Confidence, caregiving duties hinder business dreams for women in Singapore: survey

They cited a lack of confidence, fear of failure, and the challenge of balancing caregiving responsibilities as major barriers.

Whilst entrepreneurship is a growing aspiration amongst women in Singapore, 37% believe starting a business is not achievable.

In its report, Mastercard said this sentiment is particularly strong amongst Gen Z (46%) and Baby Boomers (49%), with many citing a lack of confidence, fear of failure, and the challenge of balancing caregiving responsibilities as major barriers.

Despite these obstacles, nearly half (48%) of women in Singapore have considered launching their own business, driven by the desire for flexible working hours, the pursuit of personal dreams, and the ability to create a better work-life balance.

Gen Z women in particular are showing heightened interest in entrepreneurship, with 64% actively considering it as a career path.

The rising trend of side hustles further reflects this entrepreneurial spirit, with 35% of Singaporean women already running a side business. Yet, the barriers remain significant, with many women calling for more support in areas like business planning, mentorship, and securing financial backing.

This growing divide between aspiration and perceived feasibility underscores the need for more robust support structures to help women overcome the hurdles to starting and sustaining their own businesses in Singapore.