Perceptions of entrepreneurship, small business management and venture capitalism.

Luthy, Michael R. ; Richards, Curtis A. ; Byrd, John T., III 等

ABSTRACT

Entrepreneurship has been heralded as a key to the 21st Century economy as well as personal fulfillment (e.g. Amos, 2001; Bailey, 2003; Dunham, 2003; Medintz, 2003; Smith, 2003). The terms entrepreneurship, small business management, and venture capitalism have been bandied about in the popular press and on television as virtually interchangeable. Perceptions of the attractiveness and activities associated with various employment fields may influence the career choices of students. Consequently, understanding how students view the differences in the meaning of these terms, as well as the similarities, will provide additional information for students to make better career decisions and allow business programs to adjust curricula to improve student outcomes.

Small liberal arts institutions with strong business programs increasingly find enrollments often include more women than men. An additional trend is adults returning for advanced business degrees with dissimilar objectives from those obtaining their first business degree. The implications of student perceptions and interests in business areas such as entrepreneurship are relevant to institutions desiring to provide a quality business education with limited resources and changing demographics. This research examines some of these perceptions and whether differences appear to exist based on gender or experience.

THE IMPORTANCE OF A DEFINITION

Definitions tend to be used for purposes beyond simple understanding--they are also used to distinguish one specific concept from other concepts. Definitions mark the domain or boundaries of a concept and in the case of disciplines (such as entrepreneurship) establish two separate columns; which activities, decisions, and implications are considered part of the discipline and which are not. Where there is potential overlap among terms, confusion may arise.

It has long been a precept of the fields of psychology, sociology, and consumer behavior that individuals make decisions based not upon reality, but rather their perceptions of reality. Decision-making based upon a perception of reality has been studied and well documented in a wide range of arenas including highly autocratic senior executives (Heller, 1987); stock picks (Antonides & van der Sar, 1990); and with new product decisions (Forlani, et al, 2002). By extension, the perceptions of the attractiveness and activities associated with various career fields will have an effect on the choices students make. Given the premise that the terms entrepreneurship, small business management, and venture capitalism have been bandied about in the popular press and on television as virtually interchangeable, exploring how students view these terms is warranted. The first step in the process is to review relevant literature to determine the extent the terms share aspects or are unique.

DEFINING THE TERMS

According to Malonis (2000), one of the first writers to investigate the work of entrepreneurs in the national economy was Austrian, Joseph Schumpeter, a renowned Harvard economist. Schumpeter argued that the defining characteristic of entrepreneurial ventures was innovation. Arthur Cole, another Harvard professor, defined entrepreneurship as purposeful activity to initiate, maintain, and develop a profit-oriented business. Other efforts to define entrepreneurship include "a systematic, professional discipline available to anyone in an organization" (Drucker, 1986) and "the ability to create and build something from practically nothing" (Timmons, 1989).

The Encyclopedia of Business (Malonis, 2000) has the following listings for the three terms: Entrepreneurship, involves taking a risk, either to create a new business or to greatly change the scope of and direction of an existing business. Entrepreneurs typically are innovators who start companies to pursue their ideas for a new product or service. Small Business Management, [a person who manages a company that is] independently owned, i.e., not a subsidiary of a large company. One that employs fewer than 100 employees. Venture capitalist: Venture capital usually refers to third-party private equity capital for new and emerging enterprises. Venture capital firms often provide the entrepreneur with more than just money; since they usually become part owners in the firm, they frequently take an active role in shaping the company's business strategy and its management.

In their textbook, The Best of the Future of Business (2003), Gitman and McDaniel also define these terms. Entrepreneurship: Involves taking a risk, either to create a new business or to greatly change the scope and direction of an existing firm. Small Business Management: Small business managers are people with technical expertise who started a business or bought an existing business and made a conscious decision to stay small. Venture capitalists: ... invest in new businesses in return for part of the ownership, sometimes as much as 60 percent. They look for new businesses with high growth potential, and they expect a high investment return within 5 to 10 years. Venture capitalists generally get a voice in management through a seat on the board of directors.

The encyclopedia definitions for entrepreneurship echo many of the same themes found in textbook definitions, namely the notion of risk taking, opportunity, and innovation (see Allen, 1999; Coulter, 2003; Hisrich & Peters, 2002; Kuratko & Hodgetts, 2004; Lambing & Kuehl, 2003; Longenecker, Moore & Petty, 2003; Megginson, Byrd & Megginson, 2003; Scarborough & Zimmerer, 2003; Zimmerer & Scarborough, 2002).

