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http://dx.doi.org/10.5392/JKCA.2016.16.07.300

Factors that Explain the Lag in Building High-growth Firms in Women  

Chun, Hesuk (청주대학교 경제학과)
Publication Information
The Journal of the Korea Contents Association / v.16, no.7, 2016 , pp. 300-308 More about this Journal
Abstract
Research on OECD and Korea have shown that high-growth startups are the keys to job creation and that these companies are very important for economic growth. Given that the large-scale entry of women into the labor force accelerates economic growth and women have far lower levels of participation in growth-oriented entrepreneurship than men do, accelerating female entrepreneurship could have positive effects on the Korean economy. This paper uses data from several databases to do a comparison analysis between women's and men's start-ups to explore the factors that explain the lag in building high-growth firms among women. Women startups make up nearly 34% of startups(defined as less than 7 years of establishment), but only 6% of high-growth startups. Women rarely own large businesses, reflecting their low levels of initial capital and outside financing. Regardless of gender, entrepreneurs face many of the same challenges in starting businesses, but this study shows three primary factors for female entrepreneurs that lead to a less high-growth startup: a greater financing gap than for men(this gap is more apparent for high-growth firms), a lack of ideas, knowledge, and experience(related to the lack of mentorship), and lastly the difficulty maintaining a work-life balance. The findings are very similar with those found in studie's in the US(financing gap, work-life balance, and lack of mentorship). Further studies are required to identify more specific factors behind the gender gap in ideas, knowledge, and experience.
Keywords
Women Entrepreneurship; High-growth Startup; Job Creation; Barriers to Entrepreneurship; Women and Economic Growth;
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