Last year it was reported that nearly 250 million women entrepreneurs were active in the world with more than 11 million businesses only in the US, owned by women. Though a proud moment for women across the globe, one cannot claim that the century-long gender gap in the business world no longer remains. As per the latest Global Gender Gap Report from the World Economic Forum (WEF), a lot of factors like limited access to land, capital, credit, and more are still very much prevalent that prevent women from starting their ventures, especially in the low-income countries.
But despite all the obstacles, women are coming forward to create a separate identity for themselves in the business world breaking traditional boundaries that kept them away from this field.
Major obstacles encountered by women entrepreneurs
Being an entrepreneur in today’s competitive world itself is a massive challenge. For women entrepreneurs, a lot of additional challenges get included in the existing list.
- Getting funds. Raising funds for business is extra tough for women entrepreneurs. Venture capitalists are less interested in funding businesses that are run by women than the ones owned by men.
- Discrimination in getting an education. There are still many countries and communities in the world where women have the lesser opportunity than men at acquiring higher education.
- Lack of support. Most of the time when women try to start their own business, they get less support from family, friends, and the community when compared to men.
- Balancing personal and business life. Doing the housework and childcare is still considered a woman’s job in most parts of the world.
Women are still not taken seriously by investors and the leaders in the business world in many cases. Only a change of mindset around the world can bring some changes to the current scenario.
How to solve the gender game in the business world?
Solving the gender gap completely can be a far-fetched dream, but certain steps can be taken to bring positive changes to the current situation.
1. Establish a suitable environment for women entrepreneurs
Governments and policymakers must come forward to provide women with fair and equal legal and financial rights that create a perfect environment for women entrepreneurs to grow. They should start by offering high-quality and equal education, training, and mentoring, which women from various parts of the world still lack.
2. Identify the right opportunity and take advantage of it
Women entrepreneurs must look for the big markets in different industries and try their hand at it even though it’s a completely new field for them. Entrepreneurship comes with a high amount of risk. You need to be prepared to take big risks which can either bring you a big reward or a massive loss.
3. Be confident
It can be a normal thing for women to second-guess themselves when they are in a room full of male business professionals. They must be confident in their idea and never give up on what they have started.
4. Embrace the latest technology
In this digital era, women entrepreneurs must take advantage of all the available digital tools and technology they can access. It can help them stay miles ahead of their competition.
5. Employer organizations should promote women's entrepreneurship
Employer organizations have a massive network and convening power. They should use it to promote women empowerment and entrepreneurship through various programs, peer learning, networks, and events to successfully bring more women into the business world.
Women entrepreneurs in many cases struggle to conquer challenges that their male counterparts do not even have to face. The leaders in the governments and business world and women themselves can bring the needed changes to address the existing gender gap.
