The document reports on a survey of over 1,200 women regarding their views on entrepreneurship. It finds that close to half of women are interested in owning their own business currently or in the past. Younger women, especially Gen Z, express the strongest interest in entrepreneurship which declines with age. While personal growth is the top motivator for starting a business, women place more importance on desires for better work-life balance and the ability to work from home compared to men.

1. ENTREPRENEURSHIP
2018
Women’s Point-of-View

2. Methodology
Field Dates
March, 2018
Survey Method
100% Online
Nationwide
Screening Criteria
› 18-64 years of age
› Self-identify as a White, Hispanic,
African American or Asian
Entrepreneurship
Research
› Interest in starting businesses
› Industries chosen
› Revenue goals
› Motivations
› Barriers
› Awareness of support services
› Utilization of support services
This report compares
entrepreneurs of different ages,
ethnicities and genders and
measures differences in:
Base Sizes
1291
Total
Hispanics Whites
African
Americans Asians
516 259 258 258
2
722
Females 312 137 129 144

3. ThinkNow Research
3
Online Panel
Over 50,000 respondents to recruit from
Nationally-representative, per Census
Unique recruitment model that encompasses online
and offline recruitment methods such as Spanish-
language television advertising
Research
Fortune 500 clients
Over 30 years of research experience specifically in the
Hispanic market
Only Hispanic market research company that owns and
operates an in-house panel
ThinkNow Research provides
innovative online market research
solutions for companies looking to
understand the U.S. Hispanic
consumer. We specialize in
researching the U.S. Hispanic
demographic and other hard-to-
reach consumers in order to deliver
high-quality research to our clients
that bear actionable and meaningful
results.
Experts In Hispanic
Market Research

4. Table of Contents
4
• Success and Business Ownership……………......……………...………6
• Business Ambition………………………………………..………………..…...12
• Motivations…………………………..…………………..……………………..….16
• Obstacles/Challenges…………………………………………………………..21
• Business Owner Resources…………..……………..……………………….28
• Appendix………………………………………….…………………..……………..35
“Entrepreneurship rates are half of what they were a decade ago”
- Kaufman Foundation 2018

5. Key Findings
 Women perceive business ownership as a strong indicator of success.
 Women are open to entrepreneurship; half currently have their own business or are interested in starting one.
 Interest in entrepreneurship declines with age.
 While personal growth is the main motivator for starting a new business (same as with men), being able to
work from home and having a better work-life balance are stronger motivators for women.
 Financial resources represent a challenge for both running a business and for aspiring owners. Women are
significantly more likely than men to cite it as a challenge/barrier.
 Awareness of small business resources is more limited among women than men; only about one in five women
have used any of these resources (twice as many men have done so.)

6. Success and
Business Ownership
6

7. Close to 1-in-2 women are interested in having or already have
their own business.
Interest in starting a business is felt much stronger among men than women.
Twice as many women than men ‘never’ thought of owning a business.
Interest in Entrepreneurship by Gender
8% 11%
6%
17%
22%
11%
13%
13%
12%
6%
6%
6%
12%
11%
13%
45%
37%
52%
Total Market Women
(K)
Men
(J)
Yes, but I have not started yet.
I already own my business.
No, but I owned a business in the past.
No, but I thought of owning business in the past.
No, I have never thought of owning business.
I do not know.
K 66%K
48%
E2. Are you interested in starting your own business or becoming a business owner?
Base size: Total Market (n=1291), (Women (n=722), Men (n=569)
7
Letters indicate statistically significant
difference (95% confidence)
J
J

