HCM CITY ( WNAM MONITORING); Entrepreneurial spirit is high among women worldwide, as they – and particularly those from younger generations – hope to pursue their dreams, gain financial independence, improve work-life flexibility and make a difference in the world.
New research from Mastercard released ahead of International Women’s Day 2025 reveals that half (51 per cent) of women worldwide have considered running their own business. This figure is significantly higher among younger women, with Gen Z (71 per cent) and millennial (65 per cent) women far more likely to say this than Gen X (49 per cent) or Baby Boomers (34 per cent).
The data alludes to a generational shift, with younger people embracing entrepreneurship. Nearly half (48 per cent) of Gen Z women believe their generation is more entrepreneurial than the generation before.
As well as formal business ventures, 42 per cent of women globally want to start a side hustle to make money outside of their main job, a number that is once again higher for Gen Z women (61 per cent).
For many women, the entrepreneurial spirit is inspired by an appetite to earn more money (59 per cent), gain financial independence (54 per cent) and improve work-life flexibility (37 per cent), but motivations differ among generations.
The survey found that education and childcare are among the top sectors that Gen Z women would like to start a business in. The most popular industry is cosmetics and beauty, potentially driven by rise in beauty influencers on social media, with a 22 per cent rise in beauty content on TikTok year-over-year.
Despite an evident appetite for entrepreneurship, the research shows that for many women, including those who have already started a business, there are still barriers in place.
Women are less likely to say they feel confident in general business-related skills – particularly financial decision making (30 per cent vs. 41 per cent for men), public speaking (26 per cent for women vs. 34 per cent for men), networking (23 per cent vs. 34 per cent) and identifying new business opportunities (13 per cent vs. 24 per cent).
Women who have already founded a business also say they struggle disproportionately with responsibilities and work-life balance, with women founders twice as likely as men to say childcare arrangements were a challenge when starting their business (12 per cent vs. six per cent).
According to the survey results, women said that training on how to develop a business plan (28 per cent) and more widely available and accessible grants (24 per cent) would make them feel more confident in starting their own business.
Younger women are also more likely than older generations to feel they’d benefit from a support network, with 31 per cent of Gen Z women saying having a business partner would make them more confident, and a similar proportion (29 per cent) saying access to a mentor would help. Interestingly, these factors score even higher than access to grants (25 per cent) for this generation.
Winnie Wong, Mastercard’s country manager for Việt Nam, Cambodia and Laos, said: “This research highlights the remarkable entrepreneurial spirit among women worldwide, particularly within younger generations. Despite the progress made by women entrepreneurs, the findings also underscore the challenges that still exist. These barriers emphasise the need for fast and meaningful change to create an environment where all entrepreneurs can thrive.”
Mastercard is spearheading numerous initiatives around the world that support entrepreneurs. Since 2020, Mastercard has provided over 50 million small businesses, including 37 million women entrepreneurs, with support and solutions that can help them grow their businesses.
