The Challenges of Being A Female Entrepreneur
Our second infographic in this series based on data from the Kauffman Foundation’s report Sources of Economic Hope: Women’s Entrepreneurship illustrates the hurdles of launching a venture.
Not surprisingly, having enough time and money is seen as the biggest challenge in starting a business. Next up is acquiring capital: 72.1% of people feel that finding funds is challenging. What’s even worse is that acquiring early stage funding such as venture capital is harder for women than men.
Men are more confident than women in asking for money from their networks of close friends and business acquaintances. Women need to step up that part of their game. But also, money flows more easily to men. Male founders are 3x more likely as female founders to access equity financing through angels or VCs. A funding gap turns into a growth gap and then an outcome gap.
Apparently, the least challenging aspect of starting a business is lack of industry knowledge. Only 6% (the lowest number) of respondents feel that this is extremely challenging.