While all entrepreneurs face certain challenges in their daily business life, women normally have more challenges and hurdles compared to their male counterparts. Business women who are raising children experience even higher demands on resources, which include time, money, and energy.
Nonetheless, it should not be taken that women are less successful than men in the entrepreneurial world. In fact, according to statistics, women are starting businesses at twice the rate of men. In light of their burgeoning success rate, women entrepreneurs are resourceful and have a potential to succeed, the odds notwithstanding.
Here are some of the most common challenges that entrepreneurial women are exposed to, which undermine their quest for business success.
It is worth noting that these are generalizations and hence not a reflection of all women entrepreneurs.
Letting Fear Guide Their Decision Making
Generally, women are less likely to take risks and normally let their own fears stand in their way of pursuing their entrepreneurial goals. Such fears include:
The fear of success
The fear of failure
The fear of being oneself
To deal with such fears, you need to have confidence in every project you undertake. You can achieve this by ensuring that you are prepared in the best possible way before embarking on your business endeavour. Likewise, you should have faith in what you’re bringing to the table, in addition to valuing your time and capabilities.
Difficulties To Raise Funds
Entrepreneurial women typically struggle to raise the necessary start-up capital as well as the on-going funds to help in growing their venture. Getting venture capital especially has been challenging for female entrepreneurs.
Fortunately, there are a growing number of alternative sources of capital for entrepreneurs looking for smaller loan amounts. For instance, you can apply for SBA-guaranteed microloans. This is a program that focuses on helping early-stage enterprises and borrowers with limited credit history, as well as minority and women entrepreneurs who do not qualify for bigger loans.
Limited Access to Industry Connections and Networks
Networks deliver highly significant information for entrepreneurs. They help entrepreneurs understand the industry better and develop key connections for business growth. It can be challenging for female entrepreneurs to find the necessary business connections in the initial stages of their business as well as later on when they’re seeking counsel for business development. For budding entrepreneurs, in particular, networks are the best platform to master how the industry works. They’re also an excellent source of connections for new businesses.
Wearing Too Many Hats
Naturally, women tend to try to be everything. Namely, they wear so many different huts that managing everything becomes quite challenging. Thus, when women add entrepreneurship into the equation, this trend is overblown. This tendency is attributed to the fact that women normally feel they’re the best person to handle every task and find it difficult to delegate tasks to others.
As a result, they end up spending more time working in their business as opposed to working on their business. In order to make success out of your business you need to strive to overcome this challenge.
Entrepreneurship was once a reserve for men. However, the tide is rapidly shifting with more women becoming entrepreneurs. In fact, in the United States alone, women own over 9 million companies, which create about 8 million jobs and generate close to 1.5 trillion U.S. Dollars in sales. This is according to 2015 statistics released by the National Association of Women Business Owners.
Be that as it may, women normally have more challenges compared to their male counterparts. Fortunately, this challenges can be overcoming by learning to do things right. This is where organizations such as WEDC come in. They offer business trainings and services that are geared towards helping women entrepreneurs realize their business goals with minimal hurdles