Where in Europe are women most willing to start their own business?
Women have the most appetite to create their own business in Portugal, Poland and Greece in the EU. However, outside the bloc, Ukraine is home to an even higher ratio of aspiring female entrepreneurs, a new study shows.
ADVERTISEMENT
Women in Ukraine are the most willing to set up their own business compared with the rest of Europe, according to new research commissioned by Mastercard.
Out of all the Ukrainian women, living in a war zone and facing very difficult circumstances, two-thirds (66%) say that they plan to start their own business. Among those who consider the same, the ratio is even higher among the younger generation, with over four-fifths of Gen Z (83%) wishing to take this leap of faith.
Female entrepreneurs are playing a critical role in economic development, resilience, and recovery, said Mastercard, adding that they are also driven by supporting a positive change in the world.
'For example, entrepreneur and mother Inna Bozhko, owner of Barbershop Inclusive in Kharkiv, Ukraine. She used our support through the Mastercard Center for Inclusive Growth to open her own barbershop with a special soundproofed space for children with disabilities who are affected by sound (her eight-year-old daughter has cerebral palsy),' Payal Dalal Executive Vice President Global Programs of Mastercard told Euronews Business.
Ukrainians, both men and women, cite lack of funds as the key reason they have not yet started a business (65% of men and 76% of women). Women also named the lack of experience (47%), knowledge (36%), and self-confidence (38%) being the main factors holding them back from starting a business.
Ukrainian women are most interested in opening their business in online sales (22%), education, including tutoring (17%), agriculture (15%), and food and drink (15%).
Where else in the EU are women most interested in entrepreneurship?
Boosted by GenZ's highly entrepreneurial spirit, more and more women in the EU are turning to set up their own business to gain financial independence, improve work-life flexibility, and make a difference in the world.
According to the report, carried out in 41 countries across the world, four in ten European women have considered running their own business, this ratio is the highest among Gen Z (62%) and millenial women (53%).
Within the EU, Portuguese women are the most willing to set up their business and they are also twice as comfortable with basic financial skills, such as dealing with savings and budgets, than the average European woman (21%).
'Our data found that Portuguese (62%), Polish (47%) and Greek (46%) women are more likely than the average European woman (40%) to consider starting their own business', Dalal said to Euronews Business.
According to the report, those who not just consider, but actually plan to set up their businesses in these countries are also numerous - in Portugal, 56%; in Poland 36%; and in Greece 46%.
Doing some good in the world is a main driver for Gen Z
Behind the increased appetite for entrepreneurship, the report shows that Gen Z women in Europe are most likely to start a business to do 'something good for the world' (19% vs. 13% millennials, 14% Gen X and 16% Baby Boomers).
On reflection of this, education and childcare are among the top three sectors that European Gen Z women would like to start a business in. However, the top spot is reserved for cosmetics, which is by far the most popular sector for this generation (26% vs. 10% European average among women).
What are the barriers women face in Europe when setting up their own business?
According to the report, concerns around risk of failure (31%), lack of financial resources (29%) and lack of experience (28%) are the top barriers cited by women who have not yet started their own business.
Confidence is also a significant challenge for women, who also say they struggle disproportionately with caring commitments (both for children and older family members), too.
ADVERTISEMENT
How technology can boost female entrepreneurship
Leaders from Mastercard as well as Amazon Web Services agree that there is big potential for digital technologies to transform the set-up and the running of small businesses, and women entrepreneurs could particularly benefit from these.
'In the next few years, I would hope to see barriers for women entrepreneurs overcome through the increasing use of digital technologies, which themselves still need to adapt to cater for the diverse needs and capabilities of smaller businesses.'
'From enhancing operational efficiencies to expanding market reach, digital tools offer unprecedented opportunities for increased scalability, resilience and growth,' said Payal.
In the next few years, I would hope to see barriers for women entrepreneurs overcome through the increasing use of digital technologies, which themselves still need to adapt to cater for the diverse needs and capabilities of smaller businesses.
Payal Dalal
Executive Vice President Global Programs, Mastercard
Tanuja Randery, Amazon Web Services' Vice President and Managing Director for EMEA and founder of PowerWomen Network, said, 'the latest advancements in technology, with Gen AI, are opening up huge opportunities for female entrepreneurs - lowering barriers to entry, automating tasks to improve productivity, and providing smarter insights to scale businesses.'
