Each year, the proportion of women in business continues to grow—in 2022, they made up 36% of the total, while in 2023, this figure increased to 39%, according to Forbes. Through the stories of four women, we illustrate what it’s like for women in business and how the female approach to business differs from the male approach.
More Women in Business
Three years ago, women made up 32% of all entrepreneurs, and now this figure is confidently approaching 40%. The range of industries where women are starting businesses is also expanding—if it used to be mainly in the service sector, now tourism, education, marketplace sales, culture, and the arts are also on the list.
Does this mean that the terms “female business” and “women’s entrepreneurship” have stopped being associated with something incredible and doomed to fail? Have opportunities for women in business become equal to those of men? Has society overcome stereotypes?
We spoke with female entrepreneurs from various fields to find out if there is a difference between “female” and “male” businesses.
Women’s Business Sectors
The number of niches where women succeed is increasing. If in the past, “women’s” businesses were mostly considered to be beauty salons and flower shops, now thousands of women entrepreneurs are successfully selling on marketplaces, running travel agencies, and managing entire production companies.
But can a woman, say, start a construction company? Or a car repair shop? Or get involved in drilling wells? Open her own billiard club?
I think what’s more important is a person’s skills, connections, experience, and knowledge. If a woman is highly knowledgeable about construction, why shouldn’t she enter that field just because of the stereotype that such a business is “male”? Of course, she can! Meanwhile, you can find dozens of articles online with titles like “30 Business Ideas for Real Men” or “10 Tough Businesses That Are Off-Limits to Women.” What does this mean? That there is a demand for such topics and that not everyone shares the view that “there is no gender in business—only the person.” And by “audience,” we mean not just men, but also women themselves.
I believe that it depends on the individual, but gendered businesses certainly exist. For example, is construction a male or female business? By default, it’s male—billion-dollar deals are often made in saunas. Plus, there are negotiations with regulatory bodies where having certain contacts is preferable to ensure complex issues are resolved quickly. It’s much harder for a woman to operate in this environment.
Are there women in construction? Yes, there are! But they are few and far between, and they either burn out or develop a male-like, ruthless character. I have two best friends in construction: one builds nuclear reactors, and the other builds oil rigs. The main style of communication there is yelling and cursing, plus frequent health-related emergencies. This is incredibly stressful for a woman. Conclusion: Gender is no longer a decisive factor in choosing a niche, but it still remains important. A woman can open a foam block production plant, and a man can open a beauty salon, but these are more exceptions than the rule.
Emotions, Women, Business
When it comes to women in business, the main argument against them is excessive emotionality and a tendency toward impulsive decisions.
Indeed, women are open in expressing emotions, but this is more related to upbringing than gender. Historically, boys are taught to endure and internalize any emotions. This habit grows with the boy, and now the adult man suppresses any emotional expressions.
Contrary to the common belief that women are more emotional than men, a 2018 brain study showed that emotional responses do not depend on gender. The degree of openness in expressing emotions differs between men and women, but this is related to upbringing, not gender. Simply put, both genders react to events in the same way, but women are less likely to hide their emotions due to the nature of gendered upbringing.
But does this mean that emotionality hinders business management? It all depends on the individual woman, her upbringing, environment, and habits. As the experience of our heroines shows, at some point, business forces you to learn how to control emotions and not let them influence decision-making.
I allow myself to experience emotions and then make decisions with a clear head. Emotionality is inherent in everyone, but men are trained from childhood to manage their emotions more effectively. And women can do that too. Initially, emotions were a hindrance for me—there were doubts and fears of losing money. But after a major crisis, it was like a switch flipped. They say that large companies don’t hire top managers if they haven’t faced significant stressful situations in their lives. After the first serious challenge, the fear is gone, and you’re hooked. But I still get upset if clients are dissatisfied—that hasn’t gone away no matter how hard I try.
Stress and Stress Resistance
You’ve probably heard that women handle stress better than men. This is explained by social reasons (women are treated more leniently, so they can openly express emotions under stress and not bottle up negativity) and physiological reasons (men produce more cortisol—the stress hormone—so their stress load is higher).
We don’t know if women really handle stress more easily and effectively, but we do know that they are capable of managing stressful situations in business.
Once, an employee put me in a position where I lost several million rubles. Every day, clients and partners, from whom she had taken money, called me—some were owed $4,000, others £2,000. My phone was on silent for two years because my psyche simply couldn’t handle it.
And while preparing this article, we noticed that women are more anxious and therefore more cautious. They tend to anticipate various scenarios and prepare for unexpected events, so emergencies are less likely to throw them off course.
When I work with a team, I always make sure we have several backup experts. If we encounter unforeseen circumstances—someone falls ill, can’t come in, or there’s more work than expected—we always have solutions ready.
Balancing Business and Family
Despite the growing number of female entrepreneurs, being the “keeper of the home” is still one of the main social roles for women. Whether this is good or bad, we won’t judge—it’s just a fact.
My mother has been running a business since 1994, and I hardly saw her during my childhood. When I was 14, I went to her office and saw a sign that said, “We work from 10 AM to 6:30 PM,” and I was very surprised—my mother rarely came home before 11 PM. The reality is that most women who want to build a business need to learn how to balance it with the roles of mother, wife, and homemaker. The main advice here is to negotiate with your family and remember the importance of balance.
You can always negotiate with your partner. And I find it helpful to ask myself: what is more important right now? For example, what’s more important: cleaning the house or reviewing reports and making a management decision? The answer is obvious.
Or another example—what’s more important: being with a sick child or going to work? Of course, in such a situation, I would usually choose the child.
Every time a conflict arises, weigh the two options and choose the one that is more important at the moment. My husband often gets upset when I stay late at work because business, like repairs, never really ends—it can only be paused. We are learning to compromise: for instance, he chooses the dates for our vacations, and I try to adjust my work tasks and delegate responsibilities accordingly.
To lift his spirits, I try to cook different dishes more often—it makes him very happy.
And here’s a very fitting phrase from a billionaire in an investment club: “I’ve seen many women with businesses, but only 5% of them are happy in their family life. Choose wisely.”
Conclusion
There are still fewer women in business than men, but the annual increase in the proportion of female entrepreneurs proves that no difficulties can stop someone who is determined to succeed. If you feel capable of developing a business, go for it! Yes, it may be challenging, but as the experiences of our heroines show, women have enough strength to overcome any obstacles.