8. Hispanic women, followed by African American, report the highest
interest in owning their own business.
Consistent with this findings, a study by Stanford Graduate School of Business* states that twice as many Hispanic and
African American than White Millennials report interest in starting their own business.
E2. Are you interested in starting your own business or becoming a business owner?
Base size: Total Women (n=722), Hispanics (n=312), Whites (n=137), African-American (n=129), Asian (n=144)
*Source: State of Latino Entrepreneurship. https://www.gsb.stanford.edu/sites/gsb/files/publication-pdf/report-slei-state-latino-entrepreneurship-2017.pdf
8
Letters indicate statistically significant
difference (95% confidence)
11% 12% 10% 12% 10%
6% 4% 8% 3% 5%
13% 14% 11% 18%
23%
22%
17%
24% 16%
18%
11%
5%
13%
7%
6%
37%
48%
33%
43%
38%
Total Women Hispanics (A) Whites (B) African-
Americans (C)
Asians (D)
Yes, but I have not started yet.
I already own my business.
No, but I owned a business in the past.
No, I thought of owning business in the past.
No, I have never thought of owning business.
I do not know.
A
AB
B
48%
53%
46%
50%
44%Asian women are the
least interested in
owning a business.
Whites are the most
likely to already be
business owners – and
also be former owners.
Interest in
Entrepreneurship by Total
Women & Race/Ethnicity

9. Interest in becoming a business owner decreases with age –
highest with GenZ and lowest with Boomers.
E2. Are you interested in starting your own business or becoming a business owner?
Base size: Women (n=722), Gen Z (n=127), Millennials (n=279), Gen X (n=164), Boomers (n=152)9
Letters indicate statistically significant
difference (95% confidence)
11% 13%
8% 10% 13%
22%
0%
4%
9%
11%
13%
10% 12%
12%
19%
6%
11%
22%
21%
32%
11%
6%
8%
21%
6%
37%
60%
47%
26%
18%
Total Women Gen Z
18-24 (A)
Millennials
25-39 (B)
Gen X
40-54 (C )
Boomers
55-64 (D)
Yes, but I have not started yet.
I already own my business.
No, but I owned a business in the past.
No, I thought of owning business in the past.
No, I have never thought of owning business.
I do not know.
A
AB
48%
66%CD
55%D 47%D
24%
Age segments reveal what
may be a function the life
cycle:
• Younger women report
the highest interest in
owning a business.
• Older women are more
likely to be current
owners (GenX) or
former owners
(Boomers.)
Interest in
Entrepreneurship by Total
Women & Generation
AB
ABD
A
CD
CD

10. 37%
47%
33%
52%
31%
Total Women Hispanics (A) Whites (B) African- Americans (C) Asians (D)
BD
BD
Believe That Owning a Business is a Strong Indicator of Success
by Women - Total and Race/Ethnicity
Overall, close to 4-in-10 American adult women believe that
owning a business is a strong indicator of success.
E1. How do you personally define “success”?
Base size: Total Women (n=722), Hispanics (n=312), Whites (n=137), African-American (n=129), Asian (n=144)
10
Significantly more
Hispanics and African-
Americans agree with
this sentiment
compared to Whites
and Asians.
Letters indicate statistically significant difference (95% confidence)

11. Believe That Owning a Business is a Strong Indicators of Success by
Gender & Women by Generation
47%
37% 36%
32%
Gen Z
18-24
(E)
Millennials
25-39
(F)
Gen X
40-54
(G)
Boomers
55-64
(H)
The perception that owning a business is a strong indicator of
success is felt directionally strongest by Gen Z, and declines with age.
E1. How do you personally define “success”?
Base size: Women (n=722), Men (n=569), Gen Z (n=127), Millennials (n=279), Gen X (n=164), Boomers (n=152)
11
37%
42%
Women (J) Men (K)
Men are more
likely to think this
way than women,
though the
difference is not
significantly
different.
Letters indicate statistically significant difference (95% confidence)

