SINGAPORE: A growing number of women in Singapore are considering entrepreneurship, yet a significant portion remains doubtful about their ability to launch a business, according to a recent report by Mastercard.
While nearly half (48%) of women in the country have contemplated starting their own ventures, 37% believe that this goal is ultimately unattainable.
This belief is particularly pronounced among certain age groups, with 46% of Gen Z women and 49% of baby boomers expressing doubts about their entrepreneurial prospects.
Mastercard’s findings suggest that factors such as lack of confidence, fear of failure, and the demands of caregiving contribute to these concerns.
Despite these challenges, Gen Z women are emerging as the most entrepreneurial-minded, with 64% actively considering business ownership. Many are motivated by the promise of flexible working hours, the pursuit of personal ambitions, and the opportunity to achieve a better work-life balance.
The report also highlights the prevalence of side hustles as a testament to the entrepreneurial spirit among Singaporean women. Currently, 35% of women run a side business, reflecting their resilience and determination to explore alternative income streams.
However, the barriers to full-scale entrepreneurship remain formidable.
Women surveyed in the report called for greater support in critical areas, including business planning, mentorship opportunities, and access to financial resources. Strengthening these support structures could bridge the gap between entrepreneurial aspirations and successful business ventures.
The growing divide between ambition and perceived feasibility underscores the importance of fostering an environment that empowers women to pursue and sustain their business ventures.
Addressing these challenges through targeted support programmes could help unlock the full potential of women entrepreneurs in Singapore’s evolving economic landscape.