Challenges that Women Entrepreneurs Face Even Today
Entrepreneurs are crucial to strengthen the backbone of a country's economy. They contribute significantly to its development, prosperity and progress. Though it is not important whether the entrepreneur is a male or a female, in the real world, things are a little different for the two.
Numerous studies show that female entrepreneurs have a favourable impact on economic development. Gender-neutral entrepreneurship leads to product innovation, increased employment rates and balance in socio-economic growth. But the stereotypical and existing patriarchal mindsets are still creating a huge gender-based gap in the entrepreneurial world. This gap leads to areas unexplored, fewer opportunities and an imbalance in the global economy.
"Women are the most untapped segment of opportunities and global growth."
- Hilary Clinton
While there are more women than ever starting and leading businesses, they are still in the minority, and they confront numerous challenges along the way. The challenges that women confront when pursuing entrepreneurship are varied and frequently distinct from those faced by their male counterparts.
Here are a few gender-based challenges that every woman entrepreneur has to face even today.
1. No Business Networks
Networking has become the new go-to for many aspects of life, both personal and professional. There are communities where people help each other to grow and flourish in their respective fields, apart from supporting and guiding each other. But as per several pieces of research, it was found that women do not have access to such efficient business networks that would assist them in developing a network to help them grow their business, find out clients, associates, suppliers, and build relationships, among other things that must come naturally.
2. Personal and Professional Life Balance
Many women have families, marriages, and several other responsibilities in addition to being entrepreneurs or career-focused persons. It is unclear who made this but it is an unspoken norm that women everywhere are expected to take care of their families while running their businesses. Demands from personal and professional responsibilities put these women under pressure to give up either the business or the family. Finding the correct balance between them is still critical at some point.
3. Lack of Education
Empowering a woman with knowledge is only the first step on a long road to commercial success. Life is a process of learning constantly every day from all the sources available. Unfortunately, women have limited access to such information and new understanding. Although it may be due to the competitive atmosphere, women have to go above and beyond to find important and practical knowledge.
4. No Support System
Obtaining significant assistance from others is also a challenging task for women, whether it is due to a lack of suitable contacts or a need for financial or emotional support. Everyone requires mentors and sponsors to help them navigate the new road of entrepreneurship and we must make sure every one of us must get it. The assistance structure is frequently too expensive these days and sometimes inaccessible that pushing women to postpone beginning their businesses.
"We need to accept that we won’t always make the right decisions, that we’ll screw up royally sometimes – understanding that failure is not the opposite of success, it’s part of success.”
― Arianna Huffington, Editor, Huffington Post
5. Necessity of Great Mental Strength
In addition to the above issues, lack of power, specific infrastructure, low funding, societal attitude, and socioeconomic restraints not only work as major barriers in starting their business but also require them a lot of mental strength to carry forward a normal entrepreneurial life due to such challenges. Such constant challenges create nervousness and a sense of self-doubt in them along with fear of failure as well. These pressures can prevent all women from dreaming big and staying in their lane if they are not mentally strong.
Bottom Line
In life, there will always be something that holds you back, and the same is true when beginning a business. They say that the hardest part is usually the beginning, and it is right, but just because a challenge appears overwhelming doesn't mean we must quit. Fortunately, some organisations and associations are constantly working every day to defeat such challenges for women in business.
Association of Business Women in Commerce & Industry (ABWCI) is one such organisation. It is a Virtual Global Chamber that understands the needs of the future in the context of women and is working efficiently to conquer such gender-specific challenges. It helps women in business by providing a liberal platform to express their views, offering a plethora of opportunities to showcase their talent and also providing global exposure with an enabling environment and useful resources. With such aims and resources, ABWCI succeeds in solving out the above-mentioned challenges for women.
By solving these challenges, ABWCI quotes that ''every woman must let go of such preconceived notions and keep walking on the path of empowerment with her head high!''