Top 5 challenges in the life of women entrepreneurs
Being a woman entrepreneur has never been easy; you can ask any woman entrepreneur. And it won’t take a lot of time to ask, because there are very few of them. What discourages women to take up entrepreneurship as a career? And even when they do, what kind of challenges they face? Why an entrepreneurship event is mostly comprised of men? Why women-owned enterprises aren’t profitable enough? Are women not capable of taking the “risks” involved in entrepreneurship? Or are they not motivated enough? Has gender bias eaten up the business world too?
Let’s find out.
In countries like India, it is considered a woman’s duty to take care of the household and her family, especially after they become a parent. Thus, one of the main reasons why women entrepreneurs do not grow or flourish enough is the lack of family support. With such limitations around, how will a woman entrepreneur flourish? Moreover, even if women take up entrepreneurship as their career, finding a balance between work and family is another very common challenge that they face.
Yes, sadly, male chauvinism still exists. So, it is a little more difficult for women entrepreneurs to network with other male entrepreneurs. The gender-bias also causes a bias between men-owned enterprises and women-owned enterprises in the minds of consumers. It makes it difficult for women entrepreneurs to compete with their male counterparts. Also, society’s expectation of women to be “soft and conservative” suppresses women entrepreneurs, adding to their struggle to be respected. Gender-bias and discrimination against women have existed in society for centuries, and unfortunately, it still exists to a certain extent.
Limited access to funding
Whom should a woman-enterprise turn to when they need funds? While pitching an idea to an investor, women entrepreneurs are mostly asked questions about how they would “prevent” anything wrong that might happen to the business while their male counterparts are mostly asked questions about how they would “promote” the business, i.e. everything right that could go with the business. According to the sources, women entrepreneurs that found 38% of the companies in the USA get only 2% of the funds.
The saddest part is, though, even women venture capitalists are biased against women entrepreneurs.
Moreover, even banks are reluctant to provide loans to women due to gender and cultural biases and also due to lack of collateral.
Attitude towards life
Some women may be timid, they don’t own to their success, afraid to take risks and afraid of failure. The negative business attitude is the reason behind the failure of a startup that was meant to be successful. They may not have enough self-confidence. It is difficult for a woman to come out of the shell, to overcome her insecurities to take up something as different as entrepreneurship, especially when society has completely different expectations from her.
Unfavorable business environment
Despite so many laws and policies provided by the government, the poor implementation of these policies has failed to create a favorable environment for women to do business. They have difficulty in networking since the male-dominant business world doesn’t take women entrepreneurs, much seriously and thus, there is none or very little support system or guidance with women entrepreneurs.
Women entrepreneurs have a lot of trouble to get access to the right resources, one of the examples being quality education. So, how do we cope up with this? What are how these challenges can be tackled? Well, that’s a topic for another time. Till then, if you have any queries regarding startups or entrepreneurship, feel free to ask any queries at our forums.
Keep dreaming. Keep achieving. Keep living.