Women drawn to challenge of owning a business: BMO

By Staff | July 23, 2013 | Last updated on July 23, 2013
1 min read

When it comes to the battle of the sexes, men are more likely to become businesses owners by starting their own businesses (65%, compared to 56% of women). So says a new study by BMO.

Women, on the other hand, are more likely to become business owners through a promotion (13% vs. 7%) or taking over the family business (21% vs. 15%).

Read: Majority of women are breadwinners

There were also differences when it came why they start a business.

Men Women
Doing something they are passionate about 79% 89%
Being their own boss 78% 78%
Making money 78% 71%
The challenge of owning a business 68% 82%

“Women seem to be drawn to the challenge more than men,” says Steve Murphy, senior vice president, Commercial Banking, BMO Bank of Montreal. “It’s clearly having an impact, with more women opting for self-employment.”

Read: Help female entrepreneurs grow their businesses

There were also pronounced differences in the sectors where people operate. Men are more likely to run businesses in the manufacturing (11% vs. 5%), construction (11% vs. 6%), or automotive (6% vs. 1%) sectors. Meanwhile, women are more likely to be in retail (14% vs. 7%) or hospitality (9% vs. 4%).

Also read:

Women-led businesses not reaching potential

Glass ceiling persists in Canada

CRA cuts red tape on small biz

Advisor.ca staff


The staff of Advisor.ca have been covering news for financial advisors since 1998.