12. Business Ambition
112

13. 21%
16%
16%
13%
12%
10%
9%
8%
8%
8%
7%
7%
6%
6%
5%
4%
3%
Tech Industry
Retail, Shopping and Ecommerce
Restaurant/Food and Beverage
Advertising and Marketing
Website design
Gaming and Virtual Worlds
Audio, Visual and Media
Wholesaling
Travel and Transport
Communities, Social Networking & Collaboration
Import/Export
Finance and Payments
Auto repair
Health Care, Medicine and Wellness
Education – Academic or The Arts
Recruitment and Jobs
Childcare
K
K
K
Men are most interested in starting a tech business;
for women, restaurant/food and beverage is the top choice.
E3b. What industry are/were you interested to open in?
Base: Are/Were interested in owning a business except current business owners - Women (n=445), Men (n=397)
13
Letters indicate
statistically
significant difference
(95% confidence)
25%
18%
16%
15%
13%
12%
12%
8%
7%
7%
6%
6%
5%
4%
4%
4%
3%
3%
Restaurant/Food and Beverage
Retail, Shopping and Ecommerce
Advertising and Marketing
Health Care, Medicine and Wellness
Wholesaling
Education – Academic or The Arts
Childcare
Other Services
Website design
Communities, Social Networking & Collaboration
Audio, Visual and Media
Travel and Transport
Recruitment and Jobs
Tech Industry
Finance and Payments
Others
Gaming and Virtual Worlds
Bookkeeping and accounting
J
J
J
J
Women (K) Men (J)
Other top industries for women include retail,
wholesaling, health care and education.
Men are more interested in starting businesses in
gaming/virtual worlds and importing/exporting.
Type of Business/Industry
Interested In by Gender

14. Younger women (GenZ and Millennials) are more interested in
starting businesses in advertising/marketing, foodservice, education,
website design, and recruitment.
E3b. What industry are/were you interested to open in?
Base: Are/Were interested in owning a business except current business owners
14
Type of Business/Industry Interested In – Women by Generation
Letters indicate statistically significant difference (95% confidence)
Total
Female
Gen Z
18-24
(E)
Millennials
25-39
(F)
Gen X
40-54
(G)
Boomers
55-64
(H)
Restaurant/Food and Beverage 25% 39% 24% 12% 25%
Retail, Shopping and Ecommerce 18% 23% 15% 18% 17%
Advertising and Marketing 16% 37% 18% 4% 1%
Health Care, Medicine and Wellness 15% 16% 17% 17% 6%
Wholesaling 13% 5% 14% 12% 19%
Education – Academic or The Arts 12% 7% 24% 9% 4%
Childcare 12% 19% 10% 8% 9%
Other Services (e.g., beauty, animal care, cleaning) 8% 7% 5% 11% 11%
Website design 7% 9% 11% 5% 1%
Communities, Social Networking & Collaboration 7% 3% 11% 7% 4%
Audio, Visual and Media 6% 8% 10% 2% 2%
Travel and Transport 6% 5% 6% 7% 5%
Recruitment and Jobs 5% 6% 9% 1% 0%
Tech Industry 4% 3% 6% 2% 6%
Finance and Payments 4% 5% 2% 6% 2%
Gaming and Virtual Worlds 3% 8% 4% - -
Bookkeeping and accounting 3% 1% 4% 2% 5%
Base 445 88 177 96 84
G
FGH GH
EGH
H
GH
H

15. The younger the aspiring female business owner is, the
higher the revenue goal for their business.
Men have higher revenue goals than women.
Hispanic women have the highest revenue goals, NH whites the lowest.
27%
12%
22%
18%
29%
28%
8%
18%
5%
7%
5%
11%
4% 6%
Women (K) Men (J)
$50,000,000+
$10,000,000 to $49,000,000
$5,000,000 to $9,999,999
$1,000,000-$4,999,999
$200,000-$999,999
$100,000 to $199,999
Less then $100,000
J
K
K
E4. What is/was your ultimate business ambition in term of an annual revenue?
Base size: Are/Were interested in owning a business - Women (n=494), Men (n=456), Gen Z (n=93), Millennials (n=197), Gen X (n=112), Boomers (n=92), Hispanics (n=218), Whites (n=84), African-
American (n=87), Asian (n=105)
15
Revenue Goal for Business by Gender & Generation
Letters indicate statistically significant
difference (95% confidence)
$8.2M  Mean (in millions)$5M
$740K  Median (in thousands)$220K
WOMEN BY GENERATION AND ETHNICITY/RACE
K
Mean (in millions) Median (in thousands)
Generation
Gen Z 18-24 $5.7M $510K
Gen Y 25-39 $5.6M $340K
Gen X 40-54 $4.6M $150M
Boomers 55-64 $3.6M $140M
Ethnicity
Hispanic $6.3M $300K
African American $4.8M $220K
Asian $3.8M $250K
NH White $3.1M $190K
While no significant differences are observed among
women across ethnic segments, these are differences in
terms of their revenue goal ambitions.

