Self-Doubt & Caregiving Hold Back Women Entrepreneurs in Singapore: Mastercard Report

• Mastercard’s report finds that Gen Z (46%) and Baby Boomers (49%) face significant entrepreneurial challenges
• Factors such as low confidence, apprehension about failure, and burden of caregiving duties are major hurdles

As more women in Singapore aspire towards entrepreneurship, a notable 37% remain doubtful about the reality of starting a business, according to a latest study. According to Mastercard’s findings, Gen Z (46%) and Baby Boomers (49%) cite low confidence, apprehension about failure, and burden of caregiving duties, as major hurdles.

Since launching a business remains out of reach for many women because of the above factors, however, nearly 48% of women have contemplated starting their own business. Their motivation stems from the need for flexible work schedules, passion for personal goals, and the pursuit of healthier work-life balance. A growing number of Gen Z women are drawn to entrepreneurship, with 64% exploring its as a viable career option.

A surge in the side business demonstrates the expanding entrepreneurial mindset, 35% of Singaporean women actively run secondary ventures. This reflects a broader shift towards financial empowerment, innovation, flexible career paths greater professional autonomy.

Even with more women venturing into business, obstacles continue to hinder progress, advocating for more structured and targeted support. Need for mentorship programs, strategic business guidance, and enhanced funding avenues will steer the way and help women entrepreneurs to navigate the complex and competitive landscape.

To deal with the current situation and make women more confident in their choices, steps such as expanding funding opportunities, mentorship networks, and strategic guidance will be the key to break down these barriers fostering long-term business success.