Women entrepreneurship is a process in which a woman or group of women initiate, organize, and manage a business of any scale. About 1/3rd of the entrepreneurs in the world are women today. However, this has not been the case in the past. While starting a business, women often face obstacles like minimal support, lack of education (in developing countries), biased people in business, limited funding, and much more. But despite all these, women are rising in entrepreneurship in different industries. And one such industry is the Hospitality Industry.
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CHALLENGES FACED BY WOMEN ENTREPRENEURSHIP IN THE HOSPITALITY INDUSTRY
The first step to success in the hospitality industry is to overcome the problems that stop your growth. Sometimes These problems even try to challenge your very existence in the industry. And to overcome these challenges firstly we must list them out. So the few of the common challenges faced by female entrepreneurs are as follows.
1. Unavailability of finance.
- It is the most common problem any female entrepreneur can face. The problem with the unavailability of financing is a lack of trust. Many financiers are less likely to believe that women can handle and grow a business.
2. Pressure of Domestic responsibilities.
- Domestic responsibilities are a big challenge for women entrepreneurship in many developing countries. Many people around the world believe that managing a business can lead to ignorance of the domestic responsibilities of a woman.
3. Lack of professional respect.
- Hospitality is a male-dominated industry. And thus, women entrepreneurs lack professional respect in the hospitality industry.
4. Lack of guidance and direction.
- Yet another challenge face by females is lack of guidance. The main reason is the same biased nature of the hospitality industry.
5. Lack of government support.
- Governments around the world are providing various schemes for female entrepreneurs. However, the challenge is the execution and monitoring of these schemes.
6. Lack of motivation for women entrepreneurship.
- Women entrepreneurs are often underestimated and get very little motivation to move ahead. Most successful women entrepreneurs are praised for their achievements by people. But it is also a truth that few of those people motivate them to initially.
A bright future ahead for Women Entrepreneurs
Although women are facing all the challenges of the hospitality industry, there is still hope. In the past decade, women entrepreneurship has shown an acknowledgeable increase. Today women are managing businesses of small as well as large scale in the hospitality industry. It will certainly create more trust in new female entrepreneurs in the industry.
Also, this will lead to motivate more females to initiate achieving their dreams of becoming successful entrepreneurs.
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