Women have long been told they live in a man’s world. This has been proven true in many respects, like crash-test dummies for vehicle safety being based on the average man and temperature regulations for office buildings being chosen for the comfort of 154-pound men in the 1960s. With all this considered, it’s not surprising for many women to say they struggle to be taken seriously in business.
They’re Experiencing Funding Challenges
Even before women can begin exploring marketing methods for their businesses, they must combat funding challenges. A Babson College and Bank of America report found that women business owners were discounted and misunderstood by other business people. Investors were among that group.
They encountered misconceptions like investors believing women ran their businesses out of their homes for fun and to supplement their family’s income. They were often less likely to see those businesses as worthy of investment when they had those misconceptions.
Personal Factors Are Impacting Women in Business
While high-interest rates have certainly contributed to many women not growing their businesses in 2024, some surveyed female business owners said personal factors also played a part. Approximately 33% struggled with feelings of low confidence, and another 26% said they struggled to be taken seriously as a business owner. They also found it challenging to get the help they needed for caring duties like childcare and aging relatives.
A Lack of Representation Still a Problem
Global gender gap reports have been looking more positive for women as the years go by. We saw the highest gender parity score yet in 2022. In that year, 42.7% of women were enjoying their share of senior and leadership roles.
However, a lack of representation can still be seen across many industries. Just 16% of women are in leadership roles in infrastructure. Just 19% are in manufacturing, and a mere 20% in energy.
They’re Dealing with Double Standards
We’re now striving for equality and equity in the workplace. However, women in business are still encountering double standards. Double standards describe different expectations, rules, and principles applied to different people. In this situation, it’s men and women.
Men in leadership roles might be praised for their confidence and assertive mannerisms. In contrast, many women can be called bossy and aggressive. There may also be a beauty expectation gap. Men may be more likely to get away with dressing casually and having no one question their appearance. Women are sometimes more likely to be expected to wear makeup and dress professionally. These stereotypes and expectations can undermine the success of female leaders.
They’re Balancing Caregiving Responsibilities
Studies have found that women spend several hours more per week than men taking care of parenting and domestic tasks. Balancing professional and personal life may mean women struggle to be taken seriously.
Due to their home responsibilities, they can’t always fully dedicate themselves to their professional lives. This can sometimes mean that people see women as uncommitted or unprofessional. As a result, they may miss out on promotions or opportunities to advance their careers.
Women business owners deserve to reap the rewards of leadership positions and business ownership. However, they’re still facing many barriers in 2024. A lack of representation, double standards, and funding challenges are just a few of the many obstacles they must overcome.