16. Motivations
16

17. Better work/life balance and opportunity to work from home are
bigger motivating factors for women compared to men.
44%
46%
31%
40%
44% 44%
24%
21%
19%
14%
48% 47%
35% 35%
33%
27% 26%
24%
18%
14%
Greater independence Personal growth Financial rewards Passion about business
ideas
Better work-life
balance
Opportunity to work
from home
Tired of regular job Pride Encouragement from
family members,
colleagues, etc.
Family legacy
Women (K) Men (J)
JJ
17
E7. What are/were motivations to start your business?
Base size: Are/Were interested in owning a business - Women (n=494), Men (n=456)
Letters indicate statistically significant difference (95% confidence)
Motivations For Wanting to Start a
Business by Gender
Among women, Millennials are significantly more
likely to report boredom with regular job as a
motivator to start own business.
Gen Z: 21%
Gen Y 35%
Gen X 16%
Boomers 22%

18. Greater independence is the #1 motivator for both men and women.
Women are more likely to seek better work/life balance and opportunity
to work from home.
This is consistent with Noam Wasserman’s observations in The Founders Dilemmas, where he cites that autonomy is the #1
motivator for entrepreneurs, regardless of gender.
17%
15% 15%
14%
13%
5%
4% 4% 4%
3%
1%
20%
10%
16%
15%
5%
3%
13%
2%
6%
2% 2%
Greater
independence
Better work-life
balance
Personal growth Passion about
business ideas
Opportunity to work
from home
Pride Financial rewards Encouragement from
family members,
colleagues, etc.
Tired of regular job Not able to find work Family legacy
Women (K) Men (J)
K
J
18
E7. What are/were motivations to start your business?
Base size: Are/Were interested in owning a business - Women (n=494), Men (n=456)
Letters indicate statistically significant difference (95% confidence)
#1 Motivations For Wanting to Start a
Business by Gender

19. Personal growth is an especially important motivator for
African-Americans.
The top motivators to start a new business are consistent across ethnic groups, with the exception that
African American women prioritize financial rewards over the opportunity to work from home.
19
E7. What are/were motivations to start your business?
Base size: Are/Were interested in owning a business - Hispanics (n=218), Whites (n=84), African-American (n=87), Asian (n=105)
Letters indicate statistically significant difference (95% confidence)
Top 5 Motivations For Wanting to Start
a Business – Women by Race/Ethnicity
Hispanics (A) Whites (B) African-Americans (C ) Asians (D)
1. Personal growth 50% Better work-life balance 49% Personal growth 62% B Personal growth 55%
2. Greater independence 44% Opportunity to work from home 45% Greater independence 59% AB Greater independence 53%
3. Opportunity to work from home 40% Personal growth 40% Passion about business ideas 48% Opportunity to work from home 47%
4. Better work-life balance 37% Passion about business ideas 40% Financial rewards 47% AB Better work-life balance 42%
5. Passion about business ideas 35% Greater independence 39% Better work-life balance 44% Passion about business ideas 37%

20. Aspiring female business owners are motivated by the same
goals, but the order of priorities varies by age.
20
E7. What are/were motivations to start your business?
Base size: Are/Were interested in owning a business - Gen Z (n=93), Millennials (n=197), Gen X (n=112), Boomers (n=92)
Letters indicate statistically significant difference (95% confidence)
Top 5 Motivations For Wanting to Start
a Business – Women by Generation
Gen Z: 18-24 (E ) Millennials: 25-39 (F) Gen X: 40-54 (G) Boomers: 55-64 (H)
1. Better work-life balance 60% GH Greater independence 50% E Opportunity to work from home 50% H Greater independence 44%
2. Personal growth 54% Better work-life balance 49% Greater independence 49% E Better work-life balance 39%
3. Passion about business ideas 53% H Personal growth 49% Personal growth 42% Personal growth 38%
4. Opportunity to work from home 42% Opportunity to work from home 46% Financial rewards 40% Opportunity to work from home 31%
5. Pride 31% Passion about business ideas 40% Passion about business ideas 37% Financial rewards 29%
o Gen Z women place greater emphasis on ‘better work-life balance’, followed by ‘personal growth’ and ‘passion about business ideas’.
o Other age segments rank ‘greater independence’ among the top motivators, but Gen X values the opportunity to work from home just as much.
o Millennials are torn about what is most important.

