As more and more female entrepreneurs are changing the world with their innovative ideas, they’re also rising up and demanding equality.
But the truth is, as much as we’d love to say gender disparity in the workplace is a thing of the past, inequality in the world of entrepreneurship is still very real. To that end, 99designs surveyed our community of entrepreneurs (both men and women) to get insight on the challenges female entrepreneurs are facing today.
99designs’ Women in Business 2018 study revealed that men are almost twice as likely as women to raise $100,000 in funding: 28% of men raised $100k or more for their venture, versus just 15% of women. This lack of funding may make it more challenging for female entrepreneurs to rent the office space and hire the teams they need to bring their business ideas to life. The funding gap also means longer hours and less work-life balance for women, who were found to be more likely to put in a “second shift” at night than their male counterparts.
But while women might face additional challenges in getting their businesses off the ground, the ways in which men and women are navigating the world of entrepreneurship share a lot of commonalities. Both genders are starting businesses in the same industries (with the exception of a few, including software/internet/computer/electronics, which is dominated by men, and health, pharmaceuticals, and biotech, which is dominated by women). Both men and women have similar approaches to fundraising and run into the same challenges, including lack of confidence and inexperience. In addition, both male and female entrepreneurs struggle with many of the same difficulties that come with being an entrepreneur, including guilt for spending time away from family and fears about the future of their businesses.
What 99designs’ survey highlighted is that in many ways, male and female entrepreneurs are on the same journey. Now it’s time to start treating them that way by closing the gender gap and making progress toward equality in funding for entrepreneurs.
How Men and Women Run Into The Same Problems Funding Their Business (INFOGRAPHIC)
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