6 Challenges Faced by Female Entrepreneurs in Business

Women are now making waves in the business industry. The situation for women having their own brands keeps getting better. According to the National Association of Women Business Owners, women own more than 11 million businesses in the United States. Every year, they employ close to 9 million people while generating more than $1.7 trillion in sales.

But these numbers are only part of the whole story. Women face a lot of hurdles, and there are still disparities between them and their male counterparts. While checking the percentages, the truth is women still have a long way to go. Their biggest challenge is operating in a world that is largely dominated by men.

Does this mean men are stronger or women are weaker than men? Of course not! Women can use their feminine values, such as emotional due diligence, multi-tasking, risk awareness, transparency, risk mitigation, and independence in their business.

But what are those challenges women face in a business-driven society? Here are the top six challenges that female entrepreneurs face in the world of business.

1. Societal Expectations

Most female business owners are always expected to act like men. You face this particular expectation a lot during networking conferences, meetings, and everyday scenarios. Your team members and business partners expect you to behave like a man. They want you to be harsh, aggressive and be competitive like a man.

That is why we see so many women picking up this attitude, even though it is completely not their thing. However, as a female CEO, you need to stay true to yourself and be confident in who you are. If you want to be a successful businessperson, you don’t have to act in a way people expect you too. Find your voice and stick to it.

2. Lack of Access to Funding

It is not every businessperson that will have an investor for their business. Some have to rely on raising capital for their business on their own. Women’s businesses are part of ventures that lack investors. This is a harsh reality because it is quite popular for women to be denied loan requests due to gender bias.

Funding is a crucial part of any business. Women have to be more persistent than men when seeking for funds. It can be nerve-wracking, but the good news is that women are passionate. They will always find the strength to overcome this challenge.

3. Balancing Responsibilities

A large number of women are not just business owners alone. They have spouses, children, and other family responsibilities. Demands and pressure from both personal and professional communities can make a woman abandon one. Her family expects her always to be there, meet their needs, buy the best detox drink and still be a wife and a mother they study and emulate. In contrast, her business community expects her to be a leader and show diligence and commitment.

This becomes a bit difficult for women who lack some forms of social and emotional support because they have to endure the whole situation on their own. Some women are good at multi-tasking and can balance these two key areas of their life, while others might feel overwhelmed.

4. A Judgmental Society

Gender inequality is real and different laws; culture and religion have patriarchal laws that are unfair to women. Women have to work their way up the ladder while facing societal discriminations and stigma. Some prejudices have become a part of society. If a woman pays attention to her looks, she will be perceived as trying too hard. If she is serious, people will assume she is too stiff, and if she smiles, she will come off as seductive to others. The solution is that women have to continue being themselves regardless of what anyone thinks.

5. The Need for Constant Self-Promotion

At one time or the other, female entrepreneurs can attest that earning respect in a male industry becomes a struggle.  You have to work harder than your male counterparts will do for you to be taken seriously.

To overcome this, you need to know you don’t need self-validation from anyone. You need to build your self-confidence and stop every negative thought that is preventing you from reaching your full potential. Focus on personal branding and create the reputation of a strong businessperson.

6. Fear of Failure

Source: https://www.pexels.com/photo/young-troubled-woman-using-laptop-at-home-3755755/

Both male and female entrepreneurs face the possibility of failure. But when the society refuses to take you seriously and expect you to fail every point in time, fear begins to take deep roots.

It is okay to be scared and feel insecure. You are human, and it is part of your nature. However, don’t allow your insecurities prevent you from aiming high. Keep going and keep your passion alive. If failure is a possibility for entrepreneurs, success is too!

Conclusion

Despite these challenges, there are still female entrepreneurs doing great out there. You need to stop looking at the challenges and focus more on bringing your idea to life. No matter the percentages, you can do great too.