21. Obstacles/Challenges
21

22. Lack of financial resources is the number one obstacle for
aspiring female business owners.
Uncertainty and lack of experience/ business training/knowledge are key factors as well.
E9a. What are reasons you have not started your business yet?
Base: Interested but have not started yet (n=289)
22
Reasons for NOT Starting Business Yet by Women
55%
33%
31%
28%
20%
20%
19%
15%
15%
12%
10%
9%
8%
3%
3%
2%
5%
Lack of financial resources
Uncertainty
Lack of entrepreneurial experience
Lack of business training/knowledge
Lack of confidence
Raising family
Bad economy
High responsibility
Lack of a network of other business owners
High chance of failure
Lack of moral support
Lack of mentors
Lack of role models
Racial discrimination
Gender discrimination
Parenthood discrimination
Other
Letters indicate statistically significant difference (95% confidence)

23. Total Market
Women
Index to Total
Men
Index to Total
121 85
106 96
99 101
119 87
89 108
73 119
109 94
118 87
101 99
90 107
77 117
76 117
133 77
65 125
56 131
118 87
102 99
Lack of financial resources is perceived as a bigger obstacle
among women than men.
Other key barriers where women over-index compared to the total market are uncertainty and raising family.
In contrast, women are less likely than men to report ‘high responsibility’ as a barrier.
.
E9a. What are reasons you have not started your business yet?
Base: Interested but have not started yet – Total Market (n=587), Women (n=289), Men (n=297)
23
Reasons for NOT Starting Business Yet by Total Market
46%
29%
28%
28%
21%
20%
19%
17%
15%
13%
11%
10%
8%
4%
4%
3%
4%
Lack of financial resources
Lack of entrepreneurial experience
Lack of business training/knowledge
Uncertainty
Bad economy
High responsibility
Lack of confidence
Raising family
Lack of a network of other business…
High chance of failure
Lack of mentors
Lack of role models
Lack of moral support
Racial discrimination
Parenthood discrimination
Gender discrimination
Others

24. The obstacles to starting a business are largely the same for
women and men.
Lack of financial resources is the biggest barrier for women.
E9a. What are reasons you have not started your business yet?
Base: Interested but have not started yet - Women (n=289), Men (n=297)
24
Reasons for NOT Starting a Business Yet by Gender
Letters indicate statistically significant difference (95% confidence)
55%
33%
31%
28%
20%
20%
19%
15%
15%
12%
10%
9%
8%
3%
3%
2%
5%
Lack of financial resources
Uncertainty
Lack of entrepreneurial experience
Lack of business training/knowledge
Lack of confidence
Raising family
Bad economy
High responsibility
Lack of a network of other business owners
High chance of failure
Lack of moral support
Lack of mentors
Lack of role models
Racial discrimination
Gender discrimination
Parenthood discrimination
Other
Women (K) Men (J)
39%
28%
28%
24%
24%
23%
17%
15%
15%
14%
13%
12%
6%
5%
5%
3%
4%
Lack of financial resources
Lack of business training/knowledge
Lack of entrepreneurial experience
Uncertainty
High responsibility
Bad economy
Lack of confidence
Raising family
Lack of a network of other business…
High chance of failure
Lack of mentors
Lack of role models
Lack of moral support
Racial discrimination
Parenthood discrimination
Gender discrimination
Other
J

