Challenges Faced by Women Entrepreneurs and Some of the Most Successful Women to Follow

Women entrepreneurs indeed face unique challenges in the business world. Despite the progress made in recent years, there are still barriers that women must overcome, even with over one million female business owners in the UK.

Gender bias and stereotypes persist, leading to unequal opportunities and limited access to resources. Women often struggle with securing funding for their ventures, as they encounter greater difficulty in obtaining loans or investments compared to their male counterparts.

Balancing work and family responsibilities can be particularly challenging for women, as societal expectations and limited support systems can hinder their ability to dedicate sufficient time and energy to their businesses.

Additionally, women may face a lack of representation and mentorship in traditionally male-dominated industries, making it harder to break through the glass ceiling and establish networks.

Nonetheless, despite these challenges, women entrepreneurs continue to make significant strides and achieve remarkable success in their respective fields.The numbers of women-owned businesses may have increased in recent years, but they still remain in the minority.

It is crucial to recognise that the hurdles faced by women entrepreneurs are vast and often different from those encountered by their male counterparts. To gain a better understanding of these disparities, PDQ Funding sought the insights of female CEOs, who provided valuable perspectives on the key challenges women entrepreneurs face and offered advice on how to overcome them.

By shedding light on these challenges, we can work towards creating a more inclusive and supportive environment for women in entrepreneurship.

7 challenges women entrepreneurs face and how to overcome them

1. Defying social expectations

The scenario described, where women find themselves in male-dominated networking events or business discussions, is unfortunately still a common experience. It can be intimidating and make women feel pressured to conform to stereotypical “male” attitudes in order to be taken seriously. However, successful female CEOs emphasize the importance of staying true to oneself and finding one’s own voice as the key to overcoming these expectations.

Maintaining authenticity and having confidence in one’s abilities are essential for women entrepreneurs. Hilary Genga, the founder and CEO of Trunkettes, highlights the significance of being true to oneself and not conforming to a male-centric notion of leadership. She encourages women to embrace their own unique qualities and perspectives, reminding them that they have reached their current position through hard work and perseverance.

By staying true to themselves, women entrepreneurs can challenge preconceived notions and demonstrate that diverse leadership styles and approaches can be equally effective. Embracing their own voices allows women to bring valuable perspectives to the table and contribute to a more inclusive and diverse business environment.

2. Accessing funding

Raising capital can be a challenging process for startup founders, and women-owned businesses face even greater difficulties in this regard. The underrepresentation of female CEOs in venture capital funding is a clear indication of the existing gender disparity. Venture capitalists often tend to invest in startups run by individuals similar to themselves, which creates a bias favoring male entrepreneurs. However, Bonnie Crater, president and CEO of Full Circle Insights, suggests that building a great team and a strong business plan can help women entrepreneurs gain confidence when seeking investors.

Investors generally seek businesses with the potential to achieve valuations exceeding $1 billion. Crater advises women entrepreneurs to focus on creating a plan for achieving that level of growth. By assembling a team of experts capable of executing the business operations effectively, entrepreneurs can instill confidence in investors. Additionally, having a good product-market fit is essential.

Felena Hanson, founder of the Hera Hub coworking space, proposes another solution to overcome this issue: increasing female investors to support one another. Initiatives like Hera Hub aim to inspire and encourage female investors while providing funding and strategic educational workshops to support female entrepreneurs.

One aspect that women entrepreneurs should consider is the importance of asking for the necessary capital and sometimes even requesting more than what they initially want. Gloria Kolb, CEO and co-founder of Elidah, points out that women tend to be more conservative in their projections, whereas men often overstate and exaggerate. This discrepancy leads to investors discounting women’s numbers right from the start. Women need to understand this dynamic and adjust their pitch accordingly, advocating for their business with realistic but ambitious projections.

Overall, women entrepreneurs face challenges in accessing venture capital funding, but by building strong teams, presenting solid business plans, encouraging more female investors, and being assertive in their funding requests, they can increase their chances of obtaining the necessary capital to grow their businesses.

3. Struggling to be taken seriously

It is a common experience for women CEOs to find themselves in male-dominated industries or workplaces where their leadership roles are not readily acknowledged. Alison Gutterman, CEO and president of Jelmar, encountered this challenge early in her career. As a female entrepreneur in a male-dominated industry, Gutterman had to work hard to earn respect. Furthermore, being in a family business, she faced presumptions that she was riding on the coattails of her father and grandfather’s reputations. To overcome these biases, Gutterman focused on creating her own reputation as a hardworking and honorable businessperson in her own right.

To build her confidence and overcome negative self-talk, Gutterman actively engaged with women entrepreneur groups. These groups provided her with valuable mentors and peers who inspired her, offered reality checks on her capabilities and successes, and enabled her to grow and learn from their diverse perspectives and experiences. By surrounding herself with supportive and like-minded individuals, Gutterman found a source of motivation and encouragement to reach her full potential.

