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© N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC1 Women’s Entrepreneurship An Economic Strength.

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Presentation on theme: "© N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC1 Women’s Entrepreneurship An Economic Strength."— Presentation transcript:

1 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC1 Women’s Entrepreneurship An Economic Strength Characteristics Management Styles Challenges

2 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC2 Women Entrepreneurs (WE): Why? 1. Growing phenomenon. 2. Regardless of career, i.e. consultant, banker, manager, WE will be part of the picture. There is just no way of avoiding them. You should understand: Who they are What they bring to society, often in fields other than men’s - complementarity The challenges and stakes they are up against

3 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC3 Women Entrepreneurs (WE): Why? 3.WE often have to deal with the same realities than ME. A better understanding of women’s entrepreneurship will only benefit their male counterparts. 4. You may become an entrepreneur yourself. 5.Today’s managers are often asked to manage their departments as entrepreneurs.

4 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC4 I- An Economic Strength

5 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC5 Global Entrepreneurship Monitor (GEM) 2000 Executive Report Center created in 1997 as a joint research initiative by Babson College, London Business School and Kaufman Center for Entrepreneurial Leadership. Surveys of 2000 adults in 21 different countries (total of 42,000 persons). In-depth interviews. Standardized national data. Entrepreneurial activity: start-up activity: % of adults engaged in the process of creating a nascent business and presence of new firms: % of adults involved in operating a new firm - less than 42 months old

6 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC6 Total entrepreneurial activity by country and by gender 1 1 : Global Entrepreneurship Monitor - 2000 Executive Report, p. 12 Percentage of adults involved in entrepreneurial activities (standardized index)

7 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC7 Global Entrepreneurship Monitor (GEM) 2000 Executive Report Female relative participation index: Women involved in entrepreneurial activity adjusted for the relative participation of women in the labor force.

8 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC8 1: Global Entrepreneurship Monitor - 2000 Executive Report, p. 24

9 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC9 1 : Ratté, Sylvie. Les femmes entrepreneures au Québec : qu’en est-il ?, FCEI, 1999

10 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC10 Growth Rate Comparison Quebec - Data from LFS, 1997 1 Women Men Ratio From 1977 to 1987: 69% 44% 1.5 From 1987 to 1997:77% 22% 3.5 1: Ratté, Sylvie. Les femmes entrepreneures au Québec : qu’en est-il ?, FCEI, 1999

11 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC11 II - Characteristics

12 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC12 Women entrepreneurs’ business sectors - Data from LFS, 1997 1 1: Ratté, Sylvie. Les femmes entrepreneures au Québec : qu’en est-il ?, FCEI, 1999

13 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC13 Size of Companies - Canada 1 Smaller companies 1: Thompson, Lightstone for BAC, 1998. Sample of 2615 SMEs in Canada.

14 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC14 Profile of WE - Data from LFS, 1997 1 Age Women Men 15 - 24 years old: 9% 6% 25 - 54 years old: 79% 77% 55 years old and over:12% 15% Educational level High school education: 28% Post-secondary education: 41% University diploma: 23% 1: Ratté, Sylvie. Les femmes entrepreneures au Québec : qu’en est-il ?, FCEI, 1999 64%

15 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC15 Profile of WE - Data from LFS, 1997 1 Working hours 1: Ratté, Sylvie. Les femmes entrepreneures au Québec : qu’en est-il ?, FCEI, 1999

16 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC16 Survey conducted in Quebec by the Chair of Small and Medium-Size Business Development and Succession at HEC in 2000 Population: Businesswomen operating in the manufacturing and the growth service sectors in Quebec. Lists provided by the regional offices of the MIC Women managers and women business owners 1,096 women  364 respondents

17 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC17 Respondents

18 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC18 Some Results Data on women’s businesses - Overall sample

19 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC19 Some results Data on businesswomen - Overall sample

20 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC20 III - Management Styles

21 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC21 Reasons for Being in Business Satisfaction of seeing one’s business develop:84% Being her own boss:80% Taking up greater challenges:79% More flexible work schedule:40% Higher wage level:33%  Money is not the only motive  A smaller-scale explanation?

