– Women and men business owners are often thought to have different success criteria for their businesses, but there is little empirical research to support this. The purpose of this paper is to investigate the nature of self-defined success factors, and to compare women and men’s success criteria.
– This study surveyed 216 New Zealand business owners’ (78 women, 138 men) self-perceived success criteria for their businesses. Results are based primarily on an open-ended question on their interpretation of what success means to them. In total, 30 main categories of success factors were identified, and the four main factors analyzed in depth.
– The four most frequently occurring success factors were financial success, personal satisfaction, work-life/work-family balance, and satisfied stakeholders. Women and men business owners described very similar success criteria, which were balanced across financial success and personal and relationship factors. No statistically significant gender differences were found in the incidence of these success factors, suggesting a movement of male business owners to a more holistic view of business success that incorporates financial success, alongside personal and relationship aspects.
– Offers implications for researchers, policy makers, and practitioners. Highlights the need to be careful when designing research studies in multi-faceted areas such as business success, and also in gender comparative studies.
– Uses self-perceived success criteria to assess gender differences.
