Despite the progress women have made in business, some female entrepreneurs still hold the misconception that being a woman gives them an advantage over male entrepreneurs. However, obtaining financial support or loans is not viewed any differently by bankers for women and minority-owned businesses. While there may be additional lending sources available, applicants still have to convince lenders of the feasibility and repayment of their business plans.
In corporate America, male and female executives share similar professional aspirations, but the playing field is not level. A recent survey by Catalyst revealed that over half of the women executives surveyed aspired to be a CEO and were willing to make sacrifices to achieve this goal, highlighting the inequality present in the industry. Although almost half of employed managers and professionals are women, they still tend to manage other women, and the highest-paid female executive earns only 68% of her male counterpart’s salary.
However, companies that include women on their senior management teams have shown greater corporate performance improvements, with 62% of such firms experiencing growth in their market share, compared to only 39% of those without female senior management.
Advancements in technology have enabled women to better balance work and family commitments, but there is still a long way to go towards gender equity. More than 160 international companies and 75 senior executives believe that a more team-oriented managerial style will replace the “command and control” approach, which may require skills more “feminine than masculine,” giving female managers an edge.
Nevertheless, a 15-year study showed that female managers are no more inclusive or democratic than men in making workplace decisions. Despite the challenges, female entrepreneurs should not be discouraged as statistics show that women outlive their male counterparts, and women who balance being a wife, mother, and business owner can multitask with impressive efficiency.