22 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC22 Personality of the WE Values Desire for independence Personal achievement Family security Quality of life Significant dimensions Focus on success Need to control her working environment

23 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC23 Key Factors for Success According to ME and WE Women : perseverance and tenacity14.5* standards of excellence and quality16.5 authority based on competence20.5 being surrounded by qualified persons 23.5 education and family environment32 physical health39 Men : authority based on competence 5 being surrounded by qualified persons 9.5 initiative and proaction18.0 balance between private and professional life23.0 having confidence in others27 career mobility29 Bordeleau, Y. Gestionnaires performants… comment expliquent-ils leur succès? Édition Agence d’Arc inc., Ottawa, 1992 * : average rating for each factor (1: most important, 100: least important)

24 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC24 WE and PODC P lan: emerging strategy O rganize: close to operations D irect: distinctive leadership style C ontrol: ?

25 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC25 Leadership of the WE Women express their values through their leadership. These values are reflected in their behaviour. CHARACTERISTICS 1.They want to give power reward foster communication motivate value creativity use visionary leadership

26 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC26 Leadership of the WE CHARACTERISTICS ( continued ) 2.In a restructuring environment encourage change contacts networking flexibility inclusive - holistic systemic

27 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC27 Leadership of the WE CHARACTERISTICS ( continued ) 3.Openness foster growth transmit information ask pertinent questions 4.Preferred Roles facilitators acting as a model

28 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC28 Management Styles Motivation Training Experience Finance Career Size and Growth Family / Work Conciliation Integrating Scheme

29 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC29 IV - Challenges Financing Use of Networks Training Globalization

30 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC30 IV- a) Financing

31 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC31 Facts 1. WE borrow less Possible causes: Smaller business size; Growth objectives not as significant; Risk aversion; Fear of being turned down 2. Higher turndown rate and less favorable terms Explained by Not explained sizeby these factors type of business  age discrimination business experience

32 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC32 Survey conducted in Quebec by the Chair of Small and Medium-Size Business Development and Succession at HEC in 2000 Access to credit by WE in Quebec: perceptions Sample: female members of the CFIE - Quebec region and lists provided by the regional offices of the MIC 3393 women entrepreneurs 675 respondents

33 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC33 Contacts with FI Have made at least 1 request: 80%

34 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC34 Women Entrepreneurs’ Perceptions and Satisfaction

35 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC35 Women Entrepreneurs’ Perceptions and Satisfaction Contacts with the account manager (AM) Disturbed by AM rotation:33% General knowledge of AM insufficient:19% Specific knowledge of AM insufficient:39% No relationship between the gender of the AM and the degree of satisfaction

36 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC36 Women Entrepreneurs’ Perceptions and Satisfaction Perception that the FI supports WE initiatives:12% Generally satisfied (satisfied and very satisfied) :72% Perception of being treated differently because of gender:21%

37 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC37 Factors correlated with degree of satisfaction (statistically significant) Number of years as a WE Sales figure Number of employees Age of WE Use of other services Sufficient knowledge of business sector by the AM: no Status: sole owner +++++––+++++––

38 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC38 Factors not correlated with degree of satisfaction (not statistically significant) Legal status Business sector Account manager’s gender Previous management experience Educational level Management training

39 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC39 Factors correlated with the notification of problems (statistically significant) Number of years as a WE Age of WE Sufficient knowledge of business sector by the AM: no Status: sole owner ––++––++

40 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC40 Factors not correlated with the notification of problems (not statistically significant) Number of employees Sales figure Legal status Business sector Educational level Management training Previous management experience Account manager’s gender

41 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC41 Types of problems and characteristics of WE and their businesses  Spouse endorsement:registered small  Refusal without proper justification:younger  Credit terms too demanding:large incorporated

42 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC42 Perception of being treated differently because of gender Sole owners Work experience in the business sector Sales figure < $1,000,000 More extensive previous management experience Significant at the 5% level Significant at the 10% level

43 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC43 Less requests(2.79 vs. 3.28) Lower rate of acceptance(71% vs. 84%) Perception of being treated differently because of gender

44 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC44 More problems Disturbed by account manager rotation Disturbed by the account manager’s insufficient level of general knowledge Disturbed by the account manager’s insufficient level of specific knowledge Perception that the FI supports WE initiatives - 8% Lower satisfaction level Perception of being treated differently because of gender and characteristics of WE and their businesses

45 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC45 Conclusion Some factors can explain the degree of satisfaction Size of business or business sector is not related to the existence of problems Less favorable terms are mentioned by larger companies Feelings toward account managers are negative Some women feel that they are treated differently because of gender

