Study reveals strong entrepreneurial aspiration of Southeast Asian women

THE entrepreneurial spirit among Southeast Asian women is high compared to their counterparts elsewhere in the world, revealed the second annual Global Entrepreneurship Survey 2020 of Herbalife Nutrition.

Based on results, 81 percent, or women across the four memberstates of Asean aspire to have their own business, higher than the global average of 72 percent with the desire to become entrepreneurs being most pronounced among the Generation Z and millennials aged 18 to 39.

This survey, which was conducted by Onepoll last March and April, polled 9,000 women, including 2,000 from Indonesia, Malaysia, the Philippines and Singapore on their attitudes toward entrepreneurship.

The study likewise found that practical reasons mostly motivate entrepreneurship amid the Covid-19 pandemic.

Pressed on their motivations for starting their own businesses, the respondents agreed that the need to support their family (56 percent), the desire to become their own boss (54 percent) and the desire for a career change (53 percent) are the top drivers to realize their dreams.

They are ahead of other reasons, such as wanting more flexibility in their job (45 percent) and following their passion (41 percent).

“The need to find alternative sources of income to support their families has become the top motivating factor for entrepreneurship among Southeast Asian women. With more women in the region having a desire to start their own business compared to the global average, we see opportunities for countries to actively encourage women entrepreneurship,” said Stephen Conchie, senior vice president and managing director for Asia-pacific, Herbalife Nutrition.

She noted the importance of public-private partnerships to provide the opportunities, resources, education and training that will not only support but also empower women entrepreneurs to break out of social and cultural norms and lay the foundation for more inclusive economic growth.

“Not only can they benefit from having better income opportunities, society will profit from having a new generation of entrepreneurial role models that can pave the way for better opportunities for women in the future,” Conchie added.

While four in five women in Asean aspire to become entrepreneurs, the research showed, only three (59 percent) have taken actual steps to commence with their own venture.

What’s preventing them from fulfilling their plan are the initial cost to open a business (58 percent) and the lack of financing and market knowledge support (46 percent).

The top gains that they could reap from enterprising are the potential to grow their income (63 percent), the ability to better support their family (51 percent) and the potential to earn what they believe they are worth (49 percent).

Other than money, 84 percent of them are drawn to entrepreneurship by their want to become a role model for younger women. Close to seven in 10, or 67 percent, on the other hand, like to help break the glass ceiling for women.

Overall, nearly 4 in 5 (77 percent) Asean women believe that the female populace should work harder to be given the same opportunities in the workplace and they also see entrepreneurship as a way to open up new opportunities for others in the region.

In fact, 58 percent of them want to offer opportunities for career advancement to others via entrepreneurship, 56 percent like to give women more positive female role models, and 54 percent want to use entrepreneurship as a chance to showcase the differentiated skills that women have compared to their opposite sex.

For Southeast Asian women to initially pursue their first foray in entrepreneurship, sufficient business and financial knowledge (73 percent), sufficient savings or financial stability (71 percent), a supportive family (64 percent), ability to operate a home-based business (64 percent), a mentor to guide them in my entrepreneurship journey (61 percent), and ability to work on their business part-time until they are ready to go full-time (51 percent) are the components of their journey.

While the road to their dream of owning their own business may not be smooth-sailing, 7 in 10 (70 percent) women in Southeast Asia believe that it will be life-changing, while 6 in 10 (64 percent) trust that it will be inspiring.