The global rate of female entrepreneurship has been skyrocketing in the past few years – in the United States, it’s estimated that women start 1,817 new businesses per day on average. But even with these staggering numbers, female entrepreneurs often face unique challenges that their male counterparts don’t. From more difficult fundraising to the ever-challenging work/life balance, here are some of the most common challenges for female entrepreneurs and how to overcome them.
Getting People to Take You Seriously
This is one of the most pervasive and annoying challenges that female entrepreneurs face. Despite the fact that female-owned businesses shot up 21% between 2014 and 2019 (compared to 9% for all businesses), many female entrepreneurs find it difficult to get investors, potential business partners, and sometimes even their own networks to take them seriously.
The solution for facing this skepticism is to ensure that your digital presence is strong – making sure that your business can reach as many people as possible gives you a higher chance of connecting with people that do believe in your business.
Being Labeled as “Too Emotional”
Outdated stereotypes continue to follow women into the modern age, and the one that seems to pop up the most is that women are too emotional. This preconception follows women into boardrooms, meetings with investors, and pretty much into every other realm of business.
The solution for this is to embrace your emotions. While this might seem backward at first glance, embracing your emotions and integrating them into your leadership style can have real results and help you form meaningful connections with your team, your vendors, and even your customers. Don’t be afraid to be real!
Undervaluing Your Work
The gender pay gap is real – according to the 2018 Census, women made $0.82 for every dollar paid to a man, on average. With how pervasive this problem is, it can be difficult to push past it and make sure you’re getting paid what you’re worth. At the end of the day, research and standing your ground on your value can go a long way.