This example highlights the importance of seeking support and mentorship from peers and mentors who can understand and relate to the unique challenges faced by women in male-dominated industries. Through these networks, women entrepreneurs can gain confidence, find role models, and access valuable insights and advice that help them navigate and overcome the barriers they encounter.

4. Owning your accomplishments

The communal and consensus-building qualities encouraged in young girls can unintentionally lead women to downplay their own worth as leaders. Molly MacDonald, founder and CEO of The Mobile Locker Co., shared her struggle in conveying her own value as a leader. She found herself using “we” instead of “I” when discussing her company, feeling uncomfortable with personal acknowledgments of success. However, as she grows her business, MacDonald recognizes the importance of owning her accomplishments and making an effort to convey her value as a leader.

Shilonda Downing, founder of Virtual Work Team, advises women to recognize the value of their creative ideas and not give away too much without receiving a fair financial commitment from potential clients. She emphasizes the importance of valuing one’s knowledge and expertise.

Sharon Rowlands, CEO of Web.com Group and ReachLocal, emphasizes that confidence is crucial for success, even when facing a boardroom full of men. Rowlands attributes her success to having confidence in her abilities to run the business and ensuring that any initiative she pursued was backed up by a solid business case. By being prepared and anticipating the questions that would arise, Rowlands demonstrated her competence and further bolstered her confidence.

These examples illustrate the significance of women entrepreneurs recognizing their own worth, owning their achievements, valuing their ideas, and having confidence in their abilities. By doing so, women can overcome the tendency to downplay their contributions and effectively communicate their value as leaders.

5. Building a support network

A strong support network is crucial for the success of entrepreneurs, and it comes as no surprise that a lack of available advisors and mentors hinders the professional growth of 48% of female founders, as reported by Inc. The dominance of men in high-level business positions makes it challenging for women to forge their own path and gain access to elite business networks. Connections and introductions often play a significant role in the business world, and this can greatly impact a woman’s ultimate success, according to Felena Hanson.

To build a support network, women entrepreneurs can start by attending women-focused networking events like the WIN Conference, eWomenNetwork, and Bizwomen events. Online forums and groups specifically designed for women in business, such as Ellevate Network, can also be valuable resources. Once a network of supporters is established, it is important not to hesitate in asking for what is truly needed.

Addie Swartz, CEO of reacHIRE, emphasizes the importance of asking for assistance and being clear about specific needs. It is essential to communicate openly and directly, as people are more likely to offer help when they understand what is required. Swartz advises women to ask frequently and not be afraid to seek the support they need. By being proactive in seeking assistance, women entrepreneurs increase their chances of receiving the support necessary for their professional growth and success.

In summary, establishing a supportive network and actively seeking help when needed are crucial steps for women entrepreneurs. By connecting with like-minded individuals, attending women-focused events, and being clear about their needs, women can build a strong support system that propels their entrepreneurial journey forward

6. Balancing business and family life

Finding work-life balance is a significant challenge for parent entrepreneurs who have responsibilities to both their businesses and their families. Hilary Genga, founder and CEO of Trunkettes, emphasizes that dedicating time to both aspects is crucial. Parent entrepreneurs must strike a balance between their work and family commitments to achieve that elusive equilibrium.

Michelle Garrett, founder of Garrett Public Relations, found her own path to work-life balance by leaving her corporate job and starting her own consulting business before becoming a parent. Recognizing that continuing in the corporate world would require making choices she didn’t want to make, Garrett made the decision to become an entrepreneur. She believes that the work culture is gradually shifting to offer more flexibility for women, but being self-employed provides even greater freedom and flexibility compared to working for someone else.

Starting their own businesses allows parent entrepreneurs to create a schedule and structure that aligns with their family needs and priorities. It offers them the freedom to manage their time, be present for their children, and make choices that are in line with their values.

While work-life balance may still pose challenges, becoming an entrepreneur provides parent entrepreneurs with more control and flexibility over their time, enabling them to prioritize both their business and family responsibilities.

7. Coping with fear of failure

In any business venture, the possibility of failure is very real. However, Kristi Piehl, founder and CEO of Media Minefield, advises women not to let their insecurities hold them back from dreaming big. She encourages women to push through moments of self-doubt that every business owner experiences and not wait for perfection before embarking on their entrepreneurial journey or pursuing significant opportunities.

According to Addie Swartz, CEO of reacHIRE, failure should not be seen as a negative outcome or an excuse to abandon goals. Swartz emphasizes the importance of viewing setbacks and mistakes as valuable learning experiences. When faced with repeated rejections, unexpected outcomes, or costly decisions, these moments should be seen as opportunities for growth and improvement.

