With enough drive and passion, anyone of any gender can become an entrepreneur. However, the statistics say otherwise. Only 43.2% of small business owners in the United States are women. Many factors can contribute to women lagging behind their male counterparts. However, it can often be for these reasons:
Gender Roles and Stereotypes
Women often have the same or a similar amount of knowledge as men about running a business. They know they must perform background checks to hire good staff, be strict with money management, and rely on technology for efficiency and productivity.
Yet, many women don’t get a chance to put their knowledge into practice because of gender roles and stereotypes. Historically, it has been more accepted for men to be entrepreneurs and business owners than women. In the past, and even today, women may be more likely to fill domestic roles than follow their entrepreneurial dreams.
Restricted Access to Resources
We have come a long way regarding gender equality, but challenges with accessing resources like funding still exist. Women are less likely than men to report that they can get the financing they need to start their businesses. As a result, female entrepreneurs are generally more reliant on self-financing.
Funding challenges can prove detrimental for the average female entrepreneur. If they can’t get their businesses off the ground with a helping hand from lenders and investors, they can’t always start a business they’ve always dreamed of having.
Caregiving Duties
Despite men’s equal competence to raise children and take care of a family, this role generally falls to the women in the family. When women have to spend more of their time caregiving, they have less time and energy to devote to starting and running their own businesses.
According to some sources, up to 81% of caregivers in formal and informal settings are women. They also spend 50% more time providing care than their male counterparts. Even when women are in relationships with men, and both work full time, women still spend 50% more time caregiving.
Struggles with Work-Life Balance
Women can have dreams about launching their own businesses and supporting themselves. Still, that doesn’t mean they have the time to chase those dreams. Their struggles with work-life balance can mean they barely have time to do more than the bare minimum.
Many women are working full-time or part-time jobs while taking care of children and their homes. There’s not always enough free time to focus on business plans or seeking a different life to the one they have.
A Lack of Access to Affordable Childcare
Affordable childcare in the United States is lacking. Depending on where you live, it can cost an average of $1,300 per month or nearly $16,000 for average childcare for one child. Not every family can afford that.
When women can’t access affordable childcare for their families, they may be more likely to stay at home and raise their children. This can sometimes stop them from chasing their entrepreneurial dreams.
Women Are More Risk-Averse
More male entrepreneurs don’t necessarily mean that more men than women want to own their own businesses and build their own success. Women can just be more risk-averse, meaning they may hold themselves back. If women feel there can be severe risks, repercussions, and consequences for making big and potentially life-changing decisions, they may be less likely to take them.
Male-Dominated Fields
Not all industries and sectors are equally run by men and women. Some fields are certainly more male-dominated, such as construction, forestry, and engineering. Women may struggle to start new businesses in male-dominated fields where they might not receive a great deal of support.
Even once they enter the field, women may encounter challenges like prejudice, sexism, aggressive behavior, and a lack of respect. Knowing the challenges associated with working in such fields, women may be less likely to explore their career options, even if they’re passionate about their work.
A Lack of Female Entrepreneur Role Models
We are now seeing more female entrepreneurs on the world stage than ever before. These standout women, like Beyonce, Ruth Bader Ginsburg, and Sara Blakely, are giving everyday women hope about what they can achieve with passion, drive, and hard work. Still, not every woman finds a role model when they need one the most. This may mean they don’t have the confidence they need to take the next step.
We’ve come a long way regarding equality, but we’ve still got a long way to go. There are still more male entrepreneurs because women can experience restricted access to resources, have more caregiving responsibilities, and encounter gender stereotypes.
