Difficulties Faced in Women-owned Business
The word ‘entrepreneur’ means the same for all. However, its implication distinguishes when different genders are involved in it. The entrepreneurial role essentially differs for male business owners and female business owners. While male entrepreneurs have to exhibit their passion, dedication and earnesty, on the other hand, female entrepreneurs need to show resilience and viability along with other common challenges.
According to Bain & Company, India has 13.5–15.7 million women-owned enterprises, representing 20 per cent of all enterprises. While large in absolute numbers, these are overwhelmingly single person enterprises, which provide direct employment for an estimated 22 to 27 million people. Further, a number of enterprises reported as women-owned are not in fact controlled or run by women.
Indian business ecosystem works differently for women entrepreneurs and men entrepreneurs. While the former holds a small share, the latter accounts for a significant portion in the economy. They also do not share similar grounds while working in the business sphere. They both have to face a different set of challenges.
Coming onto female entrepreneurship, there are various challenges that are faced in women-owned businesses, which are as follows:
It becomes a bit difficult for female entrepreneurs to adjust into the male-driven business environment. Often, while attending business parties, they have found themselves surrounded by male entrepreneurs and having a scarce amount of females around. It is impactful and lowers one’s confidence as the male counterpart does not take women entrepreneurs seriously.
It is when female business owners have to put a face and show themselves as unaffected by others’ scrutiny and judgemental looks. They have to imbibe an attitude like a male business owner and start becoming brood, competitive, rude and aggressive.
While adopting traits of others, female business owners have to realise that they are at peak
because of their attitude. They need not subside their behaviour for someone else.
Capital is the utmost need of every business. To initiate the business, female business owners face ounces of troubles as compared to male entrepreneurs. Investors lose interest into a woman-owned business for a variety of reasons. Firstly, it is run by a female, then they doubt accountability of the female entrepreneurs toward their business. One needs to know how to win investors’ confidence into the business and enable them to infuse money.
Otherwise, one has to attract women investors toward the business. Being a female business owner, it becomes easy to win trust of female investors. This will give a much needed capital to the business and help address financial problems as well.
Not Taken Seriously
Female entrepreneurs invariably face a problem of not taking them earnestly. In the women-owned businesses, females although act as a leader, their commands or personality is taken as seriously as of a male entrepreneur.
Earning a reverence in male-dominated world is even more difficult. One has to stick to closely designed metrics and patterns. This will help create an individual presence in the market.
One has to work on creating one’s reputation. One has to become hardworking, honoured entrepreneurs in one’s own way. First of all, one has to create one’s confidence and avoid any type of negativity.
Female millennials perform a plethora of work despite looking after the job. They achieve their goals with sheer hard work and dedication. However, at the end, they are not mostly given the credit for the company's achievement.
In order to instill oneness, a female entrepreneur has to begin addressing company staff as ‘We’. Female Employers have to keep their staff stimulated. They have to address problems of the staff members and try resolving all problems. In this way, employees will enter the workplace with a happy face and will start looking upon the female entrepreneurs. In this way, employees will start respecting the female business owners and things will continue to follow in place.
These are some common challenges faced by females in women-owned businesses. Those challenges are mentioned here briefly. If you know any problems that are faced by women entrepreneurs, then comment us below.
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