Self doubt a major issue for female entrepreneurs

A third of female microbusiness owners doubt their own achievements.

Data from banking group RBS’S new Microbusiness Index found 33% of female entrepreneurs suffered from what it described as “imposter syndrome”.

It describes a person’s feelings of anxiety, nervousness and discomfort over their business accomplishments despite having a tangible record of achievement.

Other key findings, the first by RBS to look at firms with turnover of less than £500,000 and fewer than nine staff, include that micro firms make up over 94% of Scotland’s business base and 80% of those operate as sole traders.

It found financial gain was only one of several motivational factors, including passion, greater flexibility and market opportunity, cited by owners when asked why they had set up on their own.

“Our research shows that Scotland is a nation of hardworking, multitasking microbusiness owners who need more support to continue to grow and thrive,” RBS head of business development Scotland, Paula Ritchie, said.

“The rise of femaleled microbusiness is particularly striking and something which should be celebrated.”

Meanwhile, CBI director general Carolyn Fairbairn has called for greater support for medium-sized businesses (MSBS) as the UK looks to tackle its productivity challenge.

“If the UK economy were a car, MSBS would be its engine,” Ms Fairbairn said in a speech.

“They make up only 2% of firms in the UK, yet they provide one in every six jobs, and generate nearly a quarter of private sector revenue.

“And right now, we need our engine working at full throttle.”