5 Challenges That Women Entrepreneurs Face — And What To Do
November 21, 2022
5 Challenges That Women Entrepreneurs Face — And What To Do

In 2019, women started only 28% of new businesses in the US. The next couple of years had women seizing "pandemic related opportunities," with the WE Forum finding that women entrepreneurs formed 49% of startups 2021. However, the same research found that despite these gains, women have also lost more working hours since the peak of the pandemic compared to men.

This goes to show that while women entrepreneurship is certainly growing around the world, obstacles still remain. Experts find that men still outnumber women 3-1 when it comes to business ownership, and caring and homeschooling responsibilities continue to take women away from the workforce.

Fortunately, there are still things that can be done to combat these challenges. Here's a look at a few strategies below.

Work-life balance:

Women are still heavily expected to play a large part in handling a household. And because owning a business means long hours, work-life balance can become a problem. Working mothers are thus often forced to give less priority to their business in order to focus on their families.

Female veterans in the field suggest settingclear boundaries about where you need your focus. Nicole Snow, owner of Darn Good Yarn, stresses the importance of a support network to decrease and better focus your workload. Doing so left her with enough time to take care of her two-year-old daughter while managing her online retail company.

Burnout

When women are unable to balance their work and life accordingly, however, this can lead to them burning out at work. Burnout is a common challenge</a>, as small businesses leave entrepreneurs with no space to live and breathe outside of work. The result of this can lead to a downturn in productivity, and affect one’s health in the long run as well.

Many female entrepreneurs thus emphasize the need for self-care to supplement their everyday schedule.

Lack of support

While many employees rushed to entrepreneurship in ‘The Great Resignation’ in 2021, plenty realized that corporate skills didn’t prepare them enough for heading a fledgling enterprise. The situation was even more challenging for women who, in a field that was only starting to even out the gender gap, lacked necessary personal connections and networks.

This is why you should invest in a business mentor or coach who can help you carve a direct path to your new success. This will speed up the market research phase of scanning the competitive landscape and researching unmet needs with buyers, and allow you to make the bold and necessary moves to establish your business in the industry.

Prejudice

Gender biases can mean that a significant portion of society still considers running a business to be a masculine attribute. Women entrepreneurs thus often struggle to be taken seriously and earn respect, and can also be viewed to be aggressive when exhibiting traits associated with business acumen.

Society is going to have an opinion either way, so it's important to rise against gender stereotypes and overcome any negative self-talk. Only then can female entrepreneurs reach their full potential, and invite more women into the field.

Finding financing

Limited funding is a challenge that both male and female entrepreneurs face, but due to prejudice, women face more hurdles. Only about 2.3% of venture capital goes to female entrepreneurs, which means that only 2% of women-owned startups generate $1 million in funding. Men are 3.5 times more likely to achieve this amount.

Fortunately, there are alternate ways to secure funding. Boopos offers non-dilutive, revenue-based acquisition financing options that can be repaid in 1-5 years, which allows women entrepreneurs to rest easy knowing that their financing options work with their revenue cycle.

While becoming a female entrepreneur is a challenge, with ingenuity, and a supportive community, women leaders in business will soon become the norm.

Exclusively written for https://www.boopos.com/ by Alynna Hope