• Women own 1 in every 5 American businesses – that’s 1.1 million businesses.
• Women entrepreneurs often face challenges in accessing funding, feeling respected as business owners, and building a support system.
• To overcome these challenges, women entrepreneurs often create their own support systems, overcome their insecurities, and reach out to other women entrepreneurs.
• This article is for women who own or want to start a business and are curious about how other women entrepreneurs face their unique challenges.

Being an entrepreneur isn’t easy. From cash flow problems and marketing woes to saving for retirement, business owners must overcome myriad obstacles to become successful. These challenges are especially notable for women, despite the increasing share of women-owned American businesses.

We’ll explore some facts and figures about women-owned businesses in the U.S. and share tips from successful women entrepreneurs on how they overcame their unique challenges.

How many American businesses are women-owned?

were 1.1 million women-owned businesses as of 2019. This figure corresponds to women owning 1 in 5 businesses. These businesses employed 10.1 million people and earned $1.8 trillion in receipts. The SBA also notes that women-owned businesses grew at twice the rate of men-owned businesses from 2014 to 2016.

Did you know?: Between 2014 and 2016, American women-owned businesses grew by 6%. Concurrently, the number of American businesses owned by minority women grew by 14%.

What challenges do women entrepreneurs face?

Aside from the typical entrepreneurial pitfalls, the female business owners we interviewed cited several challenges women entrepreneurs face. These challenges include obtaining funding, growing a support network, and reckoning with feelings of inadequacy and the fear of failure. Some other difficulties are bucking social expectations, being seen and heard, and achieving a positive work-life balance. [If you’re having trouble getting a conventional loan, explore these private funding sources for small businesses.]

How women entrepreneurs can overcome their challenges

Women have made significant strides in the business world, but they still face obstacles that men don’t encounter as frequently. We talked to a few successful women entrepreneurs about challenges they face and how they overcome them.

Making authoritative first impressions

“One of the biggest challenges women entrepreneurs face is creating an authoritative first impression. We are often stereotyped by our looks and not immediately recognized as a serious entrepreneur.”

The solution: “To overcome this challenge, I’ve started to introduce myself, first and last name, and my business as I shake hands. ‘Hi there. Sarah Pendley, Sarah Theresa Communications.’ This establishes authority and immediately clears up any confusion as to my role. I’ve found that conversations go further, and I’m taken more seriously as an entrepreneur.” [Related article: Key Steps Women Can Take to Be Strong Leaders]

– Sarah Pendley, founder of Sarah Theresa Communications

Achieving work-life balance

“As a mom of two and owner of three businesses, my greatest challenge as a female entrepreneur is finding balance. It can feel like your heart and your time are being tugged a million different directions at once.”

The solution: “However, one thing that has helped me..[MORE]

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To read the entire article by Saige Driver on the Business News Daily website, visit: 7 Women Entrepreneurs Share Their Biggest Challenges