Midlife Women Entrepreneurs: Starting Their Second Act

We understand the unique challenges women in midlife face in balancing entrepreneurship with existing commitments such as family and other responsibilities. Our insights are based not only on theoretical considerations but also on first-hand experience of managing the complicated phases of fertility, hormonal wellness, the demands of secular work, and running your own business. All of this requires a delicate balance that can be especially challenging for those who are simultaneously managing complex family dynamics or caregiving responsibilities while building and growing their business. Women entrepreneurs embarking on their second act are in a unique position because they bring resilience, wisdom, and unparalleled strength to their endeavor. While this path can be complex, with evidence-based resources, tools, and strategies tailored to your individual needs, you can not only find your way but thrive in both your personal and professional life.

KEY CHALLENGES & CONCERNS OF WOMEN ENTREPRENEURS

1. Time Management Balancing a new business with personal commitments can lead to a lack of time and burnout. Women who start their own business often face the challenge of running a business while fulfilling personal obligations such as caring for family, relationships and household duties. A study published in the Journal of Business Venturing shows that 65% of women entrepreneurs report significant challenges in managing their time due to multiple personal and professional responsibilities (Eddleston & Powell, 2012). In addition, the American Psychological Association (APA) states that women are more than men to experience stress related to managing multiple roles, which can impact their entrepreneurial success (APA, 2021). This balancing act can lead to significant time constraints that make it difficult to fully focus on growing the business.

2. Access to Capital: Raising finance can be a challenge, especially for women without extensive networks or financial resources. Many women entrepreneurs face barriers, such as limited access to investors and funding, which can affect their ability to start or expand their business. Data from the Kauffman Foundation shows that female entrepreneurs receive comparatively less venture capital. In 2020, only 2.3% of venture capital funding went to women-led start-ups (Kauffman Foundation, 2020). This disparity is partly attributed to bias in funding decisions and a lack of network connections. Without strong connections in the business world, navigating the funding landscape can feel overwhelming. Traditional financing options like bank loans often have strict requirements that are difficult to meet. In addition, women can face biases that make it difficult for them to obtain investment.

3. Self-Doubt and Confidence: Transitioning from a traditional career to entrepreneurship can cause self-doubt, especially if the change feels very different from previous roles. Many women question their abilities and wonder if they have what it takes to succeed in a new venture. A study titled The Role of Self-Efficacy in Women Entrepreneurs’ Success by Gupta, Turban, Wasti and Sikora (2009) was published in the Journal of Business Venturing. They concluded that developing self-efficacy through mentorship, education and social support is critical for women to overcome these internal barriers and succeed in entrepreneurial ventures. This aligns with the idea that overcoming self-doubt and fear of failure is essential to building a successful business. These self-doubts are often reinforced by societal expectations and fear of failure, which can lead to hesitation in decision-making and risk-taking. Overcoming these internal barriers is essential to building a successful business. 

4. Technology and Market Trends: Adapting to new technologies and keeping up with market trends can be a challenge, especially if the industry has evolved since a previous career. Many women find that they have gaps in their knowledge and skills, which can lead to self-doubt and insecurity. The question arises as to whether they can keep up with rapid technological advances or whether they have the necessary expertise to respond effectively to new market trends. A report by McKinsey & Company highlights that digital transformation is critical to business success, but can be challenging for those who are not well versed in technology. The report notes that businesses led by individuals who are adept at technology adoption and trend analysis perform better (McKinsey, 2021). This sense of inadequacy can be particularly pronounced if they have not followed the latest developments in the industry during their time out of the labor market.

STRATEGIES FOR OVERCOMING OBSTACLES: WOMEN ENTREPRENEURS

Starting and growing a business requires effective strategies to help women entrepreneurs succeed while meeting personal commitments. Essential practices such as time management, access to capital and strategic delegation help create a foundation for sustainable growth. By setting priorities, using planning tools and building a strong network, women can better navigate the challenges of entrepreneurship. These strategies not only prevent burnout, but also increase productivity and open the doors to valuable funding opportunities. With resilience and clear goals, women entrepreneurs can build thriving businesses while maintaining balance in their personal lives.

