualitative Interviews with over 10 in-person interviews with female entrepreneurs to gain insights into the importance of regional and global role models.