Women are now more likely than ever to own businesses in the U.S., and the number of female entrepreneurs has increased by 114 percent since the 1990s. They generate a huge profit of $1.8 trillion annually. Despite the progress that women have made in starting and running their own businesses, there are still many obstacles they face in their journey to becoming successful entrepreneurs. This is why they need to learn about the various resources available.
If you’re a female entrepreneur, then you’re not alone. These are some of the most common challenges that women face when starting and running a business.
1. Acquiring Funding
Unfortunately, many female entrepreneurs cannot secure the necessary financial support to start and run their businesses. They often have to rely on credit cards, loans, and other forms of capital to fund their operations. This is often due to cultural and gender biases on the part of investors. To combat this, successful female entrepreneurs immerse themselves in the world of Venture Capital, learning how to pitch and communicate more effectively than their male counterparts to win over the funders. Additionally, there are an increasing number of Venture Capital funds designated for female founders, and small business loans can be a helpful alternative if capital falls through.
2. Building Support Networks
Getting by as an entrepreneur can be challenging without the support of your friends. Unfortunately, with the lack of women in top business positions, it can be difficult for female entrepreneurs to secure mentorship and support in the same way that men can. Unfortunately, many female entrepreneurs fail to build professional communities because they don’t have the necessary connections to connect with like-minded individuals. However, numerous events are held each year across the country to connect women with like-minded individuals. These can be great opportunities for businesswomen to make connections.
3. Finding a Healthy Work-Life Balance
Many women have numerous personal responsibilities outside of their business as well, which can make it hard for them to balance their professional and personal commitments. This can make them feel like their only options are leaving their businesses or neglecting their families. Without social support, it can be challenging for women to balance their work and personal lives. Some can easily carry the entire burden, while others are overwhelmed. Maximizing productivity by setting boundaries and establishing effective time management strategies can help women feel like they’re giving their all in every sphere of their lives.
4. Overcoming Stereotypes
Despite the increasing number of women thriving in leadership positions, there are still gender stereotypes that prevent many female entrepreneurs from reaching their full potential. Although many traits commonly associated with building a successful business are considered male-only, female entrepreneurs often identify with these same characteristics. Nevertheless, being an entrepreneur is typically associated with a man, which can prevent many women from considering it as an option. This issue is especially prevalent in tech and engineering industries, where gender stereotyping is deeply ingrained. Overcoming stereotypes starts with building self-confidence and diving headfirst into the male-dominated world of entrepreneurship, ready to prove them wrong.