The definitions of small business management appear to differ most from the encyclopedia to the textbooks. Encyclopedias do not directly define the phrase small business management so the terms management and small business were combined to provide a comparative definition. Encyclopedias stick with the use of company size when defining small businesses. They make use of the categories as provided by the U.S. Chamber of Commerce and The Small Business Administration. Textbooks expand their definitions to include the activities in which the small businesses do or do not engage; such as "they do not engage in any new or innovative practice" (Coulter, 2003). "They make a conscious decision to stay small" (Gitman & McDaniel, 2003). "They have relatively little impaction on their industry" (Allen, 1999).

Similarly, the encyclopedia and textbook definitions for venture capitalism/venture capitalist/venture capital include the ideas of investing in high risk ventures with the potential for high returns. Both address the fact that venture capital firms generally play a significant role in the management as well as the ownership of the venture in which they invest, thus providing guidance as well as capital.

In an article entitled "Split Personalities" (Green, 2002) there was an extensive discussion on the confusion between the terms entrepreneurs and small business owners. In that article, Bruce Kemelgor, a University of Louisville Professor of Management, asserts that small business owners and entrepreneurs have different goals, strategies and styles. This underscores the need for examining whether people view these terms differently. Two of the group characteristics of interest are gender and experience.

GENDER AND EXPERIENCE DIFFERENCES WITH RESPECT TO ENTREPRENEURSHIP

Previous research has pointed to various explanations as to why female entrepreneurs might differ from their male counterparts. One study found that differences between female and male entrepreneurs become larger if the entrepreneurs are married with dependent children (DeMartino & Barbato, 2003). It is not unreasonable to assume that having dependent children is in part an age related phenomena. Traditional undergraduates (i.e. 18-22 years of age) would therefore be less likely to have dependent children than their graduate program counterparts. It is important to note however, that an increasing number of adult students, particularly women, are returning to complete undergraduate educations and that over time potential differences between those attending undergraduate business programs versus graduate programs, if any, may tend to lessen.

The importance for educational institutions that wish to promote an interest in entrepreneurship is that numerous studies indicate gender does play a role in explaining the different decisions and choices made by owner/managers (Mukhtar, 1998). Furthermore, according to Mukhtar (1998) the differences between male and female entrepreneurs persist even when the owner/manager has been in business for a long time. The implication that gender influences choices with respect to entrepreneurial decision-making provides additional support that the motivations for starting and continuing a business may be quite different for men relative to women (see: Nelton, 1990; Brush, 1992; Catley & Hamilton, 1998, for examples). Given that male and female business owners make different choices over the lifetime of their respective businesses would suggest that their individual needs during this time period might also be different. If so, then their educational preparation might very well benefit from some sort of adjustment that would take into consideration the differences in how male and female entrepreneurs operate their respective businesses. The issue of whether experience also has a potential impact on entrepreneurial activity is a different question.

Early studies on the subject indicated that previous work experience is critical in developing future entrepreneurs, yet its relative importance does varies with gender (Watkins & Watkins, 1984). Male entrepreneurial ventures were related to previous work experience at twice the rate of those begun by females. The traditional explanation has been that women had less business experience prior to starting their own businesses than their male counterparts. Therefore, the experience viewed critical for entrepreneurial success would be gained primarily from their own businesses. Consequently, these different paths into entrepreneurial activity were viewed as factors contributing to perceptions that women had weak financial skills, average marketing and operating skills, and that their primary advantages were in idea generation and people skills (Hisrich & Brush, 1984). Such perceptions may be reinforced by the more traditional approaches to entrepreneurial study that do not force female students to confront not only their classmates' perceptions of their skills but also their own perceptions.

Women and men both aspire to entrepreneurial undertakings given the opportunity to do so. Male and female entrepreneurs have been found to be motivated by similar needs for autonomy, achievement, a desire for job satisfaction and other non-economic rewards as well as improving their financial situation (Cromie, 1987). Cromie (1987) also found that female entrepreneurs were frequently less concerned with making money than dealing with previous career dissatisfaction and finding a mechanism for meeting their own career needs and that of their family. It is reasonable to assume that in real terms there are no substantive differences in the capabilities of men and women in terms of entrepreneurial skills. But clearly there have been differences captured in both motivating factors and values.

