Women who start their own businesses say freedom, better work-life balance and autonomy are the main reasons they take the plunge into self-employment.
Despite its glamorous reputation, entrepreneurship is a high-risk gamble financially, personally, emotionally and physically. The start-up stages are marked by uncertainty; there are long hours, unpredictable income and no guarantee of success. There’s also nagging self-doubt as you wonder if anyone will like your idea or spend money on your product or service.
Even so, women in Ireland today are more likely to start their own business than in previous generations. Around 29 per cent of Gen Z women (age 18 to 27) called themselves an entrepreneur, according to research from Mastercard earlier this year. Among millennial women (age 28 to 43) this drops to 24 per cent, and just 17 per cent for women in Gen X (aged 44 to 59). Approximately 21,000 people were surveyed within Europe, including 1,000 in Ireland.
Unfortunately, barriers still exist for those women hoping to become entrepreneurs. Of those surveyed, 31 per cent of women named a lack of confidence as a reason for not starting their own business, compared with 20 per cent of men.
READ MORE
Childcare was also identified as a challenge, with 14 per cent of women business owners saying managing childcare arrangements was a barrier to starting their business, compared with just 3 per cent of their male counterparts.
Like children, new businesses require huge amounts of time, focus and funding. So, is it possible to mind your business and the baby? This week we spoke with two successful women who, despite the challenges, have been growing their business along with their families.
Skin in the game
Consultant dermatologists Caitriona Ryan and Nicola Ralph founded the Institute of Dermatologists in July 2019. At the time, Ralph’s child was six; Ryan gave birth to her first child two weeks after they opened and the second 14 months later. Ryan also has five stepchildren.
Today, the pair have doubled the size of the original clinic and they have 13 consultant dermatologists and 24 staff. They’ve also recently launched two additional businesses: ID Formulas, a dermatologist-developed longevity supplement brand, and Surgical Institute Dublin, a specialist centre for skin cancer surgery. They’re projecting 40 per cent year-on-year growth over the next three years.
Although growth was always part of the plan, Ryan and Ralph self-funded the venture so they don’t have any loans from banks, investors or gifts from their parents. The equity is all theirs. They’ll be taking out their first bank loan (€2 million) soon to fund the surgical institute.
Funding is a big challenge for most entrepreneurs but it’s much harder for women to obtain. When women entrepreneurs seek out venture capital funding they receive less than 2 per cent of all investment capital globally. The number of female-led companies funded, and the amounts raised, in the State have not budged by much since 2017. In 2024, women-led start-ups raised €145 million across 48 companies, according to TechIreland. From 2017 to 2023 only 10 additional female-founded companies received investment. The average funding in 2023 was €1.2 million which is the same as 2017.
[ Ireland ranks third in Europe for investment in women-led start-upsOpens in new window ]
Women also only seem to be taken seriously in certain sectors. The life sciences and the health-tech sector made up nearly 90 per cent of the total funding these start-ups received, a funding pattern that mirrors the overall European trend.
Among venture capitalists and investors, there’s an erroneous belief that women entrepreneurs lack ambition or the grit to build and scale a successful business. This even shows in the types of questions they ask potential female v male entrepreneurs during pitch presentations. A TechCrunch Disrupt New York study in 2023 found that 67 per cent of the questions asked of male entrepreneurs focused on positive things such as growth plans, monetisation and milestones – for example: “How do you plan to make money with your business?”
In contrast, 66 per cent of the questions for women entrepreneurs were more cautious, even negative. They often concerned risk management and projected time to break even. For example, the “How long will it take for your business to become profitable?” question attempts to gauge attitude to risk and understanding of financial sustainability instead of focusing on growth and progression.
Growing ambition
Ralph believes we need to normalise ambition in parents, especially mothers.
“That means backing founders and leaders with families, not in spite of their parenting roles but because of the resilience, focus and empathy those roles foster. In venture capital, that would look like more flexible funding structures, female-led investment teams and a conscious shift away from bias around founder availability or assumptions about commitment.”
Ryan says: “Women shouldn’t feel they have to suppress ambition to be good mothers. In fact, ambition can model strength, independence and vision for our children. I think women are often made to feel they must choose between career and family, but we shouldn’t have to. With the right support, it’s possible to do both meaningfully.”
Ryan has a full-time nanny and her stepchildren and partner are very involved too. Ralph’s parents have looked after her child from the start so she’s rarely had to worry about childcare.
Then and now, family life and the business have grown in tandem.
“The flexibility of entrepreneurship means I can be there for Friday pick-ups, the Christmas play and other events when it matters. Yes, it’s hard work, but it’s work I’m deeply passionate about, and I wouldn’t change anything about my life” says Ryan.
Ralph says the ability to structure their days has been helpful.
“Some days are completely clinic-focused or spent in theatre, others revolve around our children’s needs – but having each other as co-founders and mothers means we understand those shifts without judgment.”
The culture in medicine still leans heavily toward the idea that complete personal sacrifice is a badge of honour. I’d push for training environments that promote balance, not burnout
— Dr Nicola Ralph
Although the dermatological duo have managed to overcome most of the barriers placed in their way, they think a conscious effort needs to be made to make entrepreneurship more easily accessible for parents.
Ryan thinks childcare should be tax-deductible or subsidised, as it remains one of the greatest barriers for parents, especially mothers, returning to work. More comprehensive parental leave support for self-employed parents is also essential, as they’re often excluded from traditional entitlements, she says.
“From a government policy perspective I’d start with more accessible, affordable, and high-quality childcare,” says Ralph. “I’ve been blessed to have my parents take care of my daughter for the last 12 years but I think access to childcare is the single biggest factor that limits working parents participation and progression.
“Schools could do more to align with modern working life, such as offering longer hours, better after school programmes and more holiday support would ease pressure enormously. Often parents are struggling with camp after camp during the summer months due to lack of childcare.
“The culture in medicine still leans heavily toward the idea that complete personal sacrifice is a badge of honour. I’d push for training environments that promote balance, not burnout, including proper mentorship for doctors who want to combine family life with ambitious careers. Flexibility, job sharing and protected parental leave shouldn’t feel like compromises, they should be part of a well-designed system.”
Margaret E Ward is chief executive of Clear Eye, a leadership consultancy. margaret@cleareye.ie
