What are the Opportunities and Challenges For Women in Business Right Now?

In August this year, Pinstripe Media and Dell Women’s Entrepreneur Network commissioned independent research to gain insights into the state of play for women in business today. They interviewed more than 350 business leaders and entrepreneurs about everything from work/life balance and paths to leadership to the value of mentors and networks in building and maintaining a career – and the results highlight the opportunities and challenges ahead.

Bias is still the ever-present issue that is holding women back. While 62% of those surveyed rated the outlook for female entrepreneurship as good or great, a massive 90% of female leaders say that women face biases that men don’t have to.

Of course most of this bias is unconscious. Patterns of behaviour that are accepted as normal in the workplace can be frustrating for women. Most of the time, the men don’t even realise. I’ve shared data before from some research University of Sydney Professor Rae Cooper told me about where she had conducted a study on perceptions of gender equality in the workplace. Roughly 70% of the men interviewed didn’t think there was a gender equality issue at their work, whereas 70% of the women did. That’s pretty telling. Until everyone in the business gets on the same page, progress will be very difficult.

Disrupting Bias

I’m often asked by men what they can do to support equality and I tell them that to really learn about creating a gender equal workplace (and this doesn’t necessarily mean numerical, but about equal opportunities and treatment) I suggest that they actually look OUTSIDE their organisation.

Not too many women are confident to speak up about negative treatment at work, especially if it jeopardises their chance of promotion. So it can be more effective to?look externally – mentor someone outside your organisation, or talk to female friends and family and ask them about their experience. Things like:

• What are some of the day-to-day challenges that women have at work that men might not realise?
• What are some of the behaviours of men at work that you wish would stop?
• If a guy were asking how he could really show up as a male ally to make the workplace fairer and more welcoming for women, what would you tell him?

Then adjust your behaviour at work if you need to in order to be a better ally. And shout out the other male workers doing the same.

Because it's a sad fact that while women need to work a lot harder to get recognition, there's a group who get even less and that's their male allies.

Building Connections

The research also showed the importance of networks and connections for women in business, with 95% of women thinking mentors were important and 92% of women considering professional networks to be important. In fact, the more networks women belonged to, the more value they placed on them: 89% of women belonging to four or more said they were either very or extremely important.

I recently got feedback from a female founder who had completed a mentoring program with Rare Birds. Ella Burke is at the early stages of her business Employii and says: “There are so many amazing people, groups and organisations out there who want to support start-ups and women in business. I came across Rare Birds maybe 12 months ago, just by being active on LinkedIn for example. Make the most of them and get involved, heaps of them are free or offer scholarships too.?

“Networking is so, so, so important. If I could go back, I would put the money I put towards a marketing strategy – which in hindsight I didn’t really need at that time – towards networking events and groups. I also have a business mentor, who has been invaluable.”

The Confidence Game

The research revealed another key challenge for women entrepreneurs, with 41% saying a lack of confidence was hindering their success. Imposter Syndrome is sadly alive and well among female founders. Being a leader in a fast-growing company can be a very, very lonely place. Not many people really understand the concept of the mental fatigue or the psychological rollercoaster you go through when you’re building a company.

Having a mentor, and being part of professional networks, was hugely significant for me personally. Apart from the doors that it has opened for me, my biggest takeaway has been the change in my business confidence, and my self-confidence. And that right there is the goal.