admin Business has never looked better for women entrepreneurs. According to the National Association of Women Business Owners, and more than 11 million U.S. businesses were owned by women, employing nearly 9 million people and generating $1.7 trillion in sales. But these reports only tell a part of the story, women-owned businesses are still in the minority, and the hurdles faced by women who have embraced entrepreneurship are vast and often very different from those experienced by their male counterparts.
Even though women are bound to face challenges all around the globe, their determination never fails and they come up with solutions for themselves and other women. in this article you will find how women have faced challenges from the beginning of their entrepreneurial journey and how they overcame them.
Breaking Stereotypical Social Expectations
Most female entrepreneurs who attend networking events relate to the scenario where, you can count the number of women there on one hand. When women entrepreneurs talk business with primarily male executives, it can be unnerving. In this situation, women may feel as though they need to adopt a stereotypically “male” attitude toward business: competitive, aggressive and sometimes harsh. But successful female CEOs believe that remaining true to yourself and finding your own voice are the keys to rising above preconceived expectations.
Hilary Genga, founder and CEO of Trunkettes tells women, “Be yourself, and have confidence in who you are, you made it to where you are through hard work and perseverance, but most importantly, you’re there. Don’t conform yourself to a man’s idea of what a leader should look like.”
Struggle to Access Funds
A handful number of women can start a business on their own without funds or investors by using the money they saved. But many women look for investors to help get their business off the ground know how difficult the pitching process is. A 2014 Babson College report found that less than 3% of companies with venture capital funding had female CEOs.
Bonnie Crater, president and CEO of Full Circle Insights said, “venture capitalists tend to invest in startups run by people of their own “tribe.”
For example, a Stanford-educated investor will want to back a Stanford alum’s business. This means that VC firms with female partners are more likely to invest in women-run startups. According to the Babson report, however, that accounts for only 6% of U.S. firms. Crater recommends that women looking for business investors should build confidence through a great team and business plan.
The way women can overcome this issue is to get more female investors to support one another, said Felena Hanson, founder of the Hera Hub coworking space for female entrepreneurs. Female entrepreneurs can raise the necessary capital for their business by learning to ask for exactly what they need, even if that means requesting more than what they want.
For a woman entrepreneur, investors who are usually men, tend to assume that the women entrepreneurs are operating just like the men and inflating their numbers. Therefore, they will provide funding at lower levels than requested. Women need to understand this dynamic and approach their pitches accordingly.
Uplifting A Fellow Female Entrepreneur
At a point of time, in the business sector, most women CEOs find themselves in a male-dominated industry or workplace that does not want to acknowledge their leadership role. This results in women indulging in negative self-talk and believing that their hard work and efforts can’t be seen by those around. But that is not the case. Those negative comments that have built up in their head are stopping women from reaching their full potential. To combat them, women need to build the confidence in themselves and their work and the negative self-talk.
other ways for women to combat these struggles is to join variety of women entrepreneur groups. These groups are more than capable to provide for women mentors and peers who inspire, guide and help in growing and learning from their outside perspectives and experiences. A woman may feel alone on their journey of entrepreneurship but when looking around, there are many who are on the same path offering help and guidance to beginners. Accepting help, pushes women closer to success.
Knowing their Worth
The communal, consensus-building qualities encouraged in young girls can leave women unintentionally downplaying their own worth. Most women often find it to be difficult for themselves to convey their own value as a leader. Using the first-person narrative to discuss success usually feels as if they are bragging, and they cannot shake the idea that if someone knows it’s just them in control, the value of what they do will go down. As women grow in the business, they are slowly beginning to make an effort in owning what they’ve accomplished.
A lot of women leaders agree that confidence is the key to success, even when women are up against a boardroom full of men. Women are also advised to value their knowledge as well and not only the client’s needs and necessities. When a woman builds up her confidence, she would definitely know her worth and put forth her demands and views. Acknowledging the fact that women know what they have to do and have a complete business strategy helps them move forward and run the business smoothly.
Failure as a Stepping Stone
Failure is a very real possibility in any business or personal venture. Women are advised not to let their insecurities keep them from dreaming big. Women are often encouraged to work through the moments of self-doubt that every business owner faces and not wait for perfection before starting their business or taking a big promotion.
Failure should not be viewed as a negative or an excuse for relinquishing goals. The road to success is paved with losses, mishaps and mistakes, but it can still take you where you want to go as long as you don’t lose sight of your ultimate destination. If a woman has failed in accomplishing her goals, that is definitely not the end, it’s okay to make mistakes, take in all the feedback; filter out the noise and the naysayers; learn from the mistakes and try not to make them again. But whatever is done, do not give up. Not giving up is what aids women accomplish their goals.
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