Given these findings, it is warranted to explore whether differences in perceptions exist among male and female students with different levels of experience at one critical point in time (i.e. in their post-secondary educational programs) when they may consider future career plans.

METHODOLOGY

Convenience samples of advanced undergraduate students in business and graduate students beginning their MBA programs of study were surveyed. The undergraduate sample was comprised of 84 juniors and seniors enrolled in a required New Venture Creation class (58% male / 42% female; average age = 23). The graduate sample was comprised of 43 students (63% male / 37% female; average age = 35). Students in both groups were provided with a short pencil and paper questionnaire. They were asked a series of questions to respond to anonymously.

RESULTS

When asked on the first day of class, "how would you rate your level of knowledge about what entrepreneurship is and how it works", on a 1 (extremely low) to 10 (extremely high) scale undergraduate students rated their level of knowledge as substantially higher (5.7) than their graduate counterparts (4.7) (See Table 1). Part of the explanation for this gap may rest with the background of the two sets of student respondents. Members of the graduate cohort are largely returning to higher education, some after a considerable number of years. The undergraduate student respondents by comparison, while not having had course instruction in entrepreneurship, may by virtue of their previous two to three years of coursework simply perceive that they hold higher levels of knowledge in many areas. While there were numerical differences between averages of males and females at both experience levels, they were not as pronounced as when experience levels were combined.

Aside from self-reported levels of knowledge, the intention of starting their own business may speak more directly to how respondents view entrepreneurship. When asked the likelihood of starting their own business over three different time frames, graduate students expressed more immediate plans for doing so in the next year as well as within the next 5 years than their undergraduate counterparts, although the gap narrowed in the longer time frame. Interestingly, the percentages were virtually identical in response to the question of starting their own business at some point in their lives. That, combined with the likelihood level (in the mid 70% range) indicates that both groups envision this activity as not just a potential activity but a likely one although males are more likely at both experience levels (see Figure 1).

[FIGURE 1 OMITTED]

In response to the question to list three adjectives that they associate with the term entrepreneur, the undergraduate student cohort provided 127 responses, 62 of which were either unique adjectives or constructs so similar they were grouped together. The most frequently mentioned were related to risk and risk taking. A listing of those mentioned by at least three or more students are presented in Table 3 in decreasing order of popularity (see Table 2).

The cohort of graduate students provided 61 total responses, 31 of which were unique adjectives or constructs. The listing of those mentioned by at least three or more students are presented in Table 2 as well. The similarities among the four sub-groups in their responses indicate that to at least a significant degree, all groups have similar perceptions (right or wrong) about entrepreneurship and its activities. It should be noted that with the exception of the adjective "stubborn" (not part of the presented list) all are considered as positive or positive leaning. Indeed even stubborn may be considered as positive by some and in some circumstances. The pattern of responses reinforces the overwhelmingly positive nature of entrepreneurship with this generation of students.

When asked to assess what the typical entrepreneur does on a number of 5-point Likert scales the response of both student cohorts were in agreement for the most part--without significant differences (see Table 3). One area to note is the expressed view by graduate student respondents that entrepreneurs deal more with marketing services than goods--a view not particularly shared by their undergraduate counterparts.

The final question posed to students was in actuality, a task. Specifically, each student was asked to construct a Venn diagram involving entrepreneurship, small business management, and venture capitalism. The intent was to see whether graduate students, with their presumed greater experience with business issues, would have a significantly different perspective than that of undergraduate students. The results are presented in Table 4 (see Table 4). Graduate students tend to view small business management and venture capitalism activities as more significant in terms of all business activity than their undergraduate counterparts. The amount of perceived overlap between the activities associated with these fields is very similar. This general agreement between graduate and undergraduate student groups regarding their perceptions of entrepreneurship, small business management, and venture capitalism appears to be influenced by the different degree of experience between the two groups as well as their age difference (a 15 year age difference on average).

CONCLUSIONS

Given the experience differences between the undergraduate and graduate student samples, the amount of agreement between respondents concerning how they view entrepreneurs and entrepreneurial activity is notable. The fact that such a high percentage of both groups plan to start their own business at some point in their lives also supports the reviewed literature that points to entrepreneurship as a career path increasingly significant to the economy.

