Key Factors for Business Success: Passion, Community, and Optimism Among Women Leaders
Passion, collaboration, and community are essential elements for a thriving business, according to a recent PNC survey of female business leaders featured in their bi-annual Economic Outlook Survey.
The survey found that personal satisfaction and passion for their business or industry were the primary reasons women leaders start and sustain their businesses, with 43% citing these factors over financial success, which came in at 35%. This emphasis on passion was a notable distinction between women and men leaders, with only 28% of men identifying personal satisfaction as a key motivator. Additionally, fewer women (6%) reported staying in business due to obligations to family or co-workers compared to men (12%).
Shana Peterson-Sheptak, head of Business Banking at PNC, highlighted, “For many female entrepreneurs, launching and managing a business often stems from personal interests or a desire to impact the community. This doesn’t undermine the importance of profitability but underscores the value of being engaged and content with one’s work.”
Looking ahead, the survey respondents expressed not only passion but also optimism about both the economy and their business prospects for the next six months. Women leaders were more likely than men to anticipate increases in demand (51% vs. 49%), sales (51% vs. 49%), customer prices (49% vs. 40%), and profits (52% vs. 43%). They were also more optimistic about their own compensation and retirement savings compared to men—a significant shift from PNC’s Fall 2022 survey when women were less optimistic about these areas.
Both men and women leaders were generally optimistic about their business prospects, but women were notably more confident about both national and local economic conditions, with 64% expressing confidence in the national economy compared to 51% of men, and 72% in the local economy compared to 60% of men. Among those who were more optimistic about their own business than the national economy, nearly 80% of women attributed their confidence to their own leadership capabilities.
Peterson-Sheptak noted, “The better-than-expected economic performance in early 2024 has bolstered optimism among business leaders of all genders. However, women leaders, in particular, are confident about the success of their businesses and their leadership abilities.”
Despite this optimism, the survey reveals that there are still notable differences between men and women in terms of the support they need and prefer. Both genders value support from peers, with 64% of women and 69% of men citing this as important. However, women are more likely to see support from community, friends, and family as crucial to their success compared to men (62% vs. 41%).
In terms of banking relationships, women financial decision-makers seek more than just financial products and services; they also value financial education and community connections. PNC supports this through a network of over 5,000 certified Women’s Business Advocates (WBAs) who are dedicated to assisting women in reaching their financial goals, backed by PNC’s regional teams and their network of more than 50 regional presidents nationwide.
“Women entrepreneurs are leading with passion for their business, confidence, and optimism for the future,” said Peterson-Sheptak. “We need to make sure we have the resources and people to support their success.”
Click here to know more about PNC and how we support women financial decision makers.
The survey found that personal satisfaction and passion for their business or industry were the primary reasons women leaders start and sustain their businesses, with 43% citing these factors over financial success, which came in at 35%. This emphasis on passion was a notable distinction between women and men leaders, with only 28% of men identifying personal satisfaction as a key motivator. Additionally, fewer women (6%) reported staying in business due to obligations to family or co-workers compared to men (12%).
Shana Peterson-Sheptak, head of Business Banking at PNC, highlighted, “For many female entrepreneurs, launching and managing a business often stems from personal interests or a desire to impact the community. This doesn’t undermine the importance of profitability but underscores the value of being engaged and content with one’s work.”
Looking ahead, the survey respondents expressed not only passion but also optimism about both the economy and their business prospects for the next six months. Women leaders were more likely than men to anticipate increases in demand (51% vs. 49%), sales (51% vs. 49%), customer prices (49% vs. 40%), and profits (52% vs. 43%). They were also more optimistic about their own compensation and retirement savings compared to men—a significant shift from PNC’s Fall 2022 survey when women were less optimistic about these areas.
Both men and women leaders were generally optimistic about their business prospects, but women were notably more confident about both national and local economic conditions, with 64% expressing confidence in the national economy compared to 51% of men, and 72% in the local economy compared to 60% of men. Among those who were more optimistic about their own business than the national economy, nearly 80% of women attributed their confidence to their own leadership capabilities.
Peterson-Sheptak noted, “The better-than-expected economic performance in early 2024 has bolstered optimism among business leaders of all genders. However, women leaders, in particular, are confident about the success of their businesses and their leadership abilities.”
Despite this optimism, the survey reveals that there are still notable differences between men and women in terms of the support they need and prefer. Both genders value support from peers, with 64% of women and 69% of men citing this as important. However, women are more likely to see support from community, friends, and family as crucial to their success compared to men (62% vs. 41%).
In terms of banking relationships, women financial decision-makers seek more than just financial products and services; they also value financial education and community connections. PNC supports this through a network of over 5,000 certified Women’s Business Advocates (WBAs) who are dedicated to assisting women in reaching their financial goals, backed by PNC’s regional teams and their network of more than 50 regional presidents nationwide.
“Women entrepreneurs are leading with passion for their business, confidence, and optimism for the future,” said Peterson-Sheptak. “We need to make sure we have the resources and people to support their success.”
Click here to know more about PNC and how we support women financial decision makers.
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