The Top 10 Challenges Women Entrepreneurs Face and How to Overcome Them

The Top 10 Challenges Women Entrepreneurs Face

Being a woman entrepreneur is not easy. You have to face many challenges and obstacles that your male counterparts may not encounter. Some of these challenges include:

• Defying social expectations: You may have to deal with stereotypes and prejudices that assume women are not fit for business or certain sectors. You may also face pressure from your family and society to conform to traditional gender roles and prioritize your domestic responsibilities over your professional aspirations.

• Accessing funding: You may find it hard to raise capital for your business, as investors and lenders may have biases against women-led ventures or doubt your credibility and competence. According to a report, only 12% of the companies that received funding in 2019 had at least one female founder.

• Struggling to be taken seriously: You may encounter disrespect or discrimination from customers, suppliers, partners, or even employees who do not value your authority or expertise as a woman business owner. You may also face harassment or intimidation in male-dominated industries or sectors.

• Owning your accomplishments: You may suffer from imposter syndrome or low self-esteem, which can make you doubt your abilities & achievements. You may also hesitate to promote yourself or ask for what you deserve due to fear of rejection or criticism.

• Building a support network: You may lack mentors, advisors, role models, or peers who can guide you, inspire you, or connect you with opportunities & resources. You may also feel isolated or lonely as a woman entrepreneur in a male-dominated field.

These are some of the common problems faced by women entrepreneurs around the world of business. However, these challenges are not insurmountable. With determination, resilience, creativity, & courage, you can overcome them and achieve your goals.

In this blog post, we will share with you some tips and strategies on how to overcome these challenges and succeed as a woman entrepreneur in 2023.

Women entrepreneurs have been making a splash in today's business world, but they still have to deal with a lot of issues that guys don't. Navigating funding, creating connections, juggling work & family, and tackling stereotypes - there's a lot for women entrepreneurs to overcome to be successful. 

In this blog post, we'll look at some of the biggest problems women entrepreneurs face and how they can overcome them!

1. Defying social expectations

For female entrepreneurs, it can be difficult to challenge the prejudices that are often attached to them in society. Many women are expected to conform to traditional gender roles which prioritize family over their career, or to limit themselves to particular career paths deemed to be more "women-friendly". If women defy convention, they may face opposition from their families, communities, or even society at large.

In order to prevail in this challenge, female entrepreneurs should be confident in themselves and their ambitions and strive to realize them. It's important for them to be honest with their family and partners about their expectations and to make sure that everyone is in agreement. They require someone to idolize, a person who will help to keep them inspired and guide them on their entrepreneurial adventure.

2. Accessing funding

Women entrepreneurs having trouble getting cash to fund their businesses - that's a big obstacle they have to tackle. Innoven Capital's report shows that of all the firms that got funding in India in past year, only 12% had a female founder. Women entrepreneurs often come up against gender biases from investors who may question their trustworthiness, ability, or dedication. They may not have access to banks or other sources of capital.

To overcome this challenge, women entrepreneurs need to be prepared and persuasive when pitching their ideas to potential investors. They need to showcase their market research, business plan, financial projections, and competitive advantage. They also need to network with other women entrepreneurs who can share their experiences and resources with them. Additionally, they can explore alternative sources of funding such as crowdfunding platforms or government schemes that support female entrepreneurship.

3. Struggling to be taken seriously

Another challenge that women face in the entrepreneurship world is that they often remain unacknowledged or simply put,

the industry does not take them seriously. This exclusive environment and lack of respect for time and efforts that women put into their businesses often lead

to female entrepreneurs doubting themselves. They may also face discrimination or harassment from clients, suppliers, or competitors who may question their authority or expertise.

To overcome this challenge, women entrepreneurs need to be confident and professional in their dealings with others. They need to establish their credibility and reputation by delivering quality products or services, and by showcasing their achievements and testimonials. They also need to stand up for themselves and report any instances of unfair treatment or misconduct.

4. Owning your accomplishments

Another challenge that women entrepreneurs face is owning your accomplishments without feeling guilty or boastful. Many women tend to downplay their success or attribute it to luck or external factors rather than to their own hard work or skills. This may stem from a lack of self-esteem, a fear of being judged, or a desire to fit in with others. However, this can undermine their confidence and prevent them from reaching their full potential.

To overcome this challenge, women entrepreneurs need to celebrate theirachievements and acknowledge their contributions. They need to be proud of themselves and share their stories with others. They also need to accept compliments graciously and give credit where credit is due.

