Women entrepreneurs have long faced numerous challenges in getting access to capital and balancing the demands of their careers and familial duties. Unfortunately, as the coronavirus pandemic continues to rage on, the problems seem to be worsening. According to a recent study, the pandemic has disproportionately affected the sustainability of women-owned businesses.
Female small business owners are also less likely to expect future success over the coming year and face issues in such areas as revenue, investments, and staffing. This article explains some of the challenges as well as emerging opportunities for women entrepreneurs during the pandemic.
What Challenges Do Women Entrepreneurs Face?
Although studies show that coronavirus has had a heavier impact on men than women, the pandemic’s economic effects have been suffered to a greater extent by women, primarily those in business. Some of these entrepreneurs are students who have to combine the challenges of academic life with the uncertainties that presently plague the business world. Of course, services like SameDayEssay Review can always help with some academic challenges.
The reasons why women entrepreneurs continue to struggle during the pandemic go beyond the limitations created by the coronavirus. Instead, they reflect the historical challenges women have often faced concerning access to finance and gender roles. Here are some common ways that the pandemic has affected women in business.
A Muted Demand for Services
The coronavirus pandemic has caused shocks in the supply chain, with most people having to readjust their priorities due to the pandemic-related economic hardships. Evidence shows that women-led enterprises are more likely to be in the industries that have been most seriously affected by the pandemic. Areas like retail and wholesale trade, where most female entrepreneurs thrive, have been adversely impacted by dwindling demand for services.
Measures created to mitigate the spread of infections such as lockdowns have made in-person shopping challenging, lowering the opportunities for businesses to make sales. Also, the economic challenges that most customers face mean that they struggle with reduced purchasing power. Some clients have been forced to reexamine their priorities after meeting pay cuts and reduced income.
Severe Threats to Business Survival
Women entrepreneurs have also faced severe challenges to the success of their franchises. Evidence shows that they start their entrepreneurial journeys with limited capital, financed mainly by their savings. In fact, according to studies, only about 25% of women in business are open to seeking financing for their businesses. Moreover, when female entrepreneurs seek financial support, they are less likely than men to receive it. Also, most business models in the sectors women prefer in business tend to market directly to consumers. All these dynamics increase their vulnerability to the challenges presented by the pandemic.
Challenges of Balancing Work and Life
Maintaining a work-life balance has always been a severe challenge for women and has made the coronavirus even more frustrating. A recent study found that women worldwide are bearing the brunt of the pandemic, both at home and in the workplace. Research shows that women usually carry a disproportionate burden regarding emotional labor and physical workload in the work environment.
Despite changing perceptions of gender roles, women still carry most of the burden in the home setting. The implication here is that, in the event of a global crisis such as the one we currently face, the disparities spike, and the stress on women exacerbates.
When the coronavirus forced people worldwide to change how they work, live, and learn, women were forced to take on more responsibilities. In most homes, women are expected to facilitate online learning for children while taking care of routine household duties. Challenges caused by the pandemic also mean that women feel pressured to work more, and burnout and exhaustion are common. If you are a student, don’t be afraid to use such services as Topstudywriter.com for your academic projects.
How Women Entrepreneurs Can Successfully Navigate the Challenges
There is no denying that the pandemic has hit women entrepreneurs hard. As a result, women face a few challenges in business: lack of funding, dwindling demand for services, and balancing work and life responsibilities.
The first insight for female entrepreneurs is to focus on the positive. We are all facing challenging times, but there is always something good to look at. Dwelling on the things that are going bad only worsens the stress. Anxiety and negativity waste your mental resources and creativity. So instead, find something positive and focus on it as we wait for normalcy to return.
Remain creative and always offer value for your clients. Brainstorming opportunities to remain sustainable will help your business in the long term. Understand that the pandemic has created challenges for all businesses. Consider new revenue streams and keep engaging your present customers.
In terms of work-life balance, change your mindset and understand that no one is perfect. Learn to share the workload and set clear boundaries. Most importantly, create room for flexibility and prioritize self-care.
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