"For success, attitude is equally as important as ability. "
- Harry Banks
Despite so many women entrepreneurs, they still face issues in operating their business. These days, women entrepreneurs are rising, and regardless of the positive outcome, women are struggling to survive in the business environment.
Ten challenges that women face in Business in India –
Limited Funds –
Not everyone is fortunate enough to have an investor or financier for their business. Some women have to rely on credit cards or raise their capital on their own. Women businesses are the leading ventures that lack financial support.
It is quite common for women to be denied loans because of gender and cultural biases, and many institutions tend to male-owned businesses.
Balancing Responsibilities –
The women are not just entrepreneurs or career people; they also have families, spouses, and several other responsibilities. The demand from personal and professional commitment can pressure a woman to either abandon her business or family.
The family expects her to be a mother and wife, while the business requires her to be a leader and show commitment. It becomes difficult for people who lack social support because they have to manage the burden by themselves.
Some women can also balance these two spheres of their lives, while others can be overwhelmed.
Fear of Failure –
Entrepreneurship is a risky business and involves unforeseen circumstances. Do not be afraid of failure because you will never try if you fear failure. While starting a business, no one has a guarantee of success.
The uncertainty is a significant concern for women. They fear to fail, especially if the people were skeptical of business capability. The fear is toxic and dangerous because the woman’s life is full of uncertainties. They will fail in business even if they are meant to be successful.
Inadequate Support System –
What if a woman had a perfect support system? Struggling in the business can be a result of an inadequate support system. The women face the most significant challenge in getting support from lacking the relevant connections.
They also need mentors to guide them in this new path. The support system is expensive, and that is why women are delaying their businesses.
Gender Inequality –
In this country, the laws, cultures, regions, and politics are built upon a patriarchal foundation. Women must work in the patriarchal world while facing discrimination and stigma.
There is no doubt that laws and policies have created a favorable business environment for women; the changes have not been implemented. Gender lens investing helps in referring to strategies that address gender disparity issues or analyze gender issues.
Limited Knowledge –
A woman with knowledge is the beginning of a long journey to business success. Unfortunately, women’s access to this informative and emerging knowledge is limited.
It can be a result of the competitive environment; women can take an extra step and seek practical information.
Unfavorable Business Environment –
The challenges that women experience are less-established business networks and social and traditional constraints. These factors restrict women’s participation in business.
In some countries, women may be required to have a male partner who deals, negotiates, and is the face of business. Irrespective of these challenges, the business world is gradually accepting women’s abilities and contributions.
Successful Women are afraid of being labeled as proud. Women need to stand by their success and let people recognize it.
In Indian society, moving in other cities is a tough job for women entrepreneurs.
Lack of Persistent Nature –
Women are very emotional and have sympathy for others. And that is why they get cheated in their business.
Some of the remedial measures to promote women entrepreneurship in India are –
Promotional Help –
The Government and NGO’s must assist entrepreneurs in the financial and non-financial sectors.
Women entrepreneurs should be instructed to operate and run a business successfully. Training offers women who are reluctant to take entrepreneurial tasks.
Selection of Machinery and Technology –
Women require help in the selection of machinery and technology. The support must be provided to them in technical areas so that the business unit becomes more successful.
Finance is one of the major problems faced by women entrepreneurs, and both should be liberal in providing financial help.
Marketing Assistance –
Since there is limited mobility, women are unable to market their goods. The assistance must be provided to help them market their goods in the economic environment.
Family Support –
Family, should support women entrepreneurs and exchange them to establish the business successfully.
As said notably by Sheryl Sandberg, “Believe in yourself and own your success.”
As a woman, it is essential to stay motivated and work harder; it inspires the people around.
Sheryl Sandberg has inspired women to bring them out of their comfort zones and take place in corporate space. There are other women as well, like Oprah Winfrey and Michelle Obama, who have motivated other women to work towards their entrepreneurial dream.
Confidence is the key to prosperity and growth. Remember, when a woman leads, others follow.