Common Problems Faced By Female Entrepreneurs
Entrepreneurship is a global phenomenon, but women are more likely than men to start businesses to support themselves and their families. There are many challenges facing female entrepreneurs—but there are also plenty of opportunities for them to succeed:
Single Moms and Female Entrepreneurship
Single moms are more likely than other entrepreneurs to be self-employed and work in the service sector. They face unique challenges that can prevent them from achieving success as an entrepreneur, such as
- difficulty getting financing due to their lack of credit history
- child care issues
- limited time available for business management because of personal responsibilities
Discrimination in the Business World
Discrimination against female entrepreneurs is a prevalent problem, and it’s one that many women face when trying to launch their own businesses.
Women are often not taken seriously in the business world because of their gender, and they have a more challenging time finding mentors who can help them with their careers. This leads to fewer opportunities for women to succeed than men but also makes it more difficult for women to get ahead financially when they do find success in the workplace.
In addition, female entrepreneurs earn less than their male counterparts who serve similar roles at similar companies. In other words: even if you are successful in your job as an entrepreneur or employee of a company—no matter how much work you put in—you will still likely make less money than your male coworkers doing similar jobs!
Lack of Early-Stage Funding
Before you even get to the point where you need funding, you should ensure your business plan is solid and complete. If it isn’t, that’s a big reason why people don’t invest in you. If there are holes in your business plan, then fix them!
If you have done all of this and still haven’t gotten funding, then maybe it’s time to re-evaluate how much money your company needs to start up and see if there are other ways to obtain funding.
There are financial institutions that offer grants for women to start a business. Many government and private grants empower women to start their businesses and follow their passion.
What are grants? “Grants provide money that, unlike loans, you don’t typically have to pay back. Business owners can use this money to take their businesses to the next level,” says Lantern by SoFi advisors.
If those other methods don’t work out, I would recommend trying again after some time has passed and maybe putting together another proposal later on down the road when things are going better for both sides.
Lack of Mentorship Opportunities
Mentors can be a great resource for business advice, but it’s important to remember that not all mentorship relationships are created equal. A good mentor will challenge you and support and encourage you. They should respect your decisions and offer advice when asked, but not force advice on you or make decisions for you.
Equal Pay Discrepancies
When it comes to equal pay, women face several issues. First, women are less likely to negotiate their salary—a practice that can lead to higher pay—and they face a discrepancy in wages when compared with men. In addition, women are more likely to work in lower-paying jobs and industries than men.
It’s not always easy being a female entrepreneur, but if you have the right tools and support network, it can be an incredibly rewarding experience. So, look for trusted platforms that offer grants and loans to support your dreams.