The old Mars versus Venus debate is back and this time it’s in the business arena. Traditionally, men have always had an edge over women in running businesses- more men own businesses and high revenue businesses are mostly controlled by men. So why ask this question? With many women rising to break the glass ceiling and proving that gender has nothing to do with success, it is indeed a valid question. Women are showing that they can handle business as well as men, if not better.
The rise of women in business: Why women are better at calling the shots
The last few years have seen a steady rise of women-owned businesses in the country. From startups to corporate giants, a number of women CEOs run companies. Business is no longer male-dominated. According to a 2013 report by American Express OPEN, women own 8.6 million businesses in America. Moreover, women-owned businesses have grown by 59 percent between 1997 and 2013 and this trend is set to continue in the next few years. As more women step into the business game, it brings us back to the question: Are women better at doing business? Here are five areas where women fare better than men, research has confirmed. All of them are important in the task of running a successful business. The findings may just about convince you!
Women were rated as better leaders than their male counterparts in a 2011 study carried out by Zenger Folkman Inc., the Harvard Business Review reports. Women score higher than men in most of the competencies critical in leadership, scoring high in qualities like taking initiative and pushing hard for results.
2. Decision making
The fairer sex lives up to their name. Research shows that women bosses are fairer than their male counterparts when it comes to making critical decisions in the company. A study by the International Journal of Business Governance and Ethics found that women leaders involved others in the decision making process and companies that had female board members were more successful, reports The Daily Telegraph.
3. Financial emergencies
A 2013 HSBC study has found that men are more likely than women to touch their retirement savings when faced with a financial crisis. More women also considered economizing as a possible means of dealing with financial crisis, the study adds. Going by this study, women seem to be better financial planners, a quality that is vital in business.
4. Credit management
A study by the American Association of University Women shows that women may just be better at handling debt than men, says a report by CBS News. While men and women are equal in terms of average credit scores, men tend to have bigger mortgages and higher incidents of late payments.
5. Social responsibility
Women leaders are more likely to contribute towards activities that have a societal impact. The 2013 U.S. Trust Insights on Wealth and Worth reveals that female entrepreneurs love to give back to their community, Forbes reports. Philanthropy plays a big part in the financial portfolio of women leaders, more than men.
An article by American Express further makes the case for women, citing five reasons on what makes women more effective bosses than men- they are better at communication, better at fostering relationships, have got stronger business ethics, they are more patient and better at triggering passion in employees.
Women have always excelled in the corporate sector, but their numbers in top positions have been dismal. But these studies show why women may be better business handlers and how they make more successful leaders as compared to men. Some of the findings may have come as a surprise- traditionally men have been more driven and forward in taking the initiative but women outscore them in these two areas!
It’s not just in the big businesses that women are thriving. Driving for growth is also one of the characteristics of women who own small businesses, the Hartford small business report shows. The 2013 study showed that when it came to small businesses, women displayed more desire for growth than men owning similar sized businesses.There’s also increased optimism in women owners who operate small businesses, the study adds.
As the future for women-owned businesses seems bright, one thing is clear: In a tough business environment, women are no less and the numbers are out there for all to see. Can women handle business better than men? I think you know the answer!
About the Author: Elvis Donnelly is a father of two who works from home. He is a voracious reader and like to keep abreast of current affairs on personal finance, technology and innovation. In his spare time, he loves taking on home improvement projects and considers himself a closet chef.
“All Rights Reserved. Elvis Donnelly is the original Author and womenofhr.com is the authorized publisher of this content. Unauthorized republishing of this content will result in violation of Copyright laws. Doing the same may lead to the initiation of legal proceedings by the Author and/or Publisher. However, you are allowed to like, tweet, share or promote the article link in your network without prior permission.”