The world as a whole is still considered to be a patriarchal society, where men are often in control of things, you know? But things have changed quite a lot in the recent few decades or so, and now we’re seeing so many women come up and play important roles in society, especially when it comes to being entrepreneurs in male-dominated sectors. Sure, that seems to be the case, but deep down, there are a lot of challenges and problems that women still face and we shouldn’t just face away from these things because they’re super important. So come with us as we talk about the 10 problems or challenges faced by women entrepreneurs. Alright, here we go then.
1. Access to Funding and Financial Barriers
Statistically speaking, do you know that women are better at repaying loans than men? Yes, that’s true! But here’s the strange thing, you see, financial institutions are still denying funds to women entrepreneurs. Like, according to Innoven Capital, in its 2019 report, only 12% of funded startups in India had women as at least one of their founders. The data makes it clear, and it is pretty insane if you think about it for a sec. Most women also do not have assets that could be used to secure funding, making funding more difficult. That’s just pure unfairness!
2. Balancing Work and Family Responsibilities
Alright, let’s be real here for a sec, operating a business is quite difficult, but with the added twist of having to juggle other family commitments, that becomes playing this game in hard mode. Like, society considers women as superwomen, and they should excel in their careers while also being the perfect homemaker. You know, according to the National Family Health Survey, just 32% of married Indian women (aged 15-49) are employed. Why? Well, because mixing work with family is very puzzling, and often it would be entrepreneurship is never considered by these women because they have a lot to deal with already.
3. Gender Bias and Stereotypes
Imagine a beautiful woman entering a boardroom full of men waiting just for her to utter a word before they would even think of doubting her. Familiar, right? Well, sure enough, this is one of the faces of gender bias, which women entrepreneurs still live with. This is made more difficult for women in fields like technology or manufacturing dominated by men, the persuasion often has to come in that they actually belong there.
4. Limited Access to Networks and Mentorship
Alright, here’s a little secret about entrepreneurship, it’s not only what you know but whom you know. Well, all know that networking is what brings pure magic into businesses, but therefore, very few women can get into this boys’ club of professional networking. Like, back just a few years ago, in a Google-Bain study, it was found that 45% of urban women entrepreneurs had difficulties accessing mentoring and networking opportunities.
5. Social and Cultural Problems
We all know that society has always been dictating like what a woman should or should not do, and do not even try to deny that fact. Like, for many, entrepreneurship is considered to be a risk or an unconventional mode of earning a livelihood, you know? And it is true that while many family and social institutions uphold patriarchal norms, it is even possible for women to get good and affordable policies backing them. Just so you know though, most of these policies are poorly implemented and hence do not make a real difference in women’s lives.
6. Safety and Mobility Concerns
Alright, here’s something most likely not in your mind: safety. You know, like, for a lot of women entrepreneurs, moving even to a meeting seems to be an adventurous risk. Oh, and not to mention not being able to promote your business or even find space in an unsafe city, where hotels will not allow check-ins for unaccompanied guests, you know? Male entrepreneurs do not even think of these things very often, whereas, on the other hand, it is a big issue for women.
7. Lack of Entrepreneurial Education and Training
It sure is hard to believe, but yes, unfortunately, access to formal business education is denied to many women. Are you even aware of that? However, no matter how much digital literacy and STEM programs help, women will still have to learn on their own when it comes to entrepreneurial training and probably the tough way in some instances, and that’s just another unfair thing right in front of us.
8. Fear of Failure and Lack of Confidence
Nobody will deny the truth: no one wants to fail, right? But keep in mind though, regarding women entrepreneurs, the level of this rising fear is greatly enhanced by what society expects or how it continues to judge an individual. Even highly talented women have self-doubts about their skills. This study from Cornell University shows that women underestimate themselves more than men do, and that creates a barrier for them against taking risks. When you add this pressure to “prove yourselves” to men’s spaces, there is a higher chance of burnout, we can say THAT for sure.
9. Underrepresentation in Policy-Making and Leadership Roles
Numerous policies are unable to address the concerns of women entrepreneurs, are you aware of that? Like, the reason is simple: women are not at the table when these decisions are made. Their absence, then, means that their specific problems often go unnoticed. It is like a game in which the rules are made without you in mind, how does that sound to you?
10. Technological Gaps and Resource Limitations
Last on the list, we all know that technology is a path-maker in today’s world, yet it isn’t evenly available. Adoption of the latest tools, for many women entrepreneurs today, feels like a mountain they need to climb, thanks to underfunding and resource limitations, you know? Like, without the right tech, it is almost impossible to remain competitive, particularly in areas like manufacturing and IT. Sure enough, if those gaps remain unfilled, women entrepreneurs will find themselves far behind in the coming modern and high-tech world.
Conclusion
We can keep on talking about these problems and challenges faced by women entrepreneurs since there are so many of them, but these sure are the top 10 ones that you’ll see literally in every nation around the globe. Things need to change a bit, and we’re seeing just that.
