The entrepreneurship journey may have its challenges, but being a woman only adds to the strength and resilience that is needed to succeed, compared to a man who faces the same journey. One major unseen obstacle for women entrepreneurs is the difficulty in accessing funding and capital compared to their male counterparts.
According to research that focuses on the entrepreneurial challenges faced by Malaysian women entrepreneurs, it has been shown that women-owned businesses receive significantly less venture capital investment and have more challenges securing loans from financial institutions.
Funding challenges for women entrepreneurs
I have heard from friends that women in their careers have to actively seek out alternative funding options, such as crowdfunding platforms, angel investors, or women-focused investment networks during the earlier stages of establishing their businesses, as more confidence and trust are given to men.
However, it’s safe to say that that ship sailed fairly quickly as more companies and agencies are promoting financial literacy and entrepreneurship education can also empower women to navigate the funding landscape more effectively.
Just as it is with snowflakes and fingerprints, no two experiences are the same. Although some aspects may be mainly similar, there may also be little details in a certain situation that changes the difficulty level of addressing those challenges and how to overcome them.
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One of the most significant obstacles is the lack of gender diversity in any male-dominated industry, such as technology, manufacturing, construction and the like. Women entrepreneurs often face gender bias and stereotyping, which can manifest as doubts about their abilities, scepticism about their business ideas, or even discriminatory treatment in the business world.
Not only can gender stereotyping bring a significant negative impact on entrepreneurial success, but it will also make it difficult for women to find mentors and role models who can provide guidance and support.
Empowering women entrepreneurs
This is exactly the reason why I believe that overcoming this obstacle requires women in their careers to challenge societal expectations and stereotypes, advocate for themselves, and build strong professional networks.
By showcasing their skills, expertise, and successes, women entrepreneurs can challenge biases and change perceptions. Collaborating with other women in business and supporting each other’s ventures can also create a more inclusive and empowering environment.
While I have always been in the human resource field during the majority of my career, I have met other female colleagues and friends that managed to excel in fields that were dominated by men and ended up pushing the business to new heights – they are proven to be strong enough to face the challenges and obstacles that come up.
But it is also mind-blogging to know how underrepresented women are in the industry as well as the number of female executives occupying the board seats, which are just 20 per cent of board seats globally. It also doesn’t help that our education system is so broken that it doesn’t equip us with knowledge in entrepreneurship or leadership.
The same research has also shown that women in careers are juggling multi-roles and face work-family conflict with the burden of heavy household chores and childcare, which can majorly affect one’s career. Balancing work and personal life is an ongoing challenge for women entrepreneurs, particularly due to societal expectations and traditional gender roles.
In fact, with the proper channels and support, the success of women-led businesses plays an important role in the economic development of the country. In 2019, women entrepreneurs contributed 20.6 per cent of total offline and online SME businesses in Malaysia.
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And based on a report by the International Finance Corp (IFC), the sales of female e-commerce businesses could potentially add approximately US$280 billion in the Southeast Asian market between 2025 and 2023.
Hence why I personally believe that everyone (women or men) need to understand that it is essential to delegate tasks, seek support from family and friends, and build a support system that understands and respects their ambitions. Embracing flexibility, both in terms of work hours and work arrangements, can also help women achieve a better work-life balance.
In short, the scenarios that I have observed throughout my career have taught me that some of the biggest challenges that a woman entrepreneur can face are sometimes caused by themselves. It is best to fix this hurdle by facing it by digging deep and identifying the source of those insecurities.
By acknowledging and addressing these unseen obstacles and supporting other women’s businesses and journeys, women in their careers can empower themselves and create a more inclusive and supportive environment for aspiring women entrepreneurs.
Ultimately, being confident in oneself and believing that we are well and capable of achieving our own goals is key to success, regardless of gender.
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