Being part of an all-female team it never ceases to amaze me when I read headlines like these. Despite the Equal Pay Act 1970 and the Equality Act 2010 the fact remains, there is still inequality in business. Women continue to earn less than men and despite research conducted by Zenger Folkman that indicated women make better leaders than men, there are still fewer women, around 3-4%, at CEO level compared to lower positions within organisations where 50% of employees are female.
So it’s no surprise that government figures show that more women are setting up their own businesses than ever before. Breaking through the glass ceiling will never be an issue if you become your own boss but there could be other obstacles in the way such as a struggle to get funding.
Often female business owners have to be even more resourceful and explore the alternatives such as grants, angel investment and crowdfunding. Use every opportunity that is available including business support groups to help grow your network and knowledge of funding sources. It’s also important to build a relationship with your bank early on in your organisation’s development, it will help keep you and your business under their spotlight.
Women-owned businesses receive just 7 percent of venture capital investment money, which is highly disproportionate to their role in the economy. Additionally, loan approval rates for female entrepreneurs is 15 to 20 percent less than it is for men. Clearly, something is not right.