Becoming an entrepreneur is not an easy task. Earlier, people considered entrepreneurship to be a men’s territory. But more and more women are opening small businesses nowadays. These business-savvy women inspire other ladies to establish startups. But many women entrepreneurs still face hurdles in business. Here are seven challenges that women face in business:
Limited Funding is a Common Challenge That Women Face in Business
Out of all the challenges that women face in business limited funding is the top. All entrepreneurs are not fortunate enough to have a financer or investor for their business. Instead, some launch their small businesses relying on credit cards or raising capital on their own. Unfortunately, women-based small companies are among the leading ventures that lack financial support. It is common for women to face denial of loans because of gender or cultural biases.
Work-Life Balance
It is an unsaid rule that women worldwide must take care of their homes and manage a successful business. Though balancing them is essential, women in our society have to give more importance to their families than their careers. As a result, it becomes difficult for them to run a business properly.
Inadequate Support System
What would women achieve if they did not have a perfect support system? Business struggles and failures can be a result of an inadequate support system. In addition, women often face challenges in getting emotional support or financial access. They all need mentors and sponsors who guide them on a new path. Unfortunately, the support system is quite expensive, resulting in a delay in starting their small business.
Gender Biases
Women in leadership positions face various obstacles revolving around gender biases. Traditionally, women are considered caregivers or for support. Therefore, they often face scrutiny in leadership positions. They can not be too demanding or bossy, and they can not be too sensitive or soft. So, they have to work on both their confidence and communication.
Fear of Failure
The top challenge that women entrepreneurs face in small businesses is fear. Women entrepreneurs who launch startups fear failure. Of course, every business venture has a possibility of failure, but you should not view it as a negative thing. A successful business person has to face massive failure to achieve great success. You may see 100 “No’s” to get one “Yes,” but that single positive response will make you more successful in the future.
Social Expectations
In this society, people expect women to stay at home and give all their attention to family. Therefore, many people look down upon them for establishing their careers or venturing out. However, even If they start a business, women often take more time than men to gain trust and public recognition.
Limited Knowledge
Another challenge that women entrepreneurs face in small businesses is getting little knowledge. Entrusting women with knowledge is the start of a journey to a successful business. Life gives a new lesson daily. Unfortunately, women’s access to these lessons is limited. Although it can result from competition, women take an extra step and seek practical information.
Final Words
These were some common challenges that women entrepreneurs face in small businesses. Various women entrepreneurs created successful business brands worldwide. However, their journey has not been easy. Women can shine only when their family, society, and investors consciously attempt to break down the walls of gender biases.
Linda Rawson, who is the founder of DynaGrace Enterprises (dynagrace.com), an 8(a) graduate and EDWOSB, contributed to the content of this blog. She is the founder of GovCon-Biz. For further information, please connect with Linda on LinkedIn, or contact her at (800) 676-0058 ext 101.
Please reach out to us at GovCon-Biz should you have any questions.
