In today’s post-modern era, the role of women entrepreneurs in economic development is inevitable and women are willing to take action in business and contribute to the nation’s growth. Women are stepping up to own and run businesses in numbers that would have been hard to imagine a mere few decades ago. Although creating businesses at this fast pace, there are some significant road blocks that women business owners have to face that are different than their male counterparts that hinder their entrepreneurial progress.
- Balance between Running Their Business with Raising a Family
Work life balance is a popular topic among entrepreneurs and anyone in business. A goal of entrepreneurs is often work-life balance, but mothers who start businesses have to run not only their families, but also their business. Running a business and being an involved mother is a challenge. It is possible to balance your time, but kids do make it harder to effectively run your business. Remember both family and business are important. It is vital to find ways to delegate time to your family and your business to achieve that elusive balance of work and life.
2. Pressure to Act Like Men
“Think like a man, act like a lady”!!Many female business owners who attend networking events may relates: You stroll into a busy seminar and can count the number of females in attendance on one hand. When women have to talk business with male executives, it’s intimidating. Women also fear that because they are female, they may not get as good of a deal – something that wouldn’t be an issue if they were a man.
To compensate and protect themselves, some women feel they need to adopt a stereotypical male attitude that can include things like being competitive, aggressive or overly harsh. But this approach doesn’t get you far. It’s okay to be confident and yourself. You aren’t a man; so don’t pretend that you are. You have made it this far through determination and perseverance, so believe in yourself and your business tactics.
3. Limited access to funding, business and financial skills
Not all startup founders look for investors to help get their businesses off the ground, but those who do know how difficult the pitching process can be. Raising capital is even more difficult for women-owned firms. But again, majority of women lack basic business and financial skills. They have little if no experience in accounting and risk management, legal, tax and regulatory compliance, sales, marketing, and the use of technology. Even women who have the business skills and/or corporate experience still shows the need for training in areas like business/strategic planning as well as hiring and evaluating personnel.
It’s not easy to make it in the business world as a woman, but it’s far from impossible. With a great idea, the right mindset and a strong support system, any woman can be on her way to making her entrepreneurial dreams come true. Don’t let hurdles stand in your way of business success – you have the skills necessary to run your business. Keep your confidence in the forefront of your mind and ignore that little voice that’s discouraging you from taking action or getting outside of your comfort zone.