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 gaining 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, the UN Economic and Social Commission for Asia and the Pacific (ESCAP) finds that women’s overall labour force participation is just 48% in Asia Pacific (APAC). 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 according to ESCAP could give an additional USD 12 trillion to annual global output by 2025.
According to Shobie Ann King, Herbalife Vice President of Emerging Markets, APAC, 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. The study has also shown that women’s empowerment leads to healthier families, higher schooling rates, and reduced child mortality.
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 is driven by the rising prevalence of chronic diseases globally, and consumer trends towards more balanced and healthier lifestyles. This is also an industry that sees more women gravitate towards it.
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 business.
Overcoming start-up costs
The greatest challenge cited by survey respondents was the high initial cost to starting a business. According to the Organisation for Economic Co-Operation and Development (OECD), 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 programs 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 9-to-5 job while exploring side business opportunities to supplement one’s income is a viable option.
The flexibility is especially important for some women, who may be dealing with becoming mothers. As entrepreneur mothers, a Herbalife distributor 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 a mentor 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.
“In Herbalife, our mentorship model aims by 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,” added Shobie.
All eyes ahead
According to Shobie, entrepreneurial aspirations among women are already high in this region, and it’s been shown that women-led businesses can bring positive impact across families, communities, and nations.
What is needed now is a strengthening drumbeat of awareness and support that will inspire and galvanize 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 recognize 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.
