By: Tracy Marlowe

Starting a business is no easy feat, but for women entrepreneurs, the journey can be even more challenging. Despite making up nearly half of the workforce, women still face unique hurdles when it comes to launching and growing their own companies. From securing funding to breaking into male-dominated industries, female business owners must navigate a complex landscape of obstacles. In this article, we’ll explore some of the toughest challenges that women entrepreneurs encounter and hear from successful female founders who have overcome these barriers.

The Funding Gap

One of the most significant obstacles faced by women entrepreneurs is the stark disparity in access to funding. Studies show that female-founded startups receive just a fraction of the venture capital funding compared to their male counterparts. In 2020, companies founded solely by women garnered only 2.3% of the total capital invested in venture-backed startups in the United States. This funding gap makes it incredibly difficult for women to scale their businesses and compete on a level playing field.

The reasons behind this disparity are complex and often rooted in unconscious bias. Many venture capitalists, who are predominantly male, may be more inclined to invest in businesses and ideas they can relate to or have experience with. Additionally, women entrepreneurs may face more scrutiny and skepticism when pitching their ideas, leading to lower valuations and smaller investments.

Darcy Turner, Founder of Investor Home Buyers, shares her experience: “When I first started seeking funding for my real estate investment company, I faced countless rejections. Many investors seemed skeptical of a woman in this industry. I had to work twice as hard to prove my expertise and vision. Eventually, I decided to bootstrap my business, reinvesting profits to fuel growth. It was challenging, but it taught me valuable lessons about financial management and resilience. Today, we’re thriving, and I’m proud to say we’ve helped hundreds of homeowners find solutions to their property challenges.”

Breaking the Glass Ceiling in Male-Dominated Industries

Another significant challenge for women entrepreneurs is breaking into industries traditionally dominated by men. Fields such as technology, finance, and construction have long been perceived as “male” domains, making it difficult for women to establish credibility and gain respect from peers and clients alike.

Women in these industries often report feeling isolated, underestimated, or even discriminated against. They may struggle to find mentors or role models who understand their unique challenges. Moreover, they frequently have to combat stereotypes and preconceived notions about their capabilities and leadership skills.

Lara Woodham, Owner of Rowlen Boiler Services, offers her perspective: “Entering the heating and plumbing industry as a woman was daunting. I faced skepticism from suppliers, customers, and even potential employees. But I refused to let that deter me. I focused on building a reputation for excellent service and technical expertise. Now, being a woman-owned business in this field has become our unique selling point. We’ve created a more inclusive work environment and attracted a diverse clientele who appreciate our approach. It’s been rewarding to see attitudes shift as we’ve proven ourselves time and time again.”

Balancing Work and Family Responsibilities

For many women entrepreneurs, the challenge of balancing business ownership with family responsibilities can be particularly daunting. Society often places a disproportionate burden on women when it comes to childcare and household management. This “second shift” can make it difficult for female business owners to dedicate the time and energy needed to grow their companies.

The COVID-19 pandemic has further exacerbated this issue, with school closures and remote learning placing additional strain on working mothers. Many women entrepreneurs have found themselves juggling the demands of running a business while simultaneously managing their children’s education and care.

Mary Sullivan, Founder of A Company That Buys Houses, reflects on her journey: “As a single mother launching a real estate investment firm, finding balance was my biggest challenge. I often felt guilty for not being able to give 100% to either my business or my family. Over time, I learned to set boundaries and prioritize self-care. I built a support network of fellow entrepreneurs and family members who could help when needed. Most importantly, I realized that by pursuing my passion and building a successful business, I was setting a powerful example for my children about perseverance and following your dreams.”

Overcoming Imposter Syndrome and Self-Doubt

Imposter syndrome – the persistent feeling of self-doubt and fear of being exposed as a “fraud” despite evidence of one’s competence – is a common struggle for many entrepreneurs, but it can be particularly prevalent among women. Societal expectations and ingrained biases can lead women to question their abilities and second-guess their decisions, even when they have ample qualifications and experience.

This self-doubt can manifest in various ways, from hesitating to pursue growth opportunities to undervaluing their products or services. Overcoming these internal barriers requires a combination of self-awareness, support from peers and mentors, and a willingness to push beyond one’s comfort zone.

Shannon Beatty, Founder of House Buying Girls, shares her insights: “Imposter syndrome hit me hard when I first started my real estate investment company. I constantly compared myself to more established investors and worried that I didn’t have what it took to succeed. What helped me was reframing my perspective. Instead of focusing on what I lacked, I started celebrating my unique strengths and experiences. I joined networking groups for women in real estate and found incredible support and mentorship. Now, I make it a point to mentor other aspiring female investors because I know how powerful it can be to see someone like yourself succeeding in this field.”

Despite the numerous obstacles they face, women entrepreneurs continue to make significant strides in the business world. Their resilience, creativity, and determination are reshaping industries and paving the way for future generations of female business leaders. By acknowledging and addressing these challenges head-on, we can work towards creating a more equitable entrepreneurial landscape where talent and innovation – regardless of gender – are the true measures of success.

As we’ve seen from the experiences of Darcy, Lara, Mary, and Shannon, overcoming these obstacles is not only possible but can lead to stronger, more innovative businesses. Their stories serve as inspiration for aspiring women entrepreneurs and remind us all of the importance of perseverance, adaptability, and self-belief in the face of adversity.

The path to entrepreneurial success may be filled with unique challenges for women, but it is also rich with opportunities for those who dare to pursue their vision. By continuing to support and elevate women in business, we can create a more diverse, inclusive, and prosperous economic future for all.

Published by: Khy Talara