There are many challenges that women face in business. In this article, we’ll talk about some of the common ones they face and some of the larger-scale female entrepreneurs who have overcome them.
Women’s entrepreneurship is booming in the US, with nearly 40 percent of all women-owned businesses. The number of female entrepreneurs has increased significantly over the years.
Despite the favorable statistics about the increasing number of women in business, many barriers still prevent them from fully participating in the industry. One of the most important steps women can take to succeed in business is to be knowledgeable about their various challenges.
Overcoming Society’s Expectations
Female business owners often encounter these issues when they attend networking events. They often feel like men in the room outnumber them.
This often leads to a feeling of inadequacy and a lack of confidence that they need to adopt a more aggressive or competitive mindset to succeed in business. However, most female CEOs believe that finding your voice and remaining true to yourself can help you rise above the crowd.
Having confidence in yourself and not conforming to what a male leader would look like can help you stand out from the crowd.
Access to Funding
Even though not all startup founders look to investors for help, those with experience navigating the pitching process know how difficult it can be. It’s also more complicated for women-owned companies to secure funding.
When pitching to investors, women tend to be more conservative than men. They also don’t overstate their projections. Men, on the other hand, tend to exaggerate their numbers.
Since investors are usually men, they assume that women are inflating their numbers just like men. This means that they will typically only provide the business with minimal funding.
Female entrepreneurs can secure the necessary funding for their businesses by asking for what they need, even if this means asking for more money than they want.
Finding Support
It can be hard to get by as an entrepreneur, especially when few women are in key business positions. Female entrepreneurs might have a hard time finding support or getting mentorship in the same way that men do. The lack of professional communities can also prevent women from finding the support they need to succeed.
Coming Off as Authoritative
Being recognized as an entrepreneur can be a daunting task for women. They often feel like they are not considered serious about their business due to their appearance. To overcome this issue, start by introducing yourself and your company as you shake hands. Doing so will help clear any confusion about your role and make you more recognized as an entrepreneur.
Breaking the Emotional Stereotype
Stereotypes about women often follow them into boardrooms. The labels can vary depending on the situation. For instance, male investors may see women as less capable of leading a business to success. On the other hand, employees may prefer a more strict and no-nonsense boss.
Good leaders must have transparency, accountability, vulnerability, and compassion. However, the male-dominated industry often dismisses these traits as soft or weak.
One of the essential traits a good leader can have is vulnerability, which allows their team to feel that they are part of the family. This shows you care about them and are willing to do the work required to improve their lives.
Balancing Work and Life
Balancing work and family is a significant challenge for many parents. They often have dual responsibilities, so finding ways to allocate time to both is important.
Many female entrepreneurs struggle with finding a balance between their work and family. While the number of fathers staying home to look after their kids has increased, the share of stay-at-home fathers remains at around 7 percent. Despite the various laws enacted to prevent discrimination against women due to pregnancy and childbirth, many companies still don’t have flexible employee policies.