5 Challenges Faced by Women Entrepreneur
Entrepreneur's New Year’s Guide
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Indian women are no longer restricted to being homemakers, that condescending and rather patronizing ‘vocation’ thrust upon them. They have become newsmakers too in pretty much every aspect of society be it art, education, politics or business.
The impact of globalization and its subsequent riches are being indulged in as competitively as the menfolk in the country. And woman entrepreneurs in India are being recognized and appreciated not just nationally but globally in the international sphere.
In French, the term ‘entrepreneur’ roughly translates into ‘adventurer’. When a woman embarks on this adventure in the modern world of business, the challenges can be huge.
More women are turning entrepreneurs inspired by their passion, an aspiration to solve a problem, and to be financially independent of the job system. We have more women in positions of power than five years back though we definitely need more.
Some of the challenges and problems faced by women entrepreneurs in India are discussed below:
Funding is crucial in order to start a business. However, a large number of Indian women do not have property or assets to their name. Hence, they encounter a problem while applying for loans due to lack of collateral. This isn't just a problem in India but across the world. A report by Bloomberg showed that women who own and run businesses receive a lot less funding as compared to what men get.
Given such situation, women entrepreneurs are bound to rely on their own savings and loans from friends and relatives who are often meagre and negligible.
Tough competition against male counterparts
For a long time, entrepreneurship has been a field dominated by men. And while the scenario is changing, there is still a long road ahead.
Going with the facts, India has the third largest start-up base in the entire world. Over 1,000 new start-ups were added in 2018. Yet the percentage of female start-up founders in India is a measly 11%.
Women entrepreneurs do not have organizational set-up to pump in a lot of money for canvassing and advertisement. Thus, they have to face a stiff competition for marketing their products with both organized sector and their male counterparts. Such a competition ultimately results in the liquidation of women enterprises.
Women, across the world, are expected to play a larger part in handling a household and taking care of their family. Owning and running a business means long hours and thus, for women work-life balance can become a problem.
In the case of working mothers, taking care of their children takes up a lot of time and energy, thereby often forcing them to give less priority to their business. Men, on the other hand, generally play a secondary role in household responsibilities. However, this situation seems to be changing now as more men are stepping forward to contribute to the household responsibilities.
When you start an entrepreneurial venture and are finding your place in the business world, you need as much support as you can get. Unfortunately, in many cases, women find themselves on their own with no one to guide them. In this day and age, it is almost necessary to have experienced mentors and role models. For women, managing their businesses becomes even more difficult if their family and friends don’t step up to take some household and family responsibilities. As a result, it can be tough to make a mark in an arena that is already dominated by men.
These are some of the biggest challenges that majority of the women entrepreneurs face in their initial years of starting up. Some let down their arms to these obstacles, others fight bravely against all these and make way for their careers and become role models for young ladies who have big dreams and want to achieve name and fame in life.
Believe in your dreams and tackle all the hindrance that you face along the way with courage. Your success will instantly make your proud moment talked by other.