New research commissioned by MasterCard says Ukrainian women are most willing to build their own businesses compared to other parts of Europe.
Among all Ukrainian women, living in war zones, face very difficult situations, with two-thirds (66%) saying they plan to start their own business. Among those who think the same, the rate for younger generations is even higher, and Gen Z (83%) wants to take this leap of faith.
Mastercard said female entrepreneurs played a key role in economic development, resilience and recovery, adding that they are also driven by supporting positive change in the world.
“For example, entrepreneur and mother Inna Bozhko, owner of Barbershop in Kharkiv, Ukraine. She has used our support through the Mastercard Center to open her own barbershop for her barbershop and provides special soundproofing space for children with disabilities affected by sounds (her eight-year-old daughter suffers from cerebral palsy),” Mastercard Global Program, Executive Vice President of Payal Dalal, told the Mastercard Allobal Program.
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Ukrainians (both men and women) believe that lack of funds is a key reason why they have not done business yet (65% of men and 76% of women). Women also believe that lack of experience (47%), knowledge (36%) and self-confidence (38%) are the main factors that hinder their business.
Ukrainian women are most interested in conducting online sales operations (22%), including mentoring (17%), agriculture (15%) and food and beverages (15%).
More and more women in the EU are increasingly promoting Genz’s high entrepreneurship, who are turning to building their own businesses to gain financial independence, increase work-life flexibility and make a difference in the world.
According to the report, one in 10 European women considered their business in 41 countries around the world, the highest rate among Gen Z (62%) and Millennium Women (53%).
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Within the EU, Portuguese women are most willing to do business and they are twice as satisfied with basic financial skills such as savings and budgets as the average European woman (21%).
“Our data finds that Portuguese (62%), Pole (47%) and Greek (46%) women are more likely to consider starting their own business than the average European woman (40%).”
According to the report, there are also many people who are not only considering, but actually planning to build operations in these countries – in Portugal, 56%; in Poland, 36%; in Greece 46%.
The report shows that Gen Z women in Europe are most likely to start a business to “benefit the world” (19% vs. 13% of millennials, 14% of Gen X and 16% of baby boomers), which is behind an increased interest in entrepreneurship.
In reflecting this, education and parenting are one of the top three areas that Gen Z women in Europe want to do business. However, the highest point is reserved for cosmetics, which has by far been the most popular sector of this generation (26% vs. 10% European average among women).
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According to the report, concerns about the risk of failure (31%), lack of financial resources (29%) and lack of experience (28%) are the biggest obstacles cited by women who have not yet started their own businesses.
Confidence is also a major challenge for women, and they also say they also have to struggle disproportionately with regard to their commitment to care (for children and older family members).
Leaders from Mastercard and Amazon Web Services agree that digital technology can change the setup and operations of small businesses, and female entrepreneurs may benefit from it.
“In the coming years, I would like to see barriers for female entrepreneurs overcome through increasing numbers that still need to adapt to the various needs and capabilities of smaller businesses.”
“From improving operational efficiency to expanding market coverage, digital tools offer unprecedented opportunities for scalability, resilience and growth,” Payal said.
Over the next few years, I hope to see barriers for female entrepreneurs overcome through an increasing number of digital technologies that still need to adapt to the various needs and capabilities of smaller businesses.
“The latest advances in technology (with AI) open up huge opportunities for female entrepreneurs, providing women entrepreneurs with huge opportunities – lower barriers to entry, automation, automation to increase productivity, and provide businesses with Smarter Insights to expand their business.”
She also stressed: “To accelerate the entrepreneurship of women and make the next unicorn in Europe, we need to ensure that women receive the right sponsors, networks and venture capital/government funds to help them navigate these opportunities with confidence.”
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Randery told EuroNews Business about her experience growing up in India and was inspired by her father’s work in the field of technology. Today, she represents one of the world’s five largest tech companies through its Web Services branch. She shared her idea with the EuroNews business about how to inspire the next generation of female entrepreneurs.
“The three suggestions that women who are in careers will offer women are: a) Have a plan: “Remember what Alice said, any road will take you there if you don’t know where you are going; b) Find your sponsor: “Women are over-directed and under-sponsored, c) win to be unsuitable, take risks, move (mobile countries, industries, functions) and get feedback, but ultimately you should not forget who you are, what makes you happy and best.”
