Women in Business: Problems Women Face That Will Make You Think
Women are becoming more and more seen in the business world.
In fact, as of 2020, forty percent of U.S. businesses are owned by women!
Although it’s amazing to see that number steadily rising, women are still the minority — still fighting for equality in the workplace. Why is that?
As more women continue to find their confidence and follow their dreams, we can only hope the following issues will be eliminated with time.
Gender pay gap
Did you know that, on average, women only make eighty-one cents for every dollar a man makes in 2020?
That means the gender pay gap has shrunk by only one percent since the year 2015 — despite John F. Kennedy signing the Equal Pay Act into law in 1963.
The Equal Pay Act states that employers are not allowed to pay workers differently for the same job title, or amount of work, based on their sex.
So how and why is this still happening now?
This could be one of the many reasons women are feeling dissatisfied with their work, and turning to entrepreneurship more frequently.
Lack of mentorship
Almost half of female founders say they found it difficult to find an available mentor or advisor in their field.
This could cause a stunt in the growth of your career, especially in the early stages, when having someone to turn to for guidance is crucial.
Of course, there are plenty of capable mentors out there. But having someone who has been in your shoes might make it easier for them to understand your needs.
That being said, women don’t have to stick to only female mentors, and vice versa. Although it may feel more comfortable that way, you could possibly learn more from someone with a different background and outlook on things.
Age or gender don’t matter in mentorship; it only matters if you see that person as someone you can look up to and learn from.
If you are still struggling, you can always turn to LinkedIn. Successful business women are beginning to flood the platform, continually lifting each other up.
Building your network and support team are a crucial part of your growth — like we talked about in this post with Megan Evert.
Lack of funding
In 2019, the average loan size for women’s businesses was $40,513. That’s almost $30,000 less than the average loan for men’s businesses.
Despite the fact that women-owned businesses generate almost two trillion dollars a year, there seems to be a lack of trust in women’s capability of opening and running successful businesses.
If you are struggling to find adequate funding to kick-start your business, you can look into local Women’s Business Centers, which the Small Business Administration sponsors nationwide.
You also want to make sure you have a very in-depth, strong business plan and mission statement before you meet with a loan officer, to give you a better chance of being taken seriously.
In previous generations, women were in charge of making sure the children and household duties were taken care of, while the men went to work to provide for their family.
Today, women work just as much as men, but many are still responsible for all the previous duties as well.
Women are expected to be going at all times, and most don’t even question it until the stress catches up to them, and they are hit with complete exhaustion. This can lead to self-destructive thoughts, and guilt for not being able to meet up to those unrealistic expectations.
Don’t be afraid to ask for help. You may think of yourself as Superwoman, but even she needs a break from time to time.
It’s time to end the stigma.
ExecuTalks is rooting for you! Things may be hard at times, but we are here to tell you that you’ll get through it. You will come out on top.
If you’re stuck and don’t know which way to turn, don’t be afraid to reach out.
Conversations change lives, and you might be one conversation away from clarity!