The unspoken challenges of female entrepreneurs

Female entrepreneurs are striving to break new ground. But this pursuit doesn’t come on a platter. The competition is stiff and the golden rule is to keep trying. Over the years, extensive research has been carried out on the challenges which impede the professional and business growth of female entrepreneurs. These challenges include access to funding, limited access to networking opportunities, lack of women mentors, gender biases, and a myriad of other challenges that affect their personal and professional growth.

However, while these challenges are very glaring, very limited attention has been paid to the challenges of female entrepreneurs regarding their personal growth and mental well-being. There exists a knowledge gap on the effect of business growth on the mental well-being of female entrepreneurs, especially those that the entrepreneurs themselves are unable to speak about.

Business expansion can lead to all sorts of exciting opportunities for entrepreneurs, especially early startups. A successful pitch or an investment by an investor can increase the entrepreneur’s income, but the challenges it presents are as overwhelming as the opportunities. This goes to show that it is important to be prepared for the obstacles that might arise on the path to entrepreneurial success.

Interestingly, most entrepreneurial programmes focus on the provision of skills, access to funding and business growth but very little attention is paid to the growth mindset and the psychological impact of the growth on the female entrepreneur and those around her. It is a known fact that female entrepreneurs continue to grapple with challenges unique to their gender. This becomes evident in long-standing societal norms and is further exacerbated by structural barriers which put a lot of burden on the success of the entrepreneur and her business. Findings gleaned from studies, indeed reveal some mind-draining challenges female entrepreneurs face and are unable to speak about most times.

An increase in family responsibility:

This can be both financial and otherwise. Most female entrepreneurs, especially startups, find out that due to their expanded businesses and growth, family responsibilities are automatically increased. This becomes worse if it comes from a significant other who now feels like the woman should be able to share the bills at home. This burden can crash the business, interfering with the grant purse and disorganizing the entrepreneur. In a recent survey carried out by a partner in a local project, it was revealed that 60% of the women who enrolled in their accelerator programme complained that their greatest challenge was taking up family responsibilities at the early stages of their businesses. For them, this was devastating as the businesses were not yet mature enough to cater for personal demands. The survey revealed that most of the women who took the survey were on the verge of closing their businesses as they had become bankrupt or were contemplating a divorce from their spouses.

Managing a big workforce:

It is pertinent that as the business grows, many more employees will be hired. This automatically entails the management of external stakeholders- be they clients, suppliers or retailers. The pressure of managing these varied stakeholders can have an overall impact on the mental well-being of the female entrepreneur especially at the early stage of the business. Things could get even worse when the most reliable staff decide to quit impromptu. For example, a new start-up providing online remote services to clients decided to rent office space because their client rate had increased and there was a need to have a more coordinated office for quick response to customer needs. One month into the business, the owner had an Instagram live session to disclose that she is not sure she can continue with the business. One of her reasons was that her most trusted staff just resigned, and she was not sure she could meet the needs of her clients within such a short time. These challenges may sound mild, but the emotional damage it does to the entrepreneur is great. The fear of failing, and the pain of losing clients and staff can have a negative toil on the mental well-being of female entrepreneurs.

Lack of social support:

Most women who have little, or no support system will eventually break down when faced with the challenges of starting or growing a business. Research has shown that when women feel supported, their stress levels drop and this becomes evident in a lower heart rate, anxiety, and even cortisol level. These social support systems can be good friends, good therapists or life coaches, family members or a social group. Women tend to face the greatest challenges in getting support due to stereotypes on what kind of relationship is appropriate and from lacking the relevant connections needed for both financial and emotional support. The notion that therapists see traumatized people also deters female entrepreneurs from accessing professional help.

The fear of failing and the adverse effect on health and well-being:

Female entrepreneurs who have just received a grant or an investment will work overtime just to prove to the donors that they deserved the grant. This puts a lot of strain on their health which is often ignored. Research revealed that women strive twice more than their male counterparts to prove that they can deliver also. This fear of failing and the continuous neglect of self leads to an overall feeling of guilt for abandoning what was once important to them. These challenges serve as both a testament to the resilience of women in business and a reminder of the work that still needs to be done.

As a Social Development Expert and Women Empowerment Coach, I have identified a few ways female entrepreneurs can overcome these challenges. Firstly, they need to Identify and create strong support systems that meet their needs. These can be truly helpful. Joining an entrepreneurial group and connecting with other female business owners can provide not only practical advice but also emotional support. Also seeking mentors and sponsors can guide female entrepreneurs in this new path. Secondly, they need to ensure good conversations with their team whether at work or home. Family members need to know from the beginning that the business needs at least two years to grow. Thirdly, female entrepreneurs need to set good systems and processes in place to support their work. Female entrepreneurs must invest in software and tools that can ease the energy and time put into the business. This gives them enough time to rest and catch up on business. Fourthly, female entrepreneurs need to believe in themselves. They must believe in the ideas and the strength of their resilience; and the impact that they can make in their chosen field. Whether as a business startup or pursuing a personal endeavour.

In addition to the above, pragmatic programmatic interventions by development and non-profit organizations which are targeted at women empowerment, should adopt a holistic approach. This entails focusing on the personal as well as the business development of the female entrepreneur. A good example is the “Build Her a Future project’ which was carefully designed to promote the participation of women entrepreneurs in the circular economy. This project takes into cognizance the mental wellbeing of the beneficiary and incorporates a curriculum for self-awareness and personal development amongst other specialized trainings and programs. It believes that a growth mindset is the foundation upon which business success can be built upon. Female entrepreneurs need support, especially from those who share their lives with them. Let’s show them empathy and love.

Idang, a Social Development Expert and Women Empowerment Coach can be reached via [email protected]