Abstract: This study analyses female entrepreneurs’ perceptions as to why male entrepreneurs outnumber them as business owners. The researchers apply the Principal Components Analysis (PCA) technique to a large database constructed from a questionnaire sent to a sample of female entrepreneurs of the region of Aragon in Spain. The results suggest that two groups of reasons explain why men outnumber women in business: variables related to family responsibilities and variables related to the decision to start a new enterprise (women’s greater aversion to taking risks, different motivations, lack of experience and lack of legitimacy as leaders). While family responsibilities are correlated with no other variable, the variables related to starting a new business are largely interconnected.