DIFFERENCES BETWEEN FEMALE AND MALE ENTREPRENEURS' USE OF BOOTSTRAP FINANCING

Lynn Neeley · Howard Van Auken

73 citations0/0 files storedJournal of Developmental Entrepreneurship

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Entrepreneurship Studies and Influences Working Capital and Financial Performance Financial Literacy and Behavior

Abstract

Women-owned businesses are increasingly important to the U.S. economy in terms of numbers of firms owned, revenues and employment. Despite the growing role of female-owned business, the ownership, growth and size of female-owned firms is lower than that of male-owned firms. Differences in access to capital have been one reason attributed as an obstacle to women launching and growing small firms. This paper presents the results of an empirical study that examines differences of the use of bootstrap financing between female- and male-owned small firms. Research on the use of bootstrap financing among small firms is limited. The findings show that bootstrap finance methods were similar among female- and male-owned small firms; however, differences were found relative to age, education, sales and overdraft privileges. The results have implications for female entrepreneurs, support persons or agencies and government agencies providing assistance. Female owners should become more informed about financing options available beyond the traditional sources of capital. During periods of declining sales, especially during recessionary periods, female owners may rely on bootstrap sources to supplement capital needs, as well as proactively developing contingency plans for accessing bootstrap capital. These policies could be incorporated into training programs for female business owners. Educators and consultants could help female owners better understand financing alternatives and the importance if developing contingency plans. Government policy may be able to alleviate capital shortages through programs that better inform female entrepreneurs about the capital acquisition process.

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References

2002Social Capital: Prospects for a New Concept 1984The Capital Structure Puzzle 2004Entrepreneurial orientation and small business performance: a configurational approach 1984The Capital Structure Puzzle 2004Frontiers of Entrepreneurship Research 1992Research on Women Business Owners: Past Trends, a New Perspective and Future Directions 1991Entrepreneurship Theory and Practice 2003The financing of business start-ups

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