Disclaimer – we are living in 2021, but still, some things never seem to change!! The world may have explored opportunities to travel to space, but we are still struggling to breathe when it comes to one thing. We talk about women, their business opportunities, and their sustainable growth while challenging societal, patriarchal, cultural, and regional norms.
Today, more and more women are turning into entrepreneurs and adding multiple feathers to their hats. Some are achieving success in multiple fields, while some are dreaming of having a big business venture. Yet, despite their numbers on a constant rise, they are constantly struggling to be a part of the male-dominated entrepreneur world.
Here are seven significant disparities women entrepreneurs face when stepping into the business ecosystem.
1. Balancing Personal and Professional Responsibilities
There are so many women out there in the entrepreneur world who has a striking work-life balance and set leading examples across the future women-preneurs. But the majority of them get burdened under professional commitments and personal responsibilities. Due to which they have to sacrifice their professional life or face societal pressure. Thus, balancing both requires social support to function and deliver the best in both roles effectively.
2. Lack of mentors
One of the most common reasons women entrepreneurs face challenges in the professional world is the lack of guidance and mentorship. A recent survey reported that around 50% of women-preneurs in the male-dominated world find it challenging to attain professional success due to a lack of proper advisors. Thus, to attain professional excellence, they need someone to show them the right path to success.
3. Lack of Financial Support
Not every budding entrepreneur is fortunate enough to find a financial advisor or business investor. The case is the same with women entrepreneurs who, even after proving themselves in the entrepreneur personality test, struggle to find investors and raise capital for their business venture. Some even face business loan rejections due to gender disparity and cultural differences. Hence, most businesses initiated and led by women face many challenges and are doomed right from the start.
4. Gender Disparity
Gender disparity has been the most common issue almost everywhere in the world. However, with the changing times today, women are one step ahead in the men-dominated world because of changes in policies and laws and a favourable business ecosystem to grow in. Also, women rise to their opinions amidst facing social and political discrimination and patriarchal stigma of staying aback with their decisions. Hence, if gender disparity issues are set to rest, we will see more women empowerment and women entrepreneurs in the business world.
5. Insufficient Professional Networks
A leading professional networking platform survey shows that most women entrepreneurs are unaware of the tremendous growth opportunities professional networks bring in. Suppose women are educated about such networks, entrepreneurship opportunities, and the advantages of participating in such networking events and platforms. In that case, they can share their business ideas, pitch new clients, and win more leads for their business.
6. Unfavourable Circumstances in Business World
Because of the lack of professional networks and established business connections, women face many unfavourable circumstances in the male-dominated entrepreneurship system. In some countries, either women back out from their businesses due to religious obstructions or compulsion to have a male coordinate to deal and negotiate the business assignments. Nevertheless, despite the factors above, the number of women entrepreneurs in the business world has increased.
7. Fear of Failure
Running a business is not a cakewalk – it is not every time that you taste success. At every step, you may have to face unforeseen circumstances and odd challenges. However, women entrepreneurs have to stay headstrong to face the fear of failures despite being perilous. An entrepreneur assessment test can help them gain confidence, improve business development skills, and stay self-motivated to operate a business against every odd challenge and yet succeed.
The era is for the women, by the women, and of the women. Gender and challenges hardly matter. It is all about passion, strong vision, and a full-proof plan to score big in the entrepreneur game.