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How to tackle the most common female entrepreneur hurdles

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Women make fantastic entrepreneurs for a range of reasons. Often, they build their empires off passion and drive, and this fundamental devotion to their work makes them even more powerful in the saturated marketplace.

It’s the unique characteristics that women can bring to the business space that have helped them to flourish in recent years. During 2016, there was an estimated 11.3 million female-owned businesses in the US, which generated around $1.6 trillion in revenue.

Of course, just because women have the power to be successful, doesn’t mean that they don’t face their own unique hurdles on the path to profits. Today’s female business owners have made great strides in the entrepreneurial sector, but there are still some challenges that you need to overcome if you want to get to the top. Here, we’ll take a look at the most common entrepreneur hurdles women face, and how to overcome them.

1. Making the most of your network

It’s not uncommon for a woman in business to feel as though she has to do everything for herself. In a world often dominated by men, we feel compelled to show our strength wherever we can. However, it’s crucial in business to have a network of partners and trusted advisors around you who can help you to grow. In any kind of business endeavor, obtaining the right connections is crucial to success. After all, it’s just as much about “who you know”, as “what you know”.

Men have created their own “boy’s’ clubs” in the business world, and it’s time for women to do the same thing. When you’re looking for opportunities to grow, reach out to other women in your industry, connect with people who can open new doors for you, and your ambitions.

2. Being decisive

If you want to be successful as an entrepreneur, then you need to learn how to make important decisions. Unfortunately, this can be more difficult for women than anyone else. Although us girls are making huge strides in the world of business, many of us still feel overwhelmed by a predominantly male environment. This can frequently leave us second-guessing ourselves.

If you’re struggling with an important decision, don’t rush yourself. Take the time to sit back and look at all aspects of your choice. Think carefully about the opportunities available to you, and make a decision that sits well with your instincts, and your understanding of the situation.

3. Searching for role models

In the dog-eat-dog world of business, it can help to have someone special that you “look up to” in your industry. These role models give you guidelines for how to act in difficult circumstances, and how to overcome those dangerous pitstops that can mean the difference between failure and success. Unfortunately, women have a harder time finding role models than men.

Although there are plenty of successful female entrepreneurs out there, it’s the men that get better coverage and visibility. To find someone you can connect with, check out articles online that list some of the most successful women in the media today.

4. Access to finance

Women often face more obstacles than their male counterparts when it comes to starting and developing a business. This is particularly true when it comes to getting venture capital and angel investors. Unfortunately, men generally fund people who look and sound exactly like them. That means that women struggle to get a look in.

Fortunately, you can improve your chances of earning the funding that you deserve by getting a little help. Seek advice from a range of sources, including professional advisors, co-founders, lawyers, and accountants.

As Paul Baggetta, of Baggetta& Co., has said, “A good business accounting practice does more than just record transactions and passively create documents.  They should be actively encouraging you to work with them to analyse, interpret, and convert your data into meaningful information which will help you make strategic decisions that will improve and grow your business.”  So make sure you do a bit of research and find an accountant who will really work with you on developing your business.

5. Time management

It can feel a little overwhelming, finding ways to manage your time as a female entrepreneur. Not only do you need to think about the ways that you can develop your business skills, but you also need to take steps to enhance your company, and expand your brand visibility.

Remember, as an entrepreneur it can be tempting to spend all of your time on your business, but it’s important to work on your company, not in it. That means that you’re going to need to take breaks from time to time, and learn how to delegate too. You can’t be responsible for everything.

6. Fear of success

Finally, it might surprise you to learn that one of the biggest hurdles female entrepreneurs face, is the fear of success. Every level of success that you achieve in your industry will come with new challenges and worries to think about. That can mean that being successful isn’t always as wonderful as it seems.

The important thing to remember is that you deserve to achieve your goals. Although new challenges might seem terrifying at first, reflect on the things that you’ve overcome to get you to this point. The more you look back on your successes, the more confident you’ll feel about the future.

About Business Woman Media

Our women don’t want to settle for anything but the best. They understand that success is a journey involving personal growth, savvy optimism and the tenacity to be the best.We believe in pragmatism, having fun, hard-work and sharing inspiration. LinkedIn

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