Time Management for Women Entrepreneurs: Prioritize, Delegate, and Thrive

Effective Time Management:  By setting clear priorities, delegating tasks and setting firm boundaries, women can effectively manage the challenges of entrepreneurship. These strategies not only prevent burnout, but also promote a sustainable balance that allows them to succeed in both their business and personal lives.

• Prioritize and Plan: Use tools like calendars and project management apps to prioritize tasks and manage your time efficiently.
• Delegate: Where possible, delegate tasks to others, whether through hiring help or outsourcing certain functions of the business.

Building Connections and Leveraging Resources for Women Entrepreneurs

Access to Capital: Networking is essential for women entrepreneurs to gain access to capital and overcome barriers to funding. By building relationships with other entrepreneurs, investors and industry experts, women can tap into valuable funding opportunities. Attending networking events, joining business associations and participating in local entrepreneur programs are effective ways to expand contacts and increase the likelihood of finding investors or partners who share your vision. Consider your local Chamber of Commerce as a place to start.

In addition to networking, exploring grants and loans specifically geared toward women entrepreneurs provides critical financial support. Many organizations and government programs offer grants specifically for women-owned businesses that do not have to be repaid and can significantly alleviate financial pressure. By understanding the criteria and application process for different loan options, women can secure the funding they need to realize their business ideas.

This proactive approach not only improves funding opportunities, but also encourages a supportive community that guides and encourages them on their entrepreneurial journey. Creating a solid financial foundation is essential for long-term success and sustainability in today’s competitive business landscape.

• Networking: Build and leverage professional networks to connect with potential investors or mentors who can provide guidance and support.
• Grants and Loans: Research and apply for grants or loans specifically designed for women entrepreneurs. There are numerous programs and resources available.  Here are a few resources to investigate, do your research to determine if any are a good resource for you and your business:
  • Women’s Net (Amber Grant for Women)
    • Women’s Net is the organization behind the Amber Grant for Women, which is specifically designed to support women entrepreneurs. The Amber Grant awards a monthly grant of $10,000 to women-owned businesses, and a grand prize of $25,000 and an additional $10,000 in funding is awarded at the end of the year.
  • SBA – Office of Women’s Business Ownership (OWBO)
    • The Small Business Administration (SBA) offers various loan programs and resources for women business owners through their Office of Women’s Business Ownership. They provide counseling, training, and financial resources to help women start and grow their businesses, including access to SBA-backed loans such as 7(a) and 504 loans.
  • National Association of Women Business Owners (NAWBO)
    • NAWBO is a leading organization for women entrepreneurs and offers a variety of resources for accessing capital, including educational webinars, advocacy, and connections to lenders and investors. While NAWBO itself does not make loans, it is an excellent resource for finding loan programs available to women.
  • Women’s Business Enterprise National Council (WBENC)
    • WBENC certifies women-owned businesses and provides access to a network of potential lenders, funding sources and business opportunities. It also offers educational programs and resources for women entrepreneurs, including information on funding opportunities and applying for grants.
  • Grameen America
    • Grameen America provides microloans to low-income women entrepreneurs to help them start or grow small businesses. The organization provides low-interest loans, training and networking opportunities, especially for women in underserved communities.
  • Justine PETERSEN
    • Justine PETERSEN is a non-profit organization focused on providing micro-loans and financial education to women entrepreneurs, especially women from underserved communities. It offers small business loans, credit-building loans and financial coaching to support women in their entrepreneurial endeavors.

Overcome Self-Doubt for Growth as a Women Entrepreneur

Building Confidence:  To overcome self-doubt, women entrepreneurs can strengthen their self-confidence through targeted strategies. Connecting with experienced mentors, joining support networks and participating in targeted workshops offer important encouragement and practical insights. Setting small, achievable goals also promotes a sense of accomplishment and gradually builds self- confidence.

By actively addressing self-doubt and encouraging a growth mindset, women can approach their second act with renewed confidence. Developing self-confidence is crucial to overcoming the challenges of entrepreneurship and achieving long-term success.

