The business world was, not so long ago, considered a man’s domain, but the tides are surely shifting with the times. More women are entering the realm of entrepreneurship daily. There are close to 10 million female-owned businesses registered in the United States.
These businesses employ close to 8 million workers and generate over a trillion dollars a year in sales, yet women in business are set to face challenges that their male counterparts typically do not experience. Take a moment to read through a short synopsis highlighting some of the most common issues faced by females in the business community.
It is challenging to balance home and business life
Fulfilling the role of a wife, a mother, a daughter, and a business owner can be challenging. A large percentage of men and women who enter the entrepreneurial race to the top find themselves struggling to fulfill the demands of such a life.
Substance abuse in business owners is far more common than most people understand. Women seeking a future in business should prepare themselves for a conflict of interests. Sometimes business goes on the backburner for family and vice versa.
Female entrepreneurs have a more difficult time generating capital
Women have always struggled to find lenders that are willing to invest in their cause. Startup capital is critical to future success. Cutting corners due to limited funds could cause unnecessary trouble in the future.
The good news is that the business of business is beginning to recognize female entrepreneurs with a higher esteem. Alternative financing options are becoming more and more accessible, and specialty lending options offer female-specific opportunities.
The SBA offers guaranteed microloans to women with little to no credit history, minority women, and those who do not qualify for more conventional loans.
It is more challenging to break into tight-knit social networks
Networking is a critical part of every entrepreneurial endeavour. Members of a tight-knit community of business men and women work together to help one another navigate their way towards success.
The challenge is that the community is so male dominated, that it is hard for women to break into the group. Men are historically exclusive towards the females in business. Generally speaking, women are seen as less capable by design, therefore it is somewhat taboo to work side by side with a female in the predominantly male dominated industries especially.
Females have trouble owning their importance and competence
The roles and skills commonly encouraged in young women have not yet caught up with the fierce, dog-eat-dog nature of business. Young girls are still typically pushed towards what society views as a female’s role.
They are taught to value domestic skills over mechanical skills. Little girls are still largely taught to be soft spoken and passive, which does not fare well in an entrepreneurial business environment. Even as adults, educated women still seem to have trouble owning their badassness.