Challenges Faced by Women Entrepreneurs of 21st Century

Abstract

Entrepreneurship plays a vital role in the advancement and progress of a country`s economy as well as the development of society. However, the number of women entrepreneurs is still relatively low compared to male entrepreneurs. Therefore, this paper aims to find out the challenges faced by women entrepreneurs of the 21st century. The study identified and synthesized data from over 22 years in the field of women entrepreneurship in 57 countries. Six main challenges were identified from the literature. They are financial challenges, lack of knowledge and experience, work-life balance, gender discrimination, sociocultural factors, and lack of government support. Moreover, the paper discusses the reasons for these challenges and the current situation of these challenges. The findings of the paper concluded that the challenges visible 22 years back, all six challenges for women entrepreneurs are still visible in today`s times. Furthermore, the study also found that these challenges are very much co-related to each other and more evident in developing countries compared to developed countries. Actions have been taken to minimize these challenges but no sustainable actions have been seen to date.