Change is definitely afoot in the veterinary landscape, with increasing numbers of vet professionals exploring the possibilities of diverse career paths including founding their own enterprises. Entrepreneurship was a hot topic at London Vet Show 2024, with several sessions dealing with founding practices and coping with the challenges of going it alone.

Veterinary Women In Leadership, a collaboration between Veterinary Woman and XLVets, hosted a sell-out Community Masterminds Session to discuss the question: “How can we encourage entrepreneurship amongst veterinary women?” Over 30 participants from all areas of the veterinary industry, including entrepreneurs and those considering embarking on entrepreneurial enterprises, came together to share their experiences and discuss the barriers and enablers to women’s entrepreneurship in the veterinary sector and what we can do to ensure parity and prosperity for female veterinary entrepreneurs.

What is entrepreneurship?

When asked, “What does entrepreneurship mean to you?”, it was clear that our community views entrepreneurship with a mixture of heady enthusiasm and a little trepidation, with one group describing it as “fun combined with scary”. The elements of risk-taking, bravery and ‘stepping away from safety’ were described alongside highly positive associations with freedom, passion, curiosity and belief.

One of the key themes that participants linked with entrepreneurship was dynamic innovation, with many of the group describing entrepreneurship in terms of challenging the status quo, moving into new space and seizing opportunities. In order to do this, entrepreneurs are perceived as being individuals skilled at thinking creatively, solving problems and focusing on solutions. Other attributes the group felt are needed for entrepreneurship were focused around strength, determination, hard work and resilience, with the ability to fail but keep going anyway being described as an essential.

“Entrepreneurship is not just about launching businesses, it’s a mindset that can drive impactful leadership in veterinary.”

Evelyn Baglee, Farm and Equine Marketing Executive at XLVets, spoke on the five key entrepreneurial constructs that she came across during her time studying Entrepreneurial Business Management at Northumbria University, and which she feels empowered her as a woman in entrepreneurship. 

“Firstly, Innovation is the ability to see new possibilities and solutions- a skill we can use to help shape and improve practice environments. It allows us to ask questions such as “How can we do it better?”

“Secondly, discipline is crucial in entrepreneurship as it is our commitment to a vision that allows us to move beyond ideas and turn them into reliable processes. 

“Thirdly, spirituality. This may mean different things to each of us, but at its core, spirituality speaks to our purposes and values. It is about leading with empathy, integrity and compassion- qualities that are vital in veterinary care and strengthens our connection with our teams and clients.

“Fourthly, need for achievement is the drive that fuels our ambition and desire to make a difference. It is the motivation to set higher standards for our practices and to create positive change in our communities. 

“Fifthly, risk taking propensity reminds us that leadership often involves stepping out of our comfort zones and that calculated risks are necessary for growth.”

The barriers to women becoming vet entrepreneurs

Discussion around the barriers to women becoming entrepreneurs in the veterinary sector raised societal issues as well as highlighting some practical and psychological factors.

Only five percent of venture capital investment opportunities go to female founded businesses1, demonstrating that chances to gain investment are lacking for female entrepreneurs. Participants felt that societal expectations and negative opinions from others are also obstacles that women experience. A negative gender bias and a lack of representation of female entrepreneurs and role models amongst family, friends, society and celebrities, which could positively influence career paths, are additional barriers.

These societal factors, which take root at an early age and affect women and girls throughout their lives, correlate with some of the psychological elements that participants listed as potential challenges to female entrepreneurship. These included imposter syndrome, a lack of self-belief, a sense of being overlooked, fear of failure and feelings of guilt. The group felt that these factors were likely to present a greater barrier to women founding their own enterprises because of the implications of our societal background.

Barriers are further compounded by some practical aspects often borne by women, including domestic and caring responsibilities and pregnancy, as well as inequalities of resources and support in different areas of the country.  

