In terms of catching up with male entrepreneurs, women also made amazing strides in the world of business over the years. Although there is doubt about this, women entrepreneurs today are still up against several major obstacles. Below are the 7 challenges that are faced by many female entrepreneurs and how they overcome them:
1. Using Connections
According to the CEO of DyMynd, Carolyn Leonard, one of the challenges that businesswomen face is not understanding how essential it is to have trusted advisors and networks. In some kinds of entrepreneurial endeavor, the key to success is getting connections and introductions to people who could help you to get through the doors of opportunities. If men have “boys club”, women entrepreneurs should also develop strong “girls club”.
2. Access to Funds
Geri Stengel, the author of a known book about business, stated that women face more obstacles compared to men when growing and starting businesses, particularly in terms of getting venture capital and angel. Even if it could be unintentional, men fund individuals who look and sound like them and the consequences are as dangerous. As a female entrepreneur, you should never do it alone and look for advice from several sources such as professional advisers and co-founders.
3. Being Decisive
Amy Kothari, CEO and president of Alarm Capital Alliance, said that a prerequisite to be an entrepreneur is to tune your decision-making skills finely. Avoiding paralysis through analysis is a big challenge, yet it isn’t an excuse to overlook the contrasting viewpoints.
4. Having No Role Models
According to Ruta Aidis, there are successful businesswomen throughout the globe, yet businessmen get better visibility and media coverage. Women tend to begin businesses in the sectors where they have skills, networks, and work experience. The female startup’s low percentage in tech sector reflects the decreased numbers of women who are working in the said sector. Through boosting the number of employed women in the technical positions and some male dominated sections, it will also increase the female startups in such industries.
5. Fear of Success
The Guava Project’s founder, Jennifer Kent, said that one of the biggest challenges of female entrepreneurs has been letting fear of success keeps you from taking the next step. As your business and experience grow, you have come to learn that there will be new obstacles that come with each level of success. Rather than waiting to get over your fears, know how to recognize them, grow from your experiences, and manage them.
6. Time Management
Michelle Touchstone of Pixie Dust Naturals stated that it’s overwhelming to manage your time, stay organized, and communicate effectively while developing your skills business. Nobody hands you a resource book and you should be self-disciplined. As a women entrepreneur, you like what you do and taking a break is a bit challenging. However, you have to work on your business and not in it.
7. Expecting to Succeed on Anything
Christine Wheeler, the founder of the Drazil Kids Tea, said that women entrepreneurs face expectations to do well in every area of their multi-faceted lives. Generally, men are judged by how they d in their careers while females are judged how they excel with friends, family, and if they are working, their career. It is a bit of struggle to have enough time in a day to focus on everything. So, you should start by understanding what’s important to you, set goals, and have a place where you can reach them all. Nevertheless, remember that you cannot do it all and it is crucial to focus on the positive.