No matter what gender you belong to, starting and running a business is tough. But the situation is a bit tougher because of problems faced by women entrepreneurs in India.
The rising trend of women entrepreneurs globally shows that the business landscape is changing. Mainly dominated by males, the entrepreneurial world is witnessing a significant rise in female entrepreneurs.
However, their journey is often marked by unique hurdles, demanding attention and resolution. To address these issues and let women entrepreneurs thrive, The StartupLab has prepared a list of 10 main challenges and problems faced by women entrepreneurs.
Problems Faced by Women Entrepreneurs in India:
There are several challenges faced by women entrepreneurs in India and also we have provided some solutions to make every woman entrepreneur strong!!
- Lack of access to funding:
Even when women have the same qualifications and business plans, still they are less likely to receive funding for their businesses. This is due to several factors, including gender bias and the perception that women are less likely to be successful entrepreneurs.
- Gender bias:
Many women entrepreneurs often go through this. They often face gender bias in the business world that can manifest itself in several ways, such as being taken less seriously than their male counterparts, being excluded from networking opportunities, or being discriminated against when applying for loans or grants.
- Balancing work and family life:
Work-life balance is quite a frequently used term nowadays. Though some will say it holds the same impact for both genders, for women entrepreneurs, balancing work and family responsibilities is more challenging. And things become especially difficult when they are starting or growing a business, as they may have to work long hours and make sacrifices in their personal lives.
- Lack of role models:
With fewer women entrepreneurs, there are fewer role models for women entrepreneurs than for men. And if we don’t have someone to look up to, things become a bit hard to achieve. As a result, it becomes hard for women to envision themselves as successful business owners and find the support they need to succeed.
- Cultural and social norms:
In some cultures, women are expected to stay home and take care of the family. However, for aspirational women, who want to start or grow a business, it becomes difficult to keep up with these expectations. So, some women in their entrepreneurial journey may face opposition from their families or communities.
- Lack of education and training:
Women entrepreneurs are more likely than men to lack the necessary education and training to start and grow a business. Hence, they approach the market with below-average skills and find it challenging to access funding, develop a business plan, and manage their finances.
- Stiff competition:
The business world is becoming increasingly competitive, and women entrepreneurs often face stiff competition from their male counterparts. This can make it more difficult for them to succeed.
- Unfavorable business environment:
The business environment can be unfavorable for women entrepreneurs in some countries. This can be due to factors such as lack of access to markets, discrimination, or corruption.
- Fear of failure:
Women are biologically wired differently than men. That’s why women entrepreneurs are more likely than men to fear failure. But in the business world, this can hold them back from taking risks and starting or growing a business.
- Self-doubt:
Women entrepreneurs are more likely than men to experience self-doubt. This can make it difficult for them to believe in themselves and their ability to succeed.
Despite all these challenges, many women entrepreneurs are succeeding in business. These are some of the main solutions you can try:
5 ways to get rid of problems faced by women entrepreneurs:
- Networking with other women entrepreneurs:
In the business world there is a saying, ‘Your network is your net worth.’ Networking with other fellow entrepreneurs can provide support, advice, and inspiration. There are a number of organizations and online communities that connect women entrepreneurs.
We all need mentors. And for women at the beginning of their entrepreneurial journey, mentorship can be invaluable. Working with the right mentors can provide guidance, support, and insights that can help women entrepreneurs overcome challenges and succeed.
- Getting educated and trained:
There are several resources available to help women entrepreneurs get the education and training they need to start and grow a business. They can get entrepreneurial education and training by using these resources, including online courses, workshops, and business incubators
- Not being afraid to ask for help:
It’s important for women entrepreneurs to not be afraid to ask for help when they need it. There are a number of people and organizations who are willing to help women entrepreneurs succeed.
The business world is tough, especially for women entrepreneurs. For them to succeed, they need to believe in themselves and their abilities. It can be difficult, but it’s necessary for overcoming challenges and achieving success.
So, if you’re a woman entrepreneur, don’t let the challenges discourage you. There are many resources available to help you succeed. Just remember to network, seek out mentors, get educated and trained, don’t be afraid to ask for help, and believe in yourself.
3 Inspiring Stories of Indian Women Entrepreneurs
Here are 3 inspiring stories of Indian women entrepreneurs who overcame their problems and raised high:
1. Falguni Nayar
Falguni Nayar is the founder and CEO of Nykaa, an Indian e-commerce company that sells beauty and fashion products. She started Nykaa when she was 50, and at the beginning of her entrepreneurial journey, she faced many challenges, including lack of funding and gender bias.
- Lack of funding: When Nayar first started Nykaa, she was turned down by over 70 banks for funding. But she never gave up and eventually secured funding from a group of angel investors, but it was a difficult process.
- Gender bias: Like many women, Nayar also faced gender bias when she started Nykaa. She was often taken less seriously than her male counterparts and had to work harder to prove herself.
However, she persevered and built Nykaa into a successful company that is now valued at over $1 billion.
2. Aditi Gupta
Aditi Gupta is the co-founder of Menstrupedia, an educational comic book about menstruation. The startup offers social impact educational materials in the form of comic books and animation videos.
When she created Menstrupedia, Gupta faced the challenge of taboos around menstruation. In a country like India, menstruation is often considered a taboo topic. And often girls and women are shamed for it.
Aditi had to overcome the taboo surrounding menstruation in order to educate people about it and break down the stigma surrounding it.
Regardless, she overcame this challenge. And with her efforts, Menstrupedia is now used by millions of girls and women around the world.
3. Vani Kola
Vani Kola is the CEO of Kalaari Capital, a venture capital firm that invests in early-stage technology companies. As the VC industry is majorly dominated by males, Kola faced several challenges when she started her career in the venture capital industry.
She often had to work harder than her male counterparts to be taken seriously. Even though she had to deal with stereotypes about women in business, she became one of the most successful venture capitalists in India. Kola has invested in over 100 companies.
These are just a few examples of the many Indian women entrepreneurs who are making a difference in the world. They are an inspiration not just to women but to us all, showing us that anything is possible if we set our minds to it.
Planning to start a startup? Connect with us today. The StartupLab specializes in nurturing the growth of every entrepreneurial mindset and aiding them in establishing their business successfully. Let us be your partner on the journey to business success. Get in touch now!
FAQs on Problems Faced by Women Entrepreneurs
What are the major problems faced by women entrepreneurs?
The main problems faced by women entrepreneurs are:
- Balancing work and family life
- Lack of Funding
- Lack of Role Models
- Gender Bias
- Self-doubt
- Fear of failure
- Unfavorable business environment
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