Entrepreneurs face many issues during the establishment and growth of business schemes that range from extreme financial issues to everyday operational issues. Many studies reported that variety of problems is faced by the women entrepreneurs who hinder the success at the starting phase and during growth. The major problem includes lack of access finance that is encountered by men and women. Others problems that are faced by the women entrepreneurship consist of lack of approach to business networks, lack of technical, managerial and business skills, a combination of local responsibilities along with the management. After the reduction of problems that are encountered by the women entrepreneurs, the success of their business will be encouraged. It will help them to establish capability and also support them to resolve the problems. Problems that are faced by women entrepreneurs are divided into four categories that are also approved by International Labor Organization (ILO). The problems consist of role problems, cultural and social limitations, lack of advanced technology and access to finance. Despite an increase in the success factor of women-owned SMEs, investors are reluctant to provide funds to such organizations. It has been discovered that investors have more faith in men entrepreneurs as compared to women entrepreneurs because male oriented businesses provide high returns on their investments. This is one of the reasons due to which women entrepreneurs are facing more difficulties in raising finances for expanding their businesses.
The women-owned SMEs are considered to be a part of concentrated economic development in the United States. These local SMEs owned by women assist in the sustainability of the local economies such as Florida. There are several factors that lead towards the success of an organization that is owned by a women entrepreneur. At the same time, there are certain challenges that are faced by women’s while running a successful organization. The factors which contribute towards the success of women-owned businesses include an ability to communicate, family support, managerial skills, inheritance, and product or service competency. However, the challenges faced by women-owned SMEs are economic barriers, consumer demand barriers, personal barriers and human resource barriers. The economic barriers include cash flow issues and access to financial resources whereas the human resource problems include lack of skilled workforce due to which businesses are unable to achieve their profitability targets.
Personal barriers faced by women entrepreneurs include lack of mentoring, limited management expertise and training that lead towards the failure of an organization. Men are more easily able to develop networks in the market as compared to women due to which they are able to grow businesses in a quicker manner. Men are able to get access of economic resources such as finances in a quicker manner as compared to female-owned businesses due to the perception of investors who believe that organizations run by men’s provide a higher yield on their investment as compared to women entrepreneurs. There are certain social and cultural factors involved which restrict the growth of women-owned SMEs.
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