Women small business owners are more likely than their male counterparts
to say that their primary business goal is to grow their business,
according to The
Hartford’s 2013 Small Business Success Study. Thinking about how
their business is operating right now, 44 percent of women report that
their primary goal is to grow their business significantly, compared to
33 percent of men owners. Alternatively, when it comes to maintaining
the business at its current size, 55 percent of men cite this as a
primary business goal compared to 49 percent of women.
“It is encouraging that there has been a significant increase in the
number of women-owned small businesses, and that many of them are
focused on finding ways to grow their business,” said Kathy Bromage,
senior vice president of strategy for Small Commercial. “We celebrate
the commitment of all small business owners, their resiliency and
resourcefulness. These qualities help fuel our economy and generate job
growth.”
Getting Social
Twice as many women than men cite social media as a major contributor to
the success of their small business. Twenty-eight percent of women say
it is a major contributor, while only 14 percent of men cite social
media as a major contributor.
Christa Doran, owner of Tuff Girl Fitness in Hamden, Conn., uses social
media to extend her reach and provide positive messages to her customers
outside of the gym. She uses social channels more than her husband, who
runs the business with her.
“I use social media to promote consistent messaging and to grow my
brand. I am diligent about posting something every day to keep my brand
buzzing and top of mind,” she said. “I utilize social media to also
offer deals, let clients know about changes and new products, and to
provide positive feedback to encourage new members to try us out.”
More Women Optimistic, Just As Conservative As Men
Just as many male business owners (79 percent) as female (78 percent)
report being conservative in taking risks with their business currently,
contradicting the stereotype that women are more conservative. Although
equally conservative, more women small business owners are optimistic
that the national economy will strengthen this year compared to men (55
percent and 45 percent, respectively).
Feeling Successful
The Hartford’s third annual study found that women and men define
success slightly differently and have different views on what factors
contribute to their success. More women (83 percent) say that making
enough money to have a comfortable lifestyle is important to their
definition of success compared to men (75 percent).
For business owners whose definitions of success have changed since
first starting their business, more women than men say it has to do with
changes in their personal life. Half of women (52 percent) report a
change in their personal life, such as a health issue or having
children, altered their definition of success, compared to only 35
percent of men. Men owners (37 percent) are more likely to say achieving
initial business objectives changed their definition of success compared
to women (26 percent).
For more information about The Hartford’s 2013 Small Business Success
Study visit www.thehartford.com/successstudy.
The Hartford 2013 Small Business Success Study Methodology
Braun Research conducted a telephone survey among small business owners
across the United States for The Hartford. A total of 2,000 interviews
were completed with owners of for-profit businesses with fewer than 100
full-time employees that have been in business for at least one year.
The study included a nationally representative sample of businesses in
the United States. One respondent per business was interviewed. The
interviews took place between July 26 and August 12, 2013. The margin of
error is ± 2.19% at the 95 percent confidence level.
About The Hartford
With more than 200 years of expertise, The Hartford (NYSE: HIG) is a
leader in property and casualty insurance, group benefits and mutual
funds. The company is widely recognized for its service excellence,
sustainability practices, trust and integrity. More information on the
company and its financial performance is available at www.thehartford.com.
Join us on Facebook at www.facebook.com/TheHartford.
Follow us on Twitter at www.twitter.com/TheHartford.
HIG-C
Some of the statements in this release may be considered forward-looking
statements as defined in the Private Securities Litigation Reform Act of
1995. We caution investors that these forward-looking statements are not
guarantees of future performance, and actual results may differ
materially. Investors should consider the important risks and
uncertainties that may cause actual results to differ. These important
risks and uncertainties include those discussed in our Quarterly Reports
on Form 10-Q, our 2012 Annual Report on Form 10-K and the other filings
we make with the Securities and Exchange Commission. We assume no
obligation to update this release, which speaks as of the date issued.
From time to time, The Hartford may use its website to disseminate
material company information. Financial and other important information
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website at http://ir.thehartford.com.
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