SINGAPORE: Entrepreneurship is becoming a key goal for women globally, especially among younger generations. Many women are now pursuing their dreams of financial independence, work-life flexibility, and making meaningful contributions to society.
New research from Mastercard reveals that 51% of women worldwide have considered starting their own business. This entrepreneurial surge is particularly noticeable in Southeast Asia, where women in countries like Singapore, Thailand, and Indonesia are exploring business ownership in record numbers.
A growing desire for independence and flexibility
In Southeast Asia, women are increasingly drawn to entrepreneurship for the opportunity to gain more control over their professional and personal lives. In Singapore, a majority (63%) are motivated by the desire for flexible hours, while 55% are eager to pursue their passions. In Thailand, 50% are driven by the chance to follow their dreams, and 54% see a gap in the market they wish to fill. In Indonesia, 55% seek better work-life balance, and 49% desire greater flexibility in their schedules.
This entrepreneurial spirit is especially strong among younger women, with 64% of Gen Z women in Singapore considering entrepreneurship and 87% in Indonesia showing interest.
Side hustles – The gateway to entrepreneurship
While some women are focused on full-fledged business ownership, many are also pursuing side hustles as a way to gain additional income and develop new skills. The trend is most prominent among younger women, with 61% of Gen Z women expressing interest in having a side business. In Singapore, 35% of women already have side businesses, while 59% of women in Thailand and 60% in Indonesia are engaged in side hustles.
In Indonesia, 69% of millennial women are involved in side businesses, driven by financial independence (52%) and specific savings goals (51%).
Barriers to business ownership
Despite the clear interest in entrepreneurship, many women face significant challenges. Confidence is a key hurdle—women are less likely than men to feel confident in business skills like financial decision-making, public speaking, and networking. In Singapore, 37% of women believe entrepreneurship is out of reach, and 38% of women in Indonesia share this sentiment.
Financial barriers also remain a significant obstacle. In Indonesia, nearly 60% of women feel they lack the resources to start their own businesses. Additionally, childcare responsibilities and the difficulty of balancing caregiving with entrepreneurship remain key challenges for many women.
Support networks and resources: A path to empowerment
To overcome these barriers, women are calling for more support. In Singapore, 29% of women believe mentorship would help, and 31% feel business training is essential. In Thailand, women are particularly keen on learning about AI tools (37%) and getting dedicated time for business development (36%). In Indonesia, 40% of women highlight the need for training on business plan development.
Younger women, particularly Gen Z, value mentorship and business partnerships. In Singapore, 36% of Gen Z women are eager to join networks of entrepreneurs, and 39% of millennial women in Indonesia feel the same.
As the entrepreneurial landscape becomes more inclusive, women—especially younger generations—are set to reshape the future of business ownership. With the right support, they will continue to drive change in Southeast Asia and beyond.