The challenges women face in business

More women are entering the workplace but still face challenges they need to overcome.  As they climb the management ladder, the workplace environment continues to throw barriers in their way.

These are the five significant barriers that women still face in the business environment today:

Limited Funding

Not every business is lucky enough to get investor funding to start their business. Most have to bootstrap the start of the company. Women run businesses, lead the pack when it comes to a lack of financial support. Many women are denied loans based on gender or cultural bias in many countries. The financial institutions are primarily male-run and tend to fund male-owned businesses.

Balancing their responsibilities

Not only are they trying to run a business, but most women are also juggling home, and family lives. As the personal commitments continue at home, women often have to choose whether to abandon their business or family.

Social support is not prevalent in South Africa for women with children who still want a career.

The fear of failure

Starting or running a small business is not easy. The risks are high. For many, they do not have the safety net available to continue growing a business, which may fail and leave them in a worse financial situation. If their support team is already skeptical of their success, women operate from fear instead of confidence. They cannot take the significant risks that can lead to big rewards.

The lack of an adequate support system

Everyone needs decent support when running a business, be it financial, emotional, or mentorship. The lack of mentors for girls and women is well documented. More university graduates who get the benefits of mentors are men. Male mentors are either skeptical of taking on the role of mentor for a woman based on a gender bias or social pressure of what it could look like to the outside world.

Gender Inequality

The laws regarding culture, religion, finance, and politics come from a patriarchal foundation. Many of the opportunities did not take women into account when setting up the business environment. Women need to scramble through this maze over and above starting the business.

The best you can do for the women entrepreneurs in your circle is to offer them the support they need, be it in the home environment, support and promote their business, or introduce them to your contacts.

It is only through giving them support and exposure that more businesses can thrive.

Did you know that Bizcash offers companies finance solutions that can help you grow your team, train staff, and enter into new markets?

Please speak to our team to find out more about how we can help you. Get in touch with us on 0861 93 93 93 or email us on info@bizcash.co.za or contact us here.

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