25. Lack of financial resources is at the top of the list of
obstacles across race/ethnicity.
E9a. What are reasons you have not started your business yet?
Base: Interested but have not started yet - Women
* Caution: Small Base Size
25
Letters indicate statistically significant difference (95% confidence)
Hispanic women are the most
likely to feel that the economy
is a barrier to opening up a
business.
Uncertainty is a bigger barrier
among White and African
American, particularly
compared to Hispanics.
Reasons for NOT Starting Business Yet by Women by Race/Ethnicity
Hispanics
(A)
Whites
(B)
African-Americans
(C)
Asians
(D)
Lack of financial resources 50% 53% 56% 57%
Uncertainty 19% 38% 42% 30%
Lack of entrepreneurial experience 27% 33% 36% 25%
Lack of business training/knowledge 33% 22% 35% 37%
Raising family 12% 23% 19% 15%
Lack of confidence 25% 16% 17% 25%
Bad economy 29% 16% 13% 17%
Lack of a network of other business owners 10% 15% 17% 13%
High responsibility 15% 12% 23% 20%
High chance of failure 14% 8% 18% 17%
Lack of moral support from spouse, other family
members/friends
8% 13% 8% 4%
Lack of mentors 8% 7% 11% 10%
Lack of role models 7% 10% 5% -
Base 144 41* 46* 58
BCD
A A

26. Millennial women report a larger number of barriers to
starting their business.
E9a. What are reasons you have not started your business yet?
Base: Interested but have not started yet – Women
** Caution: very Small Base Size
Letters indicate statistically significant difference (95% confidence)
26
Two-thirds of Millennials
report lack of financial
resources as their top barrier.
they are also most likely to
report lack of business training
and lack of support (moral,
mentoring) as barriers.
Reasons for NOT Starting a Business Yet by Generation
Gen Z
18-24
(E)
Millennials
25-39
(F)
Gen X
40-54
(G)
Boomers
55-64
(H)
Lack of financial resources 43% 67% 57% 44%
Uncertainty 33% 28% 40% 36%
Lack of entrepreneurial experience 37% 29% 22% 34%
Lack of business training/knowledge 24% 33% 24% 31%
Raising family 13% 30% 23% 2%
Lack of confidence 14% 19% 27% 29%
Bad economy 30% 19% 3% 17%
Lack of a network of other business owners 18% 17% 9% 13%
High responsibility 11% 18% 10% 22%
High chance of failure 11% 13% 9% 17%
Lack of moral support from spouse, other family
members/friends
9% 14% 8% 4%
Lack of mentors 3% 16% 4% 6%
Lack of role models 12% 10% 1% 3%
Base 77 130 54 28**
G G
EH H
G G
E

27. Women business owners face more challenges than men.
E9b. What are some of the challenges you have faced as a business owner?
Base: Current business owners - Women (n=49), Men (n=59)
27
Lack of financial resources
and entrepreneurship
experience, balancing
work/family and lack of moral
support are greater
challenges for women
business owners.
Men business owners
reported higher levels of
uncertainty.
60%
41%
33% 32%
24%
20%
5%
31%
22%
52%
4%
11%
8% 10%
Lack of financial
resources
High responsibility Uncertainty Lack of entrepreneurial
experience
Raising family Lack of moral support Lack of role models
Women (K) Men (J) Women Men
Avg. number
of challenges
4 3
Letters indicate statistically significant difference (95% confidence)
*Caution: small base size
J
J
Challenges of Being a Business Owner by Gender

28. Business Owner
Resources
28

29. Women are less likely to be aware of a number of these
small business resources compared to men.
Awareness of Small Business Support Organizations by Gender
E11. Have you heard of any of the following organizations/offices that support small business?
Base: Current business owners and who are interested in owning a business - Female (n=640), Male (n=527)
Letters indicate statistically significant difference (95% confidence)
29
7%
11%
14%
14%
16%
21%
22%
24%
31%
31%
6%
27%
8%
11%
6%
8%
11%
17%
28%
41%
SBA Disaster Loan
Women’s Business Center (WBC)
Veteran’s Business Outreach Center (VBOC)
SCORE Mentors
SBA District Office
Small Business Innovation Research (SBIR) or Small Business
Technology Transfer (STTR) programs
Small Business Investment Company (SBIC) program
Small Business Development Center (SBDC)
SBA.gov website
None
Women (K) Men (J)
K
K
K
J

