Women Entrepreneurs: Overcoming Challenges, Finding Success – PA Business Central | Marcellus Business Central | Business Women

Despite breaking barriers and achieving remarkable success, women continue to face challenges in pursuing their business dreams. After working with hundreds of businesses, I’ve seen how business standards still fall short of addressing the unique needs of female entrepreneurs. From navigating deep-rooted cultural biases around financial risk to balancing work-life demands, the path to success for female entrepreneurs is often more difficult.

One of the biggest challenges for women in business is to overcome the generally low tolerance for risk, especially financial risk. Historically, women have been discouraged from taking entrepreneurial risks compared to men, especially when it comes to starting a business. For many female entrepreneurs, the decision to take a risk isn’t just a business choice – it’s a personal one that carries a lot of weight. This low risk tolerance often prevents women from pursuing entrepreneurship, and even when they do decide to venture out, earning an income becomes an even bigger obstacle. By 2023, only 2.1% of venture capital in the US went to all-female teams, according to PitchBook. This stark reality not only hinders the growth of women-led businesses but also perpetuates the cycle of under-recruitment and marginalization of women in business. To change this, we need not only more financial opportunities but also a change in attitudes that have historically discouraged women from taking financial risks.

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Balancing work and life is another major challenge, as women often shoulder most of the family responsibilities. Despite efforts to eliminate gender bias, societal expectations still rely heavily on women to prioritize family over work. This dual responsibility can be overwhelming and often hinders the ability to grow a business. According to the Pew Research Center, 60% of women in the United States report that they handle most of the childcare work at home, compared to just 10% of men. This makes it difficult for women to fully commit to their business, which leads to burnout and makes it difficult to maintain the same status as their male peers.

Entrepreneurship can also be a lonely journey, and this loneliness is often amplified in women. The unique challenges they face – such as gender discrimination and work-life balance – can be difficult to navigate without support. Building a strong support network and finding mentorship is important, yet can be especially difficult for female entrepreneurs. As the president of WINGS, a network dedicated to supporting women entrepreneurs, I have seen firsthand the importance of creating spaces where women feel comfortable sharing their experiences and supporting each other. Equally important is promoting conditions where women are recognized as equals with their male counterparts, which requires a cultural change within organisations. Despite the challenges, it’s important for women to seek out mentoring and networking opportunities in different communities, entering these spaces with confidence, knowing that their opinions matter.

To overcome these challenges, women entrepreneurs must develop dedication and commitment. The most successful women I have met are the ones who refuse to give up on their vision, no matter how hard things get. They fight to keep their businesses alive, overcoming obstacles that might cause others to stop. Prioritizing critical resources and building strong networks are important steps in this process. By taking advantage of economic development opportunities, such as the Happy Valley LaunchBox run by PNC Bank, the Penn State Small Business Development Center, or Ben Franklin Technology Partners, joining peer groups such as WINGS, CREN (Centre Region Entrepreneurial Network), or CBICC (Chamber). of Business and Industry of Center County), and actively pursuing opportunities in their community, such as grants and special programs, all entrepreneurs can gain a competitive advantage. Building a network of referral partners and complementary businesses within the community is equally important. By coming together to support each other and show themselves as leaders, women can face the challenges head-on to not only survive but excel in the competitive business world.

There are so many women in Central Pennsylvania who are building amazing businesses, often bringing this community together in ways that may go unnoticed. If you look closely, you will see women doing amazing things. It is my prediction that more women will take bold steps forward, turning their dreams into thriving businesses by breaking down cultural prejudices and old practices. By coming together, cheering, and taking their seats at the leadership table with confidence, these women will continue to shape the future of our community.

Elizabeth Hay is the Jack White Family Director of Happy Valley LaunchBox powered by PNC Bank