[Online Exclusive] Female Entrepreneurs: Fear of Failure and the Restorative Role of Resilience

By Lori Padley-Lee

Helping female entrepreneurs requires an understanding of their unique experiences

Women in Canada are choosing self-employment in record numbers. In 2015 there were over one million self-employed women in Canada, and at last count these women had contributed nearly $150 billion dollars to our economy. Yet while the number of women entrepreneurs is growing at twice the rate of men, this group’s sense of anxiety is also surpassing that of their male counterparts. According to Babson College’s 2012 Global Entrepreneur Monitor, fear of failure is a major concern of women who start their own businesses, spurred in part by lower perceptions of their entrepreneurial abilities than their more confident male peers. The questions for the career practitioner, then, are what is contributing to this fear of failure, and how can we help our female clients reach their entrepreneurial potential?

Fear, of course, can be healthy. It’s fear that keeps us from chasing balls into traffic and petting growling dogs. But fear can also be a detriment, clouding our perceptions of reality and blinding us to our own potential, if we let it. As any career counsellor is aware, fear of failure is often a major factor in a client’s inaction, either in terms of finding a new career or seeking advancement in their current one. For women stepping out into the unknown territory of business ownership, the fear of failure can be especially paralyzing. Why? Because a woman often faces societal barriers that can heighten her sense of being “not good enough”, discouraging her long before she hangs the “Open for Business” sign on her door.

The challenges are many, and this list is not comprehensive. The problem of money is paramount. Several studies cite women’s difficulties in securing loans from banks due to assumed financial incompetency (banks in the studies wanted to see hard numbers as an indicator of probable success, and reacted negatively towards women’s slow-but-steady, relationship-driven approach to growth). Women also struggle with building a support network. If the world of entrepreneurialism seems a “boy’s club” to some, not knowing where (or how) to access female mentorship is partly to blame. Advice, networking, even just “tea and sympathy” from someone who’s been there can make a significant difference in a female entrepreneur’s success and emotional well-being.  Finally, in talking about barriers that lead to fear of failure, we cannot discount the impact of a woman’s work-life balance. In a society that still views women as the primary caregivers of children and keepers of the home, women entrepreneurs who also happen to be parents face additional hurdles. Finding time both for raising children and cultivating a new business is undeniably stressful even with support systems, and in the age of “mommy wars” many self-employed women feel the strain of being judged from both sides.  Stretched thin, they fear failing as businesswomen and failing as mothers.

Fortunately, career counsellors can help women mitigate these clients’ fears of failure. Women embarking on entrepreneurship are often embarking on a career transition unlike any they’ve made before. One of the theories we turn to when helping clients tackle transitions is that of resilience. Nurturing resilience is largely achieved “by placing an emphasis on the already realized positive capacities of [the] individual.” Successful entrepreneurialism is highly dependent on qualities such as creativity, determination, people skills, and the ability to multi-task. The list goes on and on. What better way to alleviate the fear of failure than by helping a female entrepreneur to appreciate the relevant qualities she already has?

When we strive to build resilience in our clients we strive to make them adaptable to change, prepared to overcome challenges and open to creating and finding opportunities for learning and growth. Part of this journey typically includes goal-setting, an essential component of launching a business. Setting attainable, realistic goals helps people feel in control of their situation (Think about a time when you were feeling overwhelmed and you created a to-do list. How satisfying was it to put a checkmark next to each item as you completed it, no matter how small?) From the initial business idea to signing contracts on the dotted line, a woman’s entrepreneurial journey is comprised of many steps. We need to help clients feel they’ve got all their bases covered and can handle each step as it comes along. Empowering women with the resources to draft a successful business plan, to access information about her customer demographics, and to understand her obligations as an employer – these are just some the puzzle pieces that, when put together, can give our clients a clear sense of their own preparedness and competency.

Resilient clients – rather than wait for success to find them – get out and make things happen, even when obstacles make it seem impossible to move forward.  Anyone with entrepreneurial dreams already has that go-getter element to their personality, but for a client fearing failure, the ability to cultivate opportunities can easily get lost in self-doubt. We can help by fostering optimism, self-esteem, intrinsic motivation, and self-efficacy. One strategy to achieve this is narrative therapy, with clients telling us their stories and reflecting upon the successes and dreams that have led them to self-employment goals. Ultimately, this approach can help to re-awaken their belief in themselves and their own potential.

Resilient female entrepreneurs will have more confidence to effectively sell their business ideas to prospective investors, to actively seek out likeminded peers and mentors for support, and to unapologetically balance work and family and ask for help when needed. Slowly, some of the barriers that these women face are being eroded by progressive financial institutions that have taken strides to support them, and by a growing movement towards more equitable approaches to parenting and homemaking. There’s still a long way to go, but in the meantime we can help make the entrepreneurial path a much easier one for women to follow.

Lori Padley-Lee is currently enrolled in the Career Development Practitioner program at Conestoga College. She has worked as an educator, marketing writer and editor, and is interested in assisting disadvantaged youth and adults with job skills development and self-marketing to help them reach their career potential.

References

Beckton, Clare and Janice McDonald (January, 2016). “A Force to Reckon With: Women, Entrepreneurship and Risk”. Retrieved July 16, 2016, from http://static1.squarespace.com/static/536948c6e4b001654189fa95/t/572895e97c65e4dbdad4a79e/1462277611091/A_Force_To_Reckon_With_3.30.16.pdf

Flavelle, Dana (May 3, 2016). “Women Entrepreneurs Embrace Risk Differently: Report Procedures”. The Toronto Star. Retrieved June 1, 2016 from: https://www.thestar.com/business/2016/05/03/women-entrepreneurs-embrace-risk-differently-report.html

Mielach, David (July 31, 2013). “Failure Tops Women’s List of Startup Fears”. Business News Daily. Retrieved July 10, 2016  from: http://www.businessnewsdaily.com/4844-women-entrepreneur-globe.html

VanBreda, Adrian DuPlessis. “Resilience Theory: A Literature Review (2001)”. Retrieved July 18, 2016 from http://www.adrian.vanbreda.org/resilience.htm