Women Leaders Have More Business Confidence Than Men

According to PNC's most recent Economic Outlook Survey, women in the US are claiming to be more confident about running their businesses compared to men.

Survey results showed that while 69 per cent of women and 73 per cent of men were hopeful towards their business prospects when it comes to confidence towards running a business, women outranked men.

The report exposed that 12 per cent more women than men felt optimistic and comfortable leading a company, with 69 per cent of women saying that they have leadership confidence compared to 57 per cent of men.

The Director of PNC Women's Business Development, Beth Marcello said: "It stands to reason that those sentiments, together with a few key resources — professional networks, improved access to credit and the agility to navigate the economic landscape — all contribute to a level of confidence that is driving continued optimism this year."

The survey results align with the outcome of last year's responses. In 2022, for every 10 women business owners, eight expressed that they were feeling extremely confident in their company's success.

Nearly five out of 10 women leaders credited their business confidence to their own hard work and determination.

The PNC report also highlighted how women business leaders are more likely to be engaged in small groups like, the Small Business Administration, Chamber of Commerce, and other professional groups compared to men-owned businesses.

In regard to results that suggested eight in 10 women-led businesses are more likely to become involved with business development organisations,

The director of PNC Women's Business Development said that it is "not surprising".

Compared to the 83 per cent of women-owned businesses that are involved with external development organisations, just 64 per cent of male-led businesses were also engaged.

"Women often credit the benefits of a strong network to winning new business and finding new and better ways of doing business. PNC's relationship with organizations such as global non-profit Coralus and the Women Presidents Organization are examples of how PNC directly supports that network building," she added.

Out of the female leaders who feel optimistic towards their future business objectives, 65 per cent said they felt confident because they expected an increase in sales and 56 per cent predicted that they would see an increase in profits within the next six months.

The PNC survey also found that an overall majority, 57 per cent of women leaders, said that they are planning to moderately increase their prices over the next few months.

"These are just a few indicators of how women are thinking as they make decisions for their businesses heading into 2024," Marcello said.

"While some of their optimism may be tested as they are faced with continued high inflation and a potential recession, there is strong evidence that they are prepared," she added.

Last year's PNC survey marked the first time that women were overtaking men when considering new loans and investments to support business growth.

The trend has continued in the report for 2023, highlighting that 26 per cent of women-owned businesses are planning to seek a near-term business loan or line of credit – compared to 23 per cent of businesses owned by men.

PNC's Director of Women's Business Development explained: "While this data could simply reflect changes in the way women are conducting business, it's evidence that fewer women are intimidated by the traditional process of gaining access to credit for their businesses."

PNC noted that decades of research and work towards gender parity in business have contributed to the mounting progress made by female-led companies.

An increase in attention to the resources that have been made available to women who own businesses has also resulted in women feeling more confident in their businesses compared to men.