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Female Entrepreneurs Need Half the Money Men Do to Start a Company

Female Entrepreneurs Need Half the Money Men Do to Start a Company

Well, this is good news in a way.

According to a new survey reported by Bloomberg, female entrepreneurs reported needing half as much money as men when starting businesses.

This is good as they usually get about half of what men do. The Global Entrepreneurship Monitor, asked 5,944 people between the ages of 18 and 74 living in the U.S. about their entrepreneurial habits and found that the average woman who had recently launched a business said she did it with only $10,000. This is in contrast to men (12.1 percent) who, according to The Census report, said they needed at least $50,000 to launch their companies. However, women are nearly twice as likely as men to rely on family members to fund their new businesses, according to the entrepreneurship survey. Women also tend to start consumer-focused businesses, like retail, which are easier to start on a smaller budget.

The study also found that women tend to start businesses a little later in life (between 35 and 44-years-old) while men tend to hit their entrepreneurial peak between 25 and 34.

More From Levo:
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Photo Credit: Getty Images