An 8% gap still exists between male and female entrepreneurs, meaning that women are still fighting for equity. American Express report shows that about 13 million businesses in the United States are women-owned, generating nearly 1.8 trillion per year. Consequently, in 2020 more women registered for business start-ups more than men. Women have proven to take up opportunities despite the barriers they encounter in the entrepreneurial field. However, as women continue to boss up in businesses, below are some barriers they face.
1) Limitation to Access of Fund
Despite the women’s efforts to show that they have the ability and skills necessary for venturing into business, most people still doubt them, and some hesitate to invest in a woman. The more frustrating thing is that some banks do not consider a woman creditworthy because they fear she can give up on the business any day. A woman is left with no choice but to rely on her savings, help from her friends and family. In situations where her savings cannot cater to her business needs, she feels stuck and frustrated.
2) Biasness on Gender Basis
Patriarchy creates unfavorable conditions for women- it dictates societal roles based on gender. Notably, society considers roles such as running a business to be men’s things. A woman who indulges in such a role is somehow considered a rebel or aggressive. Gender stereotyping has made many women lose confidence and fail to own up to their abilities. Most women are in fear of being stereotyped and lose the confidence of venturing into business.
3) Difficulty Balancing Personal and Work-Life
There is an unpopular worldwide opinion that women should run a successful business alongside maintaining a good family. Society’s definition of a strong woman can care for her family and maintain a good business. But the truth is, it is hard to find a good balance between business and family. Society also expects a woman to give more time to her family and not her career. She thus prioritizes one life over the other because it’s hard balancing the two.
4) Lack of Enough Support
Nearly 48% of female entrepreneurs lack skilled advisors and the proper guidance in business. Most women claim that insufficient support is a common hindrance to professional growth. For a woman to survive in a male-dominated world, she needs to have continuous support to identify the threats and opportunities existing in the market. She will be in a better position to develop ways to turn the existing threats into business opportunities through the right advice, but they lack this kind of support.
Women have so much potential, but the above barriers limit them. It is only fair for society to make the world a better place for women to express their ideas and abilities just like men do.