While women have made great strides in the workplace, most have a gender-related tale or two to tell when it comes to the business world.
Securing bank financing is often tougher, managing work-life balance can be a struggle, and while women are now in high-level positions, the glass ceiling still exists when it comes to the top titles.
“While the scenario is changing, we still have a long way to go,” says Dawn McLean-Brady, a business owner and president of the Cayman Islands Small Business Association. “In Cayman, a number of successful women entrepreneurs have created thriving business brands. However, the journeys have not been easy.
“Only when families, investors and society at large make a conscious attempt to bring down the gender walls can women entrepreneurs shine in the corporate world.”
Here, McLean-Brady shares her thoughts, drawn from her own experience and other female entrepreneurs, of the challenges and barriers women face in the business realm.
Limited funding
Funding is crucial to start, or to maintain, a business. Many women own property in Cayman but, in some businesses, personal property is the only means to obtain a loan. For example, for restaurants, banks do not lend commercial unsecured loans and it is unfair to use personal assets for commercial loans. There is also a small number that do not have property and encounter problems while applying for loans due to lack of collateral. A report by Bloomberg showed that women who own and run a business receive a lot less funding as compared to men. Hence, in the Small Business Association in the U.S. there are loans geared primarily to female entrepreneurs.
Work-life balance
Women across the world – and Cayman is no different – are expected to play a larger part in handling the household and taking care of their family. Owning and running a business means long hours and thus, women’s work-life balance can become a problem. In the case of working mothers, taking care of our children takes a lot of time and energy, thereby often forcing women to give less priority to their business. Some men, on the other hand, generally play a secondary role when it comes to household responsibilities. However, this situation seems to be changing now as more men are stepping forward to contribute to the household responsibilities.
Minimal support
When we start an entrepreneurial venture and begin to find our place in the business world, we need as much support as we can get. Unfortunately, in many cases, women find themselves on their own with no one to guide us. In this day and age, it is almost necessary to have experienced mentors and role models. For women, managing businesses becomes even more difficult if their family and friends don’t assist in some small way. As a result, it can be tough to make a mark in an arena that is already fairly dominated by men.
Lack of education
Some female entrepreneurs open businesses out of the inability to secure permanent full-time employment. At times, that means some may not have the proper formal education. This leads to issues when it comes to business development, maintaining accounts, understanding money matters or even day-to-day running of the company. Lack of skills, information and the necessary resources to run a business can reduce women’s chances of turning their businesses into a success.
Dual pursuits of working full-time and owning a business
There are challenges I personally have found, and I hear it from other female entrepreneurs, who work full-time and own a business. I find being in C-Suite, our jobs can require additional professional development while maintaining a full workload is a challenge. So, mastering our full-time job and maintaining an active role in our business is a Herculean task.
Tough competition against male counterparts
For a long time, entrepreneurship has been a field dominated by men. In speaking to female entrepreneurs, I am well-aware the playing field is not even, simply because there is still not equality in pay for the same positions that women hold versus men. For example, when a female entrepreneur works full-time and is opening a business or maintaining an existing business, her male counterpart may be paid more and is more apt to have financial opportunities than she will.
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