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7 Challenges Women Entrepreneurs Face Every Day
01.
Lack of Available Funding.
Even after demonstrating their ability in running a business, women entrepreneurs often encounter difficulties in securing financial support for their ventures. There are even some instances where they are denied loans due to gender and social biases. Because of limited funding, some are forced to bootstrap their business, raise capital using their personal savings and credit cards, and even ask for financial assistance from family and friends.
02.
Inadequate Support System.
When establishing a business, you need all the help you can get. Unfortunately, this is a rarity in a woman entrepreneur’s world. Most female business owners have limited connections, mentors, and sponsors who are willing and capable of leading them in the right direction. Aside from affecting their professional growth, the lack of a strong support system causes most women entrepreneurs to delay starting their businesses.
03.
Suboptimal Business Network.
Compared to men, women entrepreneurs find it more difficult to establish or be a part of a credible business network that can help them find customers and build more connections to grow their business.
04.
Conflicting Responsibilities and Social Expectations.
No matter where you are in the world, women entrepreneurs are expected to perform a delicate balancing act: that of managing and organizing their homes while running a profitable business. Being a career woman doesn’t give them any leeway. They are expected to carry out all their personal and professional responsibilities with the same level of commitment. Needless to say, this situation normally causes undue stress and stretches them to their limits.
05.
Gender Inequality.
It is interesting to note that gender inequality is still very much alive in the business world. As mentioned earlier, women entrepreneurs generally have limited access to funding, have smaller networks and support systems, and are expected to conform to outdated societal expectations while male entrepreneurs are afforded more opportunities and an overall better business environment. While strategies have been formulated to address the prevailing gender disparity issues, women entrepreneurs are yet to experience the full effect of these measures.
06.
Low Self-Confidence.
Women entrepreneurs often lack confidence and gravely underestimate their contributions and value to the organization. Even some of the more successful women in business don’t usually flaunt their accomplishments and keep everything low-key.
07.
Fear of Failure.
Most women are afraid to fail, especially if the people around them are not supportive of their vision and don’t believe in their capability in running a business.
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