Who says men don’t face challenges in business too, but being a woman entrepreneur means dealing with many hurdles that men don’t have to deal with. This is because some obstacles are unique to our gender. It doesn’t follow that women are less successful in business; it’s just that we have to work harder to succeed.
To know is to be forearmed, so to confirm what you’ve already experienced/know, I’ve made a list of the 8 top challenges we face in business and that we need to be aware of and address to succeed.
1. This is how women entrepreneurs should behave
For ages, the “entrepreneur” was perceived as a man, and even though the number of women going into entrepreneurship has risen, the ratio of men to women is still disappointingly low. Women, in general, are not yet accepted as business owners as easily as men are. Walk into a networking event, and you’ll know what I mean. Talking “shop” (about business) is something that even now makes people uncomfortable. There is a social expectation that women should be in line with the stereotypical idea of “femininity” and “modesty.” Though this may no longer exist in the minds of women running businesses, they have to deal with in general.
2. Do you deserve the funds?
Many entrepreneurs are on their own when it comes to raising start-up funds, and the women entrepreneur seems to have even less access to it. Funding institutions may have gender biases against women-run businesses, and rarely grant loans easily. Venture capitalists are typically men and tend to be biased towards women-run ventures. Also, women are sometimes conservative when asking for funds, while men may tend to inflate numbers, which could lead to less funds being allocated to women. Additionally, the many women who run their businesses from home have low budgets and not enough time or resources to pitch for funds. This can affect the success rate of businesses run by women. To overcome the fund challenge, you should look for ways to make your chances even better.
3. How will you look after your family?
A lot of women are juggling their profession with a family. For women in business, it is no different. Spouses, children, and sometimes immediate families need looking after and take up lots of time and energy. The demands of a full-fledged business and a family can be extremely stressful and exhausting. Both require equal amounts of commitment and energy, which can be draining and sometimes very difficult to balance. Though men have started taking up more responsibilities at home, there is still a huge chunk of responsibility on the woman’s shoulders.
4. Can I do this?
As a woman, I have fears and insecurities that I have to overcome and deal with every day to keep going. One of the reasons is the social expectations we’ve grown up with. Often, we have people around us who are not sure of our capabilities, and our deep self-doubt troubles us. In the end, it is a case of mind over matter. Sometimes because of gender biases, we hear “no’s” which can affect our self-confidence and enthusiasm.
5. Who can I turn to for help?
Support systems are hard to get and especially so for women. Many of the options are expensive and not easily affordable. Women may not have the contacts and connections required to give them that push. Finding the right advisors and mentors was an uphill task for me too. Men still dominated business world-wide, and it can be hard work trying to get the necessary networks and contacts. There are fewer women entrepreneurs as role models or with whom one can connect with for advice or learn from.
6. Fight among equals?
A long history of gender inequality still plagues us even if it’s no longer out in the open. We are constantly fighting to prove ourselves against men, even when we are the ones discriminated against. Policies have changed and been designed to make things easier for us, but there is still a lot to be desired in terms of the way women are received and perceived.
7. I’m serious!
You may be a leader, but it will take you that much longer to establish yourself. Being taken seriously as the head of a company sometimes takes longer for a woman because of social perceptions and gender bias. Many women face such issues and rarely talk about what they are going through. Earning respect for women in a male-dominated industry is a struggle.
8. I know my worth
But I don’t talk about it. We work hard, we succeed, but we don’t like to talk about it. That’s because we’ve grown up thinking girls who talk about their achievements are bragging and conceited. Becoming successful is not something that happens overnight to women and sometimes affects our success and growth. We downplay our worth to seem modest and, in the process, miss out on letting people know our value. Recognizing and communicating our value and individual achievements boost confidence that is extremely important for growth.
So, what do we do?
Does that mean we give up our dreams of making it big in business? Of course not! Women are designed to overcome challenges. Our natural abilities to multitask, negotiate, work hard, and navigate through difficult situations make us winners all the way.
What we need to remember is to always:
- Interact with as many mentors and peers as possible to grow and learn from them.
- Stop trying to conform to other people’s ideas of what we should be like and set our own standards as leaders.
- Keep learning about business and how to balance work and life.
- BELIEVE IN OURSELVES AND NEVER GIVE UP.
So, like someone once said, “Go ahead, and let them judge you”, you just keep doing what you do well.
Keep your chin high and acknowledge that you were made to succeed.
Cheers,
Magbè
