By: Brittney Helmrich
Published: 07/11/2014 08:43 AM EDT on BusinessNewsDaily
Female entrepreneurs might be outdoing men when it comes to running successful businesses this year.
About 40 percent of women surveyed started running their business within the last five years, and nearly 70 percent of them expect their revenue to increase this year, according to Bank of America’s spring 2014 Small Business Owner Report.
While 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, 18 percent of women said they think they have more access to clients than men do.
Moreover, the survey found that women plan to hire more than men do: 56 percent of women plan to hire more employees this year, as opposed to 50 percent of men, and 68 percent of women expect their business to continue growing over the next five years. [5 Industries Where Women-Owned Businesses Survive Longer ]
The survey also found some interesting differences between female entrepreneurs and their male counterparts. When asked about their key character traits, 58 percent of women considered multitasking to be a strength, versus only 40 percent of men. Women were also 10 percent more likely to list creativity and 5 percent more likely to list empathy as key character traits for employees. On the other hand, 30 percent of men listed confidence as their strongest attribute, as opposed to only 24 percent of women.
While 72 percent of small business owners admitted they’ve made significant personal sacrifices in order to run their business, the results showed that the sacrifices female entrepreneurs make are significantly different from those of their male counterparts.
According to the findings, women are more likely to sacrifice time for themselves and their social lives for their businesses, whereas men are more likely to sacrifice time with their spouse and time with their children. Women are also more likely to hire their children, while 27 percent of men said that it would be better if their children did not work for their business.
Despite these differences, both men and women cited “not spending enough time with my loved ones” as their top regret. They were also in agreement about their greatest accomplishments: having enough money to support their families, being their own boss and doing what they love.
Originally published on Business News Daily.