5 Challenges Faced By Women Entrepreneurs of Color

5 Challenges Faced By Women Entrepreneurs of Color In general,women of colorface numerous challenges in geschftliches miteinander. However, while many women have and are making significant strides in the business world, they still grapple with seemingly insurmountable obstacles asentrepreneurs. This is reflected in the dismal percentage of women as angel investors (less than 20%), venture capitalists (less than 10%), and in female-led startups (less than 5%).Black womenentrepreneurs stand among the fastest-growing group of women-owned businesses. There are more than 1.5 million businesses owned by Black women. According to the2016 State of Women-Owned Businessesreport, eight out of every 10 businesses started since 2007 were launched by women of color.Here are some of the harsh challenges that many, if not most, women of color entrepreneurs encounter1. Biases in the business worldManywomen of colorentrepreneurs will tell you that they have, and are still facing, a ersatzdarsteller bi as due to both their race and gender. This in turn creates difficulties when it comes to obtaining funding, reaching out to potential partners, and even networking.2. Lack of representationVery often, women of color are the only ones in business meetings. These women are often striving alone in industries and businesses dominated by men. As such, they are often talked down to, and have to constantly prove their worth, qualifications and drive.This is especially relevant forwomen of colorwho are just starting out and leaping into entrepreneurship. These often find the lack of representation intimidating and discouraging.3. Networking ChallengesNetworkingevents attended by very fewwomen of color, if any, can also deter their them from making the right connections. It can all seem like a boys club that can be hard to get into. Its precisely the lack of access to these networks, as well as not having the right tools and resources to navigate them, that can prevent perfectly viable busin esses from surviving and thriving.4. Lack of mentorshipMentorshipis a valuable resource that benefits many businesses, especially in the early stages. However, there tend to be fewer mentorship opportunities available to women entrepreneurs in general. According toInc., forty-eight percent of female entrepreneurs lack mentors and advisors.Forwomen of color, the gap is even wider as a result of bias and limited networking opportunities. This is where women -focused networks such asEllevate Network,or events like theWIN conference, can make all the difference.5. Lack of access to capital and fundingAccording to thisrecent study by Fundera, women entrepreneurs get offered smaller loans across every product, from the same groups. Female entrepreneurs seeking venture capital do not seem to fare any better.Researchconfirms that investors actually prefer entrepreneurial pitches by attractive men.For minority women, the chances of getting traditional sources of funding such as loans can be slim to none. This may be due in large part to both conscious and unconscious bias. As a matter of fact, according to theMinority Business Development Agency (MBDA), small business owners of color are more likely to be denied leistungspunkt than other small business owners. They also tend to pay higher interest rates than non-minority owned businesses. As a result, fewer women of color entrepreneurs seek to apply for loans.--Solange Lopes is an author, CPA and writer/blogger. She blogs about career and lifestyle for professional women in her blogThe Corporate Sister. Shes passionate about writing and womens issues.