30. Women are significantly less likely than men to seek small
business support from organizations.
E12: Please indicate which of the following organizations/offices you have used to support your business needs during the past 12 months?
Base: Current business owners and who are interested in owning a business – Female (n=640), Male (n=527
30
1%
5%
4%
13%
5%
10%
8%
12%
6%
59%
1%
2%
4%
4%
4%
5%
10%
78%
SBA Disaster Loan
SBA District Office
Veteran’s Business Outreach Center (VBOC)
Small Business Development Center (SBDC)
SCORE Mentors
Small Business Innovation Research (SBIR) or Small Business
Technology Transfer (STTR) programs
Small Business Investment Company (SBIC) program
SBA.gov website
Women’s Business Center (WBC)
None
Women (K) Men (J)
Utilization of Small Business Support Organizations by Gender
Letters indicate statistically significant difference (95% confidence)
K
K
K
K
K

31. Awareness of resources available to current and prospective
business owners is relatively low among women.
White and African American women report significantly higher awareness of SBA.gov and WBC, respectively.
E11. Have you heard of any of the following organizations/offices that support small business?
Base: Current business owners and who are interested in owning a business - Women
Letters indicate statistically significant difference (95% confidence)
31
Awareness of Small Business Support Organizations by Women
Total Women
Hispanics
(A)
Whites
(B)
African-Americans
(C)
Asians
(D)
None 41% 48% 37% 40% 54%
SBA.gov website 28% 20% 31% 25% 9%
Women Business Center (WBC) 27% 22% 27% 41% 30%
Small Business Development Center (SBDC) 17% 12% 16% 23% 13%
SCORE Mentors 11% 9% 12% 16% 6%
Small Business Investment Company (SBIC) program 11% 13% 11% 5% 7%
Veteran Business Outreach Center (VBOC) 8% 6% 9% 10% 6%
Small Business Innovation Research (SBIR) or Small Business Technology Transfer
(STTR) programs
8% 12% 7% 7% 8%
SBA.com 7% 5% 9% 10% 1%
SBA District Office 6% 6% 5% 10% 4%
Base 338 161 56 54 67
A
D

32. Among female aspiring business owners, significantly more
Gen X than Millennials are aware of SBA.gov
These two age groups report the lowest levels of awareness of support organizations.
Awareness of Small Business Support Organizations by Women
Total Women
Gen Z
18-24
(E)
Millennials
25-39
(F)
Gen X
40-54
(G)
Boomers
55-64
(H)
None 41% 32% 48% 48% 25%
SBA.gov website 28% 19% 22% 41% 32%
Women Business Center (WBC) 27% 28% 26% 21% 45%
Small Business Development Center (SBDC) 17% 17% 21% 10% 19%
SCORE Mentors 11% 12% 7% 7% 31%
Small Business Investment Company (SBIC) program 11% 10% 8% 13% 12%
Veteran Business Outreach Center (VBOC) 8% 9% 7% 5% 14%
Small Business Innovation Research (SBIR) or Small Business Technology Transfer
(STTR) programs
8% 8% 17% 3% -
SBA.com 7% 7% 4% 12% 7%
SBA District Office 6% 6% 7% 3% 12%
Base 310 82 150 70 36**
E11. Have you heard of any of the following organizations/offices that support small business?
Base: Current business owners and who are interested in owning a business – Women
** Caution: Very Small Base Size
Letters indicate statistically significant difference (95% confidence)
32
G
F
FG

