Entrepreneurship is a challenging and rewarding journey, but for many women, it also comes with unique obstacles and barriers. From social expectations and stereotypes to funding gaps and network limitations, female founders face many difficulties in starting and growing their businesses. However, despite these challenges, women entrepreneurs are finding ways to succeed and thrive in various sectors and markets. Here are some of the common challenges they face and how they overcome them.
One of the biggest challenges for women entrepreneurs is to defy the social expectations and norms that are often imposed on them by society, family, and even themselves. Many women are expected to prioritize their domestic and caregiving roles over their professional and personal aspirations, which can limit their opportunities and choices. Some women also face discrimination, harassment, and bias in male-dominated industries and environments, which can affect their confidence and performance.
To overcome this challenge, women entrepreneurs need to assert their identity and value as business owners and leaders, and not let others define them by their gender or role. They also need to find supportive mentors, peers, and role models who can inspire and guide them along their journey. Additionally, they need to challenge the stereotypes and norms that hold them back, and create a culture of inclusion and diversity in their businesses and communities.
Accessing funding
Another major challenge for women entrepreneurs is to access adequate and appropriate funding for their businesses. According to the International Finance Corporation (IFC), women-led businesses face an unmet credit gap of more than $11.4 billion in India, and only 0.3% of India’s venture capital funding went to women-led startups in 2021. Women entrepreneurs often face difficulties in finding investors who understand and appreciate their business ideas, especially if they are in sectors that are traditionally considered feminine or niche. They also face higher interest rates, collateral requirements, and scrutiny than their male counterparts.
To overcome this challenge, women entrepreneurs need to be strategic and proactive in seeking and securing funding for their businesses. They need to research and identify the best sources of funding for their stage and sector, and prepare a solid business plan and pitch that showcases their potential and impact. They also need to network and connect with female investors, who are more likely to relate to and invest in their businesses. Furthermore, they need to leverage alternative and innovative sources of funding, such as crowdfunding, grants, and competitions.
Struggling to be taken seriously
A third challenge for women entrepreneurs is to struggle to be taken seriously and respected by their customers, partners, suppliers, and competitors. Women entrepreneurs often face doubts and questions about their credibility, competence, and authority, which can undermine their confidence and reputation. They also face challenges in negotiating and communicating effectively, as they may be perceived as too aggressive or too passive, depending on the situation and context.
To overcome this challenge, women entrepreneurs need to demonstrate their expertise and professionalism in every aspect of their business. They need to showcase their achievements and credentials, and highlight their unique value proposition and competitive edge. They also need to communicate clearly and assertively, and stand up for their rights and interests. Moreover, they need to seek feedback and improvement, and learn from their mistakes and failures.
Owning their accomplishments
A fourth challenge for women entrepreneurs is to own their accomplishments and celebrate their success. Women entrepreneurs often suffer from impostor syndrome, which is the feeling of being inadequate or fraudulent, despite having evidence of their abilities and achievements. They also tend to downplay or minimize their success, and attribute it to external factors, such as luck, timing, or help from others. This can affect their self-esteem and motivation, and prevent them from pursuing further opportunities and growth.
To overcome this challenge, women entrepreneurs need to acknowledge and appreciate their accomplishments and success, and recognize their own contribution and role. They need to celebrate their milestones and achievements, and share their stories and lessons with others. They also need to set realistic and attainable goals, and track and measure their progress and impact. Furthermore, they need to practice positive self-talk and affirmations, and cultivate a growth mindset and a sense of gratitude.
Building a support network
A fifth challenge for women entrepreneurs is to build a support network that can help them navigate the ups and downs of entrepreneurship. Women entrepreneurs often face isolation and loneliness, as they may not have enough peers, mentors, or role models who can understand and empathize with their challenges and aspirations. They also face difficulties in accessing resources, information, and opportunities that can help them grow and scale their businesses.
To overcome this challenge, women entrepreneurs need to seek and join communities and platforms that can connect them with other women entrepreneurs, both locally and globally. They need to participate in events, programs, and initiatives that can provide them with training, mentoring, and networking opportunities. They also need to collaborate and partner with other entrepreneurs, organizations, and stakeholders who can support and complement their businesses. Additionally, they need to maintain a healthy balance between their personal and professional lives, and seek help and support from their family and friends when needed.
Coping with fear of failure
A sixth challenge for women entrepreneurs is to cope with fear of failure, which can hinder their creativity, innovation, and risk-taking. Women entrepreneurs often face higher expectations and pressures from themselves and others, and are more likely to be judged and criticized for their mistakes and failures. They also face more challenges and barriers in recovering and bouncing back from failure, as they may have fewer resources and options.
To overcome this challenge, women entrepreneurs need to embrace failure as a learning opportunity, and not as a personal flaw or weakness. They need to view failure as a feedback and a stepping stone, and not as a final destination or a dead end. They also need to adopt a resilient and optimistic attitude, and focus on the positive aspects and outcomes of their experiences. Moreover, they need to prepare and plan for potential risks and challenges, and have contingency and exit strategies in place.
