1.7. Challenges and opportunities women face in entrepreneurship

Women must contend with a wide range of challenges in business and, women-owned businesses are still in the minority, the hurdles faced by women who have embraced entrepreneurship are vast and often very different from those experienced by their male counterparts. However, in spite of all these developments, there are only a few companies where we can see women in top positions. Moreover, recent data suggest that there is huge gender pay gap in organizations, and female entrepreneurs are citing imaginary male co-founders for credibility and recognition. These examples suggest that gender inequality is still a big issue in businesses.

Defying social expectations

Humans are inherently social beings, so it’s only natural that we exist in a world of so many societies, but the diversity and growth that has come out of these groups is what I believe should be celebrated and not the idea that these groups are what is meant to be and what should be stuck to. Society should be something that is free to change and evolve. 

Owning your accomplishments

You have worked hard to accomplish something and you must take credit for your work. When someone compliments me on a job well done, I often catch myself thinking — Oh, I did nothing. It was the team, we got lucky and so on. There is of course all those factors that had a role in the outcome, but as much as those factors did, I also had a huge role to play. I would have busted my ass off in making something happen and I’m the first person to dismiss all that effort when faced with a compliment.

Building a support network is crucial in the Business World. It can help expand your entrepreneurial skills, gain knowledge and also enrich your clientele.

Lack of funding

The biggest entrepreneurial challenge across the boardis the inability to obtain capital. It’s been noted that it’s harder for women, to get loans than men. Investors are an even less likely path, as a very small percentage amount of capital went to female-founded start-ups. This fact is making potential entrepreneurs to hold back from their dreams. This must not happen, because if you want to succeed on something, you just have to ask.

Here is a very helpful video about the difficulties women face in Entrepreneurship

Low self-confidence

Women who struggle with low self-confidence, self-worth and self-esteem can easily project those traits onto their business. Finding your own worth … and keeping your own emotions out of it, can be a big challenge for you, but researchers note that it is a matter of learning your own value as well as separating it from your businesses. If you don’t ask for what you are worth or feel confident about your business, people will see that and act in the same way.

Market saturation

Because so many doors have opened for women to pursue entrepreneurship, certain fields have become saturated while it’s getting noticed among competitors requires hard work and funds.

“The challenge has been to research and strategize how to … set yourself up as an authority in your field, offering insightful tips and networking to gain trust from potential clients.

The best thing women entrepreneurs can do to stand out is be their authentic selves and share their knowledge with others, while learning everything they can along the way.

Be confident in what you know and motivated to keep learning and pushing through the rough patches, because there will be plenty of them. Inspiration can be found through leading respected experts. Before making any business decision, you should consult a professional who can advise you based on your individual situation.

Balancing business and family life 

Some observers say children change our priorities, and there is some truth in this claim. Maternal instincts do contribute to a complicated emotional tug between home and work lives, a tug that, at least for now, isn’t as fierce for most men. Other commentators point to cultural and institutional barriers to female success. There’s truth in that, too. But these explanations for a continued failure to break the glass ceiling are missing something more basic: women’s acute lack of confidence.

Women have more than one job, since being a mum, can definitely be considered as a full-time job. However, there are so many successful women in history, who have proved that women are equally qualified and enlisted for a place in the business world as men. Of course, being an entrepreneur while running a household can be challenging unless everything is in order. Organizing the deputies both at work and at home can guarantee a more relaxed and stress-free day. Creating a routine for yourself and setting goals on a daily basis are important for best understanding the practices that lead to success. That way coping with failure and the fear of risk taking, becomes easier since you already know that whatever the outcome, you will have learned something new – and good for your e-business – at the end of the day.

Emotional Intelligence

Most people believe that women are more emotional than men are, because they “let their emotions get in the way” or “their emotions get the better of them and they can make irrational decisions”.  Emotional Intelligence is an individual’s ability to recognize, understand, manage, and reason with emotions. Emotional intelligence is a valued skill concerning business decisions, high-pressure situations, conflict resolution, constructive criticism, and more. Strong social skills are also linked in high emotional intelligence, when interacting with coworkers, business partners, potential investors etc. For example, social skills help you listen actively and communicate with others. Put yourself in more social situations, in order to develop this characteristic. Understanding other points of view can have a big impact on the way others respect and listen to leaders. Taking steps to identify intrinsic motivations is very helpful to understand the emotions of others. So, it comes as no surprise that businesses are increasingly realizing the value of hiring high-EQ job candidates.

Lack of female role models

We have seen the statistics, and we know that there are just not as many women entrepreneurs and women in managerial positions compared to men. The result is a lack of female role models.We need to make sure there are more stories and examples of female entrepreneurs, to show that women are, and can be, successful in the business world to encourage other females to follow suit.There are resources out there for female business owners to take advantage of, to help them overcome barriers and set up a successful business. Attending female-only networking events and collaborating with other women can be empowering, and asking friends and family to help with childcare can also free you up to focus on running your business.