Female entrepreneurship wasn’t always as prominent as it is today. Many women fought hard to prove their worth and inspire other women to jump on the bandwagon and start their businesses. Today, there are more than 400 million female entrepreneurs globally. In the US alone, women-owned businesses employ 9.4 million people.
Even though the number of female-owned businesses is rising, women still face many challenges, such as gender roles. Regardless of the significant progress women have made, entrepreneurship is still male-oriented. Many are unaware that women juggle successful businesses in multiple industries and family lives.
One important aspect of running a business is financial status. Men typically ask for more finances, while women get smaller loans at higher rates. Female entrepreneurs also have fewer personal assets than men. This directly affects their opportunities to start a business.
Women seem to have a hard time finding mentors and growing a network since most entrepreneurs around them are men. The apparent lack of advisors limits their professional growth. Luckily, many women-oriented events and online forums are excellent for seeking and showing support.
Even though female entrepreneurs face these and many other challenges, they still manage to grow their companies and achieve a good work-life balance. Female entrepreneurs generated over $1.9 trillion in revenue in 2019, proving they are a force to be reckoned with.