Women have always been known as home-makers. But now, they are progressing incredibly. Surpassing all hurdles and breaking stereotype thoughts, today, women have come a long way. Now, women are not only experts in making homes — with beautiful memories, few strict rules, and lots of fun, but also are professionals in leading businesses.
Today, women entrepreneurs are chartering every unknown territory. Be it in e-commerce, education, investment, travel, fashion, fitness or any other field, they are proceeding with enormous courage and enthusiasm. But despite such positive changes, they are still falling behind.
The overall revenues for women-owned business in the U.S. have stagnated. As per an article from Entrepreneur.com, women’s share of revenue has decreased from 4.4 percent to 4.2 percent of all U.S. firms since 1997. Also, according to the National Association of Women Business Owner, only 4.2 percent of women-owned enterprises ever reach the million-dollar mark.
So, why the numbers are so low? Despite working hard and overcoming all barriers, why women entrepreneurs are still struggling to thrive their businesses? There can be several reasons. But the most common, which are immensely participating in pulling women back from reaching the top are:
- Dominancy of male entrepreneurs: Venture capital in the U.S is very much male-dominated. According to Axios analysis, only 9.65 percent of decision-makers at US venture firms are women. Rest 90.35 percent are men, which is a huge difference. Gender bias is a big roadblock for women in building a successful business in different sectors.
- Lack of proper mentorship: Someone has said it rightly, “behind every great leader is a suite of great mentors and advisor”. But, for women entrepreneurs, it is a bit challenging. Women entrepreneurs barely have role models and mentors. They lack a good advisor who can help them during difficult decisions like financial, risk-taking, diversification, etc. A right mentor at the right time can help women entrepreneurs in taking right decisions and lead businesses.
- Work-life balance: It has been observed from a long time that the lack of expertise in maintaining a proper work-life balance is one of the big reasons that deter women from rising to leadership roles.
Usually, women are more responsible than men for managing household activities. But, sometimes, they become so engrossed in managing their homes, that it becomes difficult for them to concentrate on their businesses. Hence, to grow and shine in a male-dominated field, it is essential for women to learn and adopt a work-life balance.
- Continuous pressure to achieve success: This is another aspect which drags women away from success. Women entrepreneurs have received so much criticism for their failures that achieving success has become a priority for them. But, when it turns into constant pressure then it becomes a difficulty. So, to achieve success and sustain it for the long term, they must have patience. Moreover, they should believe in their instincts, ability, and hard work to taste the flavour of success.
Difficulties, hurdles, and stereotype thoughts will always be there. But, the key point is, how you overcome those challenges and make your identity in the men-crowded world and sustain for the elongated period. The one who conquers rules the industry.