33. Most female aspiring business owners do not utilize small business
support organizations.
African Americans are more likely than others to use WBC.
E12: Please indicate which of the following organizations/offices you have used to support your business needs during the past 12 months?
Base: Current business owners and who are interested in owning a business - Women
33
Letters indicate statistically significant difference (95% confidence)
Utilization of Small Business Support Organizations by Women
Total Women
Hispanics
(A)
Whites
(B)
African-Americans
(C)
Asians
(D)
None 77% 72% 78% 72% 86%
Women Business Center (WBC) 10% 8% 9% 23% 7%
SBA.gov website 5% 7% 5% 4% 4%
SCORE Mentors 4% 3% 5% - 4%
Small Business Investment Company (SBIC) program 4% 5% 6% - 1%
Small Business Innovation Research (SBIR) or Small Business Technology Transfer
(STTR) programs
4% 4% 4% 3% 4%
Small Business Development Center (SBDC) 2% 3% 1% 8% 1%
SBA.com 2% - 5% - -
Veteran Business Outreach Center (VBOC) 1% 2% - - 1%
SBA District Office 0% 2% - - -
Base 338 161 56 54 67
AD

34. Utilization of small business support organizations among women
decreases with age.
34
E12: Please indicate which of the following organizations/offices you have used to support your business needs during the past 12 months?
Base: Current business owners and who are interested in owning a business - Women
** Caution: Very Small Base Size
Total
Women
Gen Z
18-24
(E)
Millennials
25-39
(F)
Gen X
40-54
(G)
Boomers
55-64
(H)
None 77% 66% 74% 90% 82%
Women Business Center (WBC) 10% 10% 12% 7% 12%
SBA.gov website 5% 8% 4% 2% 7%
SCORE Mentors 4% 10% 5% - -
Small Business Investment Company (SBIC) program 4% 7% 5% - 8%
Small Business Innovation Research (SBIR) or Small Business
Technology Transfer (STTR) programs
4% 7% 7% 1% -
Small Business Development Center (SBDC) 2% 2% 2% 1% 5%
SBA.com 2% 6% 3% - -
Veteran Business Outreach Center (VBOC) 1% 2% 0% - 1%
SBA District Office 0% - 1% - -
Base 310 82 150 70 36**
Utilization of Small Business Support Organizations by Women by Generation
Letters indicate statistically significant difference (95% confidence)

35. Appendix
35

36. Sample Demographics: Total Sample
36
Total Sample
Hispanics
(A)
Whites
(B)
African Americans
(C)
Asians
(D)
Base Size 1291 516 259 258 258
Men 50% 51% 50% 48% 47%
Women 50% 49% 50% 52% 53%
Gen Z (18-24) 16% 20% 14% 19% 14%
Millennials (25-39) 34% 44% 32% 32% 41%
Gen X (40-54) 30% 25% 31% 32% 28%
Boomers (55-64) 20% 12% 23% 17% 16%
Married 44% 46% 47% 18% 52%
Foreign Born 13% 40% 5% 4% 52%
Parents Foreign Born 32% 75% 18% 17% 85%
College Graduate or Higher 39% 30% 38% 29% 69%
Employed Full Time 63% 59% 64% 57% 67%
HH Income $74K $56K $77K $52K $86K
B
BC
C
BC
BC
A
C C
ABC
ABC
ABC
C

37. Sample Demographics: Women
37
Total Sample Total Women
Hispanic Women
(A)
White Women
(B)
African American Women
(C)
Asian Women
(D)
Base Size 1291 722 312 137 129 144
Men 50% -- -- -- -- --
Women 50% 100% 100% 100% 100% 100%
Gen Z (18-24) 16% 19% 26% 17% 15% 13%
Millennials (25-39) 34% 30% 47% 24% 23% 46%
Gen X (40-54) 30% 29% 20% 31% 41% 28%
Boomers (55-64) 20% 22% 7% 28% 21% 13%
Married 44% 42% 47% 43% 18% 59%
Foreign Born 13% 16% 42% 7% 4% 58%
Parents Foreign Born 32% 32% 76% 16% 12% 87%
College Graduate or
Higher
39% 28% 33% 21% 30% 64%
Employed Full Time 63% 35% 35% 36% 29% 35%
HH Income $74K $56K $77K $52K $86K
BCD
BC
C
A
AD
ABC
ABC
BC
ABC
AD
C
BC
BC
B
A
BC

38. Excerpt from The Founders Dilemmas by Noam Wasserman
Source: https://archive.org/details/TheFoundersDilemmashowentrepreneur.comByNoamWasserman/page/n2838