Money, Mindset, and Myths: What Really Holds Women Back From Scaling Their Ventures

When women dream of scaling their ventures, the obstacles they face are not always visible. Money is often the loudest complaint, but beneath that lie deeper assumptions, internal narratives, and structural myths that quietly chip away at every growth ambition. In discussing what truly holds women back, we must move beyond platitudes and peals of caution and confront how capital, beliefs, and biases collide in real life.

This article is written by Geetika Dayal, Director General of TiE Delhi NCR. TiE is part of a global network dedicated to fostering entrepreneurship through mentorship, networking, and education. Geetika has had a working life spanning over 3 decades. She highlighted that mentoring and a push is what helped her reach great heights.  

The Capital Conundrum: When Money Isn’t Enough

It’s undeniable: access to funds is harder for women entrepreneurs. In India, for example, women own only about 22 % of MSMEs, but their share drops to 12 % in small enterprises and just 7 % in medium ones. The cycle is vicious; investors hesitate to fund women-led scale-ups because they require proof of scalability, yet women struggle to scale because of a lack of risk capital.

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But money alone isn’t the full story. Some women simply refuse or delay asking for it, not because the opportunity isn’t there, but because their mindset whispers: “I’m not worthy,” or “They’ll say no.” Meanwhile, the more visible “lack of funds” becomes a socially acceptable, even empathetic, excuse for stalling.

Mindset as Silent Saboteur, for Women Entrepreneurs

Beliefs about capability, failure, risk, and worthiness often undercut big ambitions long before a pitch is made. Many women feel they must over-prepare, over-document, and over-justify, while their male counterparts launch with minimal validation. This “prove-it-again” bias is well-documented in organisations and tech sectors.

When failures or setbacks happen (as they will), imposter syndrome often delivers a heavier blow to women who internalise the error as proof of a lack of capability, rather than a learning curve. Over time, that self-doubt may shrink the scope of what they believe they can achieve.

Once, I spoke to a woman founder who had tripled her revenue in three years, yet refused to raise a larger round, not from lack of investor interest but because she secretly believed growth beyond a certain number would demand “more competence than she had.” She delayed, stalled, recalibrated, even while her market was ready to explode.

Myths That Chain Progress

One of the most stubborn myths is that women must bootstrap their ventures to prove their worth before being taken seriously. While bootstrapping can be a mark of grit, this expectation is rarely imposed on men in the same way. Male founders are often encouraged to go big with investor backing right from the start, while women are asked to first “earn” the right to scale. This double standard forces many women to start smaller and stay smaller.

Another common misconception is that scaling a business cannot coexist with family responsibilities, particularly motherhood. The assumption that caregiving and entrepreneurship are mutually exclusive is a deeply entrenched bias that discourages many women from aiming higher. While household or nurturing tasks can be taxing, instances of women managing both roles by delegating duties, tapping into collaborative circles, or forming high-performance teams show that career growth and personal duties can coexist.

Then there’s the belief of “natural networks”. Access to mentors, high-impact networks, and industry ties is usually seen as a result of personal disposition or initiative. In reality, women are systematically left out of high-stakes spaces, exclusive investor gatherings, golf meetings where opportunities often change hands. This lack of inclusion establishes hidden barriers that cannot be easily measured yet are inescapable.

I recall one founder sharing how she lost a breakthrough client because her male co-founder got the meeting, having played cricket with the prospective buyer’s boss. That’s not a lack of skill, it’s a lack of access. That’s where women need to be smart enough to explore alternate networks that are more comfortable to them.

How Change Can Begin and Stick

Some solutions are straightforward, though not easy. Women need structured access to capital (preferably that doesn’t demand proof of scale). Grants and venture funds dedicated to women entrepreneurs (accommodating flexible scaling timelines) can disrupt persistent setbacks.

Additionally, programs fostering grit, business acumen, and empowering self-stories are crucial. Coaching, mastermind circles, peer groups, and role models counter isolation and show that uncertainty is natural and part of growth.

Moreover, structural shifts in the business ecosystem are essential: more inclusive investor forums, gender-aware pitch forums, and intentional networking events with women in leadership roles.

Breaking the Ceiling, One Venture at a Time

Money, mindset, myths: these interlock into an almost invisible trap that keeps many women from rising beyond the threshold of scale. But none are immutable walls. When capital systems shift, when belief systems evolve, and when myths are dismantled, scaling becomes not just possible but inevitable for those equipped.

I would often not take up speaking assignments as I felt I may not have answers for the questions asked by the audience. When my mentor shared with me that no one knows everything. Everyone shares insights based on their experience and knowledge, and there is nothing wrong with saying, “I don’t know, I will get back to you”. This gave me so much confidence.

I don’t have a head for numbers, yet I was smart enough to run an exceptional organization, take care of the livelihoods of several people, and fulfil household responsibilities way beyond my expectations. Frankly, if I could do it, so can you, as most of you are so much savvier than I am! And here I end on yet another self-deprecating note, which I have been advocating against - there lies the very problem we are trying to fix.

To change the narrative, we must tell new stories: of women who asked for more and got it; who failed and learned; who scaled without shrinking themselves. Let’s replace excuses with strategies, self-doubt with clarity, and myths with evidence. In doing so, we open up a horizon where scaling isn’t the privilege of a few, but the right of many.