In this modern era, women are no less than men. In every field, women are working equally with men. Not only in jobs but even in the business field, many women are seen as successful business owners. For women, devoting a time to job and business is not that easy, along with family. There are several factors like financial because which women chose to start a small business startup. Many women started small businesses because they didn’t get full value for their work in a job. The COVID-19 pandemic motivated 61% of newer women entrepreneurs to start their own businesses. Furthermore, many women start to work for their passion and interest. An interesting survey conducted by OnePoll reveals that 33% of female small business owners start businesses to inspire other women.
Same as business rewards, there are also some startup challenges faced by new entrepreneurs and especially by women.
Startup Challenges:
Starting a business is not an easy or simple task. Many hurdles, challenges, and sacrifices need to be faced. Small business startups have the following challenges, especially, in the case of women:
- What to start: the first and foremost challenge faced by women is what a business to start. Society norms are the main hurdles, if a woman is doing some business she must be dealing in women’s products. The scope for doing business for women is so narrow according to society.
- Financial challenges like high startup costs, the requirement of funds, and equipment/maintenance charges.
- Marketing issues, as a new business, requires heavy marketing at the start.
- Growth fears whether the business will grow. In the initial stage, it is one of the biggest fear and is mostly the most common in starting up a new small business.
- Women of color had other challenges like the basis of race/ethnicity, they lack of opportunities.
- Dealing with the ancient mentality is the other hurdle faced by women in their startup of small businesses. Society created norms about women, and biased judgments are the biggest demotivating factors.
- Security issues, still some countries not only in the east but also in the west, face security issues for women.
Mentioned are the risk, but not limited, to starting up a new small business for women.
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Rewards of Business Ownership
Owing a business means owing all risk and rewards related to that business/industry. According to a survey, 73.6% of women agreed that owning a business has been a positive experience. Some small businesses rewards are:
- Be your own boss: the most valuable reward of starting a small business is, that it gives a sense of ownership. One knows that all efforts belong to him/her. For women starting up a business is making society realize their efforts and their importance. For that reason, it has been observed that in comparison to men, women are more hardworking.
- An idea into action: Owning a business means doing what you want to do for ages. In a job system, you are a part of a machine doing regular work. The business allows creative ideas, and women are known for their creative minds.
- Risks into growth: After facing and achieving risks, the business starts to grow and provides all the benefits that can’t be achieved in a job.
- Work-life balance is also another reward of starting up a small business for women.
- Inspiring other women: For women, it’s the greatest reward that she can be a source of inspiration for many others like her. A survey also concludes that:
Source of Mentorship
In a survey, it has been found that the woman agrees that their main source of inspiration is female mentors. This is especially true for women of color, who were 1.5 times more likely to have a mentor.
Women can handle or start up a small business easily. They have a built-in capability of multitasking. Like if she is a mother she has to look for a house, food, children, and her husband. This management of the house gives women management skills by birth. The most difficult challenge they face is non-acceptance from society and even from their own families. Despite all factors limiting them, women in short can easily handle small business startups.