Women are coming up with creative and inspiring business ideas more than ever before. Whether it’s creating a service-based business in healthcare or starting a tech-company from the ground up, female entrepreneurs are stepping up and taking their business dreams and turning them into reality.
But starting a business is never easy, no matter who you are. Women face particular barriers when it comes to launching a business, including work-life balance, finding and securing funding, and navigating unfamiliar waters of the business world. That’s why we’ve compiled real advice from real women entrepreneurs on their biggest challenges and how they tackled them.
Challenges Faced by Female Entrepreneurs
Starting a business is never easy, regardless of who you are. But unfortunately women face particular barriers when it comes to taking their business dreams and making them a reality. Here are just a few of the challenges they may face.
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Work-Life Balance: Making sure you have both a career and a life can be a challenge for many entrepreneurs, men and women alike. However, women often face greater challenges in achieving a seamless blend of both. While some strive to manage a healthy work-life balance well, the hectic lifestyle of running a business means it can be difficult to find time for both your priorities.
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Finding Resources: Accessing resources is a challenge for any entrepreneur. Doing thorough research of the industry, access to markets, networking, and finding reliable resources can be time consuming and difficult. It’s even harder for women entrepreneurs to secure these resources due to lack of access and potential gender discrimination.
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Securing Funding: Securing funding can be difficult for any business, but women may face additional challenges due to lack of access to credit, resources, and potential disagreements between investors and female entrepreneurs over how the funding should be used.
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Breaking into Traditional Professional Fields: Women often face stiff competition when attempting to break into traditional professional fields such as finance, law, and construction, due to historical exclusion and stereotypes about women’s abilities. This can make it difficult for them to pursue those industries and opportunities.
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Dealing with the Unexpected: As with any business endeavor, female entrepreneurs may encounter the unexpected. This could include anything from unexpected delays to unforeseen legal issues. Women must stay prepared to adjust and adapt quickly to these issues to ensure the success of their businesses.
Advice from Successful Women Entrepreneurs
We hear all the time about inspirational women entrepreneurs and the success stories they’ve created. But what can other entrepreneurs learn from their experiences? Here’s some advice from some of the most successful women entrepreneurs out there.
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Network: According to tech entrepreneur Jessica Smith, networking is key when it comes to establishing a successful business. She recommends taking the time to do your research and connecting with other entrepreneurs in the same industry. Not only will this help you build your professional network and make contacts in the same field, it could even lead to potential business partners or clients.
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Take Risks: Theresa Loo, CEO of a social media marketing company, suggests taking risks when it comes to launching and growing a business. Don’t be afraid to take risks and think outside the box because that’s where the biggest successes are found. As she puts it, “If you go for safe routes all the time, you’re probably not going to grow your business as fast as you’d like.”
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Embrace Failure: Women entrepreneurs will face failure at some point in their business journey. Natalia Quintero, founder of an online marketing company, suggests learning and growing from failure. Don’t let one failure or mistake define your entire career. Instead look at what you could’ve done better and how you can course-correct and move forward.
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Take Time for Yourself: Kylie Carlough, founder of a health food company, recommends taking time for yourself, especially during the stressful times. When times get tough remember to take a step back and give yourself a break. It’s important to stay passionate and motivated about your work, but don’t forget to take a few moments to breathe and relax.
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Find a Mentor: Mentors are invaluable resources and are essential part of any entrepreneur’s journey. Anne Schmidt, a tech entrepreneur, recommends seeking out a mentor to help advise and support you on your journey. Having someone there to provide feedback and advice can be immensely helpful and make a world of difference.
Starting a business is always a challenge, and female entrepreneurs face their own unique struggles. From difficulties with finding resources to dealing with traditional professional fields, women have their own challenges that must be addressed. However, there are also plenty of tools and resources out there for women to achieve success. By networking, taking risks, embracing failure, taking time for yourself, and finding a mentor, any woman entrepreneur can find success.
Starting a business is never easy, but with the right tools, resources, and advice, female entrepreneurs can take their business dreams and turn them into a reality. Don’t let the boxes and labels limit your success, instead take advantage of the resources out there and hit the ground running!