For Women in Business the traditional challenges often become a long list of things that seem insurmountable.
Imagine for a moment, Maria who has an exciting tech start-up cutting-edge ideas and proven track record yet she cannot get it going. It is a story of how she — too often for her liking and always undeservedly so, like this instance — gets the investor skepticism based on nothing other than the fact that she happens to be female.
So even though she has felt the sting of age-old biases and obstacles, part of what makes Maria’s story inspiring is that it reflects similar struggles being faced by so many women in business today. Nonetheless, their determination and tactics provide us with a glimmer of hope as well as needed guidance. This blog provides an insight into these challenges, inspirational stories to inspire and practical guidance for any women working towards addressing them.
Gender Bias: The Infallible Barrier
Gender bias is an issue women in business have always faced. Over the years this has only gotten worse. Even though women make up nearly half of all global workforce employees, only 28% have senior leadership roles (McKinsey & Company, “Women in the Workplace 2023“). It simply signals the pernicious hold gender bias — too often subtle and filled with unproven stereotypes of female leadership— maintains.
Take Melinda Gates, co-chair of the Bill & Melinda Gates Foundation for example who conquered any gender biases that came her way. Gates has helped lead advancements in global health and gender equality. Not just in that she was leading and working for change, but also shining an example of the majorly feminine strength on a desk with high stakes. It illustrates though, that when there is a will to break down the walls of gender we certainly can, we just have to want it enough.
Work-Life Balance: The Key to Being Pulled in Two Directions
It is a delicate balancing act faced by lots of women in business today. In a 2024 report by the American Psychological Association, work-life balance worries were found to be more common among women than men. This lack of balance can impact job satisfaction as well as overall productivity within the workplace. (American Psychological Association, “Work-Life Balance and the Psychology of Gender”).
One of the most high profile figures to speak out about these issues is Sheryl Sandberg, former COO of Facebook in her book ‘Lean In’ where she highlights how juggling career and family can be difficult for women. Her advice to women is to go for supportive working spaces, demand flexibility in work hours. In doing so, it not only balances the demands of being a mother and an employee but also creates more equitable and supportive workplaces.
Less networking opportunities: Networking With Women In Business
Networking is part of business success, and unfortunately for many women in business this is where one or more hurdles hit home hard; a 2023 report in Harvard Business Review indicates that high-value networking opportunities get closed to women at dramatically higher rates than men.It also serves as the irreconcilability between a joint slowdown of both professional development possibility and entrepreneurial destiny.(Harvard Business Review, “Networking and Gender Inequality,” 2023).
Jessica Enfield is one example of somebody who has cracked the networking conundrum. She set up digital marketing agency Grit. Enfield has effectively leveraged digital and social media tools to expand her network, foster important relationships. She showcases her ability of how women can bind these gaps with technology in a manner that stakes interest by actively engaging on online communities and forums related to industry.
Financial Challenges: Securing Funding For Women In Business
Another big challenge for women in business is the lack of access to funding. This figure is echoed in a 2023 PitchBook report, which found that while women-led startups score higher profitability metrics than those owned by men, female founders receive only 2.4% of venture capital funding (PitchBook, “Venture Capital Funding and Gender Diversity,” 2023). The issue is systemic — the investment landscape today oozes of challenges and biases.
Emma Grede, Co-founder of Good American shares some insights that have helped her to overcome these financial woes through a strong business model and tapping into different forms of funding. This is the approach which Grede has taken emphasizes the importance of resilience, strategic planning and alternative funding. A success story of how women can reach beyond the financial threshold and prosper in business.
Navigating Workplace Culture: Breaking Through Barriers
This lack of inclusion in the workplace culture can be especially difficult to navigate for women in business. Indirect forms of gender discrimination and exclusion in professional settings have been widely recognized as an issue (Harvard Business Review, “Workplace Culture and Gender Bias,” 2023). These issues can manifest as unfair treatment, non acknowledgement or even barriers to career advancement.
Reshma Saujani, the founder of Girls Who Code is one great example. Saujani has been an advocate fighting for more inclusive work cultures and working to break down cultural norms affecting women. Her non-profit organization not only works on equipping girls with the ability to code, but also their advocacy work pushes for systemic changes in tech. Saujani is working to change workplace culture, showing how women can steer progress in making professional spaces more equal for women.
Strategies for Success
- Seek Mentorship and Sponsorship: A mentor or sponsor can provide the support you need to reach new heights that would be almost impossible without them. This gap is partly filled by mentorship programs, such as those available through Mentorloop which matches women with professionals who can provide advice and opportunities. (Mentorloop, “Mentorship Programs for Women,” 2024)
- Advocate for Flexible Work Policies: Women should advocate for more flexible work policies, such as remote work or working hours that respect their personal lives. A leading company like Salesforce has taken the initiative in creating a flexible and more inclusive working atmosphere (Salesforce, “Flexibility in the Workplace,” 2024).
- Leverage Technology for Networking: Utilize digital options and social media to broaden your professional network. LinkedIn and other industry specific forums are a great way to connect with others as it pertains to potential research (finding mentoring), ways other women in your same field can support you and potential collaborators.
- Prepare for Funding Challenges: Write a kickass business plan and try some crowdfunding or hit up an angel investor. For women looking to crowdfund, platforms like Crowdcube and AngelList provide crowd-investment opportunities for female-identifying entrepreneurs (Crowdcube, “Crowdfunding for Women Entrepreneurs,” 2024, AngelList, “Funding Options for Female Founders,” 2024).
- Develop Resilience and Adaptability: It is necessary to have a strong blend of resilience as well as adaptability in order for you to conform yourself nicely with the ebb and flow associated with business ownership. Publications such as the Harvard Business Review explain how to develop these characteristics, and thus be more successful in dealing with adversities within a competitive environment (Harvard Business Review, “Developing Resilience in Business,” 2024).
- Foster Inclusive Workplace Cultures: Strive to create an inclusive workplace culture where differences are valued and everyone has equal opportunity. Organizations such as Girls Who Code provide the opportunity to gain tips and tricks when it comes to having a strong work atmosphere (Girls Who Code, “Creating Inclusive Workplaces,” 2024).
Women in business face an uphill battle marked by both challenges and triumphs. From overcoming gender bias to balancing work-life demands, along with these comes the hurdle of networking barriers to securing funding and workplace culture, which are all obstacles in the journey. But it does teach us a thing or two about resilience, innovation and strategy through the inspiring stories of Melinda Gates, Sheryl Sandberg, Jessica Enfield, Emma Grede, Reshma Saujani.
At B2L, we understand these challenges, we have been there too. Which is why we launched B2L– a community dedicated to empowering women entrepreneurs and founders with cost-effective marketing and advertising services. You can contact us here.
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