The business world is changing, and women entrepreneurs are the ones who are changing it. After years of struggling to earn equal pay for equal jobs, more and more women are starting their own companies and calling the shots. They are launching their own businesses at a rate that is twice those of men. However, they continue to struggle with issues like capital and business growth.
Challenges facing women entrepreneurs
As investment in women-owned businesses continues to grow, women entrepreneurs will face these 3 big challenges: funding, support, and mentorship:
- Funding - only a small amount of investment money is going to women entrepreneurs. According to Massachusetts' Babson College President Kerry Healey. “Closing the gender gap and providing greater funding opportunities for women entrepreneurs not only makes good financial sense for venture capital firms, it also will drive new economic growth and spur innovation.”
- Support - while banks need to do a better job of supporting women, women also need to support each other. Women's Centers are popping up across the country, offering conferences, competitions, meetings with investors and other female entrepreneurs where they provide support, leadership and the latest information on women in various industries.
- Mentorship - a mentor is a wise advisor, a teacher and a coach. Creating diverse global networks dedicated to the economic engagement of women around the world and that helps women connect with each other and with those who want to share their secrets to success is necessary to drive change for women entrepreneurs. States Tim Wagler, CEO of Stimulus Engineering, "Strong women equals a strong company culture that accelerates growth."
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