Differences in the relative reporting of entrepreneurial knowledge between female MBA students and male undergraduate business students as compared to other reference groups may be worth additional exploration. Women, as reported earlier, have often viewed entrepreneurial activities through a different experiential lens than men. Most gender differences in entrepreneurship research are believed to be absorbed by variables such as education and experience with little evidence of a pure gender effect (Delmar & Davidsson, 2000). Still, the question remains whether altering either the approach or content used to discuss entrepreneurship, teach entrepreneurial concepts or encourage entrepreneurial activity would enhance the educational experience female business creators. Even with women now constituting the majority of college students men are roughly twice as likely to be active in starting a business as women are (Anonymous, 2001).

The social, political and economic consequences inherent in the creation of new businesses are of great importance. If the primary distinction between male and female entrepreneurs is primarily that of experience and education as has been suggested in the literature (e.g. Scherer & Brodzinski, 1990) then two additional observations may be appropriate. First, that the experience component will eventually become less relevant as more women move through the workforce and obtain advanced business degrees. Business experience will become sufficiently diffused that gender is no longer even an issue. Some evidence of that effect is seen in how female MBAs in our sample reflect upon entrepreneurship. Second, the educational component may become more relevant as female driven business startups create a cadre of women whose experiences can be passed back into the educational system (e.g. Wang, 2004). It may very well be that as business schools increase the number of female deans, faculty members, advisors, board members, contributors, guest speakers etc. their input will change the content and approaches used to teach various business skills and/or include new ones.

While the specific boundaries of business that entrepreneurship, small business management, and venture capitalism occupy are viewed differently by these groups, again there is significant agreement--with differences more likely attributable to the increased experience of graduate students rather than any fundamentally different view by undergraduate students of entrepreneurial activity's value.

From this data one might conclude that there is a need to assure that scholars and teachers deliver a consistent and clear message when discussing terms such as entrepreneur, small business manager and venture capitalist. Such distinction will enable the students, both undergraduate and graduate, to assess their interest in one of these fields and thus design an academic and career path toward the appropriate goal. Altering some portions of business curricula to reflect these findings would benefit all of the entrepreneurs of tomorrow.

Beyond this exploratory study, a more in-depth investigation of different populations, their attitudes toward entrepreneurship, and their current understanding about these areas is warranted. Knowledge about the role of gender, ethnicity, and different levels of work experience in individual's attitudes and decisions to start their own business should afford insights for more efficient allocation of human and financial resources by potential business owners, creditors, and others.

REFERENCES

Allen, K.R. (1999). Growing and managing an entrepreneurial business. Boston, MA: Houghton Mifflin Company.

Amos, J.H. (2001). Franchising, more than any act of government, will strengthen the global economy. Franchising World, May/June 33, 4, 8.

Anonymous (2001). The founder next door. Inc. (May 29) 23(7), 72-73.

Antonides, G. & N. L. van der Sar (1990). Individual expectations, risk perception and preferences in relation to investment decision-making, Journal of Economic Psychology, 11(2), 227-247.

Bailey, J. (2003). Small business--enterprise: Entrepreneurship: Can the touch be taught?; maybe not, say sponsors, but new college programs can provide useful skills. Wall Street Journal, Aug. 5, B3.

Brush, C. (1992). Research on Women Business Owners: Past Trends, a New Perspective and Future Directions. Entrepreneurship Theory and Practice, 4(16), 5-30.

Catley, S. & R. T. Hamilton, (1998). Small business development and gender of owner. Journal of Management Development, 17(1), 75-83.

Coulter, M.K. (2003). Entrepreneurship in action (second edition). Upper Saddle River, NJ: Prentice-Hall.

Cromie, S., (1987). Motivations of aspiring male and female entrepreneurs. Journal of Occupational Behavior, 8, 251-261.

Delmar, F. & P. Davidsson, (2000). Where do they come from? Prevalence and characteristics of nascent entrepreneurs. Entrepreneurship & Regional Development, 12(1), 1-23.

DeMartino, R. & R. Barbato, (2003). Differences between women and men MBA entrepreneurs: exploring family flexibility and wealth creation as career motivators. Journal of Business Venturing, 18(6), 815-833.

Drucker, P. F. (1986). Innovation and entrepreneurship. New York, Harper and Row.

Dunham, K.J., Career journal: Frustrated laid-off workers take risk of entrepreneurship (2003). Wall Street Journal, July 8, B10.

