Challenges faced by women entrepreneurs

According to the latest research by 'Global Entrepreneurship Monitor' female entrepreneurial activity has risen by 10 percent in 2014, and the gender gap has been closed by 5 per cent.

Furthermore, over 163 million women have started businesses in 74 economies worldwide in the past year, while 111 million are managing pre-established businesses.

However, only part of the story is told by those numbers. Women-owned businesses are still in the minority and the hurdles faced by women who embrace entrepreneurship are vast and often very different from those experienced by their male counterparts.

Limited funding

Not every enterprise is lucky enough to have an investor for their company. Some have to bootstrap their business ventures, rely on credit cards, or raise their own capital. Gender and cultural bias often result in refusal of loans for women whereas many banks continue to finance male-owned businesses.

Fear of not knowing enough

Global research shows that women are more self-critical as compared to their male counterparts. In their quest to learn more, improve constantly and strive towards achieving perfection, they tread very cautiously without causing any permanent or temporary damage.

This can sometimes slow them down. It is important to move from being self-critic to self-compassionate and play on one's strengths to succeed.

Fear of failure

For women, fear of the known and the unknown is a big issue. Many-a-times, women are afraid of failing, especially if people around them are skeptical about their business capabilities.

This fear is toxic and dangerous because, instead of trust, women may end up operating from a place of fear. Entrepreneurship is a roller coaster ride and involves circumstances that are unforeseen. Never be afraid of failure; if you fear failure, you will never try new things or succumb to one of the many low curves.

Responsibility distribution

Most women are not just career oriented, they also have to strike a perfect balance in managing their homes, children, family and other responsibilities. Sometimes in trying to draw a perfect balance, often women have to compromise on one of the two, either personal, or professional life path.

While the family expects her to be the perfect mother, wife, daughter-in-law, the company demands that she be the leader and always be committed towards her work with no personal life distractions.

For those who lack social support, it becomes more daunting because they have to carry the entire load on their own. Some women find the required support system to not be overwhelmed and balance these two phases of their lives beautifully.

Inadequate support

Business struggle or failure may result from a lack of an adequate support system. Women tend to face the biggest challenges of getting support, right from lack of relevant connections to the need for financial access or emotional support.

To guide them on this new path, they also need mentors and sponsors. Often, the support system is costly, forcing women to delay starting their businesses.

Unfavourable business environment

Less-established business networks and social and cultural constraints limiting women's participation in business are among the top obstacles that women experience.

Women may be required to have a male partner in some countries to make deals and negotiate, or to be the business face. As an entrepreneur, life is not easy. As a woman entrepreneur, it is only tougher. We do see many inspiring, successful women entrepreneurs across the globe and the numbers continue to grow.

Family, investors and society at large are gradually accepting, supporting, mentoring and appreciating women's abilities and contributions to the business world. A big thanks to all such men and women out there for being real angels!

(The writer is a CEO & Co-Founder, Venuelook)