The road to success is often marked by losses, mishaps, and mistakes. However, as long as one remains focused on their ultimate destination and does not lose sight of their goals, these setbacks can still lead them where they want to go. Swartz encourages entrepreneurs to stay the course, absorb feedback, filter out negativity and discouragement from detractors, learn from mistakes, and strive not to repeat them. Above all, she emphasizes the importance of perseverance and not giving up, no matter the challenges faced along the way.

By embracing failures as learning opportunities and maintaining determination and resilience, women entrepreneurs can continue to pursue their dreams and achieve success in their business ventures.

6 of the most successful women entrepreneurs

Recognizing the impressive achievements and remarkable financial success of the women entrepreneurs mentioned below, we have curated a list of some of the most accomplished and influential figures to date.

Regardless of personal opinions, these women have undeniably established themselves as prominent figures within their respective fields, leaving an indelible mark on their industries through their exceptional careers.

1. Monica Eaton-Cardone

Monica’s exceptional drive and determination have been evident from a young age. Demonstrating her ambition and work ethic, she began her professional journey at the remarkable age of 12 and quickly established herself as one of the top-performing employees in her company. Even in her teenage years, Monica showcased her remarkable capabilities, graduating from high school at the age of 16. Simultaneously, she managed to juggle two jobs while pursuing a bachelor’s degree in art and design at a community college.

At the impressive age of 19, Monica achieved an extraordinary milestone by successfully selling her first business venture. This early taste of entrepreneurial success ignited her passion, and she has since dedicated herself to a continuous journey of innovation and business creation.

Monica’s leadership style is characterized by her contagious energy and her ability to inspire and motivate others. She places immense value on the principles of hard work, collaboration, and innovative thinking as integral components of personal and professional success. Through her entrepreneurial endeavors, Monica has established numerous prosperous enterprises.

Recognized for her exceptional creativity and ability to develop original ideas, Monica has become a sought-after expert in the retail industry. Organizations and banking sectors regularly seek her counsel to tackle fraudulent behaviors among online merchants, as she consistently offers fresh perspectives and effective approaches to address these challenges. Monica’s contributions continue to shape and redefine the industry, making her a true visionary and trailblazer.

2. Karren Brady

Karren is undoubtedly a remarkable figure in the business world, widely recognized as the most influential, renowned, and respected female business leader in the United Kingdom. Her exceptional achievements have established her as one of the top businesswomen globally, earning her a place among the 50 most inspiring female entrepreneurs worldwide.

Passionate about championing women in business, Karren has dedicated herself to empowering and promoting women’s roles and contributions in the United Kingdom. Her advocacy and support have been instrumental in driving positive change and fostering greater gender diversity within the business landscape.

Notably, Karren holds the esteemed position of Chief Executive Officer at West Ham United Football Club, a highly successful Premier League club with a global reputation. Her leadership and strategic vision have played a pivotal role in shaping the club’s continued success and establishing its prominent position in the football industry.

Karren’s exceptional contributions have been acknowledged and honored by prestigious awards and titles. In December 2013, she was appointed a Commander of the Order of the British Empire (CBE) for her remarkable services to women in business and entrepreneurship. Subsequently, in August 2014, the Prime Minister bestowed upon her the title of Baroness Karren Brady of Knightsbridge CBE, elevating her to the House of Lords.

Karren’s influence, expertise, and unwavering commitment to promoting women in business have positioned her as a true role model and trailblazer. Her remarkable journey serves as an inspiration to aspiring entrepreneurs and business leaders, highlighting the immense possibilities and potential for success in the professional world.

3. Kit Kemp

Kit Kemp, the remarkable woman behind Firmdale Hotels, has left an indelible mark on the hospitality industry as the Co-Founder, Owner, and Creative Director of the acclaimed hotel group. Her journey began with a formative experience working for an auctioneer, where she developed a deep appreciation for the role of furniture in interior design. Since then, she has established herself as a renowned designer, receiving accolades such as the prestigious title of Interior Designer of the Year from Andrew Martin in 2008.

In 1985, alongside her husband, Kemp embarked on an entrepreneurial venture that would revolutionize the concept of boutique hotels. Firmdale Hotels was born with a distinctive vision that challenged the conventional notion of hospitality, believing that hotels should embody living entities rather than rigid institutions. Today, the collection boasts eight unique hotels situated in London and New York, each exuding its own captivating charm and character.

Kemp’s visionary approach to design and her unwavering commitment to creativity have attracted significant support for Firmdale Hotels. With backing from Barclays Corporate Banking and other investors who prefer to remain unnamed, the company has successfully raised nearly £230 million through two fundraising campaigns. This financial support is a testament to the exceptional reputation and enduring appeal of the Firmdale Hotels brand.

Under Kemp’s artistic guidance and entrepreneurial spirit, Firmdale Hotels has become synonymous with impeccable style, unmatched comfort, and unparalleled guest experiences. Her remarkable achievements in the hospitality industry continue to inspire both aspiring designers and established professionals alike.

