A new study has recently revealed that a significant majority of women feel that they do not have the right skills needed in order to start their own business.
The survey, which was conducted by Domino’s Pizza, showed that 74 per cent of women have never tried to turn their ideas into a business because of the belief that they lack the abilities needed to start a business.
About 50 per cent of woman said that they fear will fail in their endeavor, while over a third of the respondents admitted that they feared making mistakes.
The study showed that many of the barriers that women face in starting up a business are psychological, some of the worries are quite real too.
According to Domino’s, about 80 per cent of new businesses failed within their first five years. But franchises offered greater security – with only five per cent of new franchisees closing down.
Domino’s executives said that franchising carries less risk, it can give a quicker return on your investments and it ensures the freedom of working for yourself while also reaping the benefits from an already recognizable brand name (you don’t have to work as much to gain publicity for the brand), support network and business model. It is also considered a safer route to business ownership.
Company formation and business solutions experts say that the diverse business opportunities that are open to women might further encourage them to reach beyond their fears and try their hand in starting a business on their own.