Christina Smedley, VP of Global Brand and Communications, PayPal
Our study found that aspiring and established business owners across the globe are strikingly similar -- sharing a number of key attributes that they believe are critical to their business success. Most of the women surveyed described themselves as organized, creative, independent and determined. The other commonality they shared was passion -- with 57% of aspiring entrepreneurs in the US and 43% in China stating it as their business motivation. And the differences that motivate these aspiring entrepreneurs are fascinating as well -- with women in France and Mexico saying they started their businesses because of the pride they would have being a business owner, while women in the US and China were motivated by work-life balance and control of their future.
But for all of the women polled, starting a business on their own was somewhat daunting. Our study found that fears across all regions were tied back to failure and risk, particularly the concern about if their business would make money.
Yet even with these fears, 50 percent of the aspiring entrepreneurs we surveyed were optimistic. They believe that their own abilities will eventually allow them to succeed in the competitive landscape and are committed to giving it their all.
While establishing a successful business requires some planning, our survey surprisingly showed that those who spent the most time (more than a year) thinking about their business actually felt the least prepared. Taking the entrepreneurial plunge requires not only determination, but also the ability to execute – and quickly.
This survey comes at a time when we here at PayPal have been putting a great deal of thought towards female ambition. At the Women’s Global Forum in Deauville, France, last week, I had the opportunity to have a conversation with internationally renowned entrepreneur, Jo Malone. Jo is now on her second international business and has seen her share of challenges, as well as tremendous success. She is really an inspiration.
Jo told me that she believes that entrepreneurs need the freedom to step out and take risks, but just as important is the presence of mind to stand still and access how far you have come before leaping forward. She also believes it’s critical to not lose sight of your vision. Jo pursued her passion and hit multiple challenges along the way, but her resilience enabled her to keep going.
While the world talks about innovation, for her it all starts with the oxygen and energy of inspiration. One needs to be inspired to innovate and should do so with integrity. She says it’s important to tell a story, believe everything with honesty and integrity, and if you do so that will ignite the same spark in others around you. I most loved Jo’s comment that the first kiss (the first touch point) from a brand is the most precious experience a customer can have.
And even with her international success, she still considers herself to be that small shopkeeper. Jo discussed the half a million small-medium enterprises that started this year in the UK. While a percentage of those will fail, another percentage will go on and employ one more person. The economic opportunity entrepreneurs contribute to is quite powerful. She stressed that it all, “starts with that one person that says, I will take that risk. The opportunities are immense, if we have the courage to take that step forward.”
I continue to be inspired by the innovation and determination I am seeing from women across the world. It is stories like Jo’s that give us the motivation to pursue our creative ideas and take that first step.