• Continuous Learning: Invest in personal development through courses, workshops, or mentorship programs to build skills and confidence.
• Celebrate Small Wins: Acknowledge and celebrate milestones and successes to reinforce a positive mindset.

Stay Ahead with Education and Networking for Women Entrepreneurs

Staying Current: Participating in continuing education like online courses, webinars and workshops that focus on relevant technologies and market dynamics can improve understanding and skills. Networking with other entrepreneurs and industry experts can also provide insights into current trends and best practices.

• Education and Training: Engage in ongoing education to stay updated with industry trends and technological advancements. Fertile Optimism continues to add continued education courses to our learning catalog for doulas and birth professionals.
• Market Research: Regularly conduct market research to understand customer needs and adjust your business strategy accordingly.

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Mentorship and Networks for Women Entrepreneurs

Support Systems: To successfully navigate the challenges of their second act, women entrepreneurs benefit greatly from solid support systems, mentorship and peer relationships. A reliable network not only provides encouragement and important resources, but also keeps women entrepreneurs up to date on industry trends and technological advances. Mentors connect women with experienced professionals who offer valuable insight, advice and strategies for overcoming obstacles in an ever-evolving business landscape. 

Joining peer groups fosters a sense of community and collaboration, as women who are at similar stages can share experiences and knowledge and discuss best practices. These groups provide invaluable opportunities to keep up to date with market trends, improve adaptability and boost confidence through collective expertise.

When women invest in building these support systems, they can more readily embrace new technologies and adapt to market changes. Surrounded by mentors and peers with industry knowledge, women entering this stage can strengthen their skills, reduce self-doubt and succeed in their entrepreneurial endeavors. Building a strong network is essential to navigate the complexities of starting and growing a business in today’s dynamic industries.

• Mentorship: Seek out mentors who have navigated similar paths. They can offer valuable advice, encouragement, and practical insights.
• Peer Groups: Join or form peer groups with other women entrepreneurs to share experiences, resources, and support.
  • National Association of Women Business Owners (NAWBO)
    • We covered this one earlier in our discussion. NAWBO is one of the largest organizations dedicated to empowering women entrepreneurs. It provides networking opportunities, advocacy, business development resources, and access to funding. NAWBO has chapters across the U.S. where women business owners can connect and collaborate.
  • Ellevate Network
    • Ellevate Network is a global community of professional women that provides a platform for networking, mentoring and professional development. Their goal is to help women advance in their careers, build relationships and achieve lasting business success.
  • The Association of Women’s Business Centers (AWBC)
    • AWBC is a national organization representing business centers for women throughout the United States. These centers provide resources such as business counseling, training, access to funding and networking opportunities for women entrepreneurs.
  • Female Founders Alliance
    • The Female Founders Alliance is a network for female entrepreneurs, especially in the technology sector. It provides access to mentoring, investment opportunities and a supportive community of like-minded women.
  • The Riveter
    • The Riveter is a community of women entrepreneurs and professionals offering coworking spaces, networking events and professional development programs. It is designed to help women build businesses and careers while connecting with other like-minded women.

Through targeted strategies tailored to your unique challenges, entering the “second act” can open the doors to a thriving and rewarding business. By implementing specific, actionable steps, you can skillfully navigate the nuances of entrepreneurship, boosting your resilience, confidence and success.

With good time management, you can create a balanced schedule that takes both personal and professional priorities into account. Connecting with mentors and support networks is an invaluable source of help and encouragement, giving you the confidence you need to take advantage of funding opportunities and identify market trends.

Investing in continuous education and keeping up to date with technological advances will help you make informed, strategic decisions that will move your business forward. Utilizing resources such as grants, loans and networking opportunities can also give you access to the capital you need to start and grow your business.

By applying these targeted strategies in your second act, you can overcome common obstacles and fully realize your entrepreneurial dreams. This proactive approach fosters resilience and adaptability, paving the way for a successful, fulfilling business that aligns with your passions and life goals. With determination and a clear roadmap, women can forge their own path and make a difference in their businesses and communities.

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