Women entrepreneurs are breaking barriers in male-dominated industries by being innovative, creative, and persistent. From the early pioneers of entrepreneurship like Madam C.J. Walker who built a beauty empire in the early 1900s to today’s female startup founders who are disrupting industries in tech, finance, and construction, women entrepreneurs are making strides and proving to the world that they can hold their own in business.
Historically, entrepreneurship has been male-dominated, but in recent years, women are making strides by starting their own businesses, creating new products, and services that cater to their needs and interests.
The Challenges Women Entrepreneurs Face
Despite their successes, women entrepreneurs still face some hurdles in today’s business world. From accessing capital to dealing with the gender pay gap, women entrepreneurs have to overcome challenges that their male counterparts don’t face.
Access to Capital. Funding is one of the biggest challenges that women entrepreneurs face. Although things are getting better, female founders only received 2.3% of venture capital funding in 2018. There’s a pattern of male investors funding male-led companies, which makes it hard for women to access capital to fund their businesses.
Gender Pay Gap. Women face unequal pay, which impacts their ability to invest in their businesses. Women earn less than men, which creates a gap in their ability to access capital, purchase assets, and invest in their companies. This lack of financial support makes it difficult for female entrepreneurs to grow their business.
Unconscious Bias. Women face unconscious bias in the entrepreneurial ecosystem, where their contributions and abilities are often trivialized, or they’re excluded from important networks or events that could help them grow their businesses. Female founders report that they’re often underestimated and undervalued, and their experience and skills are overlooked.
Why Women Entrepreneurs are Important
More companies need to recognize the potential of female entrepreneurs and tap into their talent and skills. The benefits of having women in leadership or entrepreneurship roles are many, including:
Increased Diversity. Entrepreneurs come from diverse backgrounds and an organization that reflects their diversity can attract a range of customers and employees. Having women entrepreneurs brings diversity and innovation to the table, and it helps businesses to better understand and deliver to their customers’ needs.
Innovation. Women are more likely to create businesses with a social impact than male entrepreneurs. Social enterprises that incorporate environmental or social goals can improve the wellbeing of communities and tackle complex societal issues.
Economic Growth. Women entrepreneurs create jobs, stimulate economic growth and contribute to GDP. Supporting women entrepreneurs can help create profitable and sustainable businesses, diversify the economy, and create jobs that meet the needs of local communities.
How Women Entrepreneurs are Breaking Barriers
Despite the challenges they face, women entrepreneurs are breaking barriers and shattering glass ceilings in industries where men still dominate. Here are a few examples of women entrepreneurs who are paving the way:
Rosalind Brewer, CEO of Walgreens Boots Alliance (WBA)
Rosalind Brewer is the CEO of Walgreens Boots Alliance (WBA), the first Black woman CEO of a Fortune 500 company. Combining her experience in marketing and operations, Brewer is leading the organization through a digital transformation, defining strategies to improve customer experience and accelerate growth.
Megan Smith, Founder and CEO of shift7
Megan Smith is the founder and CEO of Shift7, a San Francisco-based company that uses technology to make social impact. Smith was the former CTO of the United States, and under her leadership, shift7 has built solutions for various sectors, including education, healthcare, and sustainability.
Maggie Lena Walker, Founder and President of St. Luke Penny Savings Bank
Maggie Lena Walker was a trailblazer who founded St. Luke Penny Savings Bank in 1903, becoming the first Black woman to head a bank in the United States. A pioneer in financial and civil rights activism, Walker built a coalition of Black women entrepreneurs who collectively put $50,000 into the bank, at a time when they weren’t allowed to contribute to white-owned banks.
Tips for Women Entrepreneurs
Here are some tips for women entrepreneurs to help break down barriers and achieve success:
Network. Building a strong network helps an entrepreneur become more successful. Network with other entrepreneurs, business owners, and investors who can provide advice, support, and funding.
Believe in Yourself. Self-doubt and imposter syndrome can stop an entrepreneur from achieving success. Believe in yourself and your abilities, and surround yourself with people who believe in you.
Get Educated. Education is essential for success in entrepreneurship. Take online courses, attend conferences, and read books that can help you acquire the knowledge and skills you need to grow your business.
Create a Strong Support System. Build a support system that includes mentors, business partners, and advisors who can offer guidance and support throughout your entrepreneurial journey.
Conclusion
In conclusion, women entrepreneurs are breaking barriers and creating successful businesses despite still facing significant challenges. They’re important because they bring diversity, innovation, and economic growth to the table. With initiatives such as the 50/50 by 2030 Foundation, which aims to achieve gender equality in entrepreneurship, we can continue to break down barriers and support the development of successful women entrepreneurs. We need to create equal opportunities, foster an entrepreneurial mindset, and help women access the funding, networks, and education they need to grow their businesses. By doing so, we enable women to develop and create sustainable businesses that contribute to economic growth and societal well-being.
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