Being an Entrepreneur is not a piece of cake. Starting and growing a business and turning it into an empire is nowhere near easy. The amount of persistence and patience you need is tremendous.
Today, the entrepreneurial field is swarmed with competition, and the stakes have never been higher. Regardless of your gender, the obstacles you face in this industry are massive.
When it comes to woman entrepreneurs, women have consistently been underrepresented. However, today, in this day and time, things for women have never looked better, especially on paper. Over the last 20 years, women entrepreneurs worldwide have increased by 114%. This means that they are 252 million women in the world who are entrepreneurs – women who lead – women in businesswomen who are their own bosses.
However, things are still tricky. As if running your own business was not already a big enough risk-filled with obstacles, gender disparities only add more to it.
It can be scary to start a business. On top of that, it can be confusing, and you may be awestruck from time to time. So, here we have 10 things you as a women entrepreneur should care about and know:
1. Fundraising – Money Talks When Gender Yells
When money comes into the talk, things become automatically more complex and when gender plays a role, fundraising becomes harder.
Private Equity funding in the case of women-led startup and business is significantly low than what Private Equity funding for men-led startups are.
Even though funding for startups founded by women is surging, getting an investor is difficult for a women-led startup. In an article, CEO and Co-founder of The muse, Kathryn Minshew, said, “Women tend to be judged on performance and men on potential.” So, it is somehow difficult for investors to invest in a business led by a woman. So, be ready to hear ‘No’ as you will be listening to it more than once.
2. Credibility – They Question Not Just Your Gender But Your Entire Existence
Scrutiny as a female entrepreneur comes from everywhere. If you are a woman in business, being asked personal questions are routine. We have made a list for you:
- How would you handle work life and home life?
- How did you get all these funds?
- How would you handle work life and home life?
- How did you get all these funds?
- What will happen to your business if you get married?
- What will happen to your business if you get pregnant?
- Your husband is okay with this?
- What about your in-laws? Are they okay with this?
- Do you feel you being successful will intimidate the men in your family?
- You must have a business partner. Where is he? Is he your husband?
The questions never stop. Your credibility as an entrepreneur will come at a cost.
3. Business Environment – A Road You Need To Walk Alone
An unfavorable business environment is one of the biggest challenges for women entrepreneurs.
Even though women entrepreneurism is slowly and gradually changing, we still live in a very traditional society. There are still many constraints, whether conventional or environmental, that restrict women from pursuing business, from making effective connections and networking to having a proper support system.
Most of the time, you need to be your own support system.
4. Using Your Emotions – The Biggest Strength You Can Have
By default, women are considered to be “emotional” for business.
One of the great things, emotions are always linked to storytelling. A compelling story with an emotional background can be very effective in business. A good story backup for any business is a plus point and a good kick starter.
The emotions considered bad for a business can now be your biggest asset. Connect with your consumers and make your consumers connect with your brand. The god-given compassion could not have been used in a better place.
5. Owning Your Accomplishments – Don’t Shy Away
Often, when a woman is in a leadership position, she is called and considered “bossy.”When she talks about what she has achieved, she is regarded as a “show off.” This usually causes women to downplay themselves and underestimate themselves.
You will find it challenging to convey your own value as a leader because you are undervaluing yourself. Having the confidence to own your accomplishments is a big deal to boost your confidence. When you are confident in your skills and the value you add in the industry, nothing can take that away from you.
6. Finding Your Voice – *Ahem, Ahem, Ahem*
Do not, and we repeat, DO NOT let anyone silence you.
Get on social media, find your voice, share your stories. Share the good success stories, and most importantly, share your failure stories. Connect and network with people with more than your brand. Connect with them through who you are. Build a person that is hard to break and impossible to blow away.
7. Building A Team – Team Work Makes The Dream Work
Hiring is one of the very essential things. This can either do your business or break your business.
Bring in people who value knowledge and who value feedback and people who love learning. With a good team by your side, anything is possible. Hiring people with the same passion is vital to successful any business idea.
8. Networking – Connecting All The Way
Nothing happens overnight, and nothing happens alone. Network with people like your life depends on it because your business indeed does.
The amount of networking and collaborations you can get is invaluable and will help you run your business one way or another. Whether it be to build credibility, collaborate, scale your business, or simply as a friend.
9. Scaling – Go Big Or Go Home
We are mentioning it again – DO NOT UNDERESTIMATE YOURSELF.
Dream big, plan big, and never be afraid to fail. As the famous saying goes, “If your dreams do not scare you, they are not big enough” nothing beautiful has grown inside your comfort zone. Failing is not as important as getting up.
10. Leadership – Being The Example
Being a boss is easy. You get a cabin in the best spot of your business building, cross your legs and sign papers, tell people what they have done wrong. Being is a leader takes a lot of work.
When you lead a team, their problems become yours; you work with them, pull all-nighters with them to meet deadlines, you become a part of your team’s jokes and puns, not the mark itself. Leadership is essential. A good leader keeps the team together and takes the business to new heights. A good leader is someone the entire team looks up to.
Overcoming The Challenges And The Obstacles
One of the most effective ways to overcome any challenges as a women entrepreneur is to take in feedback, implement them, keep growing with positive challenges, say “thank you,” and move on from all the opposing difficulties.
Growing a business is already hard. Growing a business as a woman will come with additional hardships. Some difficulties will exhaust you to your bones, and some problems will help you be a better version of yourself and help your business become the best. To overcome these obstacles, all you got to do is keep moving ahead.
Conclusion
The road you have traveled might not have been easy; the road you travel ahead is no better.
Forget about gender roles; entrepreneurs should always be agile and on their toes, ready to take on anything, and everything is thrown towards them. Including “bumpy, filled with speed breakers” road. But it is a journey worth all the pain and challenges.