The Motivations of Female Entrepreneurs
The third infographic of our series based on data from the Kauffman Foundation’s report Sources of Economic Hope: Women’s Entrepreneurship explains why entrepreneurs don’t quit.
The hurdles are many when launching a business or venture. What keeps entrepreneurs going is the creative potential in pursuing their wildest dreams. The most common reason for starting a business is the founder’s desire to capitalize on an idea.
Entrepreneurs identify factors that have contributed to their success to varying degrees. However, the most important factors consistently involve learning from the past.
Lessons learned from previous success is tied with prior industry work experience as the most common success factor in startups.
What is notable is that learning from past mistakes is a very close third. 88.2% of respondents state that learning from wins is important, while 87.3% agree that learning from failures is also so.
Those who are truly motivated will turn “failure” into an advantage–seeing it as more of a growth map than a defeat. Founding a company requires immense determination. Those who are successful turn setbacks into opportunities to refine their goal.
The last part of our infographic explores how failure is experienced by women and men. Short summary: women value hard work whereas men trumpet self-confidence.