Women entrepreneurs demonstrate high confidence in managing and growing their businesses, but systemic barriers hinder their full potential, according to research by CARE’s Women’s Entrepreneurship team. While 96% of women entrepreneurs feel confident in their abilities and 87% aim to expand their businesses, challenges such as limited access to finance, lack of support networks, and digital skill gaps persist. Addressing these obstacles could unlock significant economic growth, with estimates suggesting that equal opportunities for women entrepreneurs could contribute $6 trillion to the global economy.
Research conducted with over 2,000 women entrepreneurs in Pakistan, Peru, and Vietnam highlights the need for tailored financial resources, accessible support systems, and digital upskilling to overcome barriers. Programs like CARE’s Strive Women advocate for women-centered design in products and services, fostering financial resilience and improving quality of life.
Key findings from CARE’s research:
•Access to finance: 27% of respondents lack adequate financial resources, with barriers including high loan interest rates, small loan sizes, and short repayment periods. Gender-based discrimination further complicates access.
•Support networks: One-third of women entrepreneurs lack trusted networks for business advice and informal support, essential for growth and decision-making.
•Digital skill gaps: 33% of women feel underprepared to leverage digital tools for their businesses, limiting opportunities in a rapidly evolving market.
Sarah Hewitt, Director of the Strive Women program, emphasized the importance of systemic change, stating, “It’s not confidence women entrepreneurs lack, but market systems that support their potential.” CARE urges public and private actors to design inclusive financial products, foster networks, and shift narratives to celebrate the contributions of women entrepreneurs, ultimately driving equitable economic growth.
