The days when women conformed to household chores' boundaries are long gone. Today, they are taking on the world, transforming into an unstoppable force. From aviation, military, science, technology, arts, entertainment, and entrepreneurship, women are making their presence felt across the board.

Their journey has not been easy. Despite the aptitude, hunger, commitment, and resilience, the problems faced by women entrepreneurs are endless. Let us look at what they are:

Business funding

Most women entrepreneurs find securing finance for their business ventures tremendously challenging. They do not have sufficient assets to pledge as collateral for obtaining funds from prospective lenders. Moreover, most lenders do not provide Loans to applicants who cannot meet the eligibility criteria, including having an established business at least two to three years old, having the required documentation, and having a CIBIL score of 750 or higher.

Therefore, budding women entrepreneurs depend largely on their savings or Loans from family and friends to kickstart their business ventures. Reputed lenders try to provide unique benefits and offers to encourage eligible female entrepreneurs by offering affordable Business Loans. After checking the eligibility, you can apply for them at preferential rates for up to Rs. 75 lakh.

Limited access to professional networks

A Google-Bain survey found that 45% of urban small businesses fail due to limited access to avenues of network development. Networking is extremely important as it helps entrepreneurs scale their ventures and reach out to new markets and audiences.  However, they also found that women entrepreneurs had fewer opportunities to be integrated with formal and informal professional networks.

Hence, they may miss lucrative opportunities to expand their venture and identify the right vendors and collaborators to build social capital. These are the common problems faced by women entrepreneurs in India.

Limited industry knowledge

Men dominate many sectors, like manufacturing. Women business owners find it difficult to break into these segments due to a lack of access to relevant industry contacts, knowledge, processes and mechanisms that should be in place to operate the business efficiently and successfully.

Women have been able to break barriers in engineering, technology, and other sectors to start their ventures. Digital literacy has empowered them to gain the proper knowledge and tools to start their business.

Lack of entrepreneurial environment

The current entrepreneurial landscape does not exuberate the entrepreneurial spirit necessary to be successful in any business venture. This affects women business owners, impeding learning opportunities and limiting access to mentors and resources. However, today, you can easily apply for a Business Loan from NBFCs and mitigate the problems faced by women entrepreneurs.

Women entrepreneurs face several challenges while managing their businesses in India. However, the mindset is evolving, encouraging them to start and manage their ventures. You can apply for Business Loans at lending institutions offering competitive interest rates and flexible tenures of up to 48 months.