46 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC46 IV-b) Networks

47 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC47 Networks Definition Types of networks (strong signals, weak signals) Importance of networks

48 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC48 Networks Definition: Process of developing and using contacts needed to support and advance one’s career Types of networks: Formal Informal Small Large Short term Long term

49 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC49 Networks Types of networks: 1.BUSINESS NETWORKS Made of growing businesses Suppliers raw materials semi-finished products and parts (manufacturing sector) more or less finished products and parts (business enterprises) basic information (service industry) SPECIAL ORGANIZATIONS franchises purchasing clubs subcontracting specialty knowledge co-ops alliances

50 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC50 Networks Types of networks (continued) 2.INSTITUTIONAL NETWORKS Made up of various business services supported by governments business incubators technology parks Foster business start-up and development 3.INFORMATION NETWORKS Made up of various business associations professional associations business associations economic and social clubs chambers of commerce

51 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC51 Networks A.NETWORKS WITH STRONG SIGNALS (strong links) Relevant information given to the entrepreneur Resource persons Dialogue Deepening of relationship Private and affective network Mentoring Types of networks (continued) B. NETWORKS WITH WEAK SIGNALS Educational and research environments Specific information, - implicit Conferences given by specialists Grouping by industrial sectors Information networks may have strong or weak signals

52 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC52 Networks 1.BRING PEOPLE TOGETHER End isolation Give support Favor exchange of ideas Permit information sharing Detect opportunities Identify talent Acquire transferable skills 3 leverage roles of networks

53 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC53 Networks 3 leverage roles of networks (continued) 2. INITIATE CHANGE Promote visibility Get people known and recognized Support in working toward success Recognize the potential of women entrepreneurs and help them Multiply effect on business size and vitality Help with succession plan

54 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC54 Networks Roles of the network (continued) 3.BREAK NEW GROUND Awaken to new trends information technologies technological innovation Create complementary business networks Work differently concentration of energies complementary expertise cost sharing adaptation flexibility

55 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC55 Networks 10 good reasons to create business networks 1.Economies of scale 2.Process and market control 3.Ability to quickly react to changes 4.Greater company flexibility 5.Easier adoption of the technologies of the future 6.Access to financing sources and capital funds 7.Access to advanced technology 8.Reduction of risks associated with projects 9.New market opportunities 10.Simplification of company structure

56 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC56 Networking How to network 1. Get involved in one or more influent networks 2.Find business persons willing to exchange information with you business type affinity common interests expertise 3.Communicate one’s needs and expectations

57 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC57 Networking Benefits of networking Fast access to the right contacts References Credibility of potential partners Demystification of cultural gaps Help and support in goal achievement Multiplying effect

58 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC58 1 Survey conducted in Quebec by the Chair of SMEs’ development and succession at HEC in 2000 (see slide 16)

59 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC59 IV - c) Training

60 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC60 Training New technologies Know-how Women’s capabilities in terms of this challenge

61 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC61 Training - Needs and Activities (364 respondents) 1 1 Survey conducted in Quebec by the Chair of SMEs’ development and succession at HEC in 2000 (see slide 16)

62 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC62 IV - d) Globalization

63 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC63 Why be interested in globalization? Decrease in local business opportunities Significant migratory movements Presence of new technologies

64 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC64 E-business Input of electronic business Benefits of electronic business Challenges of electronic business Assignment of sufficient resources needed for the electronic market. Constant update of useful data. Substantial time required to know how to make good use of E-business. E-business may be hard to carry on in some countries. E-business necessarily means competition.

65 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC65 Globalization Recommendations of the OECD Inform women of international business opportunities. Collect data and proceed with research on women and international business. Establish partnerships between the public and private sector.

66 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC66 Conclusion

67 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC67 Conclusion Facts Increasing number of WE Different business sectors than ME New economy will be favorable to women’s entrepreneurship mainly due to their level of education WE present a different leadership style Further research Understand why women businesses are smaller than those of men

68 © N. Beaudoin, Quebec Business Women's Network and L. St-Cyr, Chair of SMEs' Development & Succession at HEC68 Conclusion Challenges Financing: adaptation of the traditional financial institutions to the particularity of businesses of WE: smaller and less collateral Acquisition of negociating skills with all the business partners, including the banker Realize the importance of networks and learn how to use them


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