Be the great She-EO that you’ve always envisioned to be.
Most people would consider any given field to be predominantly male-dominated. Entrepreneurship was once thought to be a man’s domain, but the tides are shifting. Women have long faced difficult obstacles throughout the passage of time, consistently striving for gender equality. Especially in recent years, with the rise of the feminist movement, many breakthroughs have occurred which went on to open more doors for women.
Now, it is no longer uncommon to meet a female entrepreneur or read about other women’s success stories in the business world. Despite the fact that more and more women are starting their own business ventures, there is still a gap between male and female entrepreneurs. Let’s explore some of the challenges that female entrepreneurs face.
Overcoming Social Expectations
While majority of the high ranking spots in business are taken up by men, more and more women around the world are refusing to conform to the societal norms. Although the number of female entrepreneurs are increasing every year, it can still be unnerving to present yourself in a male-dominated arena.
As such, many women may feel some pressure to take on the stereotypical “male” attitude and approach to business in order to be taken more seriously. Yet we can’t do it too much, or we run the risk of being labelled as being “too aggressive” or “bossy”. Tough line to walk, isn’t it? But defying social expectations is necessary in order to trigger change. As much as we defy the societal norms by proving that women can be leaders too, we should also defy the stereotypical idea of what a leader should be like.
The truth is, no matter what you do or how you present yourself, there will always be people who won’t take professional women seriously. Whenever you come across someone like that, remember that it is a gender-biasness on their end and it’s not about you. You could decide if it’s worth the effort to challenge them head-on, but honestly speaking, it’s unlikely that you’ll change their deeply rooted biases. So shake it off and move on. You don’t need to garner support from individuals like this anyway.
Difficulties In Acquiring Funding
Accessing funding has been especially difficult for women. This is largely because of the fact that males are the ones who are doing most of the investing, and people are generally more inclined to help out people who are of the same sex. This means that only venture capital firms with female investing teams will be more likely to invest in a startup spearheaded by a woman. As you can imagine, there’s really not a lot of such firms around.
But, few as they might be, there are still capital resources available for women. Here are some sources of funding for female entrepreneurs. Apart from seeking funding through investment groups with female partners, you could also give them additional confidence by having a strong business plan with business operation experts on your founding team.
Limited Access To Industry Networks
Networks not only serve as support groups but they also provide important information to entrepreneurs. They provide and help to build relationships and connections that could serve as resources for business growth. For new entrepreneurs, industry networks are especially useful to help them learn more about about their industry and provide advice for business development.
However, many of these groups are a tightly-knit community where business connections go years back. It can be difficult for a newcomer – especially a woman – to feel welcomed or accepted within these groups. Female entrepreneurs often feel that they have to work harder and achieve more in order to demonstrate that they belong in a male-dominated community.
In an interview for a study on female entrepreneurship done by Center for an Urban Future, one woman who owns a construction firm claims that being a woman has been her greatest challenge. Her counterparts in the industry have networks with agencies in a city that are run by men who have a common background and culture. Unfortunately, it is something that she will never have.
Finding the right support network might not be easy. But knowing where to look is a good start. The Athena Network provides a platform for female entrepreneurs to connect and share knowledge across the board. CRIB is a social enterprise which aims to empower women to become successful entrepreneurs through a support and business network. Both platforms hold events and conferences which brings together like-minded women committed to building strategic relationships and mutual collaboration.
Lack Of Role Models
According to this article by Inc., 48% of female founders cite that a lack of available mentors and advisers holds them back from professional growth. Role models and mentors are invaluable for new entrepreneurs. Fewer female role models are visible in the business world and it can be hard for female founders to seek out the guidance that they need. Women who are starting a business might be hard-pressed to find someone with a similar experience to provide them with help and advice.
Apart from the two enterprises that we mentioned in the previous point, SoGal Ventures and Female Founders also provide mentorship programs and peer-to-peer help. When you are running a successful business yourself, don’t forget to extend the help to others and provide advice to help them achieve their own goals! Women should stand by one another, so show your support for other female entrepreneurs by sharing your business knowledge and experiences.
Work-Life Balance
Striking a work-life balance is difficult for entrepreneurs regardless of your gender. But being a wife and mother can prove to be an additional hurdle for women entrepreneurs. Those who run a business with a family to care for often have to cater to both simultaneously. And it is evident that in this area, gender expectations still prevail.
Hilary Genga, founder of swimwear company Trunkettes says that being a mother while running a business is extremely difficult. With double the responsibility, “mompreneurs” face far more time management issues as compared to men. She has learnt not to beat herself up over minor matters such as missing her children’s class trips. Finding ways to devote time to both business and family is key to truly achieving that elusive work-life balance.
Owning Your Accomplishments
From a young age, girls are taught to downplay their achievements and certain qualities of themselves, which can unintentionally lead them to downplaying their own self-worth. Especially in Asian cultures, girls are impressed from an early age that modesty is of the ultimate value.
Molly MacDonald, founder of The Mobile Locker Co., said that she has always found it hard to convey her worth as a leader. Talking about her company, she often uses “we” instead of “I” as she finds that using the first person narrative feels like she is bragging about her achievements
On the contrary, men seem to be able to communicate their individual successes with much more ease, and they are generally better received. Ashley Stahl, a career coach, advises women to have confidence to sell their accomplishments without fear of how others would perceive you.
Women definitely face a set of unique challenges in the world of entrepreneurship, but they are not hurdles that cannot be overcome. You might receive more scrutiny than men, but don’t let that stop you from living out your idea of a great business leader. Don’t sell yourself short. Be the great She-EO that you’ve always envisioned to be.
