Despite increasing numbers, women entrepreneurs face unique challenges that require creative strategies to overcome. This article highlights these hurdles and provides valuable insights from successful women business owners. As per the National Association of Women Business Owners, over 11 million U.S. businesses were female-owned in 2017, employing approximately 9 million people and generating sales of around $1.7 trillion. However, the path for women in business is often laden with challenges distinct from their male peers.
Defying Social Expectations
Walking into a male-dominated networking event can be daunting for many women in business. Under such circumstances, women may feel the need to adopt a stereotypically “male” attitude toward business—competitive, aggressive, and sometimes harsh. However, many successful female leaders believe that authenticity and finding one’s own voice are keys to overcoming these expectations.
Struggle for Access to Capital
Securing funding is one of the significant hurdles for women-owned businesses. A Babson College report in 2014 revealed that less than 3% of companies with venture capital funding had female CEOs. Female entrepreneurs, therefore, need to boldly ask for what they need, sometimes even more than they want, to secure necessary capital.
Struggles to be Taken Seriously
Many women leaders find themselves in male-dominated industries that fail to acknowledge their leadership roles. One business leader shared her experiences in a male-dominated industry and the presumptions she faced because her business was family-owned. To overcome these assumptions, she learned to build confidence and overcome self-doubt.
Owning Your Accomplishments
Women are often encouraged to be communal and consensus-building, which can sometimes lead to downplaying their worth. One business leader spoke about her difficulties in conveying her value as a leader, often using “we” instead of “I” when discussing successes. She stated her commitment to acknowledging and owning her accomplishments.
Building a Support Network
A robust support network is essential for entrepreneurial success. Yet, almost half of female founders report that a lack of available mentors limits their professional growth. Navigating the largely male-dominated business world can be challenging for many women.
Balancing Business and Family Life
Entrepreneurs juggle responsibilities to both their businesses and their families. Finding a way to commit time to both is key to achieving work-life balance.
Coping with Fear of Failure
Failure is a real possibility in any business venture, but it shouldn’t deter individuals from pursuing their dreams. One CEO advised women to work through self-doubt and not wait for perfection before launching a business or taking a promotion.
Female entrepreneurs are those who initiate a business, gather all resources, face challenges, provide employment, and manage the business independently. This process empowers women economically and positions them in society.
Yet, women are often not expected to be in leadership roles and society can be less accepting of being led by women. Although this scenario is changing, more progress is needed.
The significance of female entrepreneurship for economic development is widely recognized. However, female entrepreneurs remain a minority and face numerous obstacles on their journey. Despite these challenges, many women are making strides, successfully managing their personal and professional lives, and changing societal perceptions along the way.