ADVERTISEMENT
She also emphasised that 'to accelerate female entrepreneurship and enable the next unicorns in Europe, we need to ensure women have access to the right sponsors, networks, and venture/government funding to help them navigate these opportunities with confidence.'
Randery told Euronews Business about her experience growing up in India and being inspired by her father to work in the tech sector. Today she represents one of the world's top five tech companies, Amazon, through its Web Services branch. She shared her thoughts with Euronews Business about what could inspire the next generation of female entrepreneurs.
'The three pieces of advice I would have for women as they pursue their careers are: a) Have a plan 'remember what Alice said, if you don't know where you are going, any road will take you there; b) Find your sponsors, 'women are over mentored and under-sponsored, and c) Play to win not to fit in, take risks, be mobile (move countries, industries, functions) - and take feedback but in the end you should not forget who you are, what makes you happy and at your best.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
France 24
an hour ago
- France 24
Italy forges on with world's largest suspension bridge
The 13.5-billion-euro ($15.3-billion) project would carry trains and six lanes of traffic, allowing cars to cross the Strait of Messina in 15 minutes. Giorgia Meloni's hard-right government hopes to boost the economy of the impoverished region, although critics say there are better ways to do this -- and many believe that after decades of false starts, the bridge will never actually happen. The choppy waters between the eastern tip of Sicily and the western edge of the region of Calabria are legendary as the place where monsters Scylla and Charybdis terrified sailors in Homer's epic poem "The Odyssey". These days the challenges are more prosaic, from winds of more than 100 kilometres an hour (62 mph) to the real risk of earthquakes in a region that lies across two tectonic plates. The government says the bridge will be at the cutting edge of engineering, with the section suspended between its two pillars stretching 3.3 kilometres, the longest in the world. But critics point to a long history of public works announced, financed and never completed in Italy, whether due to corruption or political instability, resulting in enormous losses for taxpayers. "The public does not trust this political class and these projects that become endless construction sites," said Luigi Storniolo, a member of protest group No Ponte (No Bridge). Infrastructure Minister and Deputy Prime Minister Matteo Salvini, one of the main champions of the project, insists it will be a game-changer for the local economy. "The bridge will be a catalyst for development," he said on a recent visit to Reggio di Calabria, the city where the bridge will begin. 'A senseless project' The government hopes to boost trade in Sicily, which currently suffers from an "insularity cost" of around 6.5 billion euros a year, according to regional authorities. Meloni's ministers are expected to give their final approval to the project -- which Rome will fund -- later this month, and Salvini insists construction will begin this summer. But work had already been announced for the summer of 2024, before being postponed -- a common theme in the history of the bridge, the idea of which dates back to the unification of Italy at the end of the 19th century. The first law for the project was passed in 1971. Since then, successive governments have either revived it or cancelled it. In 2012, the idea appeared to be definitely abandoned amid the eurozone debt crisis, only for Meloni's government, which took office in 2022, to return to it once again. Salvini has repeatedly stated that the bridge would create 120,000 jobs in Calabria and Sicily, which have the fourth and the 13th highest unemployment rates respectively in the EU for young people under 29. However, the left-wing CGIL trade union estimates around 2,300 workers a year will be hired during the project, and critics say the jobs created will be offset by long-term losses from the closure of ferries. Mafia risk The project has sparked local protests, with critics warning of the impact on a protected marine zone and an important bird migratory route. Storniolo told AFP it was a "senseless project" which used up valuable funds when "our regions already suffer from many problems... healthcare, schools, and infrastructure." The Italian Court of Auditors has also criticised the extent of the debt-laden Italian state's investment in this one project in its assessment of the 2024 budget. "They want to make an entire territory believe that its only hope is this bridge -- but then the bridge never arrives," protester Storniolo added. There is also the question of mafia infiltration. The attorney general of Messina recently warned of the risk that organised crime would benefit from the project, noting that "the power of the mafia is hidden... behind public contracts". The government has proposed placing companies relating to the project under control of an anti-mafia structure reporting to the interior ministry. But Italian President Sergio Mattarella blocked this, saying it should only be used for one-off events such as earthquakes or the Olympics. Salvini argued that the bridge can help tackle the mafia, saying: "You do not fight the mafia... with conferences and protests, but by creating jobs and giving hope to young people."
