Sources of knowledge and small business: Insights from Australian female entrepreneurs Presented by: Dr. Robyn Cochrane, Monash Business School, Monash University 11 August, 2016

Entrepreneurs as a driving force for innovation, job creation and prosperity. Entrepreneurs and new business ventures proposed as key sources of innovation and job creation, ultimately leading to economic growth and prosperity (Organisation for Economic Co-Operation & Development, 2010; European Commission, 2010). The “creative destruction” process (Schumpeter, 1942) is often associated with the successful entrepreneur and is critical to the economic growth and vitality of societies (Gupta & Fernandez, 2009). Popular notions of successful entrepreneurship portray the entrepreneur and small business owner as a self-made man or a form of masculinity. Recent research examining female entrepreneurship has contested the assumed masculinity and gender neutrality (Phillips & Knowles, 2012). Gendered nature of entrepreneurship is an important and emerging research topic.

Female entrepreneurs: Mixed messages in a predominantly “man’s world”. Traditionally females have been constrained by gendering stereotyping and social forces - limiting labour market participation (c.f. socialist feminist sociology perspective, see Acker, 1990, 2006). Women remain disadvantaged in contemporary waged work and under-represented in high level and high-performing professional sectors including entrepreneurial venturing (Marlow & McAdam, 2011). “Given the untapped female entrepreneurial potential, it is important for policymakers to understand from where the gender differences in the perception of the entrepreneurial environment originate” (Verheul et al., 2012, p. 338). Entrepreneurs have access to multiple knowledge sources to support “survival and success” - sources used by female small businesses are not fully understood.

Research question and conceptual framework. “How do entrepreneurs (specifically Australian female entrepreneurs) acquire knowledge that can be applied to their business?” Strong tradition of self-employment and independent contracting in Australia. Understanding the information needs and knowledge sources commonly used could generate positive outcomes for individuals and the Australian economy. Conceptual framework proposes knowledge, support and resources are potentially available to entrepreneurs at three levels: the individual, business and institutional. Intends to contribute to theory and research knowledge and reveal implications for policy and practice.

Sneak peek at some preliminary findings from a 2015 National Survey (pilot study). Research collaboration between Monash University and the League of Extraordinary Women Population: League members and broader League community Sample: 83 female League and community members

Most respondents are self-employed only, however, many balance paid full-time employment and self-employment.

Many respondents are operating one business which is their first business venture, others operate two or more.

Many respondents operate a home-based business venture.

Many business operators do not employ others – yet! Size of current business ventureLooking forward towards 2018

Sources of knowledge – individual level. Source of knowledge Total* Individual Business mentor31 Role model24 Family or friends0 * Note. Respondents could select one more response options

Sources of knowledge – business level. Source of knowledge Total* Business Professional social media networks (Online sources - blogs, social media or webinars) 52 Industry workshops or conferences35 Professional association networking events29 Industry networking events27 Professional association websites23 Professional advisor – accountant/financial advisor20 Professional advisor – technology/systems/website advisor10 Professional advisor – business planning advisor9 Professional advisor – marketing advisor8 Professional advisor – legal advisor8 Professional advisor – taxation/business structure advisor4 Professional advisor – insurance advisor3 Professional advisor – market research1 * Note. Respondents could select one more response options

Sources of knowledge – institutional level. * Note. Respondents could select one more response options Source of knowledge Total* Institutional Education - University degree/program18 Education - TAFE short course/training program14 Federal government websites or hotline11 State government websites or hotline10 State government business workshops or events6 Local government networking events7 Local government small business workshops7 Local government planning/regulatory advice2

Knowledge, support and resources needed to take the next step.

Conclusion and implications.  Exploratory study, sampling approach and sample size may limit the generalisability of findings.  Based on these tentative findings, Government bodies and policy makers contemplating small business initiatives and programs could usefully consider offering a blended and self-serve approach which involves online and face-to-face options. Initiatives involving mentors and role models may be viewed favourably.  Understanding the descriptive profile and evolving needs of female entrepreneurs may assist professional associations and business networks to provide a customised offerings to females contemplating, engaging in and looking to take their next entrepreneurial business step.