Women entrepreneurs are the women who initiate a business, gather all resources, take risks, face challenges, provide employment to others, and manage the business independently. "Women Entrepreneurship” means an act of business ownership and business creation that empowers women economically in a position in society.
Generally, women are not supposed to be in a leadership position; they are expected to take orders rather than give it. It's not that they are not capable of doing it instead our society is not quite acceptable when it comes to being led by women.
Although this scenario has changed to a great extent, we still have miles to go. According to the National Association of Women Business Owners, more than 11 million U.S. businesses were owned by women, employing nearly 9 million people and generating $1.7 trillion in sales, as of the year 2017.
The importance of female entrepreneurship for economic development is widely recognized. Numerous studies demonstrate the positive impact of female entrepreneurs on economic growth and development. Still women entrepreneurs are in the minority and they have to face many obstacles on their journey.
Challenges faced by women entrepreneurs
Having investors is the most important or integral part of starting a business and not everyone is lucky enough to find investors. Funding is like the lubricant and fuel in startups, it makes the design, production, and marketing of a product smooth; and it keeps the administrative functions efficient. Women's businesses are among the leading ventures that lack financial support. Many institutions tend to find male-owned businesses rather than financing female entrepreneurs.
Click on the link to read more about the importance of funding:
Money is the lubricant and the fuel. It makes possible the smooth design, production, and marketing of a product; Click here.
Entrepreneurship demands time and patience and a large number of women are not just business or career people, they have a family, spouse, children, and various other responsibilities. Society and family expect her to be a good mother and wife and must be always available for her family whereas business demands her to be a leader and show commitment. It often becomes difficult to balance personal and professional life and it is much more difficult for those who lack support from family. Still, many women entrepreneurs are successfully balancing their personal and professional life.
Fear of Failure
Success can not be achieved without failure, they both go hand in hand. And this is the same for men and women, but a man failing in business is easily accepted by the people around them. When it comes to women, people enjoy taunting them for failing. It's more like women failing in business are a success for them because their perspective of a woman can not be a leader or she can not run the business smoothly proves to be correct. And this fear is toxic especially when there is a lack of support. Therefore fear takes the place of confidence and they fail even when they are meant to succeed.
This is one of the most used terms in today's world, that are women equally paid for the work, yet it seems to bring very little change or at most places nothing at all. In every field we go, we see a male leading it. Women must make their way up in a masculine world facing all stigma and discrimination. Although the government tried to make a favorable environment for them, women continue to be seen as inferior to men despite having the right attitude and aptitude for the job. And these struggles only add up difficulties to start a business.
Among all the challenges women entrepreneurs face, the unfavourable environment is among the top obstacles women face. In some places, even when women own a business they are supposed to require a male partner to make deals, negotiate, or to be a business face. Also, the fear of harassment and constant growth in rape cases limit their opportunity to choose their business location, opening hours which results in the chances of their success. Entrepreneurs' lives are not easy and it is only tougher for women entrepreneurs.
Lack of education
In many countries, educating a girl is not a priority. Rather than motivating them to be a career-oriented person or a leader, they are being prepared to be a so-called good wife and mother. They are supposed to give up on their dreams and goals and look after the family. Education is very important to find sources of innovative ideas and convert these ideas into enterprises. Lack of education and skill training limits their access to various public and privately offered support services which includes business development services and information on business growth.
Lack of family support
Business demands dedication and time and as a result, they find it difficult to meet the demands of their family members and society as well. As such they become incapable of attending to domestic work, attending to the needs of their children which leads to conflict in their personal lives and they find it difficult to work as an entrepreneur.
All these challenges reduce their ability to bear risks and uncertainties involved in a business unit. The absence of proper support, cooperation, and back-up for women by their own family members and the outside world forces them to drop the idea of excelling in the enterprise field.
Although, despite all these problems, there are a number of successful businesswomen and they continue to run their enterprise successfully, balancing their personal and professional lives. And it is their dedication to managing against all the odds to become a successful entrepreneur which has changed people's perception towards women to a greater extent and The World Bank and its donor nations, as well as leading businesses, universities, and NGOs are now focused to support women-owned businesses.
Click here to know more about women entrepreneurs
The top 15 most famous women entrepreneurs:
There are many amazing success stories to be heard from some of these wonderful women. Click here.
The importance of women entrepreneurs:
Inspire women in business by sharing their techniques and experiences to reach success. Click here.
Let us know your opinion in the comment section.
We, at OpenGrowth, are continually looking for trending startups in the ecosystem.
If you want to know any further information about the startup ecosystem or have any mind-boggling ideas, do refer to the other blogs at OpenGrowth. If you have any suggestions, do let us know in the comment section below.