Fashion Network
5 hours ago
- Fashion Network
French Senate approves ‘anti-fast-fashion' bill chiefly targeting Shein, Temu
Louwagie said that the government will notify the European Commission of this bill even before the end of the joint parliamentary committee work that will start soon, and that the government will also work on the decrees regulating the bill's application, and notably define the thresholds that will formally identify an operator as 'ultra-express' or 'ultra-fast-fashion'. Before the vote, the representatives of the various Senate groups spoke to explain their positions on the vote. An opportunity to underline for some the positive amendments made to the bill, and its weaknesses for others. Many senators welcomed the removal of a provision of the 2022 anti-waste law on unsold goods, which allowed ultra-fast-fashion operators to benefit from tax allowances when donating unsold goods to charitable associations. The re-introduction of a blanket ban on advertising for ultra-express fashion operators was also appreciated. 'This law does not prohibit, it protects by defining what is abnormal. It protects our environment and that of our children. It protects the economy and our textile industry. We can be happy we are giving ourselves the means to achieve our goals,' said Nicole Bonnefoy, representing the Socialist, Ecologist and Republican group, adding that 'we welcome the re-introduction of article three, which will form a negotiation basis for requesting an amendment to the European e-commerce directive, so that these restrictive measures can be made to apply to companies based for example in Ireland.' Although the amendments have been approved by the groups, several points still prompted strong reservations. The introduction of the term 'ultra-express fashion' has led to much teeth-gnashing among environmental associations and sustainable fashion brands, which believe that the aim of fencing in all types of fast-fashion practices is no longer being pursued. Jacques Fernique of Ecologist group Solidarité et territoires insisted on this aspect, emphasising that the various laws will not enter into force for many months yet, since they have to be examined again by the European Commission and the joint parliamentary committee, something which won't happen before the autumn. 'Today's vote is a relatively positive step. Shein, Temu and Amazon are pushing to the extreme a business model that destroys local jobs and our city centres' appeal. But both ultra-express fast fashion and fast fashion adopt the same approach, selling transient, low-cost disposable products. This bill is targeting the ultra-fast fashion explosion, but we can't see why the penalties shouldn't potentially apply to everyone.' Fernique is campaigning for provisions that would 'push back against the kind of disposable fashion sold by foreign platforms but also by French and European companies. It's sustainable fashion that we ought to promote, regardless of the nationality of who sells it.' An issue which the majority of senators did not endorse. 'This bill has set a course. It doesn't pretend to solve everything, but it intends to draw boundaries,' said Valente Le Hir, who is affiliated with the Republican group and is the bill's rapporteur in the Senate. She has advocated for the middle ground in various issues, asserting that the Senate wants to draw up a 'stronger bill, not a travesty of it. We have said it's time to limit the excesses of express fashion without penalising those who are working towards greater sustainability in the industry. [The bill] has distinguished, within a poorly understood sector, what constitutes planned overconsumption and what constitutes sustainable innovation. We've clarified the target. We've drawn a clear line between what we want to regulate, ultra-express fast fashion as embodied by platforms like Shein and Temu, and what we want to preserve, in other words affordable, locally rooted fashion that generates jobs in France, that anchors our communities, creates connections and boosts local industry.' After the government will have sent the text over to the European Commission, the latter will have three to four months to comment. And while French MPs and senators will be working within the joint parliamentary committee, the Commission's analysis and observations will play a key role in the bill's final wording and provisions. In the meantime, the lobbying efforts that have been ongoing for months are set to continue.
France 24
6 hours ago
- France 24
Clothes at what cost? French fast fashion bill puts onus on Chinese brands
France's senate passed a bill to curb advertising and tax pollution on fast fashion, with lawmakers even talking up the distinction of ultra fast fashion - garments made in a hurry - more and more using polyester and other polluting plastics, shipped at warp speed by plane and which fall apart after only a few washes. Has the bill been partially stripped bare though? The new version seems to include a carve-out for European giants that peddle cheap clothes with the focus mostly now on China. In fact, Europeans like the Trump administration are working to close the tax loophole on the kind of small parcels that go out by the millions from small garment factories in China. And while the likes of Shein and Temu enroll big names to lobby, including a former European Commissioner and a former interior minister of Emmanuel Macron, we asked who's winning the hearts and minds of consumers in this battle over an industry that represents up to ten percent of humanity's carbon footprint.
