Kiran Mazumdar Shah, Chairperson of Biocon, said, “I really believe that entrepreneurship is about being able to face failure, manage failure and succeed after failing,” which is absolutely true in the sense of women entrepreneurs. It's not an overnight victory that they achieve; it is a long struggle to birth and raise a business.
Here are some of the major challenges that women face on the path of establishing their ventures:
Access to financial support
The start-up founders looking for investors find the process of pitching a major issue. Often women are perceived as low-risk takers hence success of the enterprise is doubted. However, various schemes launched by the Government of India such as Pradhan Mantri Mudra Yojana (PMMY) for aspiring women entrepreneurs to help give their ideas wings.
1. Stiff competition
Start-ups are often regarded as a man's world and this perception makes it difficult for women to find their footing in the entrepreneurial world.
Being confident and optimistic is the armor to tackle male chauvinism in the world of business.
2. Building a Network
A strong network helps one in navigating their business journey but is difficult for women to build one in a male-dominated world. To help in building a branching network, women can attend entrepreneurial seminars, business community meetings and network building workshops.
3. Maintaining a Work-Life Balance
It is bitter truth that a woman's world revolves around her family, and it is not always easy to strike balance between her personal and professional life which again serves as a major professional hindrance.
There is no solution to this aside of choosing what to prioritize in a particular situation to achieve that elusive balance.
4. Inadequate knowledge
One of the biggest setbacks for any venture is the lack of knowledge in its association. Women often lack either education or exposure or both, which makes it fairly difficult for them to create a stable, successful career.
Through easy access to technology and digital availability of required resources, this gap is beginning to be bridged, thus helping women accelerate their participation in businesses.
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