8 Real Struggles Of Women Entrepreneurs And How To Overcome Them
Women entrepreneurs are powerful. Their force resonates with others and overflows in an area dominated by the opposite sex. Case in point:
Women-owned businesses grew to 114% in the past two decades,
Almost half of all start-ups in the US are by women,
Women own one-third of businesses worldwide, and
Between 8 -10 million small-midsized enterprises (SMEs) in the developing world have at least one female owner.
These stats are all big wins for women. But, despite their undeniable growth, opposition, challenges, and struggles still surface.
As a woman-led business, The Bellamy Co. faces these challenges head-on and helps you do the same. Through research and experience, we’ve compiled the struggles of women in business with solutions that break the mold.
#1 Don’t know where to start
So, you want to start a business. What’s your big idea? If you drew a blank, don’t worry! That doesn’t disqualify you from becoming an entrepreneur. It only means you have not yet determined your marketable skill or sold-out product. And that’s okay.
Here’s what you can do. Grab a pen and paper. It’s time for some self-reflection. Think back to activities you enjoyed when you were younger. These can be anything from cooking and gardening to curating and writing. Next, write down things you feel you’re good at and specialize in. For example, you have a degree in psychology, or you get a lot of compliments for your DIY tote bags.
List as much as you can, and don’t cross out anything. Our purpose is to help you figure out things you’re great at. When done, analyze your mastery level for each skill and pick the top five. Those five skills are now your choices for your big business idea.
But what if you still don’t know where to start? The Bellamy Co.’s Freedom Audit is for you! It explores your experiences, strengths, and aspirations to reveal your untapped potential. You will receive a detailed report on potential market opportunities, laying the groundwork for your entrepreneurial path.
#2 Self-doubt and negative self-talk
This is the perfect time to flush out that negative voice in your head that questions your success and makes you feel you’re not enough. Yes, these thoughts can be inevitable but do not let them control your mind. Instead, be confident and take ownership of your ideas and innate skills.
Challenging them and practicing self-compassion is a good way to overcome this mental hurdle. Ask yourself if you have evidence to support your thought or if it is an assumption. Treat yourself with kindness and understanding, and acknowledge that feeling uncertain or inadequate is okay.
We are not advertising toxic positivity. We encourage accepting these as part of your journey and addressing them with a grounded approach, relying on facts and your strengths. Embrace your journey with courage and authenticity, knowing that overcoming every challenge brings you closer to your goals.
#3 Lack of supportive community or mentor
No man or woman is an island. Women entrepreneurs, especially solopreneurs, can feel the toll of loneliness. Loneliness in the sense that they don’t have someone to turn to for advice, mentorship, and camaraderie about running a business.
Some common pitfalls of loneliness include getting overworked and feeling lost in a sea of tasks. Without an accountability buddy, it’s easy to fall into negative patterns or adopt bad business habits. And let’s not forget flirting with burnout and feeling the pressure of building a business.
Do you resonate with any of these? If yes, The Bellamy Co. is here for you. We understand the importance of community and mentorship. That's why we offer more than just business guidance; we provide a lifeline of support and a blueprint for success.
With our supportive community, you'll connect with like-minded women who understand your journey, participate in regular business and accountability check-ins, and gain a platform to amplify your voice and reach your target audience.
#4 Lack of funds and no investors
Securing funds and investors is always a hurdle for any business. But for women entrepreneurs, it's even more complex. Investors often hesitate to invest in women-owned businesses because they perceive women entrepreneurs as risk-aversed or lacking risk-taking ability. Shockingly, only 2.3% of women-led start-ups received venture capitalist funding. It’s already 2024, and this archaic behavior needs to change.
Women entrepreneurs have found ways around this. They're seeking support from women investors and companies that back women-owned businesses. This movement highlights the power of women supporting women—a principle we wholeheartedly endorse at The Bellamy Co.
All services by The Bellamy Co. give you value for money without imposing undue financial strain on you, your family, or your future. We want to make sure financial worries don't stop you from succeeding. With our support, you can focus on building and growing your business with confidence, knowing that we're here to help you every step of the way.
#5 Advertising, marketing, and sales
For many women entrepreneurs, juggling advertising, marketing, and sales can feel like trying to handle a four-person job alone. The sheer volume of tasks can become overwhelming. Add in the ever-evolving technology and social media, and it can be hard to keep up.
A simple fix is to take online courses to stay updated on marketing and sales techniques. You can also automate tasks to save time or hire someone to do them for you. But if you want to make your business life much easier, The Bellamy Co.’s Elevate360 is for you.
Whether you do this solo, have a team, or simply want an expert eye, Elevate360 can take your business to new heights. It’s like having an advertising, marketing, and sales tool in one without having to do anything yourself. You just have to tell us what you need, and we’ll do the hard part for you.
#6 Fear of failure
Fear of failure often stems from the long-ingrained misconception that once you fail, you can never be successful. That can never be more wrong. You will hear a fascinating story if you ask every entrepreneur and world leader if they have failed.
Fear of failure can have many drawbacks, and it can be passed down to your team. For instance, it may hinder your team from taking bold initiatives or exploring new opportunities, leading to missed chances for progress.
Instead of viewing failure as a reflection of your abilities or worth, see it as an opportunity for growth and learning. With a growth mindset, you can approach challenges with resilience and determination.Once you overcome your fear of failure, you’ll see yourself move and speak differently. You gain confidence and clarity in your actions.
#7 Living up to society’s expectations
Another struggle of women in business is navigating society's expectations. From being expected to excel at work to maintaining a perfect home life and supporting their partner, the pressure to meet societal standards can be overwhelming. Trying to conform to all these can lead to burnout and a sense of inadequacy.
Our solution for this is to redefine your success. The Bellamy Co. lives and breathes this statement. It's important to recognize that it's okay not to meet every expectation placed upon you. Set realistic goals that align with your values and well-being, and don't be afraid to ask for support when needed.
Surround yourself with a supportive community that celebrates your individuality and encourages authenticity. Remember, true success is about finding balance, fulfillment, and happiness on your own terms.
#8 Work-life harmony
Finding the balance between work and life can feel overwhelming, especially when wearing multiple hats like CEO, creative, and parent. It can seem like there's never enough time to succeed in every area.
However, true harmony means understanding that life has its ups and downs. Sometimes, work takes the lead, and other times, personal life needs more attention. It's not about dividing time equally but finding a rhythm that works for you and your priorities.
Rather than aiming for perfect balance, focus on flexibility and responsiveness to the changing demands of work and personal life. By setting boundaries, making time for self-care, and being aware of your needs, you can create a harmonious balance that allows you to thrive in both your professional and personal pursuits.
Being a woman in business is tough, but you are tougher!
Being a woman in business presents unique challenges, from navigating societal expectations to securing funding and juggling multiple roles. You may feel it’s tough, but these setbacks are nothing you can’t handle with the right help and community.
At The Bellamy Co., we're committed to empowering fellow women in business to overcome these obstacles and thrive in their endeavors. Our goal is to equip you in every phase of your business journey.
Whether you're struggling with self-doubt, feeling the pressure of societal expectations, or facing hurdles in marketing, we're here to provide you with what you need. The only thing you have to do is show up and take action. Ready to conquer these challenges head-on? Send us a message and ask how we can help!
