A study found that female sports bettors achieved an impressive average return on investment (ROI) of almost 20%, while their male counterparts experienced an average loss of 5%.
For generations, women have been deemed biologically more risk-averse than men – but is that really the case?
To debunk the myth, experts at VIP Grinders teamed up with Niloufar Esmaeilpour, registered clinical counsellor and founder of Lotus Therapy, to explore how women aren’t less risk-averse – they’re more risk-aware and, in fact, strategic risk-takers.
Key findings:
- Traditionally defined risks often overlook the complex, high-stakes decisions women make – like starting a business while raising a family or undergoing cosmetic surgery.
- No significant gender differences were found in risk-taking at work, according to a 2022 study.
- Research shows that female executives are often more likely than their male peers to invest in long-term, high-stakes projects.
- From Oprah Winfrey to Serena Williams, the experts highlighted 8 trailblazing women whose bold, strategic risks have reshaped industries.
Breaking the myth: Women are strategic risk-takers, NOT risk-averse
Traditional studies define risk too narrowly
The theory that women are more risk-averse than men has been cemented by decades of economic and psychological studies that define risk through a narrow, male-centric lens, focusing on behaviours like extreme sports or competitive physical challenges. What’s often overlooked is that women do take risks – just different kinds. These are often calculated, strategic, and come with broader, long-term implications.
Women’s high-stakes choices are overlooked
Decisions like undergoing cosmetic surgery or launching a business while raising a family involve significant, multifaceted risks – physical, emotional, financial and social. Yet, these kinds of high-stakes decisions are rarely acknowledged in traditional risk research.
New research shows no gender gap in risk-taking at work
A 2022 study published in Psychology of Women Quarterly found no significant gender differences in workplace risk-taking, with another Journal of Business Research study revealing that female executives are often more willing than their male counterparts to invest in long-term, high-stakes projects like R&D and capital expenditures. These aren’t guaranteed wins – they carry substantial financial risk and delayed returns, but are critical for long-term growth. The takeaway is clear: Women aren’t risk-averse, they’re risk-smart.
Women approach risk with a long-term strategy
“In my work with professional women in high-stakes careers – from entrepreneurs, founders to corporate executives – I witness women taking enormous risks daily. Yet often calculated risks. For instance, a woman CEO might decide to shift a company’s focus from short-term profits to long-term R&D,” says Niloufar.
While this decision may not seem flashy or reckless, it is incredibly bold, especially considering the pressures from investors and shareholders. Women often consider the downstream effect of their decisions – how they affect team dynamics, organisational culture, or even the ethical consequences. This nuanced, multifaceted approach to risk is not a sign of timidity, but of strategic depth.
Structural pressures shape how women take risks
Women are often under the microscope and held to different standards, especially in leadership roles. A 2019 Harvard Business Review article noted that female leaders are more likely to be penalised for failure. What may appear as caution is often a smart, calibrated response to these uneven expectations, balancing risk with the need to protect morale, manage culture, and meet societal demands.
Telma Casaca, marketing director at VIP Grinders, commented:
“For too long, the myth has been perpetuated that women are risk-averse. However, new research and real-world examples show that women are, in fact, risk-smart and approach challenges with deep strategic foresight. Risk-averse is far from accurate.
When women take risks, they aren’t reckless – they carefully weigh all the variables. It’s about playing the long game and creating a sustainable future, not just for themselves, but for the organisations and communities they impact. Whether in business, sports, or social justice, the lessons from these trailblazing women are a testament to the power of strategic risk-taking.”
8 famous female risk-takers to inspire your next leap forward
From boardrooms to boxing rings, these women didn’t just take chances – they redefined what bold risk-taking looks like:
1️⃣ Oprah Winfrey – Media Mogul and Entrepreneur
Born into poverty, Oprah took a career-defining risk by founding her own production company, Harpo Productions,in the 1980s. She built an empire in a white, male-dominated media world and became the first Black female billionaire.
2️⃣ Whitney Wolfe Herd – Founder of Bumble
Left Tinder after a high-profile lawsuit and launched a female-first dating app, flipping industry norms. In 2021, she took Bumble public, becoming the youngest self-made female billionaire at age 31.
3️⃣ Sheryl Sandberg – COO of Facebook (Meta)
Leaving Google for a then-fledgling Facebook in 2008 was a massive leap. Her leadership helped scale the company globally. Her book, Lean In, sparked both praise and backlash – but undeniably ignited a global conversation about women in leadership and workplace equity.
4️⃣ Denise Coates – CEO of Bet365
In 2000, Coates mortgaged her family’s betting shops to launch a little-known online gambling site. She revolutionised the gambling industry, and today, Bet365 is one of the world’s largest online betting platforms.
5️⃣ Ronda Rousey – UFC Champion & Trailblazer
When women’s MMA didn’t exist in the UFC, Rousey demanded a seat at the table. She became the first female fighter signed by UFC, proving women could headline major events.
6️⃣ Melanie Perkins – Co-founder & CEO of Canva
After dropping out of university, she pitched her visual design platform over 100 times before landing funding. Today, Canva is used by over 100 million people globally, and Perkins is one of the youngest self-made billionaires in tech.
7️⃣ Serena Williams – Tennis Legend and Entrepreneur
Arguably the most recognised female athlete of all time, Williams has taken bold risks both on and off the court – from speaking out on race and gender, to investing in early-stage startups, to launching a fashion line. Her return to elite tennis after childbirth challenged outdated narratives about motherhood in sport.
8️⃣ Malala Yousafzai – Activist and Nobel Laureate
Malala defied Taliban threats to speak out for girls’ education in Pakistan – a decision that nearly cost her life. After surviving an assassination attempt, she became the youngest Nobel Peace Prize winner.
