According to a report in 2017, more than 11 million US firms are owned by women entrepreneurs.
Not only is this an achievement for all the ladies around the world, but the fact that they provide employment to millions of people deserves commendation.
Although the facts state that there are millions of successful women entrepreneurs, the industry is still perceived as a male-dominated one.
Penetrating into this industry and surviving it is more challenging than anyone can imagine; however, this also means that we are not alone.
If we can identify all the pain points for us ladies in this industry, then we can improve them in a direction that is favorable to us.We need to accept that we won’t always make the right decisions, that we’ll screw up royally sometimes – understanding that failure is not the opposite of success, it’s part of success. - Arianna HuffingtonClick To Tweet
I have listed out 5 challenges that female entrepreneurs face in this male-dominated industry and offer some incredible tips summarized by Arcadia Online Experts to not let them affect you.
1. Limited access to funding
Due to fewer numbers of women in the industry, many venture capitalists don’t believe in women entrepreneurs as much as they believe in male-owned businesses.
You may not require funding for your business right away, but a female-owned business is much more challenging to pitch compared to male ones.
So, what should you do if you’re looking for funding?
2. Social expectations
- Remain true to yourself
- Rise above the preconceived expectations
These are the only two ways to success for anyone in business.
Many businesswomen have observed the upsetting numbers of women that attend social-corporate events. Yes, you can usually count the number of women on one or two hands.
People expect you to be like a businessman; harsh, straightforward, competitive and aggressive.
Such expectations may discourage you severely, but don’t lose hope. You need to have enough self-confidence and abilities to prove them all wrong.
The challenge here is not what others expect from you, but what you expect from yourself.
As already mentioned above, stay true to yourself, and everything will be fine.
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3. Not taken seriously
Many female entrepreneurs have faced the frustrating challenge of not being taken seriously, i.e. employees don’t respect female leaders.
The presumptions of living off their grandfather’s, father’s or husband’s money are a common misconception in this male-dominated industry.
Most businesswomen have to create their own reputation by being honorable, hardworking and an efficient leader, and only then will their employees respect them.
Getting discouraged by such instances or taking rash decisions of firing those employees is not the only solution. Instead, prove your worth and why you should be taken seriously.
Your team needs to realize why they should listen to you and look up to you for guidance and work.
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4. Lack of a support network
Every business-person requires guidance at some point in time.
Female entrepreneurs face severe challenges in finding the right advisors and mentors because of the “popular presumption” that women cannot run a successful business.
If female-owned businesses do not have adequate guidance and help, then professional growth will suffer adversely.
A lack of support network has hinged the growth of female entrepreneurs across the world, and this can only be averted if industry experts start trusting female entrepreneurs as they do businessmen.
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5. Fear of failure
Due to the lack of opportunities, support, and adequate resources, female business owners have a more significant fear of failure than businessmen.
Imagine an environment where your subordinates don’t take you seriously, your friends and family doubt your professional decisions and industry experts avoid working with you.
How would you feel?
Discouraged, demoralized and full of self-doubt are some of the expected answers.
The fear of failure is directly proportional to self-doubt.
This is why you MUST believe in yourself and your idea and make sure that you have the abilities to prove everyone wrong who didn’t believe that you had it in you.
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In a male-dominated world, be the Superwoman that every woman looks up to!