5 Sad but Real Challenges Female Entrepreneurs Face in the UK
Despite the fact that women outstrip men in Britain by massive 900,000, only one in five businesses is owned by a female entrepreneur.
There is no denying the fact that the number of female entrepreneurs in the UK has risen from 14% in 2008 to 20% in 2019 and it’s still growing. However, female entrepreneurs have faced many challenges throughout this time, trying to convince that they are worth receiving equal respect and the same financial benefits and compensation as men. Those same business owners are progressing and playing a key role in the current UK economy, creating more job opportunities as well as curtailing gender discrimination.
It’s also a fact that female entrepreneurs face the same hurdles in terms of business establishment and expansion as male business owners. But, it’s been identified that women have to deal with some other challenges, making them somewhat less confident than their male counterparts. Also, female entrepreneurs are more careful about investments and are generally scared about taking risks and going into debt.
In this post, we’ve rounded up the five major challenges women entrepreneurs in the UK face. In addition to that, we’ll also have a quick look at one of the most important visa categories called UK Entrepreneur Visa which is paving way for competent and qualified female entrepreneurs around the world to run their own startup in the UK.
The Problems and Challenges for Women Entrepreneurs in the UK
- Maintaining Balance Between Family and Work
Since, women are believed to be the family’s primary caregivers, maintaining a proper balance between workload and household has observed to be a key obstruction in starting a business. Female-run businesses are unavoidably disturbing by the owner having children or when she takes maternity leave. The perspective that ‘I can’t handle all’ is certainly one of the biggest struggles present-day female entrepreneurs are going through. Interestingly, this issue can easily be resolved by acquiring outside help to assist with the domestic as well as the professional workload. Sadly, many developed countries including the USA, UK and Australia with a greater number of female workforce neither offer any sort of government aid nor have developed policies that ensure access to childcare facilities.
- Lack of Funding and Other Resources
Credit availability is yet another major concern which female entrepreneurs face not only in the UK but all over the world. Although there are a number of financial institutions that facilitate women entrepreneurs, other relevant requirements and formalities are limiting them to procure the loan from the organized sector. Most of the time female entrepreneurs need help of their male family members to get finances on their behalf. Also, a lot of women depend mainly on their own savings to start their business.
- Informational Requirements
Women who enter the field of business generally hold degrees in other disciplines rather than business studies. Also, they do not hold sufficient experience in managerial positions. The void in business proficiency and experience give rise to problems for female business owners. Lack of ample training also acts as an obstacle to using the latest technology, which negatively impacts the productivity and overall outcome of their enterprise.
- The Psychological Barriers
Sexism and bias against women also act as a barrier especially for women with no prior knowledge of the business field. Because of social thinking patterns and the general mindset of people, women are more likely to be judged on the idea that they’re psychologically weak and sensitively emotional.
- The Fear of Failure
Unlike men, women are supposed to be more sensitive and many times it becomes difficult for them to overcome failure. This fear of failure is actually restraining women from establishing their own businesses. They’re believed to be more apprehensive about taking loans and it’s generally hard for them to bounce back from business failure. But, if we take a closer look at present-day female entrepreneurs running their own business in the UK, they appear to be more confident and determined. It’s all about providing them with the right opportunities and facilitate them to make the most out of their business enterprise.
As far as Britain is concerned, there’s still a lot of room for improvement as only a third of all entrepreneurs in the UK are women. The country needs to take effective steps to attract a wider segment of female business owners across different nationalities and markets.
UK Entrepreneur Visa allows residents from non-EEA countries to enter the country and establish their businesses. It’s a great opportunity for potential female entrepreneurs who have the talent and vision to contribute to a bright and prosperous future for the UK business sector.
The application process is lengthy and complicated and would definitely be difficult without taking help from a reliable immigration lawyer. All in all, female entrepreneurs must be recognized for their skills and competencies and must be given an equal chance to contribute to the world’s global economy.