Sydney, Oct 18: The fear of failure, lack of confidence, and financial concerns are holding back Australian women in their 40s and 50s from pursuing their entrepreneurial dreams, ultimately costing the Australian economy, according to a new study.
The research, titled “The Untapped Potential of Entrepreneurial Women,” revealed that women in this age group are brimming with ideas for launching their own businesses, drawing on their education, skills, and life experiences, including raising children, changing careers, and overcoming relationship breakdowns and family violence.
The study found that 63 percent of women aged 40-59 were attracted to the idea of running their own business, with 64 percent having specific business ideas.
However, a significant barrier to their entrepreneurial aspirations is their fear of failure (81 percent), lack of confidence (78 percent), and financial concerns (83 percent).
As a result, 78 percent of these women have taken no action to pursue their entrepreneurial goals, representing missed economic opportunities.
The report challenges the stereotypical image of entrepreneurs as young individuals and highlights that successful startup founders are often between the ages of 35 and 45, debunking the misconception that entrepreneurship is primarily the domain of young people.
To support and encourage these potential entrepreneurs, the Council of Small Business Organisations Australia (COSBOA) has developed “Enterprising ME.” Funded by the Commonwealth, this program expands upon the successful Accelerator for Enterprising Women initiative, offering various resources to empower and support female entrepreneurs across different stages of their entrepreneurial journeys.
“Enterprising ME” provides accessible and relevant online educational resources, covers key themes such as business fundamentals, brand development, and financial management, offers networking opportunities, and facilitates virtual mentoring for women looking to explore or build on their entrepreneurial aspirations.
This initiative seeks to provide support to women in all stages of their careers and lives, whether they are just starting out, juggling family and career, or have a budding entrepreneurial idea but are uncertain about where to begin.
The report’s key points emphasize the need to address these barriers and empower women to unleash their entrepreneurial potential.
The full report, “The Untapped Potential of Entrepreneurial Women,” is available for reference on the Enterprising ME website.
Meanwhile, Australia is ranked as the 25th best country for remote work, according to a study by cybersecurity company NordLayer.
The study, known as the Global Remote Work Index (GRWI), evaluates the best and worst countries for remote work based on four criteria: cyber safety, economic safety, digital and physical infrastructure, and social safety.
While Australia shines regarding economic safety, it lags behind in the cyber safety and social safety dimensions.
Cybersecurity experts advise remote workers to use a virtual private network (VPN), keep devices updated with the latest software, and practice strong password hygiene.
In the age of remote work, cybersecurity vigilance is considered essential to safeguard data and protect organizations from evolving cyber threats.
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