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EVERYBODY’S BUSINESS: GENDER GAP IN ENTREPRENEURSHIP

October 30, 2016

With today’s technology, it’s becoming much easier for people to get a start on their business. Each week, new businesses are advertised to us on our timelines, feeds, and through word of mouth. It seems as though people are not afraid anymore to put their ideas to life. And it’s a good thing, because doing so allows those individuals to fulfill their dreams or their visions. However, starting your own business is not as easy as we thought it would be because of course, you have to have the money.

My mother and my sister have tried again and again to start their own business but none of it had ever lasted for more than a year. Their last venture, a cupcake shop, only lasted for half a year. They both definitely had the money to start it but it turns out that they didn’t have enough to sustain it. Why? Because they are both too kind. They’re both charge too little for their cupcakes generous frosting and ingredients. And even when their cupcakes are already selling at a price cheaper than most stores, some of their clients still ask for discounts and they always give it to them.

Now, I’m not a greedy person. I give when I could, but I do think that when something is already selling at a price lower than most stores you’ve looked at, I think it’s just fair that you don’t ask to have them still give you a discount. Especially when it’s already of such a good quality. This quality of my mom and sister, I have observed on other women as well. Which is why at a glance, lending companies stereotype women as soft, thus not able enough to sustain the business they want to start.

Fundera compiled data that shows an entrepreneurial gender gap that shows how applying for small business loans are more difficult for women than it is for men.

fundera_women_business_v02

At this age and time, you’d think that we’d all be over gender stereotypes but it seems that we’re not. The infographic above proves that it is still very much existent. October is Women’s Small Business month and I cannot be any happier that we get to celebrate the women who had enough guts to bring their ideas into action. Let’s celebrate our womentrepreneurs (totally just coined that term as I am typing this, I am sorry for my lacking wit :P) and support their ventures.

What about you? Have you (or someone you know) ever had a difficulty acquiring a small business loan?

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