BMO commissioned a 2 year independent study in partnership with Carleton University and The Beacon Agency, with an objective of examining how women entrepreneurs evaluate risk differently from men, and the impact of those differences on business and the Canadian economy. The study included interviews with 100 entrepreneurs across Canada, engaged key Canadian leaders in business and government on questions arising out of the research, and reviewed global literature.
Overall, the findings of the research reveal that women entrepreneurs are not risk adverse, but risk aware. To grow and build their business, women entrepreneurs:
- make decisions that require risk to grow and build their businesses;
- take a relationship and longer term approach to business;
- take a holistic approach to calculating risk-based decisions;
- want support and advice from their bank at an earlier stage of their business cycle.
The research includes opportunities for business and the Canadian economy resulting from women’s approach and attitudes about risk, as well as recommendations focused on understanding how women approach risk with clear actions for government and industry to make a difference.
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*WPO would like to thank BMO for providing this week’s sponsor blog content.