The Challenges Faced by Female Entrepreneurs
  • Home
  • Blog
  • The Challenges Faced by Female Entrepreneurs

The Challenges Faced by Female Entrepreneurs

Women have faced many obstacles throughout time, trying to prove that they are and should be considered equal to men. In recent years though, we have come a long way and this has created many new opportunities, especially in business. It’s now not uncommon to meet a female entrepreneur or to read about the world’s 100 most powerful women in Forbes.

However, despite the progress that women all around the world are making, there are still struggles faced. Only 18% of business owners from London are women, and in other cities across the UK this is considerably less.

But why?

Lack of Training

One possible explanation could be that there is a lack of teachers and mentors for female entrepreneurs. If you want to start a business and would like someone with the same experience to give you help and advice, your choices might be limited.

How can this be combatted?

If you’re a woman with a successful business, you should begin helping others to achieve their ambitious goals. After all, you’ve done something right and people would love to hear your success story. Show you support other females striving to be prosperous by sharing your entrepreneurial tips. Be a role model.

Girls, you can also learn from men! Don’t rule out talking to them because they own a haulage company and you want to run a hair and beauty salon. If they are successful, they will have some generic advice that you can follow. They may also teach you about where they have gone wrong in the past, so you can avoid making the same mistakes. If you’re passionate about becoming a female entrepreneur, it’s best to get advice from as many people as possible – whether they are a man or woman – so you can enter your market knowledgeable and prepared.

Females Struggle to Acquire Funding

According to an article on Business News Daily, women struggle much more than men to acquire funding through venture capital. This is because it’s mainly males investing in businesses and unfortunately they are more likely to support people of the same sex.

Elite Daily says, “despite being better educated, more ambitious and in charge of 80 percent or more of household spending, venture capitalists still shy away from funding [female] business ventures.”

How can this be combatted?

There are many other ways of sourcing finance.

Of course, there is always the bank but many entrepreneurs- whether male or female- often struggle to acquire funding from here because they have such strict criteria.

Another option you could consider is alternative finance, Capify offers an innovative product called the Merchant Cash Advance. Entrepreneurs are able to raise anywhere from £3,500-£500,000 and gender is not considered in the decision-making process. Capify prides itself on helping a huge variety of small and medium businesses, from restaurants to florists.

Textile Business Owner- ReSized

Women are judged more

Women are often under a lot of scrutiny compared to men. We have to put up with people judging our hair, clothes and make-up, how well we look after our children, whether we have a good relationship with our partner and how much time we put into working. It can be tough having friends, parents and partners analysing every move we make.

How can this be combatted?

The only thing you can really do is listen to everyone’s advice. However, at the end of the day it’s your life so you can choose what to do with it. People might think your days are hectic, or not understand why you’re doing what you’re doing, but if you’re passionate about becoming a female entrepreneur and show this to those around you, they will start to support your choices. If your happy and looking after yourself and your family, it shouldn’t matter what anyone else thinks.

Tip:

If you put a plan into action you might start to find things flow much easier, maybe you decide that those 30 minutes spent doing your hair and make-up in the morning could be better spent checking emails and preparing for your day at work. It’s impossible to do everything, so prioritise.

Although becoming a business owner is tough, it isn’t impossible. Have a look at this case study of a successful female entrepreneur for a little bit of inspiration.

Sara Blakely, Spanx

Sara Blakely put a lot of work into her business idea. She spent two years conducting research and developing her product and even put together her own patent rather than spending money to have it written by legal representatives.

When everything was finally prepared, she had to present her idea to hosiery mills so they could produce her innovative product. Unfortunately, she got turned down by everyone, and later figured out it was because they were all run by men who didn’t understand her concept. Luckily though, the daughters of one mill operator convinced him this was a great idea, so he decided to go ahead.

Sara’s hard work paid off and she is now one of the most successful female entrepreneurs in the world (and a billionaire)! She’s also married with three children which means any driven woman can juggle a work and home life, you don’t need to choose between the two.

If you would like any funds to help your business thrive, Capify can help. We offer an innovative Merchant Cash Advance – get a quick quote today:

Get A Quote