The number of women in entrepreneurship roles and leadership roles is constantly on the rise. Although there are more women in management than ever before, the number is still less at senior management levels. In fact, women occupy only 21% of top management roles. The number of women decreases as we go up the corporate ladder – 37% in middle management, around 25% in senior management and just 13% at the board level.
In addition, women represent 54% of the total job losses incurred during the pandemic. While setbacks like the pandemic restricted the growth of companies and businesses, there’s hope for 2022 to offer countless new opportunities for ambitious women.
For women to achieve their true potential and build sustainable businesses or profitable careers globally, they must overcome the challenges holding them back. Here are the top 5 challenges we believe are roadblocks in the journey of success.
1. Fear of Failure
Whether women are starting a new business, growing an existing one or climbing the corporate ladder, it entails unforeseen circumstances, leading women to enter the vicious cycle of fear of failure. The fear prevents them from taking action, giving less experience and thus, women never know how good they are. As a result, they start doubting their capabilities even more and go back to the fear of failure. Fear of the known and unknown can be a significant challenge for women. Plus, if the surrounding people are sceptical of their capabilities, the dread of failing increases multifold. The fear can be toxic and difficult, leading to failure in ventures where they could have succeeded.
Instead, when women break the vicious cycle of fear and focus on results, take action despite fear and understand their capabilities, they feel more confident. Eventually, the fear of failure reduces.
2. Work-Life Balance
Many women aren’t just business owners or career women; they have families, spouses, and many other responsibilities that hinder their growth. Personal and professional commitments can pressure women to leave either family or work. While the family expects the woman to be fully committed to the home, the corporate world expects 100% commitment at work. It can overwhelm women and cause them to feel stressed and burned out. When men take over more household responsibilities, it will become easier for women to find the work-life balance and focus on both – home and work fronts equally.
3. Tough Competition
For a long time, the world of entrepreneurship or leadership was limited to men. Although the scenario is changing now, women still have tough competition from their male counterparts. For instance, India is the 3rd largest start-up base in the world. However, while 1000+ start-ups are added every year, just 11% of the founders are women.
For women to overcome this competition, they need to enrich their skills and own their success.
4. Limited Knowledge
Empowering women with knowledge is the first step towards incredible success. Continuous learning and embracing new opportunities with new information is often the key to success. However, women have limited access to a lot of information or emerging knowledge. When women seek relevant and practical information and set out to enhance their skills and business acumen, they can become a powerful force in the industry.
5. Lack of a Support Network
Ever wondered what all women could achieve if they had a perfect support system? Women frequently feel the need for a substantial support system, and their greatest challenges stem from the lack of one. This can include lacking relevant connections, requiring financial access, or building emotional support. Mentors and sponsors can also help women take up new responsibilities and walk on new paths – in their careers or entrepreneurship. For many women, a support system can be expensive, delaying their dreams.
At The Women of Vision, we understand the different challenges women face in the corporate and business world and are building a platform to help them overcome the same. With access to a strong support network, funding, knowledge, learning and growing together, women will be able to jumpstart their dreams with confidence and stability.
“Believe in yourself and own your own success.” — Sheryl Sandberg
Contact us to rebuild your self-awareness and confidence.