4. Ella Mills (Previously Woodward)

Ella Mills, an accomplished cookbook author and businesswoman, has made a significant impact in the culinary world. Her journey began with the creation of her blog, deliciouslyella.com, which has amassed an impressive 110 million visits over the past three years. Originally an advocate for clean-eating, Ella experienced a shift in perspective after facing criticism, prompting her to reevaluate her approach.

Undeterred by the challenges she encountered, Ella channeled her passion into building her brand. She relaunched her blog after an eight-year hiatus, and her company now operates a thriving deli and a highly successful app that holds the top spot in the Food & Drinks category in the UK. In addition to these ventures, Ella’s team consistently publishes valuable wellness content for their audience.

Driven by her entrepreneurial spirit, Ella has successfully raised £2.46 million in equity financing from a select group of investors. This financial support has enabled her to expand her business and bring her culinary creations to a wider audience. Throughout her journey, Ella maintains a steadfastly optimistic attitude, allowing her to overcome obstacles and thrive in the competitive world of food and wellness.

With her remarkable achievements as a cookbook author, businesswoman, and influencer, Ella Mills continues to inspire others to embrace a healthy lifestyle and find joy in nutritious and delicious food.

5. Pam Bateson

Pam, the CEO and co-founder of Thrive Partner, has made significant strides in the coaching and mentoring industry. She established her company as a collaborative endeavor, leveraging the power of coaching and mentoring to drive its success. Thrive Partner operates as a platform that connects learners with a diverse network of nearly 200 coaches and mentors, available on-demand and round the clock, ensuring continuous support.

One of the key innovations that Pam has brought to Thrive is the development of a cost-effective system that effectively measures the learning process. This system has provided the company with valuable insights into how learning occurs, enabling them to enhance their offerings and deliver impactful results.

Thriving on its reputation, Thrive Partner has attracted a prestigious clientele, including renowned organizations such as the BBC, MTV, BG Group, London Borough of Lambeth, Interbrand, and the Cabinet Office, among others. These partnerships serve as a testament to the effectiveness and value of the coaching and mentoring services provided by Thrive.

Under Pam’s leadership, Thrive Partner has established itself as a trusted and sought-after resource in the industry. By connecting learners with experienced coaches and mentors, the company empowers individuals and organizations to unlock their full potential and achieve their goals. Through her dedication and commitment, Pam continues to drive Thrive Partner’s growth and success, making a meaningful impact in the realm of coaching and mentoring.

6. J.K. Rowling

J.K. Rowling, a remarkable woman entrepreneur, has a story that is nothing short of inspirational. Born and raised in England, she faced her fair share of challenges. Following her move to Portugal to teach, she found herself in a difficult situation as a struggling single mother on welfare. However, it was during this time that she began to write the first book of the Harry Potter series.

Despite the initial hurdles she faced, Rowling’s talent and creativity shone through. Her perseverance and dedication paid off when her first book was published in 1997, captivating readers worldwide. The Harry Potter series quickly gained momentum, becoming a global phenomenon and capturing the hearts of millions.

Rowling’s writing prowess and captivating storytelling had people of all ages engrossed in her books. The success of her literary masterpiece translated into extraordinary financial gains. In just one year, she earned a staggering $54 million from Harry Potter sales worldwide, propelling her into the realm of billionaires.

Rowling’s journey from a struggling mom to one of the world’s most renowned authors and entrepreneurs is a testament to the power of resilience and the pursuit of one’s passion. Her impact on literature, popular culture, and the lives of countless readers is immeasurable, making her a true icon in the world of women entrepreneurs.

Frequently Asked Questions

What are the main challenges faced by women entrepreneurs?

The main challenges faced by women entrepreneurs include access to funding, discrimination and biases, lack of mentorship and networking opportunities, and balancing work and family responsibilities.

What are some ways to combat discrimination and biases faced by women entrepreneurs?

A few ways to combat discrimination and biases faced by women entrepreneurs by seeking out networks and mentors that support and champion their work, and by calling out and challenging any discriminatory behaviour or practices they encounter.

Conclusion

Women entrepreneurs face many obstacles. Despite this, they keep striving and breaking barriers. A major issue is accessing financial resources. Women often find it harder than men to get funding. This makes it hard for women-owned businesses to grow and develop.

There is also a lack of representation and support networks. Few women are in leadership roles so it’s harder for them to get mentorship and guidance. Building a professional network becomes vital for women entrepreneurs.

Societal expectations and biases create problems too. Balancing work and family can be hard and cause stress. Gender stereotypes can also make it harder for women to gain recognition and credibility.

Let’s celebrate female entrepreneurs and support them. We can help more women break barriers and make a lasting impact on the business world. Join us in this transformative movement!