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.
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 beeās 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 youāll 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.
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.
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: 6 Hacks For Women to Grow Their Business Without Neglecting Their Personal Life
Conclusion
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 like building confidence, finding supportive networks, and maintaining a work-life balance. However, there are also tips and tricks for overcoming these challenges. Together, we can change the entrepreneurial landscape.
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