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Why investing in women entrepreneurs is a smart move for the future

Building a business from the ground up is not an easy vocation, but entrepreneurship can be empowering and life-changing.  In Asia, there is a growing number of successful women entrepreneurs who have found their “mission in life” and inspiring many others to have an entrepreneur mindset as well.

Some of the key driving factors to take up entrepreneurship include the opportunity to grow a supplementary income, be your own boss and gain a flexible work-life schedule. In fact, providing help for future generations of women entrepreneurs is one of the top motivating factors for women to start their own businesses.

Technological advancements have also levelled the playing field for women by helping advance work-life balance and making it easier for women to enter and succeed in this career choice.

Multiplier effects from women’s empowerment

However, despite economic growth and the increasing education opportunities for girls,  women’s overall labour force participation is just 48 per cent in Asia Pacific. There are strong reasons to push for improvements. Among them is the positive correlation between achieving the full economic potential of women and a more prosperous global business environment, which by some estimates, could give an additional US$12 trillion to annual global output by 2025.

Entrepreneurship can therefore be a way to create opportunities for women and help boost female economic empowerment. Women entrepreneurs have proven multiplier effects on poverty eradication, work productivity and economic growth. Studies have also shown that women’s empowerment leads to healthier families, higher schooling rates, and reduced child mortality.

Also Read: In March, we celebrated women in tech and returned to Myanmar

There are many industries that have stronger growth potential for aspiring entrepreneurs in the longer term. For one, the health and wellness industry offers attractive prospects that are driven by the rising prevalence of chronic diseases globally and consumer trends towards more balanced and healthier lifestyles. This is also an industry that we have typically seen more women gravitate towards, especially in our business.

Addressing challenges

In a Herbalife Women Entrepreneur survey, four in five women in Southeast Asia aspire to be entrepreneurs, but only three in five have taken actual steps to start their own businesses.

Overcoming startup costs

The greatest challenge cited by survey respondents was the high initial cost of starting a business. Here, microfinancing sources are widely used by women entrepreneurs in most Southeast Asia countries. There are also burgeoning initiatives in Malaysia and the Philippines to provide larger funding to businesswomen via bank financing. Lastly, government schemes are another way to help bridge market gaps in the allocation of financing to women-owned enterprises.

On the other hand, not everyone is ready to take up the financial commitment of starting a full-time business. Hence, having the option to keep one’s nine-to-five job while exploring side business opportunities to supplement one’s income is a viable option.

Flexibility is especially important for some women who may be dealing with becoming mothers. As an entrepreneur mum, one of our distributors shared how she enjoys the benefits of being her own boss, such as fixing her own schedules, spending time with her son throughout the day and even bringing him along to her nutrition club activities.

Finding supportive communities

Entrepreneurs face a myriad of hurdles on a day-to-day basis. Some common challenges include upskilling on good business basics and digital literacy and adapting to steep learning curves.

On top of this, female entrepreneurs could also face additional pressures like the lack of social support and financial knowledge, as well as being unsure of the first steps to take. In these situations, having a business network of supportive communities or mentors can be crucial.

There is immense value in being part of a community of like-minded women entrepreneurs that can inspire and motivate each other. More importantly, connecting with women entrepreneur associations can provide leads on business development support programs that are tailored to the challenges that women face.

For instance, studies show that mentorship is important for women entrepreneurs when it comes to enhancing personal and business growth and fostering a transformational leadership style.

Also Read: Women in industry 4.0: How modern startups can equalise the playing field

In Herbalife, our mentorship model aims to provide new distributors with sufficient training and marketing tools to build their businesses. Mentors can help new female entrepreneurs deal with negative responses from customers, as well as share strategies to help them get a “yes” more consistently. Our distributor communities also provide a platform for entrepreneurs to voice out their challenges and overcome them as a team by brainstorming solutions together.

 All eyes ahead

Entrepreneurial aspirations among women are already high in this region, and it’s been shown that women-led businesses can bring a positive impact across families, communities, and nations.

What is needed now is a strengthening drumbeat of awareness and support that will inspire and galvanise female entrepreneurs to be brave and take the first steps towards their goals.

In parallel, we should take a moment to salute the rising number of successful businesswomen in Asia who have shown remarkable passion, resilience, and belief – all bearing hallmarks of an unquenchable entrepreneurial spirit.

It’s time we recognise that the longer-term stability and prosperity of our communities and, indeed, the wider socio-economic environment is deeply intertwined with the success of female entrepreneurs.

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