Making entrepreneurial dreams a reality is challenging. But for women entrepreneurs, these challenges become quite harsh. Women entrepreneurs’ hardships start with obtaining funding, building a support network and subsiding the fear of failure.
Data states that 1 in 3 business entities are owned by female entrepreneurs. This number further drops down in low-income countries, where 1 in 4 businesses are owned by women. In this blog, we will try to understand all the challenges that make entrepreneurial dreams difficult for businesswomen.
Lack of Digital Awareness
Several female entrepreneurs have a basic understanding of digital and eCommerce platforms. They fail to understand that a mere social media presence can not provide leverage in the digital world. Many businesswomen discount the relevance of websites.
However, websites play a critical role in establishing your brand’s identity and business image. We understand that website designing needs funds, which may be a challenge for many businesswomen. But they can surely avail the benefit of business bio websites.
These business bio websites help women entrepreneurs to build their online portfolios which is concise, clear and reflects the value they can provide to their key audiences. As a result, they get an opportunity to face the world as a brand, elevate their business image and create better impact.
The Perception of Women Entrepreneurs
Unfortunately, the world around us perceives women as an easy taskmaster. People do not take women’s businesses seriously. As a result, they face difficulty in raising funds for their business. Sarah Pendley, the founder of Sarah Theresa Communications claims, she always introduces herself with her first and last name and with her business name the moment she handshakes.
Creating a Work-Life Balance
Women have to manage many fronts i.e. family and business. Many times the male counterpart assumes them incapable of managing business affairs. They forget that women are considered better than their male counterparts in multitasking. Moreover, with active scheduling and prioritising the to-do list, one can manage two fronts easily.
Lack of Business Networking
Women entrepreneurs find difficulty in business networking. Social stigma, the tendency of male counterparts assuming female entrepreneurs as desperate for success, makes them passive in business networking. However, nowadays, there are several groups like CII women entrepreneurs connect that help women entrepreneurs network with each other. These groups create synergy and provide a mutual platform for growth.
Lack of Understanding of Financial Matters
Rashmi Bansal has published interviews of several successful entrepreneurs in her book ‘I have a dream’. Where many women expressed their struggle with financial matters. Financial understanding is a major challenge, but it can not become a hindrance to the success of women entrepreneurs. Can it?
So as a matter of advice we will enforce women entrepreneurs to get familiar with financial matters. To help female entrepreneurs, women networking groups should conduct financial literacy seminars that will help all the female participants of the chapter.
Can We Expect Fewer Challenges for Business Women In Years to Come?
Yes, slowly and steadily world is understanding the power and necessity of businesswomen entrepreneurs. However, it is the duty of businesswomen to make the best use of available resources that can give them a competitive edge and establish a bigger brand in years to come.
Recommended readings:
How to increase brand awareness on social media
How does a digital identity help women entrepreneurs earn more clients
10 Digital Detox Tips to Boost up your Creativity