Women across the world are not just entrepreneurs or career people they have families, spouses, and other responsibilities, and they are expected to play a large part in handling household and taking care of their families. These pressures of balancing between personal demands and career demands can be overwhelming and may sometimes make women abandon their careers for their families or abandon their families for their work. However there might be hope since the culture of work is shifting to allow women more flexibility, which is a good thing.
Limited Accessing Funding.
When starting a business funding is a crucial necessity. Not all business people are fortunate enough to have an investor or financier for their business and those who do know how difficult the pitching process can be. Women’s businesses are among the leading ventures that lack financial support. It is also common for women to be denied loans because of gender and cultural biases. Many institutions tend to fund male-owned businesses. A 2014 Babson College report found that less than 3% of companies with venture capital funding had female CEOs.
Inadequate Support System.
When starting an entrepreneurial venture a robust support network is essential for success. Struggling or failing in business could be the result of a lack of an adequate support system. In business, no man’s an island. So it’s no surprise that 48% of female founders report that a lack of available advisors and mentors limits their professional growth, according to Inc.
Women tend to face the greatest challenges in getting support, from lacking the relevant connections to needing financial access or emotional support. They also need mentors and sponsors to guide them in this new path. The support system is often expensive, forcing women to delay starting their businesses.
Lack of Knowledge.
Women are generally denied higher education, especially in rural areas and underdeveloped countries. Women are not allowed to enrich their knowledge in technical and research areas to introduce new products. Women’s access to this information and emerging knowledge is limited. Although it could be a result of the competitive environment, women take the extra step and seek relevant and practical information.