Even with all of the advancements that women have made in the business world, there is still a long way to go for female entrepreneurs in a global market.
Here are a few common challenges faced by women entrepreneurs:
1. Male-Dominated Mindsets & Biases
For a long time, entrepreneurship has been a field dominated by men. And while the scenario is changing, there is still a long way to go. We have to accept that the traditional styles of working have gone. It’s a new era where women are as capable as men.
2. Limited Funding
Funding is crucial in order to start and sustain a business in a competitive corporate environment. A large number of women do not have property or assets to their name. Hence, they encounter a problem while applying for loans due to a lack of collateral.
3. Work-life balance
Women, across the world, are expected to play a larger part in handling a household and taking care of their family. Running a business means long hours and thus, for women work-life balance, can become a problem.
4. Lack of a Supportive Network
When you start an entrepreneurial venture and are finding your place in the business world, you need as much support as you can get. Unfortunately, in many cases, women find themselves on their own with no one to guide them.
The corporate sector is all about dealing with customers and building a good relationship with people within your industry who can help you to make your business a success. Knowing where to find the right support network isn’t always easy.
We reached out to a few known female entrepreneurs to discover what biggest challenges they’ve faced in their entrepreneurial journey and how they overcome it. Here’s what they said.
I am the founder of 3 interconnected businesses. I work from home aside from the time when I’m in a pop-up shop a couple of months of the year.
The main issue that I face is really relating to working from home. I have my own office but unless the door is shut the family will always feel it’s fine to walk in and chat with me. Also, my friends don’t particularly take my working from home situation seriously. They’ll message me to see if I want to meet for a girl’s catch up during the day or phone for long chats. Obviously, if I didn’t work from home this would be a wholly different situation.
Check her website here.
Rosann Santos has been the Director of Strategic Initiatives for Student Affairs and Alumni Relations at John Jay College of Criminal Justice in New York City for years. She took her knowledge, life and work experience, and passion for inspiring others to overcome their challenges to the main stage as a career consultant and motivational speaker.
Today she is one of the most specialized, in-demand female motivational speakers in New York City and a certified Gallup StrengthsQuest Facilitator (career coach). Initially, she faced the challenge of setting a price for services since both keynotes and career coaches only spend anywhere from 20 minutes to 2 hours speaking or consulting. Rosann evaluated her expertise and core competency, and then compared it to other speakers and coaches on the market.
She has specific expert knowledge in the field of academics and Latin American/Caribbean studies. She is also fully bilingual and able to deliver a keynote speech or career consultation with equal efficacy in both and English and Spanish. Rosann also has spoken internationally in both languages and was recently hired to speak by the National Geographic Society and the ATF. Upon her evaluation of these factors this places her one-on-one coaching services in the range of $4000-$7000 per session (2 hours), and keynote addresses in the range of $12,000 – $20,000 (30 – 60 minutes).
These rates were not easy to arrive at and come with an escalation in experience and testing the temperature of the market but with time, patience, and measuring results this is the best way to match your pricing with the demand and support level for your time and expertise.
Check her website here.
I own EU Flight Delay, LLC, the only U.S.-based flight compensation company.
My biggest difficulty while managing day to day business operations has stemmed from the fact that I work from my home office. Therefore, my kids think that I am “at home” and available to them at any time. Additionally, I can lose focus when I see other things that need to get done around the house. The way I have overcome this difficulty is by setting aside time that is strictly for my business and letting everyone in the house know that even though I am here, I am actually working and not available.
Check her website here.
An entrepreneurial journey is always full of challenges. And when you’re a woman, there are a few additional obstacles that come up. It is important to never lose hope, do your best, and move forward with the right perception.