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A growing force
Women entrepreneurship is an increasingly important phenomenon in Canada, where the number of businesses owned by women is rising constantly. According to Industry Canada, the number of women heading companies has more than doubled since 1990, while the number of men starting a business grew by only one-third over the same period. Thus the number of women in business has shot up in recent years. Today, nearly half of Canadian small businesses are wholly or partially owned by women (15% are wholly owned by women).
Canadian female business owners are younger than their male counterparts. Their average age is 43, versus 49 for men. Generally speaking, women start businesses to fulfil their desire to make better use of their talents and skills, to achieve financial independence and to meet challenges. Most of the women entrepreneurs in Canada work in the service and retail sectors. They sell their products and services around the world, although the United States remains their largest export market: 74% of Canadian women exporters say they sell to the U.S.
BDC understands the importance of women in the rapid growth of the small business sector in Canada. In fiscal 2002, BDC made more than 1,300 lending transactions to women-owned businesses for a total amount of nearly $300 million. The Bank will continue to work with women entrepreneurs, who are a driving force in the Canadian economy.
The difficult balance between work and family
Entrepreneurs face a variety of difficulties such as access to adequate financing, managing the company's financial and human resources, and market development.
In addition, many entrepreneurs have the daily challenge of balancing their professional activities with their family responsibilities. While this is an issue that affects both men and women entrepreneurs, a study done by Health Canada in 2001 indicates that being a woman manager or professional means being one of those Canadians who make the most compromises in their work and personal life. According to this study, managers and professionals (both men and women) have the most demanding jobs in the country, i.e., they spend the most time at work each week, they often have to be away from home during the week and on weekends, they put in many hours of unpaid overtime and they do professional work at home. The study also shows that this situation is even harder for women, for even when they have similar jobs to men, they still devote slightly more time than men do to child care and household chores.
Generally speaking, entrepreneurship does not seem to be an obstacle to having a family. In Québec, for example, it is estimated that 74% of businesswomen have one or more children. The biggest problem for mothers who are also entrepreneurs is finding time to devote to their family, particularly since their work requires a significant amount of their time. According to the Canadian Federation of Independent Business, over 80% of small business owners regularly work more than 50 hours a week. As yet, there is no manual that defines how woman entrepreneurs can manage their two professions, namely those of head of a family and head of a company, but we can offer a few pointers based on the experience of some of these women.
A few pointers
- Plan your days well: Good organization is one of the keys to managing work and family. It is important to separate the tasks in these two areas and to try to focus solely on the children when you are at home and to put all your energy into work when you are at the office.
- Share tasks with your spouse: Don't take all the family responsibilities on your own shoulders. This is an enterprise with two managers. You must be willing to delegate.
- Devote at least one full day (Sunday) to your family: Don't schedule any household chores, but rather, just enjoy doing things as a family before starting another work week.
- Have a babysitter at home who is willing to go the extra mile: Some mothers with young children swear by this solution. If your babysitter can prepare supper and do a few household chores, this gives you a bit of free time when you get in from work.
- Give older children some responsibilities: This gives you a bit of a breather and means that not all the family responsibilities are on your shoulders.
- Have a good support group: Family, friends and neighbours can be a great help with the children when something unexpected comes up and you cannot get there in time.
- Compromise, rather than trying to be superwoman: Use pre-prepared meals from the supermarket when you are overwhelmed and don't worry if the house is not always perfectly clean.
- Keep some time for yourself: Doing some type of physical exercise, reading a novel, calling a friend or going out with your spouse are also essential in keeping your spirits up and reminding yourself that you are not only a mother and head of a company.
- Make sure you get 8 hours of sleep: To survive at this hectic pace, you need a minimum amount of rest if you are to stay in good health.
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