Main image via Entrepreneur
It seems that women in Malaysia have stronger entrepreneurial aspirations compared to women across the globe.
According to the second annual Global Entrepreneurship Survey 2020 conducted by Herbalife Nutrition, four in five women (80%) in Malaysia aspire to be entrepreneurs, higher than the global average of 72%.
But while this spells good news for the nation, more needs to be done to help support the growing number of female entrepreneurs, especially in terms of providing them with the right opportunities, resources, education and training.
“The survey uncovered many interesting facts about Malaysian women and their views on entrepreneurship. Based on the results, it can be seen that the need to find alternative sources of income to support their families has become the top motivating factor for entrepreneurship among Malaysian women. Women in the nation have a strong desire to start their own business compared to the global average and we see opportunities for Malaysia to actively encourage women entrepreneurship,” said Steven Chin, General Manager/ Director of Herbalife Nutrition Malaysia.
Here’s a breakdown of the survey’s findings:
Financial concerns surrounding entrepreneurship weigh heavy on women’s minds
via GIPHY
While the survey revealed that four in five women (80%) in Malaysia aspire to be entrepreneurs, only three in five women (66%) have taken actual steps to start their own business. Key barriers that prevent them from doing so include:
• The initial cost to open a business (60%)
• Lack of financing and market knowledge support (55%)
Despite these concerns, the potential to grow their income was the top benefit associated with entrepreneurship by 67% of women in Malaysia, followed by the ability to better support their family (56%) and the potential to earn what they believe they are worth (53%).
Aspiring women entrepreneurs want to become role models for younger women
via GIPHY
Beyond the lure of income, close to nine in 10 (88%) Malaysian women said that a key driver for entrepreneurship is their desire to become a role model for younger women. Additionally, close to seven in 10 (69%) said that they want to help break the glass ceiling for women through their entrepreneurship endeavors.
Overall, four in five women (81%) in Malaysia believe that women have to work harder to be given the same opportunities in the workplace, they also see entrepreneurship as a means to open up new opportunities for other women in the region. In fact:
• 64% of Malaysian women want to offer opportunities for career advancement to other women through entrepreneurship
• 62% want to give women more positive female role models
• 60% want to use entrepreneurship as an opportunity to showcase the differentiated skills that women have compared to men
Financial support, market knowledge and mentorship key to women in entrepreneurship
via GIPHY
To help Malaysian women take the first step out to start their own business, the following were highlighted as key building blocks for their entrepreneurship journey:
• Sufficient business and financial knowledge (80%)
• Sufficient savings or financial stability (80%)
• A mentor to guide them in their entrepreneurship journey (71%)
• A supportive family (67%)
• Ability to work on their business part-time until they are ready to go full-time (61%)
• Ability to operate a home-based business (54%)
While the road to entrepreneurship may not be smooth-sailing, eight in 10 (81%) women in Malaysia believe that the journey will be life-changing, while six in 10 (60%) believe that it will be inspiring.