Are There Differences Between Male and Female LNCs?

Funding: It makes a difference

According to Bank of America‘s Spring 2014 Small Business Owner Report:

Nearly one-third of the women surveyed said they think they have less access to capital and new business opportunities than male small business owners do.

Other studies demonstrate that women face significant disadvantages in getting funding for a new business. Discrimination by banks and venture capitalists can prevent them from getting needed financing.

This discrimination is triggered by a perception that women are less entrepreneurial than men. In practical terms, they may have less experience in business, less of a track record for financing and lack of assets for collateral.

Because of these disadvantages, it’s common for women to finance their business with savings from previous careers, current jobs or to use their credit cards. This personal investment is an inherent risk and may lead women to be more deeply committed to their business success.

Motivations for Becoming Entrepreneurs

Men typically see an opportunity and then act on it. While men focus primarily on making money, more women than men want to feel self-fulfilled. They care about their clients and feel some sort of societal responsibility as well.

They want to make products that benefit families, communities, and societies. They want to make a difference in the world.

Women are also more likely than men to identify market arenas that relate to needs in their lives: health and beauty, exercise, food, employment services, and related areas.

(However, it’s difficult to identify how much their exclusion from traditionally “male” areas such as heavy and technologically intensive industries influences these choices.)

Management Styles

Women are more likely to run their businesses democratically, considering the growth of others in the organization as well as their own. They tend more to share in decision-making, with a focus on team orientation. They share knowledge with their staffs. Strong relations are part of success for them.

Women-owned businesses are more likely to offer family-friendly benefits, such as job sharing, parental leave, and telecommuting. A small women-owned LNC business may offer benefits that they are not obligated to (based on size) because they feel that these employee-supportive practices reduce turnover and absenteeism and increase productivity.

Being used to doing everything themselves, women have more difficulty in delegating tasks. Despite this, they have an easier time than men in asking for help when they need it. They like to get feedback in looking for a solution.

It has been found that women focus more on product quality; while men focus more on customizing and being cost-efficient.

While men are more likely to attribute business difficulties or failure to the market, economy, or employee issues, women tend to blame themselves.

Women and men differ in some key personality areas:

• Multitasking: 58% of women consider this a virtue as opposed to 40% of men.

• Creativity: Women are 10% more likely to favor this.

• Empathy: Women are 5% more likely to consider this a strength.

• Self-confidence: 30% of men consider this their strongest quality, but only 24% of women do.

Business vs. Personal Lives

Both male and female LNCs make sacrifices in order to have their own businesses, but the nature of these sacrifices shows a gender difference. This may be related to training and orientation.

Many men may have been focused on the idea of having their own businesses since adolescence. Female nurses are more likely to have begun as employees in the healthcare world, then moved into marriage and family, and after that become entrepreneurs.

Because family has for many women been a primary focus, they are less likely to give up family time for their business. Rather, they make more personal or “me” sacrifices, giving up time for themselves and their social  lives. Men tend more to give up time with spouses and children.

Although I have not seen any studies specifically about the differences between male and female legal nurse consultants, some of the differences in this blog may be applicable.

For more great tips about being an entrepreneur, check out this blog; 3 Hard Lessons I Learned as an Entrepreneur.

• Do you want to differentiate between cold, warm and hot prospects so you spend your marketing time most effectively?
• Do you want to know the best model for your business, whether you are starting or building it?
• Do you want to create a referral program that encourages others to lead you to your ideal client – and it is not what you think!