Passion and Community Fuel Success for Women Business Owners

According to PNC’s bi-annual Economic Outlook Survey, passion, collaboration, and community are pivotal for running a successful business.

This article originated at StatePoint.

The survey of women business leaders revealed that personal satisfaction and passion for their business or industry were the top motivations for starting and staying in business, chosen by 43% of respondents. This passion was a significant differentiator between women and men, with only 28% of men citing personal satisfaction as a primary driver.

“For many women business owners, starting and running a business is born out of a personal interest or an opportunity to make a difference in the community,” said Shana Peterson-Sheptak, head of Business Banking at PNC. “That’s not at the expense of profitability, but it shows the power of being passionate or satisfied with what you do.”

A Positive Outlook

Women business leaders are not just passionate; they are also optimistic about the future. They were more likely than men to anticipate increases in demand, sales, prices, and profits in the coming months. Notably, women also expect their compensation and retirement savings to grow, a significant change from PNC’s Fall 2022 survey.

Women also expressed higher confidence in the national and local economies than men, with 64% and 72% respectively, compared to 51% and 60% of men. Nearly 80% of optimistic women attributed their outlook to confidence in their own abilities.

“Better than expected economic performance in early 2024 is creating optimism for many business leaders,” Peterson-Sheptak said. “But women are especially confident that their businesses will be successful in the coming months and that their abilities as leaders will be key.”

The Importance of Support

The survey highlighted differences in support needs and preferences between men and women. While peers in the field were the most popular support source for both genders, women were more likely to value support from the community, friends, and family (62% to 41%).

This support extends to banking relationships. PNC’s survey feedback shows that women financial decision-makers seek relationships that include financial education and community connections, not just banking products.

PNC supports women financial decision-makers through local market teams and a network of over 5,000 PNC-certified Women’s Business Advocates dedicated to helping women achieve their financial goals.

To learn more about PNC’s support for women, visit PNC Women’s Business.

“Women entrepreneurs are leading with passion, confidence, and optimism for the future,” Peterson-Sheptak said. “We need to ensure they have the resources and support to succeed.”