A new has identified increased access to mentorship as the top ask from growing small businesses in Ireland.
More than half (52%) of the entrepreneurs surveyed acknowledged the benefits of mentorship despite just one in five (20%) currently having a business mentor, according to the research carried out by VISA.
Half of the women business owners also stated that they don’t know how to go about securing a mentor.
Findings from the survey of over 300 small business owners highlighted both the challenges faced and the disparity that still exists between female and male small business owners across the country.
According to Visa’s study, women entrepreneurs continue to come up against several challenges and barriers:
- Access to funding and venture capital – a vital lever for 42% of small business owners. Men are twice as likely as women to have sourced and secured investment for their business (36% men versus 18% women).
- Family support gap – 42% of women pinpointed the struggle to balance family and caregiving responsibilities with business (versus 28% of men). And, 48% of women entrepreneurs say their business couldn’t survive without family support (versus 32% of men).Networking – 55% of women business owners stated they feel nervous walking into a room of strangers, compared to 39% of men.
- Unfavourable terms or conditions – a greater issue for women following pitching for funding, compared to men (31% of women versus 8% of men).
The research comes out as VISA look for applicants for the fourth installment of ‘She’s Next’.
As part of the 2024 programme, applicants have a chance to win several separate grants of business funding.
A €10,000 grant will be awarded to four women entrepreneurs and one overall winner will receive €50,000 to help their business thrive.
All five winners will receive mentoring from award-winning entrepreneur and businesswoman, Aimee Connolly, CEO and founder of Sculpted by Aimee and MentorsWork, an initiative of Skillnet Ireland in partnership with the Small Firms Association (SFA).
All five winners will also have the opportunity to participate in individual and group pitch preparation sessions, equipping them with the skills and confidence to excel during future funding endeavours.
Mandy Lamb, Managing Director UK & Ireland, Visa commented: “While progress has been made to narrow the gender gap in entrepreneurship, our commitment to addressing existing challenges remains resolute.
“That’s why we’re excited to bring She’s Next back to Ireland again, continuing our mission to empower women entrepreneurs on their business journeys.”
Aimee Connolly who was appointed Visa’s She’s Next judge and mentor, also added: “As a business owner myself, I empathise with the unique barriers and challenges identified by women entrepreneurs in the Visa study.
“Programmes like She’s Next are invaluable. The mentoring, coaching and funding can really help women business owners to build confidence and knowledge, not just in their brand and business, but in themselves as leaders too.
Visa’s She’s Next Grant Programme, is open to small businesses and organisations in the Republic of Ireland that are majority owned by women, operating across all industries and sectors, through a simple application process.
To enter, applicants are asked to submit details about their business and online presence at visa.ie/shesnext. The closing date is 30th October 2024.
Alison McGrath, the founder of My First Steps and one of five winners of Visa’s She’s Next Programme in 2023 spoke about the benefits of the programme.
“My business had only been going two years when I won Visa’s She’s Next Grant Programme, so to have any money that’s not already allocated is massive,” McGrath said.
“For me, winning the grant money was a real catalyst to be able to digitise my business. It’s really broadened our horizons.”