Diversity and inclusion are essential elements in creating a more equitable future for everyone. As we celebrate International Women’s Day (IWD), it is crucial to acknowledge the importance of promoting diversity and inclusion in all aspects of life, including the business world.

The statistics highlight the need for more action in this area:

Only 2.5 per cent of startups have solely female founders.
Startups founded by women have received only 4.4 per cent of venture capital backing since 2016.
Only 14 per cent of startups have a female CEO.

These numbers show that there is still a long way to go in achieving gender parity in the business world. In Singapore, the situation is even more concerning:

Women-owned businesses constitute only 27 per cent of all businesses.
Women-owned businesses account for just 13 per cent of sales in the country.

These figures indicate that women entrepreneurs face significant barriers and challenges in accessing resources and scaling their businesses.

Key challenges women face in business

According to an article in Business News Daily, women entrepreneurs face several challenges in the business world.

Some of these challenges include limited access to funding, gender bias, lack of mentorship, balancing work-life responsibilities, and overcoming societal stereotypes.
Limited access to funding is a major challenge for women entrepreneurs as they often struggle to secure the necessary capital to start or grow their businesses.
Gender bias is another significant obstacle that women face, as they are often subjected to unfair treatment and discrimination based on their gender.

Also Read: Invest in women, accelerate progress: Why gender equality matters now more than ever

Additionally, the lack of mentorship and role models can hinder women’s progress in the business world, as they may not have access to guidance and support from experienced professionals.
Balancing work-life responsibilities is yet another challenge for women, as they often bear the burden of managing their careers and family obligations.
Lastly, women entrepreneurs often have to overcome societal stereotypes and biases that question their abilities and undermine their credibility. These challenges collectively impede women’s progress and limit their opportunities for growth and success in the business world.

Supporting women-owned businesses

By buying from women-owned businesses, we can contribute to closing the gender gap and empowering women entrepreneurs. When we support these businesses, we help create a more inclusive and diverse business landscape that benefits everyone.

Supporting women-owned businesses is not just about making a purchase; it’s about taking action and making a difference. It’s about discovering their brands, reaching out to them, engaging with their stories, and sharing their successes. It’s about amplifying their voices and championing their cause.

We’ve created a dedicated space at HitPay called Buy From Her, where we spotlight the online store of the women who have most inspired us in 2023.

There are stories that are not just about business; they’re personal journeys that resonate with me. Every woman entrepreneur, driven by a commitment to solve real needs in their community, has crafted products not just from passion but from a call to action. These are tales of identifying gaps, taking action, and doing the work to make a meaningful impact.

Amanda Tan from The CloudTots Singapore, a mother of three kids, realised that today’s kids’ clothes lacked the comfort and creativity that children envision in their imagination. This realisation led her to create clothes with coordinated sets and fun patches for little ones.
Joana, the creator of The Oneisagi, crafts adorable designs that bring together the love of Japanese aesthetics and cute furry pets. These designs come to life in cute bags or wristlets.
Maribel created the Tamales Mexicanos restaurant here in Singapore, bringing the flavours of Mexico to Singapore with tasty tamales.

By supporting women-led businesses like these, you not only get access to great products and services but also contribute to building a more diverse and inclusive business ecosystem.

Diversity and inclusion are crucial for creating a more equitable future. As we celebrate International Women’s History Month, let’s take action and prioritise diversity and inclusion within our organisations. By supporting women-owned businesses, we can make a tangible impact and contribute to a more inclusive business landscape.

HitPay is proud to support women entrepreneurs and provides the tools and services they need to thrive. Together, we can create a world where everyone has an equal opportunity to succeed. So, let’s buy from her and make a difference.

—

Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

Join our e27 Telegram group, FB community, or like the e27 Facebook page

Image credit: Canva

This article was first published on March 14, 2024

The post Buy from her: Elevating women’s entrepreneurship appeared first on e27.