There are many barriers to women's entrepreneurship and they include: lack of opportunities for education, experience and training; lack of spatial mobility and family support; lack of institutional support; lack of entrepreneurial management; and problems in obtaining financial resources.
Let us discuss some of them
Family and business time management
It is generally believed that if given a choice, women would prefer to spend time with their families rather than spending time at work. Gender bias at work plays an important role in determining which employee will be promoted from which group of employees. Managing the responsibilities of a family is similar to managing an organization. An organization consists of workers and supervisors and a family consists of many family members. It is quite challenging for women to carry out official duties along with the demands of the family. Returning to work from maternity leave is still a very controversial issue. Many women decide not to pursue a career after the birth of a child.
Lack of support from other entrepreneurs
Being a businesswoman has its advantages. For one thing, you don't have to worry whether your personal details will catch the attention of potential employers. But there is a downside. There are very few women who can call business women colleagues or even rivals in the matter. Step into a conference or a meeting and you can count on one hand the total number of women attending that seminar. Every time a businessman meets a counter party that may be of a viable commercial advantage, the man may have something else on his mind. As is the case with the meeting of opposite sexes, there will be disputes and conflicts.
Lack of financial assets and resources
Starting any new business requires capital and investment. Businessmen or women do not always have the required capital or investment to start a business. In most cases, potential investors will need to obtain a loan to begin their establishment. It has been observed that organizations and financial institutions are more willing to give loans and money to men than to women. Both men and women can apply for the loan for the same organization. The male's application will be processed while the female's application may require more assurance. It is advised that women prepare a business plan and address all the necessary complexities before applying for the loan.
Facing male dominated mindset and prejudices
There are some areas which have traditionally been dominated by men. Such specializations still exist today in a modern world where men largely dominate women. For example, science, technology, engineering and mathematics are some of the male dominated work fields. Women entering the construction sector will face constant criticism and confrontation every day, regardless of their place of work. Another complication that will exacerbate the situation is that attitudes and attitudes will favor the male members of society, even if it is wrong. Women need to be even more determined to be successful in such situations.
Being attributed as a corporate success
Women may succeed in becoming industrialists, but their worries never end. Women entrepreneurs still have to deal with the negative attitudes that have ingrained in the mindset of the society over time.The society still believes that leadership roles should go to men within an organization. Over time, successful women will face employees who are unwilling to surrender to the care of high-ranking women. Crossing boundaries can mean even higher beliefs and attitudes. Doing business with an international company, it is unlikely for a foreign businessman to ask to speak to the man in charge of the business.
Impact of COVID-19 on Women Entrepreneurs
COVID-19 effected lot of female entrepreneurs in many ways
For example, more than 50% of women entrepreneurs work in wholesale/retail business, who faced severe demand loss due to shutdown.
Businesses run by women entrepreneurs can be particularly vulnerable in times of crisis, as they are less likely to have the capital reserves to depend on with low incomes.
School closures meant that working mothers were forced into full-time childcare along with their jobs, which had an adverse effect on work-life balance.
Conclusion
Women have different motivations and intentions to become entrepreneurs than men. They may be attracted to self-employment for the work-life balance and greater flexibility in managing family care responsibilities – one reason women entrepreneurs are less likely to grow their businesses than male entrepreneurs.