CHALLENGES FACED BY WOMAN ENTREPRENEURS
Every woman who is an entrepreneur faces a set of challenges that are very different from men. These challenges are due to the nature of the society we live in and the kind of expectations we have from women. In this blog, we focus on 10 such challenges faced by women entrepreneurs
1.The lack of access to financing and investment opportunities – Women entrepreneurs face challenges that are often not experienced by male entrepreneurs. The lack of access to financing is one of the most common challenges faced by female entrepreneurs. It is not easy for women entrepreneurs to get financial support from traditional sources of funding, especially bank loans. The challenges faced by woman entrepreneurs are further exacerbated by the fact that they are less likely to receive help from family and friends, who are often the primary source of investment capital for most startups
2.The lack of mentorship – The lack of mentorship is one of the most significant challenge faced by woman entrepreneurs. This challenge can be attributed to the fact that women do not readily accept others as mentors. Women prefer to work with those who are like themselves. Therefore, women entrepreneurs prefer to work with other woman entrepreneurs. They also prefer to work with those who are older than themselves. Women tend to be more comfortable with other women.
3.Need of supportive environment: One of the main challenges faced by woman entrepreneurs is a lack of a supportive environment. In a way, a supportive environment is a combination of a support group and a mentor. A mentor can provide guidance and help a woman entrepreneur reach her goals. A support group can help a woman entrepreneur by having someone to vent to when things get tough. In this way, a woman entrepreneur doesn’t have to carry the weight of her company alone.
4.Employers who don’t understand family responsibilities: Family responsibilities are an often overlooked aspect when employing someone. While it is impossible to make working conditions 100% compatible with the needs of your employees, it is important to make your employees feel like they are valued enough to make some allowances. A lot of men when leaving their jobs to become stay-at-home dads are criticized for this decision, whereas in reality they are making a decision that is best for their family. Employers should understand that family comes first in some cases.
5.Societal prejudice and bias: In a male-dominated world, women face a plethora of challenges which tend to be more difficult to surmount than those faced by male entrepreneurs. Women have to work much harder to prove themselves and their business ideas to a skeptical public. There are a number of challenges that women entrepreneurs face, ranging from access to funding to the need to prove themselves as being as capable as their male colleagues. In a world that is still dominated by men, women have to overcome many prejudices and biases that have been ingrained in society for centuries.
6.Prejudiced laws and regulations: Though women are increasingly becoming the face of entrepreneurship, the number of women-owned businesses is still far below their male counterparts. Women are often not encouraged to venture out on their own, and even if they do, they are often discouraged by various societal norms
7.Lack of access to infrastructure, technology, networks, and markets: In a country where most businesses are run by men, access to technology, networks, and markets is a huge challenge, but these issues can be overcome with a little bit of dedication. In a country where most businesses are run by men, access to technology, networks, and markets is a huge challenge, but these issues can be overcome with a little bit of dedication.
8.Lack of funding: Lack of funding is a major challenge faced by women entrepreneurs. The lack of participation from banks and financial institutions, as well as the general bias towards men as leaders in business, makes it harder for women to build their businesses to the size that they need in order to access capital. Even when women do find funding, it’s often in the form of small loans from family and friends, or from crowdfunding sources. And, even if a woman is lucky enough to find a bank willing to give her a loan, it’s not a guarantee that she’ll receive the same terms as a man
9.Difficulty in finding suitable mentors: The issue of finding a mentor is key for many entrepreneurs, especially those working in a new field or who are pursuing a new venture. Finding a mentor means finding a trusted guide along the course of the business course
10.Financial insecurity: women entrepreneurs face more challenges than their male counterparts. The most important of all is financial insecurity. The gender pay gap means that working women earn less than men for the same jobs, and the average female entrepreneur has to work 70 hours a week to earn what her male counterpart earns in 40. To watch business related videos in kannada, click on this link
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