Forlani, D., et al. (2002). New product decision making: How chance and size of loss influence what marketing managers see and do. Psychology and Marketing, 19(11), 957.

Gitman, L.J. & C. McDaniel (2003). The best of the future of business. Mason, OH: South-Western Publishing.

Green, M. (2002). Split personalities: Entrepreneurs, small-business owners aren't the same. The Courier Journal (Louisville, Kentucky), Monday, December 30, Section F: 1-2.

Heller, F.A. (1987). Reality and illusion in senior executive decision making. Journal of Managerial Psychology, 2(3), 23-27.

Hisrich, R. D. & Brush, C. (1984). The women entrepreneur: management skills and business problems. Journal of Small Business Management, 22(1), 30-37.

Hisrich, R.D. & M.P. Peters (2002). Entrepreneurship (fifth edition). New York, NY: McGraw-Hill/Irwin.

Kuratko, D.F. & R.M. Hodgetts (2004). Entrepreneurship: Theory, process, practice (sixth edition). Mason, OH: South-Western.

Lambing, P.A. & C.R. Kuehl (2003). Entrepreneurship (third edition). Upper Saddle River, NJ: Prentice-Hall.

Longenecker, J.G., C.W. Moore & J.W. Petty (2003). Small business management; an entrepreneurial emphasis (Twelfth Edition). Mason, OH: South-Western Publishing.

Malonis, J.A., (Ed.) (2000). Encyclopedia of business (second edition), Farmington Hills, MI: Gale Group.

Medintz, S. (2003). How to make your fortune now, Money, 32(8), 75.

Megginson, L.C., M.J. Byrd & W.L. Megginson (2003). Small business management: An entrepreneur's guidebook (fourth edition). New York, NY: McGraw-Hill/Irwin.

Mukhtar, Syeda-Masooda (1998). Business characteristics of male and female small and medium enterprises in the U.K.: Implications... British Journal of Management, 9(1), 41-52.

Nelton, S. (1990). The Challenge to Women. Nation's Business, 78(7), (July), 16-21.

Scarborough, N. & T. Zimmerer (2003). Effective small business management; An entrepreneurial approach (seventh edition). Upper Saddle River, NJ: Prentice-Hall.

Scherer, R. F. & J. D. Brodzinski, (1990). Entrepreneur career selection and gender: A socialization approach. Journal of Small Business Management, 28(2), 37-45.

Smith, D. (2003). What the future holds. Retrieved August 27, 2003 from http://www.entrepreneur.com/article/0,4621,307497,00.html.

Timmons, J.A., (1989). The entrepreneurial mind. Andover, MA.: Brick House Publishing Company.

Wang, C. K. (2004). Entrepreneurial interest of university students in Singapore, Technovation, 24(2), 163-173.

Watkins, J. & D. Watkins (1984). The female entrepreneur: Background and determinants of business choice--some British data. International Small Business Journal. 2(4), 21-31

Zimmerer, T.W. & N.M. Scarborough (2002). Essentials of entrepreneurship and small business management (third edition). Upper Saddle River, NJ: Prentice-Hall.

Michael R. Luthy, Bellarmine University

Curtis A. Richards, Bellarmine University

John T. Byrd III, Bellarmine University

Mike H. Ryan, Bellarmine University

Table 1. First Day Self-reported Knowledge about Entrepreneurship

 1 2 3 4 5

 Extremely
 Low

MBA Males (5.0) 4% 15% 7% 15% 19%
MBA Females (4.3) 6% 19% 13% 31% 0%
Undergraduate 0% 0% 8% 14% 18%
Males (5.9)
Undergraduate 3% 0% 14% 11% 20%
Females (5.5)
All Males (5.6) 1% 5% 8% 15% 18%
All Females (5.1) 4% 6% 14% 18% 14%
All MBA (4.7) 5% 16% 9% 21% 12%
All Undergraduate 1% 0% 11% 13% 19%
(5.7)

 6 7 8 9 10

 Extremely
 High

MBA Males (5.0) 11% 15% 11% 0% 4%
MBA Females (4.3) 0% 31% 0% 0% 0%
Undergraduate 17% 30% 6% 4% 2%
Males (5.9)
Undergraduate 17% 20% 11% 3% 0%
Females (5.5)
All Males (5.6) 15% 25% 8% 3% 3%
All Females (5.1) 12% 24% 8% 2% 0%
All MBA (4.7) 7% 21% 7% 0% 2%
All Undergraduate 17% 26% 8% 4% 1%
(5.7)

Table 2. Entrepreneurial Adjectives and Traits *

 MBA Students Undergraduate Students
 Males Risk ** Risk
 Self *** Self
 Independent Confident
 Ambitious Hard Worker
 Adventure Motivated
 Hard Worker Creative
Females Risk Risk
 Creative Self
 Innovative Creative
 Self Leader
 Aggressive Organized
 Open Minded Adventurous

* Presented in decreasing order of mention.

