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Guidance supporting Europe’s aspiring entrepreneurs
Policy and practice to harness future potential

5.6.2. Women
Women have specific guidance needs because of the ‘gendered’ barriers they
face in setting up businesses. Appropriate guidance can also significantly
increase the survival rate of companies set up by female entrepreneurs. In
Germany, for example, training designed specifically for women led to business
survival rates of around 80% compared to an average of 30% on normal courses
(Johnson et al., 2008).
For this reason, a number of studies indicate that women who are aspiring to
be entrepreneurs need support specifically targeted at women such as financial
incentives, mentoring, links to business networks, and role models. Women can
experience difficulties in dealing with banks and entering informal financial
networks, so they need information and guidance on business finance. The
balancing act related to the reconciliation family and work life is another barrier
for some potential women entrepreneurs. The lack of access to networks that
provide information, advice, and business contacts is another concern, and links
to business networks, contacts and peer support are vital. More than anything,
many women lack a belief in their own skills as entrepreneurs: female
entrepreneur role models may be an effective method of showing that women
can be skilled and successful in ‘doing’ business.
A study in the UK found that prospective women entrepreneurs need
appropriate finance mentoring and coaching and access to ‘networks’ or social
capital (Prowess National Policy Centre, 2008). They also need greater
incentives to move into enterprise than their male counterparts: these may
include measures such as role models, as well as tax relief on childcare.
Research has shown that women find mentoring, in particular, attractive,
preferring more 'transformational' support which is long-term, relational and
holistic’ (ibid.). Mentoring support for women was found to be most effective
when provided by peers, and when mentors were experienced and well-
connected, matched carefully to their mentees, and when e-mentoring was
complemented by face-to-face support (ibid.).

5.7. Summary of ways to improve career management

5.7.1. General assessment
This chapter discovered that there are various self-management and guidance
strategies, tools and practices available that can be helpful to the career
development of aspiring and new entrepreneurs. Sometimes the impact of such
interventions on the career management skills of entrepreneurs is direct (e.g. in

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