5. Building a support network

Another challenge that women entrepreneurs face is building a support network that can help them grow their business and cope with stress. According to a survey, 48% of female entrepreneurs said that the lack of mentors and advisors restrain their professional growth. In a world where high-level business is dominated by men, it becomes difficult for women to excel in their profession without someone showing them the right way. They may also lack access to professional networks that can help them find customers, partners, suppliers, or investors. 

If women entrepreneurs want to succeed in overcoming this challenge, they need to look for mentors and advisors who can give them advice, provide feedback, and open up opportunities for them. They should get involved in professional associations, networking groups, or online communities so they can interact with other people who share their same interests.

6. Balancing business and family life

Many women entrepreneurs juggle multiple roles as business owners, mothers, wives, daughters, caregivers, and more. This can create a lot of stress and pressure to meet everyone's expectations and needs. It can also affect their health, well-being, productivity, and creativity.

To overcome this challenge, women entrepreneurs need to prioritize their tasks, delegate responsibilities when possible, set boundaries between work and personal life, seek help from family members or friends when needed, and practice self-care activities such as meditation, exercise, or hobbies.

7. Coping with fear of failure

Fear of failure is a common obstacle for many entrepreneurs, but it can be especially paralyzing for women who may face more scrutiny and criticism from society or themselves. Fear of failure can prevent women entrepreneurs from taking risks, pursuing opportunities, learning from mistakes, or celebrating their achievements.

To overcome this challenge, women entrepreneurs need to embrace failure as a part of the entrepreneurial journey, learn from their failures rather than dwell on them, focus on their strengths rather than weaknesses, celebrate their successes no matter how small, and surround themselves with supportive people who encourage them to keep going.

8. Limited industry knowledge

Some women entrepreneurs may lack the necessary knowledge or skills to operate in certain industries that are traditionally dominated by men, such as technology, manufacturing, or construction. This can make them feel intimidated, insecure, or out of place. It can also affect their credibility, competitiveness, and profitability.

To overcome this challenge, women entrepreneurs need to invest in their education and training, seek mentorship or guidance from experts or peers in their field, join industry associations or networks to stay updated and connected, and leverage online resources such as blogs, podcasts, webinars, or courses to learn new things.

9. Missing role models

Women entrepreneurs may have fewer role models to look up to or learn from than men. This can make them feel isolated, lost,or discouraged. It can also limit their vision of what is possible for them as business owners.

To overcome this challenge, women entrepreneurs need to seek out role models who inspire them, follow their stories and achievements, reach out to them for advice or feedback, and emulate their best practices. They can also become role models themselves by sharing their experiences and insights with other aspiring or emerging women entrepreneurs, and by supporting them through mentoring, coaching, or investing.

10. Safety concerns

Women entrepreneurs may face safety issues that men do not have to worry about, such as sexual harassment, violence, or discrimination. This can affect their mental health, confidence, and performance. It can also limit their mobility, accessibility, and opportunities.

To overcome this challenge, women entrepreneurs need to take precautions to protect themselves and their businesses such as:

• Choosing safe locations for work or meetings;
• Having emergency contacts or plans;
• Reporting any incidents or threats;
• Seeking legal help if needed;
• Joining forces with other women entrepreneurs who face similar challenges;
• Advocating for policies or laws that protect women's rights and safety.

Here were a few of the most prominent difficulties that female business owners face in the present day. Despite being challenging, these obstacles are not impossible to overcome. With dedication, determination, ingenuity, and a helping hand, female entrepreneurs can tackle these obstacles and accomplish their aspirations.

FAQs 

Why is it hard to be a female entrepreneur?

It is hard to be a female entrepreneur because women often face more barriers and hurdles than men in starting and growing their businesses. These include social expectations, funding constraints, lack of support networks, work-life balance issues, and fear of failure.

What are the challenges faced by the women entrepreneurs?

Some of the challenges faced by the women entrepreneurs are:

1. Defying social expectations
2. Accessing funding
3. Building a support network
4. Balancing business and family life
5. Coping with fear of failure

What are the challenges faced by working women in India?

Working women in India face many challenges such as gender discrimination, sexual harassment, wage gap, social stigma, domestic violence, safety issues, health problems, childcare responsibilities etc.

How do you empower a female entrepreneur?

You can empower a female entrepreneur by supporting her vision, investing in her business idea , mentoring her, connecting her with other women entrepreneurs, celebrating her successes, encouraging her to take risks, giving her constructive feedback, respecting her choices, etc.