Females startups are generally more successful than those of men in terms of earning power, according to a new study carried out by French lender BNP Paribas.
The study – the second annual Global Entrepreneur Report – shows that despite this, male entrepreneurs account for 66 percent of new start-ups, which is almost double the 34 percent of businesses opened by women.
But the revenue of companies started by women is higher, averaging $7.1 million, or nearly 13 percent more than the average of those started by males.
The study surveyed 2,594 entrepreneurs in 17 markets across Europe, the United States, Asia and the Middle East.
Of the females surveyed, 61 percent say they expect their business profits to increase over the next 12 months.
The findings show that women can compete on more equal terms when running their own businesses rather than in the corporate world. The report cites the case of Hong Kong where only 10 percent of the directorships of listed companies are women. In western economies, women make up between 17 to 40 percent of directors roles.
Spain, Poland and China are the three markets with the highest level of successful female business entrepreneurs.
The report reads, “Crucially, female entrepreneurs consistently remark that their decision to pursue an entrepreneurial destiny was in large part because through running their own business they could write their own rules and take more direct control in their ability to achieve their potential.”
The study quoted one of the women surveyed as saying the main reason for starting her own business was, “no glass ceiling as an entrepreneur.”
Most female startups are spearheaded by millennials – those born between 1980 and 1995.
The most popular start-up industries for women are retail, professional services consulting, accounting, law, e-commerce, social media, fashion, hospitality, travel and leisure.