How do women entrepreneurs navigate challenges in diverse industries?

Establishing a business from scratch is undoubtedly a dream for many entrepreneurs. However, turning that dream into a reality requires more than merely burning the candle at both ends; it demands entrepreneurial skills. Women entrepreneurs, in particular, have come a long way, from working behind the scenes to leading businesses across various domains. Here to highlight the fact, the IBEF report from 2022 states that there were 13.5–15.7 million women-owned enterprises in India, and that number is expected to rise over the next five years. However, despite their long journey, women continue to confront numerous challenges, including gender bias and a lack of funds. To deal with the hurdles, women entrepreneurs have demonstrated perseverance and determination by breaking down barriers and attaining success in their various industries. So, let's look at some of the major issues that women entrepreneurs encounter, as well as tips to address them.

Challenges faced by women entrepreneurs

Lack of funding: Women entrepreneurs have made remarkable progress in recent years, establishing themselves as a formidable force in the global economy. However, Indian women entrepreneurs still face significant challenges hindering their growth. One of the most prominent challenges is the lack of access to funding, which often restricts the scalability and competitiveness of women-led ventures. According to the World Economic Forum, women-led enterprises suffered an unmet credit gap worth more than $11.4 billion in 2023.

Lack of exposure and inspiration: Mentoring, sponsorship, and networking are all essential strategies for growing a successful business. The waters of entrepreneurship can be dangerous, and without advice, business founders are certain to make expensive blunders. And unfortunately, it is harder for women to find that support. Simply put, compared to their male counterparts, women often have fewer opportunities for mentorship, networking, and access to business resources. This lack of support hinders the growth potential of women-led ventures and perpetuates the gender gap in entrepreneurship.

Gender bias: Gender bias remains another significant hurdle for women entrepreneurs in India. Even though there have been strides towards gender equality, societal stereotypes and prejudices continue to influence women's entrepreneurial journeys. In fact, attributes required for developing a successful business, including decision-making, risk-taking, high self-esteem, and confidence, are frequently thought to be man-only.

Tips to navigate the challenges

Women entrepreneurs in India face various challenges in their journey to success. Despite these obstacles, many of them have managed to build thriving businesses by demonstrating resilience, resourcefulness, and strategic navigation. One key way to overcome these challenges is by building a support network consisting of mentors, peers, and industry experts who can provide guidance, advice, and support throughout the entrepreneurial journey.

Thus, to mitigate the impact of funding disparities in traditional financing channels, women entrepreneurs can explore alternative funding options such as government grants, angel investors, crowdfunding, and microfinance institutions tailored to their needs. Diversifying funding sources can also help navigate challenges. It is also crucial for women entrepreneurs to stay updated on industry trends, market dynamics, and best practices through ongoing education and professional development initiatives. Investing in acquiring new skills, expanding their knowledge base, and leveraging technology can help them stay competitive and navigate challenges more effectively.

Empower women to drive the country's growth!

Empowering women entrepreneurs in India is not only about equality, but also a strategic need that can lead to inclusive economic growth and innovation in the country. However, to achieve this, government and private organizations need to address the obstacles that prevent women entrepreneurs from moving forward, implement policies that promote fairness and equal opportunity, and create a supportive ecosystem that provides resources and infrastructure.

(The author is Co-founder, AstroJudge)