** Includes risk-tolerant, -taker, -seeker, etc.

*** Includes self-motivated, -actualizer, -employed, reliant,
etc.

Table 3. Evaluation of Entrepreneurs

 MBA-- MBA-- Undergraduate
 Males Females Males

Relatively unorganized (1) / 4.0 4.1 4.1
 relatively organized (5)
Has many good ideas (1) / 2.6 2.8 2.5
 has one good idea (5)
Older individual (1) / 3.2 3.3 3.2
 younger individual (5)
Markets a service (1) / 2.7 2.8 2.9
 markets a good (5)
Relies on planning (1) / 3.3 3.1 2.9
 relies on inspiration (5)
Delegates few tasks (1) / 2.9 3.3 3.3
 delegates many tasks (5)
More interested in numbers (1)/ 3.5 3.5 3.5
 more interested in ideas (5)
Easy going (1) / intense (5) 3.9 3.4 3.5

 Undergraduate All All
 Females Males Females

Relatively unorganized (1) /
 relatively organized (5) 4.4 4.1 4.3
Has many good ideas (1) /
 has one good idea (5) 2.4 2.5 2.5
Older individual (1) /
 younger individual (5) 3.0 3.2 3.1
Markets a service (1) /
 markets a good (5) 2.9 2.8 2.9
Relies on planning (1) /
 relies on inspiration (5) 3.0 3.0 3.0
Delegates few tasks (1) /
 delegates many tasks (5) 3.5 3.1 3.4
More interested in numbers (1)/
 more interested in ideas (5) 3.5 3.5 3.5
Easy going (1) / intense (5)
 3.5 3.6 3.5

 All All
 MBA Undergraduate

Relatively unorganized (1) /
 relatively organized (5) 4.0 4.2
Has many good ideas (1) /
 has one good idea (5) 2.7 2.5
Older individual (1) /
 younger individual (5) 3.3 3.1
Markets a service (1) /
 markets a good (5) 2.7 2.9
Relies on planning (1) /
 relies on inspiration (5) 3.2 2.9
Delegates few tasks (1) /
 delegates many tasks (5) 3.0 3.4
More interested in numbers (1)/
 more interested in ideas (5) 3.5 3.5
Easy going (1) / intense (5)
 3.7 3.5

Table 4. Student Perceptions of Interrelationships

 Entrepreneurship Small Venture
 Business Mgt Capitalism

 a b c

MBA--Male 19.3% 24.1% 15.5%
MBA--Female 22.8% 27.2% 17.5%
Undergraduate--Male 34.1% 20.7% 14.6%
Undergraduate--Female 30.9% 21.6% 12.1%
MBAs 20.5% 25.1% 16.2%
Undergrads 32.8% 21.1% 13.6%
All Males 29.2% 21.9% 14.9%
All Females 28.7% 23.1% 13.6%

 Entrepreneurship Entrepreneurship
 and Small and Venture
 Business Capitalism

 d e

MBA--Male 13.2% 10.1%
MBA--Female 9.5% 10.6%
Undergraduate--Male 11.1% 7.5%
Undergraduate--Female 11.1% 9.8%
MBAs 12.0% 10.3%
Undergrads 11.1% 8.4%
All Males 11.8% 8.4%
All Females 10.6% 10.0%

 Small Business Intersection
 Mgt. and of all three
 Venture areas
 Capitalism

 f g

MBA--Male 8.0% 9.7%
MBA--Female 6.2% 6.7%
Undergraduate--Male 6.2% 5.9%
Undergraduate--Female 8.2% 6.3%
MBAs 7.4% 8.8%
Undergrads 7.0% 6.1%
All Males 6.8% 7.2%
All Females 7.7% 6.4%