Problems are common in the journey of entrepreneurship, but for women entrepreneurs, most of the problems are psychological, like, society ties, emotional attachment or traditional mindset, etc.
Though the number is increasing rapidly that does not tell us the entire story.
The problem faced by women entrepreneurs is different and extensive from their male counterparts.
In the traditional culture mostly women spend their whole life under the shade of their male counterparts who dominated the entrepreneurship world.
But the picture is different now. Women started to unleash their untapped entrepreneurial potential and participate in countries’ economic growth.
But still, there are many problems which are hanging in front of their journey.
After talking with several women entrepreneurs we found that there are few common barriers that keep them from entrepreneurship.
Here we point out those problems faced by women entrepreneurs.
We also provide some solutions that could address these problems.
PROBLEMS FACED BY WOMEN ENTREPRENEURS
In the traditional culture women mostly spent their lives within the four walls of household activities, where the male dominate the outer world. They have to take care of their family, children and all these. Women don’t have access to go for higher education, working in the corporate world or setting up businesses.
Society sees women as weak and incapable to survive the competition and stiffness of business. So they pull them back from the way of uncertainty.
This kinds of mindset and culture keep them afar from achieving their goals of being an entrepreneur.
Business is all about dealing with customers and built a relationship with people who can help you to make your business a success.
It’s very important to create a healthy network within your industry and built contacts to run your business.
But the majority of the women felt to do so. It’s may because of the comfort zone they are in for years, and it’s become difficult to just get out of it and built the network. That’s not how it works.
Because of not having the freedom they can’t set up the network and stay a long back from the competition.
3. FINANCIAL PROBLEMS:
Money is known as the lifeline of any business. Women often felt stuck when it comes to raising funds for their enterprise.
Investors hesitate to provide funding to women because of the extensive chance of business failure. Banks also put their hands up when it’s come to providing funds.
In our culture son known as the descendant of the family and daughter have no property. so it’s also against them. Family and friends too deny to help them most of the time because of less belief in business success and return of capital.
So eventually women have to depend on their own savings which are not enough to run a business smoothly. In the end, it’s become impossible to compete with the big fish of the industry and retain the customer.
4. UNABLE TO TAKE RISK:
The lifestyle of women is very conservative and orthodox. The family doesn’t allow them to go outside of the home for higher education or a job. They usually have to live a very safe and secure life.
They don’t experience the culture of the corporate world or face any entrepreneurial problems.
This culture creates a huge impact on their mind which doesn’t allow them to think anything outside the box or taking risk of being an entrepreneur against society.
5. MALE DOMINATED SOCIETY:
Though our constitution talks about equality and all these, in reality, the picture is different. From the very early stage father take all the decision for the girl and after marriage, her husband.
Society treats women as weak and incapable. Their roles in the family and society are fixed from the very childhood.
They have to take approval even for the petty things and when it’s come on entrepreneurship, often it’s never approved.
6. LACK OF ENTREPRENEURIAL EDUCATION:
The prosperity of any country can be ascertained by the level of education of both males and females.
The lack of quality education results in a lack of proper knowledge about business, entrepreneurship and the day to day activity of the market. Poor education enhances the unawareness of things and themselves also. Without proper education, one can’t be aware of the things that are most important for her and society.
By not having the traditional education they can’t lead themselves to learn the basic skills of an entrepreneur and gain the essential knowledge. And without accurate skill and knowledge, it’s become very difficult to sustain a business in the long term.
7. FAMILY TIES:
In India, women have to play different roles. They are mostly family-centric. They have to take care of their family, children and their education, husband, and society also. After doing all this it’s become very difficult to start and run a business.
Sustainability of a business requires a lot of time and effort which is nearly impossible to give for them.
8. NOT TAKEN SERIOUSLY:
In a male-dominated society, women struggle to earn the respect they deserve. Investors, employees or even customers sometimes don’t respect the ability of women entrepreneurs. Employees don’t want to follow the leadership of women.
Because of this they struggle to borrow funds from investors and banks, failed to create the environment in the office and couldn’t build a strong relationship with consumers.
They also got a rejection from their family and friends which demotivate and discourage them and create a psychological barrier.
9. LESS CONFIDENCE ABOUT BUSINESS SUCCESS:
The possibility of failure is very high in business. And with women entrepreneurs, it’s even higher because of their low self-confidence. As growing up in an unsupportive atmosphere where no one appreciates them for their ability; they lose their self-confidence.
When the whole world is telling you that you are not capable of doing anything big then it’s become very difficult to convince yourself to do that. It takes mental strength to motivate yourself to fight with all the odds and this is where most of the female entrepreneurs fail.
10. SAFETY AND SECURITY:
This is one of the biggest problems women face nowadays. The business world is filled with strangers and women entrepreneurs hesitate to socially interact with them.
With the increasing crime rate, it’s become harder. This creates a strong impact on society and even in the women’s mind also.
And with time it becomes a burden for them.
If there is a problem there will be a possibility. And entrepreneurs know how to convert their possibilities into opportunities.
Here we figure out some solutions to these problems faced by women entrepreneurs.
1. FINANCE AND SUPPORT:
This is not only the finance problem, but this is also a mindset problem. Society should change their perspective about women as research says enterprise lead by women is more successful than those lead by men. Family and friends should support them.
The government should introduce new policies which will help them financially. Investors have to rely on their capability.
2. TRAINING AND PROPER EDUCATION:
Government and private organizations should step forward to provide training sessions on business and entrepreneurship. They should train women who are eager to do something big and meaningful.
3. TECHNOLOGICAL ASSISTANCE:
In today’s fast forward world technology is very important for any business organization. As women don’t have many educational opportunities, they don’t have enough knowledge about technology.
So it’s very important to guide them to learn and use technology accordingly to grow their business.
4. FAMILY SUPPORT:
A family should support and encourage women to do and run a business successfully. This will be the biggest support and motivation for women entrepreneurs.
5. CHANGE IN MINDSET:
This is the most important thing that needs to be addressed. We all need to change our views about women. We have to accept that the old days are gone. It’s a new era where women are as capable as men.
We have to shift our discriminating mindset to equality.
There are a lot more problems like marketing, time management, prioritization of expectations, etc.
But after having all these problems there are many women’s who become an entrepreneur by enduring everything. You just need the right kind of attitude and mindset to built a successful business.
Do you think these 10 problems we have covered describe all the hardness a women entrepreneur goes through?
Let us know if we miss something in the comment below.