By Jeanine Hage
I am a serial entrepreneur, I ran multiple businesses mainly in the high tech industry. I cannot help but wonder why entrepreneurship always seemed harder for women.
It is no news that various social, cultural and economic factors have historically created a less favorable environment for female entrepreneurs. While significant progress has been made in recent years, there are still several reasons why women may face additional hurdles when starting and running their own businesses.
Stereotype: In a world of endless possibilities, why bother getting to know someone when you can rely on good old stereotypes to form an opinion? Right? Many still avoid wasting time on nuanced understanding and open-mindedness and simplify life with these handy, pre-packaged judgements. Needless to say, this can only make it more difficult for women to secure funding, gain trust of investors, or form partnerships.
Access to capital: Studies have shown that women-led start-ups receive significantly less investment and face more obstacles securing venture capital or loans compared to similar initiatives led by men. This lack of access to capital can hinder growth and expansion opportunities.
Networking and mentorship: Building a strong network and finding mentors can be challenging for women, as many traditional business networks have been male-dominated. It is for us, women who made it in the business world, to find ways to guide new and emerging talent and to become a role model that can positively affect their aspirations and self-belief. However, in recent years, we have seen more women-focused networks providing a solid support system, mentorship and resources targeted to women-led businesses.
Work-life balance: Ah, this elusive unicorn! How many women entrepreneurs are trying to explore the wondrous world of chasing this mythical creature? How many women entrepreneurs, when seeking work-life balance, start this journey by trying to schedule a dinner with friends, only to find their calendar as flexible as the mind of a toddler in front of a piece of broccoli? If you’re looking at me for a musing word, here’s one: May you one day spot that enchanting unicorn, and when you do share your hunting technique with the rest of us.
Confidence and self-doubt: This is a significant matter for women yet an easy one since we have complete control over it. Self-doubt and second-guessing is the favorite pastime of most women entrepreneurs. Lose it. Do some serious re-work on those mirror monologues. Get rid of the imposter-syndrome olympics medal you gifted yourself. Get off the treadmill of regrets, where you run in circles replaying past mistakes. Engage in education and training programs on soft and hard skills such as financial literacy, marketing, art of negotiation and leadership to boost your confidence.
Despite these challenges, if we look around us we find that many women have succeeded in entrepreneurship and are making significant contributions to the business world. Efforts are being made to level the playing field, create a more supportive environment for female entrepreneurs from government agencies and policies to private initiatives, and break barriers that hinder women-led businesses.
If the field is ready, so are you!