The challenges for female entrepreneurs vary, and some may surprise you. Many of the problems women face are due to ingrained behaviors and characteristics. These challenges range from lacking confidence and work-life balance to needing more support and female mentors. We will explore some research-backed challenges and provide valuable insights to help women challenge stereotypes and achieve success on their entrepreneurial journeys.
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The Top 5 Challenges for Female Entrepreneurs
Regardless of gender, the challenges in entrepreneurship are persistent. Ask any entrepreneur, and they will tell you about the daily yo-yo of emotions that they experience. However, the challenges for female entrepreneurs seem to be more prominent.
Female Entrepreneurs Tend to Take on More Work and Delegate Less
Dr. Jennifer E. Jennings’s research found that female entrepreneurs are less likely to use external consultants than their male counterparts, meaning they do more work themselves. Women also invest in more training than men, as seen in AI bee’s article, Gender in Entrepreneurship: Does it Still Matter in 2024? Investing in specialized training is a good thing in the long run, but it can put a lot of pressure on women at the start.
Research shows that women tend to delegate less than men, leaving them with little time for big-picture work. How and if you delegate often depends on your personality, but there is also a societal aspect. Women often see delegating as more assertive and aggressive.
How to overcome this challenge: If you struggle with delegation and take on too much work, try to change your perspective. If taught or mentored correctly, others can also do a good job, and it could save you time in the long run. Delegating tasks to other women may also challenge and inspire others and help them to build skills that could greatly impact their journey.
Women Entrepreneurs are Typically Less Confident than Men
Starting a business is a gamble, and gambling often requires boundless confidence.
According to the World Economic Forum, overconfidence is the biggest psychological predictor of whether or not you’ll become an entrepreneur.
Many women are less confident than their male counterparts and often experience a confidence gap. This phenomenon remains one of the top challenges for female entrepreneurs.
How to overcome this challenge: Understand that confidence is a skill that can be developed and nurtured. We can help you build confidence through confidence-building activities and affirmations.
Here are some that you could try:
- Set goals
- Try power poses
- Use powerful affirmations
- Celebrate your Wins
- Dress for success
Recommended Reading: 15 Effective Confidence-building Exercises for Women
Women Often Have Less Entrepreneurial Experience Than Men
Due to structural, cultural, and historical factors, women often have less experience than men, and this remains one of the top challenges for female entrepreneurs. We know that women hold less leadership positions than men. We also know that men are more likely to have entrepreneurial experience and are more represented in developed countries.
How to overcome this challenge: Try to squeeze out experience in your professional career and actively survey what skills could help you on your entrepreneurial journey. Raise your hand for a challenging task, ask tough questions, and be bold.
Find Out How You Can Develop a Growth Mindset as a Woman in Business.
The more women try, the more stories they will have to tell, and the more they will inspire other women with their tales of failure, setbacks, and success.
Women Have Fewer Female Role Models
Women on entrepreneurial journeys often feel alone. The Guardian points out that a lack of mentors is still a barrier for women. Women can find themselves on solo ventures, while typically, men are more likely to have a business partner, a network, or strong connections.
Female role models are crucial for women in business and one of the challenges for female entrepreneurs.
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How to overcome this challenge: Look for support wherever you can and ask for help. Here are a few ideas:
- Examine your inner circle to see if you know any inspiring female entrepreneurs with whom you could have coffee.
- You can also try to join a community of female entrepreneurs.
- And if you have already embarked on your journey, help others by sharing your key takeaways and lessons.
And if you want to find the latest industry trends and mindset techniques, here are the top books for women in business in 2024.
Female Entrepreneurs Struggle More With Work-Life Balance
Lastly, work-life balance is one of the top challenges in entrepreneurship. But, it has a bigger impact on women in business – especially as women traditionally have families or take on caregiving roles.
One of Dr. Jennifer E. Jennings’s studies, which focused on 163 SME (Small and medium-sized enterprises) business owners, examined how women in developed economies balanced work and family lives. Her findings might surprise you.
Female business owners are breaking stereotypes by taking on busy and demanding schedules. Surprisingly, male business owners were more likely to prioritize family over work. While modern women may lean toward a nontraditional approach, it comes at a cost.
The plot twist is that these women also reported lower satisfaction levels, acknowledging their immense challenges while balancing work and family.
How to overcome this challenge: Be aware of and acknowledge if you struggle with balancing work and family, which is one of the top challenges for female entrepreneurs. Then you can make a plan:
- Define what area you struggle most with, then devise a plan to tackle it head-on.
- Map out what you want to focus on and where you would like to place your precious energy.
- You can also use flexible working arrangements and productivity tools to block distractions.
- Schedule time for self-care, not just bubble baths and candle-lighting aesthetics; we mean getting active, practicing mindfulness, and giving yourself space to rest.
Recommended Reading: Work-life Balance for Women: Find Focus and Fulfillment in 4 Easy Steps
Inspiring Women in Business
While there are a lot of challenges for female entrepreneurs, there are a lot of inspiring women in business that we can learn from.
Recommended Reading: Inspiring Women in Business And Their Net Worth
1. Sheryl Sandberg
Sheryl Sandberg is an iconic tech leader. She worked at Google as a sales executive and, most notably, was instrumental as the COO of Facebook.
Being one of the few female tech leaders, Sheryl is a huge advocate for women at work and the founder of Lean In, a company dedicated to helping women achieve their ambitions and companies build inclusive workplaces.
2. Sara Blakely
Sara is the founder of Spanx, an undergarment company for women. From a fax machine salesperson to one of the most popular female entrepreneurs, her story is remarkable.
Sara’s story is one of perseverance, wit, and boldness. She is gritty, positive, and a problem solver and these qualities have made her one of the most successful women in business.
3. Rihanna
In 2022, Rihanna became the youngest female billionaire in the world and the richest female musician. She reached this status after starting her beauty brand, Fenty
She is involved in every detail of her brands and has come up with some strategic collaborations and advertising. She isn’t afraid of risks, gets bored easily, and likes to keep moving.
4. Arianna Huffington
Arianna Huffington is the co-founder of The Huffington Post, a liberal news and political blog, and the founder and CEO of Thrive Global. Thrive Global company connects well-being with productivity.
After leaving her media empire and verging on burnout, Arianna now talks about how women can incorporate balance, happiness, and sleep into their lives. She helps women to thrive beyond conventional success, and see the big picture.
5. Melanie Perkins
At just 19 years old, Melanie conceptualized the design software platform and unicorn startup, Canva.
She focused on building the most valuable company possible and then doing as much good as possible with that company. She is an avid problem solver and a big believer in goals and growth.
What can you learn from these inspiring women in business? While there are challenges for women in business, countless women are also trailblazers and can inspire you to do the same.
Here Are The Top Characteristics of Ambitious Women Revealed
Women Are More Ambitious Than Ever
The Women in the Workplace Study shows women are more ambitious than ever, so we are more determined than ever to help them succeed.
It starts by changing behavioral patterns and challenging assumptions that might hold women back. Female entrepreneurs still face challenges in confidence, lack of supportive networks, and work-life balance. However, there are also tips and tricks for overcoming these challenges like using confidence-building exercises, finding female mentors, and learning from other women in business.
Together, we can change the entrepreneurial landscape.
Recommended Reading: Bold BusinessWomen: Q&A With Female Entrepreneur, Loes Daniels
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