Challenges Faced by Women Entrepreneurs and Some of the Most Successful Women to Follow
Women entrepreneurs are those who establish a company, acquire the necessary resources, assume risks, overcome obstacles, hire people, and autonomously run the firm. Women Entrepreneurship refers to the act of company ownership and business formation that elevates women’s standing in society economically.
In general, women are not expected to hold leadership roles; they are required to obey commands. It’s not because they are incapable of doing it; our culture does not accept women in leadership positions.
Although this situation has altered significantly, we still have a long way to go. The significance of female entrepreneurship to economic growth is well acknowledged. Numerous studies illustrate the favourable effect of entrepreneurs on economic development and growth. Still, women entrepreneurs remain in the minority and must overcome several challenges.
Obstacles encountered by female entrepreneurs.
1. Limited Finances
Obtaining shareholders is the most significant or vital aspect of launching a company. Still, not everyone has the good fortune to do so. Funding is comparable to lubricant and gasoline in new companies. It facilitates the design, manufacture, and marketing of an item and maintains the efficacy of administrative activities. Women-owned enterprises are among the most lacking in financial assistance. Many banks favour funding male-owned firms over female entrepreneurs.
2. Balancing Responsibilities
Entrepreneurship requires patience and time; many women are not just career or business-oriented individuals. They have a spouse, children, and other duties in addition to a family. Society and her family want her to be a good wife and mother who is always accessible to her family. Yet, her career requires her to be a leader and demonstrate dedication. It is frequently tough to combine a professional and personal life, and it is much more challenging for individuals without family support. Despite this, several female entrepreneurs can effectively balance their personal and business lives.
It is among the most often used phrases in the modern world that women are paid equally for their labour, although it seems to have little or no effect in most countries. Every field we visit has a man in charge. Women must ascend in a world dominated by males despite stigma and persecution. Despite possessing the necessary mindset and skills for the work, women continued to be viewed as inferior to males despite the government’s efforts to create a favourable atmosphere for them. And these obstacles add to the difficulty of launching a firm.
4. Unfavourable environment
The unfavourable climate is one of the most significant issues women entrepreneurs confront. In certain regions, even female business owners are expected to have partnered to make agreements, negotiate, and represent the company. In addition, the harassment fear and the steady increase in rape cases restrict their ability to determine the location and hours of their operation, which contributes to their success. Entrepreneurs’ lives are not simple, and the lives of women entrepreneurs are much more difficult.
The most successful female business entrepreneurs
The following women were selected based on their achievements and net worth as some most successful female entrepreneurs. Like or dislike them, they distinguished themselves with successful professions.
As the “first woman of talk shows,” Oprah does not need a surname. According to her web biography, she was born on a remote farm in Mississippi, where she occupied herself by performing for the farm animals. She came from a poor household and was sexually abused at nine. However, she claims that her father saved her life throughout her teenage years.
Oprah Winfrey’s first run of success began in her freshman year of college when she earned the titles of Miss Tennessee and Miss Black Nashville. After graduation, she entered the television business. She quickly surpassed daytime talk shows in ratings. Oprah is most recognised now for anchoring The Oprah Winfrey Show.
2. Gisele Bundchen
Gisele Bundchen wrote in her immediate New York Times bestseller Lessons about her childhood in Brazil with her siblings and how she was bullied for being tall and thin. These characteristics were important in launching her modelling career. Since 2001, she has been among the world’s highest-paid models.
In addition to her well-known profession in the modelling world, Bundchen is also the creator of Sejaa Pure Skincare. The collection consists of face cream, a night cream, and a mud mask. According to StyleCaster, she plays to her brand with an approach, receiving a portion of sales from jelly sandals she developed and her line of lingerie.
3. Sheryl Sandberg
She was born in Washington but soon relocated to North Miami Beach, Florida, with her family. Her achievement began at an early age when she was a member of the National Honor Society and completed high school in ninth place with a GPA of 4.60. Her high school achievements were considered when she got accepted to Harvard University.
Sandberg is well recognised for her work at Google and Facebook and her NY Times best-selling book, Lean In. Sandberg worked as Google’s vice president of worldwide online operations and sales before being hired as Facebook’s first COO. Previously, she had some distinguished roles at other organisations.
All of these obstacles diminish their capacity to withstand a business unit’s inherent risks and uncertainties. The lack of sufficient support, collaboration, and backing from family members and the world discourage women from pursuing success in the business sphere.
Nevertheless, despite these obstacles, some successful women entrepreneurs continue to balance their personal and professional life while effectively operating their businesses. The World Bank and its donor countries, as well as prominent enterprises, colleges, and non-governmental organisations, are now focusing on assisting women-owned firms. It is mostly due to the women’s determination to become successful businessmen against all obstacles.