Study shows gender divide in business

According to Industry Canada, entrepreneurs now tend to be older and have a lot more business experience than the average worker.

A recent study showed almost half (48.4 per cent) of all owners of small- and medium-sized enterprises are aged 50-67, while only 12.2 per cent are under 40.

But, are there differences among these new older business owners when it comes to gender?

Female entrepreneurs tend to focus more on longterm relationships, building and designing their businesses to grow over time.

Men, on the other hand, have a propensity for rapid growth and preparing for a future sale of the business. They tend to look for a means to generate future opportunities and measure their success by monetary gain.

Women, however, want to be business owners to create more freedom, flexibility and family time, and they tend to feel more confident about multi-tasking and managing every aspect of the business, as compared with their male counterparts in the same age bracket.

While self-employment isn't for everyone, and certainly not for the faint of heart, Canada needs entrepreneurs. They drive the economy by creating future products, services and jobs.

If you're a seasoned business owner or about to become an entrepreneur, it's a good idea to establish an annual business plan that clearly outlines how your business will function and grow.

Most entrepreneurs use their savings to start their business, but now is a good time to consider other ways of sourcing capital. Commercial lending rates, just like residential mortgage rates, are at an all-time low.

It's important for you to find a good financial partner within your commercial bank — someone who has experience and can provide a formal written financial plan to include both business and personal assets so you can see the full picture of how to build your business, your wealth and your future well-being.

Demand a higher level of service. You want a comprehensive approach, regular contact, and good banking services and products for your personal and business needs.

You're working hard at building a business, so get the banks to work hard to get your business.