The success stories of women entrepreneurs are aplenty, but the challenges faced by these women are rarely discussed. Although the number of women in business is rising steadily, many women are still plagued by challenges that they are struggling to overcome. In this article, we highlight the 5 major challenges faced by women in the business environment.
1. Achieving Work-life Balance
A large majority of women entrepreneurs also have families, children, and other responsibilities to attend to. The hectic demands and lifestyle of being an entrepreneur can pressure a woman to neglect her personal life, where she is expected to fulfil her duty as a mother and a wife, while being a leader and remaining committed to her company’s growth. Striking a balance between these two domains of their lives can thus be overwhelming for many women, especially those who lack the necessary social support they require.
2. Lack of Support Systems
A support system is crucial for achieving success in business. Yet, many women struggle to find adequate support, from finding the relevant industry connections to gaining financial access and emotional assistance. Support systems are often costly, as they require sponsors and guidance from mentors, whose services come at a hefty price. This may force women to defer starting their businesses or cause them to grapple with their failing business endeavours.
3. Fear of Failure
It is indubitable that entrepreneurship entails risks and unforeseen circumstances. Many women are plagued with the fear of the unknown – they worry about the repercussions of an action that they fail to even try. This is understandable, as women have invested a considerable amount of time and money in their business ventures. However, this fear of failure is dangerous as women may run their business based on fear rather than confidence, and this will more often than not, result in failure.
4. Limited Access to Funding
Access to funding – whether through an investor or a financier, is a privilege that not many women have. Some women have to source their business undertakings by relying on credit card loans, or by raising capital with their own efforts. Being denied of loans due to their gender and cultural biases in favour of male-owned businesses is not rather uncommon. As such, entrepreneurial ventures of women are more often in need of financial support.
The road to success as a female entrepreneur may be hindered by obstacles. Nevertheless, it is pivotal that you are confident in yourself and your actions to steer your business in the right direction. To learn more about how to overcome these challenges and for tips on how to successfully manage your business, do follow our Facebook page for regular updates on business-related topics.