For women, entrepreneurship was an impossible dream till the last decade. But now things are changing with the time as compared to the past, and with time, more and more women are setting their sails in the vast ocean of entrepreneurship, but irrespective of their success in this venture, a women entrepreneur of the present era is still facing crucial challenges in the business world as compared to their male counterparts.
According to detailed indices of research, approximately 1/3rd of the entrepreneurs in the world are women, but unfortunately, they are still struggling and fighting not just to overcome the roadblocks of their entrepreneurial journey but also to prove their worth in the corporate world globally. Some of the challenges that present-day women entrepreneurs are facing are as follows:
Challenges That Women Entrepreneurs Face In 2021
1- Social Constraint
Women are not just entrepreneurs; they have families and other societal responsibilities on their shoulders, and society sees them only as a perfect fit for homemakers rather than acknowledging their entrepreneurial capabilities. On the other hand, entrepreneurship demands a person\’s maximum time investment with strong commitment and emphasis on being a leader. Owing to family commitments and societal expectations, women have to step back from their businesses, and as a result, they do not reach the apex of their entrepreneurial venture.
2- Gender Disparity
Apart from societal barriers for businesswomen, gender inequality is one of the critical challenges that women are facing even today. The world is still looking at the corporate sector with a patriarchal foundation, and the patriarchal society doesn’t accept women in leadership roles. With the advancement of time, some changes in entrepreneurial mindset have been setting in, but still, women around the globe are struggling hard to prove their worth and capabilities due to gender disparity as their innovative business ideas are not taken on a serious note because of their dual responsibilities.
3- Dearth of Finances
As the human body needs oxygen for life sustainability like- wise, capital is the food for every business\’s durability. Not all business people are fortunate enough to have sound investors in their hands; hence those who don\’t have investors have to rely on raising capital on their own or taking loans/financial assistance from banks. Women’s businesses are among the leading ventures that lack financial support. Though now some banks are providing financial aid to women ventures but there is more way to go.
4- Fear of Failure
Since the entrepreneurial journey is quite daunting and entailing unforeseen circumstances, women are afraid of failure, especially when people surrounding them are skeptical of their abilities in business. Furthermore, fear of known and unknown is also a major issue of women, and business is the other name of risk, so women may end up operating from a place of fear instead of confidence. Consequently, they will fail in business even when they were meant to succeed.
5- Lack of Support And Networking
Every person needs unlimited support to thrive in their professional career and boost their confidence. In women\’s case, most people doubt women\’s entrepreneurial proficiencies; hence, they tend to face the greatest challenges in getting support, from lacking the relevant connections to needing financial access or emotional support. Moreover, they still don\’t have proper network connections to establish as well as thrive their business. This exclusive environment and lack of respect for time and efforts that women put into their businesses often lead to female entrepreneurs doubting themselves. Eventually, it deters them from reaching their full potential. Additionally, women are deprived of proper entrepreneurial mentors who guide them thoroughly regarding business trajectory paths and support them to flourish their business.
It is observed that women entrepreneurs are facing numerous socio-cultural challenges that dissuade them from initiating or continuing their entrepreneurial journey even though they are competent enough to cope with the business challenges. Therefore, it is the need of the hour to provide emotional, financial, and moral support to women while acknowledging their efforts and capabilities in the corporate sector as at the end of the day; it doesn\’t matter either you are a man or woman; if anyone has a drive and passion for success and daring nature to achieve unattainable then you can achieve what you want in life.