Being a woman isn’t easy, and being a female entrepreneur is even tougher. People hardly admit what are the challenges faced by female entrepreneurs constantly.
Even though the world is progressing towards being more feminist and females are giving neck-to-neck competition to their male counterparts, there are still a lot of loopholes in the system.
Our world is still driven by a male-centric approach where women are conveniently looked upon as weak and inefficient whenever there’s a talk about earning money and making a name for oneself. Even after proving their capabilities from time to time, females continue to face a whole lot of challenges and disagreements from everyone around them.
What Are The Challenges Faced By Female Entrepreneurs?
Here are some of the biggest challenges female entrepreneurs tend to face when they step into the world of entrepreneurship.
There are times when women face a lot of prejudice due to their gender. People often pass on stereotypical judgments on women because it is still difficult for them to digest that women can carry and run a business of their caliber.
Women are looked upon as less competent or less committed towards the work as compared to the males. It takes a lot of time for society to accept strong and independent women. A woman is still downgraded if she chooses a career of her own choice or prioritizes her career over other things.
Limited Resources and Difficulty in Raising Funds
Women entrepreneurs get very minimal monetary support. According to reports, women-led businesses tend to get much lower investments and capital as compared to male-led businesses. Women entrepreneurs face a lot of difficulties in getting funding from potential investors as they are highly doubted for their caliber to drive a business.
Another reason that female entrepreneurs face issues while raising funds is that they do not have adequate assets registered in their name. This is because of certain beliefs that women are not supposed to be a part of the ancestral property, thus hardly having any properties in their name. This becomes a hurdle while applying for collateral loans and seeking funding.
Female Entrepreneurs are Hardly Taken Seriously
Women are hardly taken seriously when they talk business and even otherwise. People around them do not take their words seriously yet or give them the credit for their skills. They doubt their leadership skills and believe that women do not have ample knowledge and experience to run a business on their own.
Women often find it difficult to earn respect and recognition for their hard work and genuine efforts in this highly male dominating entrepreneurial ecosystem. This is one of the most critical pointers when we state about what are the challenges faced by female entrepreneurs.
Only a Few Sectors are Female Friendly
There is no denying the act that sectoral biasedness is also a big issue. Certain sectors of the economy are categorized as male-centric or female-centric. Female entrepreneurs find it difficult to make it big in high revenue-yielding sectors like construction and manufacturing which are generally driven by male entrepreneurs.
While women entrepreneurs’ experiences and knowledge have always been made limited to so-called women-centric sectors like beauty, education, and apparel.
Lack of Mentorship
Having a role model or mentor to motivate you and guide you through success is a plus one. We hardly have got enough women entrepreneur role models, coaches, or mentors who can guide aspiring female entrepreneurs to seek the right direction and get to taste success. Finding a fellow businesswoman or an advisor who can understand what are the challenges faced by female entrepreneurs is struggling.
Getting Support from People
When a female thinks about opening her business, there are instant judgments and opinions of people that say otherwise. Women find it difficult to get the support of their own family and friends meanwhile the scenario is the complete opposite in the case of a man.
They are forced to stick to the traditional gender roles of women who are supposed to handle the household chores or choose an easy and comfortable career option that helps them take care of their family first rather than taking the lead and running a full-fledged business of their own.
Balancing Personal and Professional Lives
When we talk about what are the challenges faced by female entrepreneurs, this is the greatest challenge a woman entrepreneur faces. Women are no less than superhumans who manage everything at the same time.
A housewife is supposed to handle the household work and take care of the family, but an entrepreneur woman has to handle both her business, house, and family. It becomes difficult for them to give proper time and attention to the business while fulfilling their family responsibilities. At times, this can lead to frustration thus impacting the operations and success of the business.
Fear of Failure and Loss of Confidence
Many women entrepreneurs have this fear of failure because of self-doubt and insecurities. On top of that, they go through discriminatory behaviors and face judgments daily, they end up believing that their businesses might fail.
It is because there is humungous competition in the markets, and the biasedness and challenges that women entrepreneurs have to face regularly, the fear of failure is often wandering over their heads.
Building a good network is essential for any business owner for grabbing growth opportunities and access to potential markets. Female entrepreneurs find it hard to build networks in the professional world. Their networks are small, and they get less access to the markets.
How Can Female Entrepreneurs Overcome These Challenges?
While overcoming these challenges might look like a difficult task, there are a handful of tips that might help you tackle the challenges and ace your game as a successful woman entrepreneur!
Attend Women-Focused Networking Events
Attend women-focused networking events to build networks and connections with fellow female entrepreneurs. It will enable you to learn so much from your peers about their experiences and how they face and overcome similar challenges as you.
It will also help you get the needed guidance and support from these entrepreneur women that will eventually help you grow both personally and professionally.
Focus on Your Brand, and Your Brand will Speak for You
You must build a strong brand that speaks for itself. Who would not want to know about the owner of a brand that is strong and superior? By giving attention to a strong brand identity, female entrepreneurs can organically acquire a loyal customer base and create a good reputation for themselves.
Speaking Up for Yourself is Essential
You must speak up against the discrimination or gender biasedness that you face regularly. Challenge the patriarchal norms and come forward as a stronger personality by showcasing your exceptional skills through your work. You can form allies and support and stand up for each other whenever society becomes a hurdle in your achievements and accomplishments.
It is not that leisurely to live a life of a female entrepreneur, and the answers to the question “What are the challenges faced by female entrepreneurs” are more than many! But the ideal way to go is to keep fighting and standing up for your rights. One must never lose their confidence and the will to keep thriving and make their dreams turn into reality!
If you loved reading about what are the challenges faced by female entrepreneurs, we’re sure you’ll be interested to read more on similar topics. Head on to the Purple Pennon website and pick your favorite blogs to read!
Family obligations, ingrained biases, and changing gender norms make it particularly difficult for women to start and operate successful businesses. An unsustainable working environment can also be produced by inadequate outside assistance and counsel.
According to NSE data, women hold managing director and chief executive officer positions in 100 different businesses, representing a total of 109 different directorships.
According to the IIFL Wealth Hurun India Rich List 2022, Falguni Nayar, the founder of the e-commerce website Nykaa, has become India’s richest self-made woman. After a successful public offering, Nayar’s wealth increased even further.