In today’s dynamic business world, women entrepreneurs are undoubtedly breaking barriers and making a significant impact in various industries. Notably, their creativity and innovative ideas not only drive their businesses forward but also foster economic growth and initiate positive changes within society. Despite the impressive strides made by women in business, they still encounter distinct challenges compared with their male counterparts.
A recent Global Entrepreneurship Monitor (GEM) 2021/2022 Women’s Entrepreneurship Report revealed that the number of women starting new businesses decreased by 15% from 2019 to 2020, remaining stable in 2021. Moreover, women faced more challenges than men in starting businesses in 2020, except in upper-middle-income countries. In Malaysia, according to the economic survey conducted in 2016 and cited by the Ministry of Entrepreneur Development and Cooperatives (MEDAC) (2019), there were a total of 907,065 registered small and medium enterprises (SMEs), and among them, 186,855 were either women entrepreneurs or women-owned businesses, constituting 20.6% of the country’s total SMEs. Regardless of their undeniable potential, women entrepreneurs often face unique challenges that can hinder their progress. To overcome these obstacles, they require strong support from peers, family and the government.
Peer support: One of the keys to success for women entrepreneurs is the support they get from their peers. When they engage with like-minded people through business groups or networks, it helps them a lot. This peer support creates a supportive environment where women can freely share their knowledge, experiences and best practices. The knowledge they gain from each other is priceless. By learning from both successes and failures, women entrepreneurs can make better decisions, avoid common mistakes and seize new opportunities. The shared experiences boost their confidence and determination to overcome the challenges they face. Moreover, this peer support opens doors to valuable resources and opportunities. Through these connections, women entrepreneurs can access funding, find potential partners and get insights into the market. This helps them to grow their businesses and compete more effectively.
Family support: Family support is crucial for the success of women entrepreneurs. Balancing business and family responsibilities can be challenging, but having family backing makes a significant difference. It enables women to manage both aspects effectively and pursue their entrepreneurial dreams without neglecting their family roles. Emotional support from family members during the ups and downs of entrepreneurship keeps them motivated and resilient. Moreover, family members’ understanding and flexibility with schedules create a nurturing environment for women to thrive in their ventures. Extended family and close friends also play a pivotal role in providing assistance and advice, contributing to women entrepreneurs’ overall success. The encouragement and belief in their abilities boost women’s confidence and drive, leading to greater innovation and creativity in their businesses. Ultimately, family support not only enhances the well-being of women entrepreneurs but also positively impacts the growth and success of their ventures, making them more resilient and successful in the business world.
Government support: Governments worldwide are now realising the huge potential of women entrepreneurs in boosting the economy and driving innovation. To help and encourage their efforts, governments have introduced different programmes to create an inclusive environment for businesses run by women. For example, in Malaysia, there are several government initiatives specifically designed to support women entrepreneurs, such as Tekun Nasional’s Women Entrepreneur Financing Programme, Cradle Fund’s CIP Catalyst Programme, Mara Women Entrepreneur Programme, MEDAC’s initiatives, 1Wilayah Microcredit Programme for Women, Perbadanan Nasional Bhd (PNS) Women Entrepreneur Development Programme, SME Corp’s programmes, and Women’s Development Department (JPW) initiatives. These initiatives aim to provide women entrepreneurs with the necessary resources and opportunities to thrive in the business world.
Government support for women entrepreneurs encompasses various facets, with a primary focus on financial assistance through grants, loans and incentives specifically tailored for them. This crucial access to capital enables women entrepreneurs to establish and expand their businesses, ultimately bridging the gender gap in resource availability. Moreover, skill development programmes and workshops play a pivotal role by equipping women entrepreneurs with essential business skills, knowledge and valuable mentorship. These initiatives boost their confidence, enhance their decision-making abilities and improve their overall business acumen, thereby fostering sustainable economic growth.
In addition, governments also facilitate market access for women entrepreneurs through affirmative action policies, supplier diversity programmes and networking events. These initiatives open doors for women-led businesses to connect with potential clients and partners, paving the way for further growth and success. By fostering an inclusive entrepreneurial ecosystem, governments empower women entrepreneurs to overcome barriers and maximise their potential in the business world. As women entrepreneurs thrive, they contribute significantly to overall economic development and pave the way for a more diverse and prosperous future.
Ultimately, empowering women entrepreneurs requires collaboration from peer support, family support and government support. Peer support offers a platform for knowledge exchange and confidence-building. Family support provides a balance between personal and professional life, along with emotional encouragement. Government support contributes through financial aid, skill development and market access opportunities. Moving forward, we must strengthen and expand these support systems, recognising the vital role women entrepreneurs play in driving innovation and economic growth. Creating an inclusive environment unlocks their full potential, promoting gender equality and shaping a brighter future for everyone.