Women entrepreneurs and female company owners face several problems on their way to success
Being an entrepreneur is challenging, and being a female entrepreneur makes it even more difficult. Despite their expertise and efforts, female company owners frequently face greater obstacles than their male counterparts in their quest for success and acceptance in the corporate world. According to the Mastercard Index of Women Entrepreneurs, there are just 7 female business owners in India out of 100 total. Only 20% of companies in the nation are owned by women, according to a Google-Bain study. Here are the top 10 primary issues Indian business women confront.
1. Fewer Industries Support Women
Men still predominate in India’s entrepreneurial ecosystem despite the laws and programmes enacted to encourage gender equality. Women entrepreneurs are also forced to work in fields that have historically been referred to be “women-friendly,” such as education, fashion, and beauty care, among others because many businesses are dominated by males. It significantly reduces their opportunities, experiences, and skills.
2. Social and Institutional Support are Lacking
The majority of women entrepreneurs don’t receive the social support they need to launch their businesses from their families, peers, and local communities. Another significant obstacle for women company owners in the nation is a lack of mentorship from the business community. Their confidence and capacity to take chances suffer when they lack a strong support system.
3. Poor Prospects for Funding
Though it may seem unjust, there are significant gender biases in India’s finance scene. Because of investor preconceptions and other obstacles, women-owned enterprises in the nation lack access to funding. Banks and other financial institutions view women as less credit-worthy, and many VC companies and angel investors are unwilling to fund women-led businesses.
4. Unavailability of Professional Networks
One more of the fundamental issues facing Indian women business owners is limited access to professional networks. The Google-Bain study found that female business owners are less connected to formal and informal networks. The majority of professional networks in existence, according to studies, are dominated by men, making it challenging for women to enter or move about in such settings. Consequently, they pass up chances to expand their firm.
5. Constraints to Maintain Traditional Gender Roles
Women are supposed to care for children, perform household duties, cook, and other such tasks. It’s difficult enough to balance personal and professional obligations, but it becomes even more difficult when you want to establish your brand. One of the biggest obstacles facing female entrepreneurs is the temptation to conform to established gender stereotypes.
6. Lack of a Supportive Environment for Entrepreneurs
A person needs to grow up in an entrepreneurially-spirited atmosphere if they want to own a successful firm. However, the absence of such a productive setting frequently affects a lot of ladies. Due to obligations to their families, many women must run their enterprises from home. As a result, they miss out on chances to network, engage with the corporate world, and increase their market access. Additionally, it limits their access to resources, mentors, and other possibilities for learning.
7. Insufficient Mobility
One of the main issues facing Indian women business owners is restricted mobility. They cannot travel by themselves or stay in hotels for business without being concerned about safety. As an added bonus, many hotels in India still won’t let women check-in unless they’re accompanied by a man! In India, there are still fewer women than males who own motorized vehicles. The mobility of female company owners is constrained by all of these issues together.
8. Tough Competition
Businesses today face intense competition because of the current market and economic conditions. To earn the trust of their co-workers and investors, they must continually demonstrate their worth. For their company to survive, they must also manage a sizable output while utilising scarce resources.
9. Social Construct
The country’s long-standing patriarchal heritage has resulted in gender roles that are rigidly constructed. The women are only allowed to play a supporting role. Even though this viewpoint is shifting, it frequently leads to arguments and rifts in the social lives of aspiring women business owners. Negative preconceptions that women are unsuited for leadership positions still exist and need to be dispelled.
10. Safety Concerns
Crime against women has increased as a result of the law-and-order situation. For female entrepreneurs who need mobility to conduct their company activities, the unfriendly and dangerous climate presents significant hurdles. This makes it difficult for women to travel to many places on their own and makes having a man’s companionship necessary, at least occasionally for their safety alone.