WCWB Blog

June 9, 2023

BARRIERS FOR ENTREPRENEURSHIP

It is important to recognize the barriers associated with entrepreneurship to better plan around them.

It is important to recognize the barriers associated with entrepreneurship to better plan around them. All potential business owners will have barriers and some barriers specific to women. I can cover that at a later time. We have many ideas and dreams that cross our minds, but only certain ones we act on. You may be feeling that you have something you can’t pass up right now. In the following points, I will break down what may be faced if the path of the entrepreneur is taken.

SELF-LIMITING BARRIERS

To step out as an entrepreneur means overcoming our own lack of confidence, fear of failure, coming out of our comfort zones, and being ok with asking others for help. Building a support network and like-minded individuals is helpful in overcoming some of these barriers. A person’s level of education and training plays a big role in their ability to start and run their own business. However, even without a degree or professional training, many have taught themselves with various available resources and helpful programs such as the WCWB Women’s Business Center. Some jobs do require licensure or certifications and must be obtained before doing business.

LIFE BARRIERS

Work-life balance is a major barrier to owning your own business. Family responsibilities and other avenues of income you may be working in when first starting your business will take a large chunk of your time. Depending on the type of business you choose, you will be spending a lot of time getting your business off the ground. Making a plan on how you will achieve this is crucial to success. Time management skills will be matured overtime. Funding is another common challenge. It will be important to connect with other successful women who can advise, mentor, and financially support. Family background is a factor to influencing entrepreneurship – the spirit of business ownership doesn’t always run in the family and may affect the level of family support.

ECONOMIC BARRIERS

Capital is the most important piece to owning a business, but it is still the biggest barrier to launching one. This is where seeking bank loans, special grants, crowdfunding, or bootstrapping are going to come into play. I have seen a lot of businesses utilize private investors who believe in their product or service. Having early on support is beneficial and continuing to grow your support network is vital to stay in business. Obtaining raw materials and the wait to receive them can set back a business in its early stages. Availability and cost of labor is also subjected to the status of the economy. Quality is always preferred over quantity when looking for workers. We are still coming out of the COVID era where businesses and production were significantly impacted. It’s good to know what impacts COVID had before jumping in.

Regardless of the barriers, many businesses have overcome and stayed the course. We don’t want to be negative in our approach, but we must be realists in what we are facing so we can prove resilient in our efforts. There is a required level of commitment and determination to face any defeats that may be encountered. Our perspective must see defeats as lessons to learn from – an event that makes us smarter. The sense of achievement provides a satisfaction no money or incentive can provide. That same motivation extends to employees and partners as you drive them to achieve as well. Passion fuels commitment and sheer hard work sees that commitment through.

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By: Ashley Whitley WCWB