Enablers to female entrepreneurship

The community was enthusiastic about discussing what we can do to enable women’s entrepreneurship in the veterinary industry. Some of the facilitators involve increasing awareness and knowledge so that more women are encouraged to consider entrepreneurial activities. These include the provision of early opportunities to find out about careers, accessible positive role models, improving signposting to resources, and support with basic business knowledge and materials.

It was widely agreed that opportunity is a fundamental enabler to female entrepreneurship. Exploring ‘hot’ areas of interest and growth within the veterinary industry, for example telemedicine, AI and technology, can increase opportunities for entrepreneurial enterprise.  

Women also need improved opportunities for gaining funding and investment. Schemes like the government-led Investing In Women Code are beneficial. The Investing In Women Code is an initiative for providers of debt or equity finance to businesses to commit to support the advancement of women entrepreneurs in the UK by improving their access to the tools, resources and finance they need to achieve their goals. Signatories make a public commitment to a culture of inclusion and to advancing access to capital for women entrepreneurs by appointing a member of the senior leadership team to be responsible for supporting equality and providing data to an industry body about the organisation’s investing or lending activities and about its own staff and leadership team. The number of signatories has grown swiftly and aims to continue expanding to recruit other organisations who hold a strong influence over the finance ecosystem.

Specifically in the veterinary sector, having a fundamental profession was felt to be beneficial to women’s confidence in taking up opportunities. The awareness that existing skills and knowledge can be maintained while being built on to explore a new direction or opportunity, can provide security that work in practice can be continued or returned to if preferred. The group discussed how the lack of a rigid career path can also be an enabler to entrepreneurship. The growing trend for ‘portfolio careers’, in which an individual’s skills are monetised in various ways through multiple income sources rather than being seated in one role or company, expresses how versatile and transferrable veterinary professionals’ skills can be. 

Resources within the veterinary community

Other enablers can be created within our own community. Networking, support and mentorship are important in enabling entrepreneurial activities, as well as having a platform and space to share ideas, learn from others and grow alliances. The discussion raised the point about the need to ask the right questions and find the right people to answer them.

Finding a mentor with deep entrepreneurship experience can benefit female entrepreneurs and help them to achieve their aims. Mentors listen to their mentees’ aspirations, motivate and inspire. They can also share their insights and wisdom and help construct a robust business plan and develop a strategy to take the enterprise forward.

Veterinary Women In Leadership offers the opportunity for mentoring to women at any stage of their veterinary career, and the mentors have a wide range of skills and experience they can share, including in the areas of leadership, business and entrepreneurship. Veterinary Women In Leadership also offers a Facebook Group to support discussion and networking amongst those interested in promoting female leadership within the vet professions.

Associations such as the Society of Practicing Veterinary Surgeons (SPVS) and Veterinary Management Group (VMG) can also be good sources of support. VMG offers a mentoring programme to its members and SPVS provides resources to support those starting a vet practice as well as a wide range of CPD courses and events.

At SPVS Congress, on 30th Jan to 1st Feb 2025 at the Hilton Birmingham Metropole, Kerrie Hedley, Chief Operating Officer of XLVets and mainstay of Veterinary Women In Leadership, will build on the outcomes of the LVS Community Masterminds session to deliver a workshop on Empowering Veterinary Women: Applying Entrepreneurial Skills.

Taking place on Thursday 30th January at 14:30 – 15:25, the workshop will highlight how to overcome barriers and explore how we can put entrepreneurial skills into practice so that women feel enabled and empowered to start up and invest in veterinary enterprises. Delegates can expect toexplore whether entrepreneurship is skills- or-trait based, define entrepreneurial skills in the veterinary context and leave with a personal action plan to integrate entrepreneurial skills into their role, team or business.

For more info on SPVS Congress 2025 and to book tickets, visit https://spvs-congress.co.uk/


References:

  1. European VC Female Founders Dashboard (08/11/24) https://pitchbook.com/news/articles/the-european-vc-female-founders-dashboard

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