While entrepreneurship is an economic booster and an essential tool for growth and development, there are tremendous challenges for those starting it as well. According to the Global Entrepreneurship Monitor's 2022 report, there are 31 million entrepreneurs in the U.S. Although entrepreneurship is not an untouched career for many, single mother entrepreneurship is still a largely unexplored profession. But that doesn't mean that any business run by a single mother is not successful.
With their determination, inner strength, and intelligence, single mother entrepreneurs have climbed the ladder of success in their lives.
If you too want to join the list of 'Mompreneurs,' here is every reason to start your own business apart from fulfilling your domestic responsibilities.
Control on Domestic Responsibilities:
If you have ever thought that being a solopreneur means sitting on the porch with a laptop, sipping coffee while working, and earning money, then you are not wrong. As long as you know how to control and manage your time, your business can appear like anything. If you do your business online, you don't have to give up on your motherly duty. And you can happily help your children with their studies or homeschool work, along with your business.
Being Your Own Boss:
Being a boss lady has its own perk! Being the boss lady has its advantages! You have all the time for yourself, and it's up to you how you use it. Instead of haggling with the boss, you can give yourself a much-needed break in solitude or take a vacation with your kids. And, of course, you can schedule a meeting and appointments on your own schedule. Being a single mom is not an easy task, and that's why time control is a very valuable thing that entrepreneurship gives you.
Improved Quality Of Life:
As a single parent, a business can help you and your family make life better. Not only this, it can be fruitful in the future of your children and their career as well.
Despite being at the forefront of everything, what kind of challenges do single moms face in their business? One of the major issues that most single-mom entrepreneurs face is a lack of financial resources, entrepreneurial skills, business resources, and a balance between household and business responsibilities. However, the challenges do not stop here.
Let us see such cons of starting a business as a single mother.
Lack of Funding:
Most of the time, moms rely on their personal savings or credit to fund their businesses without the help of investors. There is no doubt that mothers are superwomen who can do it all by themselves. But when it comes to financing their business, you should present your business idea to potential investors and take funds from them. But statistics also show that women find it harder to secure capital funds as compared to men. It also has to do with the stereotypes that society has towards women-led businesses.
Sexism is not from bygone days, and it still exists but in a transformed way. Women have made great strides in the past few decades, but successful women face discrimination as society considers them incompetent. This, in itself, is challenging when a person is not financially or psychologically supported in their business.
This stereotype can be broken only by moving forward in spite of what others say or do. So when a single mother starts her business venture, being self-motivated at every step is the biggest challenge.
Single-mother entrepreneurs have to face critical challenges or societal pressure, but one thing is stagnant: to rise above all odds. As of now, there are 5 million women-owned businesses making entrepreneurship the most suitable career choice for single mothers. With the zeal to run the business amidst society's stigma and improve their children's lifestyle, this single mother entrepreneur does not stop from any challenges and continues to work.