While the number of women starting their own business is on the rise, there is still a number of barriers impeding that journey.

The road to entrepreneurial success is paved with pitfalls and failures, and it can get disheartening — but it’s not impossible.

 by Hollie Jones, Hollie & the Ivy 

photo: Image Pexels

No mentor or support network to guide you

For new entrepreneurs, having a solid support network is crucial for business success. Without a mentor, you are effectively going in blind into a situation that might feel new or alien.

This is especially true for female entrepreneurs. In a male-dominated business environment, having the support and advice of experienced women who have navigated the choppy waters of entrepreneurship is a boon.

Mentors and support networks offer a wealth of benefits for women entrepreneurs. They provide actionable advice guided by years of experience. For first-time entrepreneurs, this is vital for their first foray into business.

But alongside this, support networks also have connections. They are able to introduce entrepreneurs to the right people, whether it’s for investment, clients, staffing, or more.

There are lots of dedicated support networks out there for women entrepreneurs. The IWEC Foundation’s network, for instance, hosts an annual conference as well as local events featuring businesswomen from dozens of diverse industries.

A lack of funding opportunities

Entrepreneurs need funding to launch their businesses and this can come from a variety of avenues: investors, crowdsourcing, and so on.

But in a post- (or even pre) recession world, people are wary of investing in start-ups outside of their known circles. And even if you are fortunate enough to have investor interest, the actual process of pitching is a gauntlet.

Many investors will seek people within their own circle — college alumni, for instance. As there are so few venture capital firms with female partners, this makes it more difficult for new women entrepreneurs trying to break into business.

Consequently, approaching investors who are outside their circle is much harder for women. But there are ways to overcome this obstacle.

The support networks mentioned above are a valuable resource in this respect. The women in these circles might know of established investors willing to put money into a business. They might even be investors themselves — mine these communities and make the most of them.

Alternatively, find a dedicated business incubator or accelerator aimed solely at women. Take Women’s Startup Lab, for example. This accelerator offers advice and investment opportunities for female-led tech startups, opening more doors and helping them break into the industry as a result.

Difficulty being taken seriously by your peers

Virtually every woman, regardless of whether they are a businesswoman or not, has experienced the struggle of being listened to in a male-dominated environment.

The default narrative in these spaces is that women lack the requisite skills, knowledge, or chutzpah to make it in a business environment.

Such a negative environment can lead to you internalizing this narrative. As a result, you devalue your own ideas before you even articulate them, shrinking away from pushing ahead with your enterprise.

Wrestling with your critical inner voice is a mammoth task. But it is possible to overcome this and gain the confidence to own and article your ideas and beliefs.

In this podcast on Orion’s Method, coach Nancy Levin extols the virtues of reclaiming selfishness. Describing it as “healthy selfishness”, Nancy outlines how feeling comfortable enough to put yourself first breaks down self-imposed boundaries.

Indeed, putting yourself first means you can allocate your attention to others who need it — it’s simply owning the conversation and steering it as you see fit.

Of course, adopting this attitude takes time. But if you’re launching a business, it’s a skill that will aid you again and again in your entrepreneurial journey.

Political uncertainty and trade turmoil

The news has been dominated of late by political uncertainty. The trade war with China, exacerbated by the Huawei controversy, has led to significant uncertainty amongst businesses.

While not every industry is affected by the China-US trade war, those that are are significant. Take tech, for instance. Many tech firms rely on China for sales and products, a relationship disrupted by the ongoing war.

And tech is an industry that attracts entrepreneurs and startups. Consequently, women entrepreneurs, already dogged by other barriers, will struggle further to break into this industry.

Unfortunately, there is no catch-all solution to this. As the trade war is ongoing, there is still a great deal of uncertainty. All you can do is take caution and do your research before launching a new enterprise.

Consult with established business owners in your industry and seek government advice. This is often free and provides a useful guide for your new business venture.

A toxic environment for sexual harassment

Since the election of Trump in 2016, there have been increased reports of prejudicial attacks against minorities. Data from the FBI shows a spike in hate crimes in Trump-voting states.

While this is bad enough, this prejudice isn’t just directed at ethnic minorities. Research suggests that men have also become increasingly sexist since the 2016 election. In short, Trump’s election was an implicit affirmation of antiquated, sexist views.

For women entrepreneurs, this means a return to a Fifties-era of workplace relations. Sexual harassment cases in the workplace have increased, leading to a toxic environment for women to work in.

Thankfully, there is greater resistance to this in some quarters. The #MeToo movement, launched in 2017, led to calls for greater culpability in this respect. Indeed, many attribute the increase in sexual harassment cases to the movement, as women feel more confident in reporting these issues.

Collaborating with other businesswomen is a good way to combat this. The support network mentioned above gives you a coterie of advisors who can rally around you should you experience sexual harassment in the workplace.

A women entrepreneur’s journey is a difficult one, with barriers facing her at every turn. But it can be done, and by following the tips above, you are better prepared to overcome these difficulties and achieve business success in 2020.