Empowering the Rise of Female Entrepreneurs: Overcoming Challenges and Embracing Support

In the dynamic world of entrepreneurship, the ascent of female entrepreneurs in the last 10 years marks a significant and inspiring trend. As a female founder myself, this journey, while filled with immense potential, often involves unique challenges, particularly in finding suitable investors or mentors, overcoming psychological barriers, and making sure you are fully prepared for the business opportunities that come knocking.

Navigating the Investor and Mentor Landscape

For many female entrepreneurs, one of the foremost challenges lies in securing the right investor or mentor. The investment landscape, historically skewed towards male-led ventures, is slowly evolving, yet women often encounter biases or a lack of networks that their male counterparts might readily access. Finding an investor or mentor who not only provides capital but also understands and believes in the unique challenges faced by women in business is crucial. Only 1% of all venture funding goes to businesses founded by all-female teams, inhibiting scale-up (UK VC & Female Founders, report, February 2019.) Women-led businesses achieve far lower levels of equity investment, with male entrepreneurs 86 per cent more likely to be venture-capital funded, and 56 per cent more likely to secure angel investment. However, when they do secure investment, women’s businesses show returns of 20 per cent more revenue with 50 per cent less money invested (Untapped Unicorns, Female Founders Forum/ Barclays 2017).

The Psychological Leap of Faith

Another significant hurdle is overcoming psychological barriers. Many women grapple with the 'imposter syndrome,' questioning their own capabilities and worthiness of success. Add in the pressures of childcare and family life, it can all sometimes be too much. Taking the leap of faith into entrepreneurship requires not just a solid business plan but also a strong belief in one's abilities and potential. Frankly it takes guts! Recognizing and embracing one's strengths and weaknesses is a key step in this process. In every single economy included in a 2012 study, women have lower capabilities perceptions than men. In every region, women have, on average, a greater level of fear of failure than men. (Global Report on Women and Entrepreneurship, GEM 2012). This fear, coupled with a lack of support, means so many talented women struggle to take that leap of faith.

Business Investment Readiness

Being investment-ready goes beyond having a great business idea. It involves understanding the market, having a clear business strategy, and being prepared to present your business to potential investors in a compelling manner. You don't need 30 pages of slides or an explanation of every detail of your business. You don't need to present the good, the bad and the ugly. Just keep it simple and direct. 12 pages of an investment deck will suffice to simply articulate your unique perspective and how this can translate into business success. Don't forget to put you and your team first! Its your business after all.

The Power of the Right Support

The difference between growing and blooming in the business world often hinges on having the right support. Support networks, mentorship, and access to resources tailored to the needs of female entrepreneurs can be game-changers. Majority female-owned businesses are more likely to use an accountant or a lawyer than majority male-owned businesses and less likely to use no external advice than majority of male-owned businesses (Dr. Stuart Fraser, Finance for Small and Medium-Sized Enterprises, 2005). This support not only helps in navigating the practical aspects of running a business but also plays a crucial role in building confidence and resilience. This is especially important because research shows that women are less likely to believe they possess entrepreneurial skills. Only 39% of women are confident in their capabilities to start a business compared to 55% of men. This is a perceived gap in ability, rather than an actual gap in skill sets (Rose Review of Female Entrepreneurship, HM Treasury 2019).

The Key: Supporting Each Other

Perhaps the most powerful tool in the arsenal of a female entrepreneur is the support from other women. Creating and nurturing a community where women support each other, share experiences, and offer guidance can lead to a more inclusive and successful entrepreneurial ecosystem. It is not just about individual success but about lifting each other up and creating a collective impact. We all have to work together to make a difference. “There is a special place in hell for women who don't help other women." (Madeleine K. Albright: Keynote speech at Celebrating Inspiration luncheon with the WNBA's All-Decade Team, 2006)”

The rise of the female entrepreneur is a narrative of resilience, innovation, and determination. The path, fraught with unique challenges, also offers unparalleled opportunities for growth and success. By securing the right investors and mentors, overcoming psychological barriers, being investment-ready, and fostering a supportive community, female entrepreneurs are not just growing – they are on the rise.