Women are getting more business-inclined in our contemporary world where the fight for equality has reached a climax. However, certain challenges can limit the drive of women towards succeeding in business.
Entrepreneurship once considered a man’s domain in Nigeria, has since made way for women as economic opportunities have risen over the years for women who want to start and run enterprises. Unfortunately, while more women are becoming entrepreneurs, they seem not to be catching up with their male counterparts. Women-owned businesses still face a set of challenges that continue to limit their growth. To shed light on some of these obstacles, Jumia Travel lists 5 reasons women-owned businesses are not thriving in Nigeria
1. Limited access to funding
This is the biggest challenge faced by women-owned businesses across Nigeria as access to capital is crucial to any small business’ growth trajectory. Women face greater obstacles than men when starting and growing a business, especially when it comes to venture capitalists, financial institutions, and other lenders; who are quick to deny their applications.
Basically, even when the woman-owned business demonstrates a great business plan, have excellent credit and demonstrate solid cash flow, it must also successfully navigate through a process that tends to unfairly favor male-run startups. And when they eventually access required capital, the interest rates are rather steep and this tends to handicap the business over the long run. For women-owned businesses to thrive, it is vital for the Nigerian society as a whole to ensure that women have equal chances to do great things.