As we approach the end of the year and enter 2025, the entrepreneurial landscape presents both exciting opportunities and significant challenges for women looking to start their own businesses. Gill Ashcroft is a multipreneur, businesswoman, investor and philanthropist whose business background stretches from property, recruitment, hospitality, e-commerce and health and social care. While the number of female entrepreneurs continues to rise, they still face unique hurdles that can impede their progress. Here Gill looks at the top five challenges that aspiring businesswomen may encounter, along with strategies for overcoming them.
Access to Funding
Securing financing is often a major obstacle for female entrepreneurs. Despite increased awareness of gender bias in funding, research shows that women still receive less investment than their male counterparts. To combat this issue, my advice is that aspiring businesswomen should explore alternative funding avenues such as crowdfunding, angel investors, and women-focused venture capital funds. It also good to join networks that specifically support female entrepreneurs as this can also provide valuable resources and connections to potential investors.
Work-Life Balance
Striking a balance between personal and professional responsibilities can be particularly challenging, especially those with family obligations. I have four children and the pressure to juggle these demands can be tricky, so you need to be mindful of burnout. To manage this, as I began to be involved in lots of different businesses, I was always careful that I prioritize self-care and establish flexible work arrangements. Setting clear boundaries around work hours and utilising technology to streamline tasks can help maintain this balance.
Networking Opportunities
Building a strong professional network is essential for any entrepreneur, yet for us women we often find it challenging to access influential networks traditionally dominated by men. To overcome this barrier, you should actively seek out women-focused networking events, workshops, and mentorship programmes. Online communities can also provide support and foster connections with like-minded individuals who share similar ambitions as you.
Confidence and Imposter Syndrome
Self-doubt and imposter syndrome are common issues that many female entrepreneurs face, which can hinder our ability to take risks and assert yourselves – no matter how successful you end up being. To build confidence, I feel it’s important to engage in self-reflection, seek mentorship, and celebrate small achievements. Surrounding yourselves with supportive peers can also reinforce your capabilities and empower you to pursue your goals!
Navigating Gender Bias
Despite progress toward equality, gender bias does still remain a significant challenge in the business world. Female entrepreneurs may encounter skepticism about their abilities or struggle to be taken seriously. Developing strong self-advocacy skills and showcasing your expertise can help combat these biases and establish credibility.
While the path to entrepreneurship may be fraught with challenges – I came from a working-class background in Liverpool and have had many highs and lows – these experiences laid the foundation to my success. By addressing these hurdles with resilience and resourcefulness, women can forge their paths and inspire future generations of female leaders. With the right support, success is within reach.
