Table Of Content:
- Reasons why women entrepreneurship dropped drastically in Singapore
- Successful Women Entrepreneurs in Singapore
- Here are some tips and business ideas for women entrepreneurs in Singapore
- Various Business Verticals that women can venture into
- Breaking the barriers
- How to overcome this problem?
- Niche Tips to Build a Successful Business for Female Entrepreneurs in Singapore
- Conclusion
Introduction:
Women entrepreneurs in Singapore have been making significant strides in recent years, with the government actively promoting and supporting women-led businesses. women entrepreneurs in Singapore are making contributions to the economy and society, and the government’s support for their growth is likely to continue in the coming years.
Reasons why women entrepreneurship dropped drastically in Singapore:
On looking into the report of women entrepreneurs globally, Singapore fell to 21st place last year. The report was prepared by technical giant DELL, which states that the percentage of women entrepreneurs dropped drastically in Singapore for various reasons.
- The progress growth was high in several other countries within the last two years.
- The capital money for business investment was a problem
- Market support was considered to be the next problem in the line for women entrepreneurs in Singapore.
- Of course, work-life balance is another major problem for women throughout the world.
It is now time to look forward to good business ideas for women entrepreneurs in Singapore to overcome all the above-said difficulties.
Successful Women Entrepreneurs in Singapore:
Before entering into the topic, here is a list of a few successful women entrepreneurs in Singapore. Know about them and get motivated to kick-start your business.
· Krystal Choo: Being the founder and CEO of the tech community “Wander,” Choo won “The Most Awe-Inspiring Women” Award by Cosmopolitan.
· Ayesha Khanna: Being the founder of ADDO, Ayesha Khanna also found 21C Girls. It is a charity place that helps girls by teaching the code in Singapore.
· Pat Law: Holding a vast knowledge of digital marketing for more than a decade, Pat Law found GOODSTUPH. She also has wide marketing knowledge of various products such as automobiles, beauty, fashion, pet care, and technology.
· Michelle Sun: She is the CEO of First Code Academy. It is a place where students get a digital learning experience.
· Shao-Ning Leigh Huang: Being the co-founder of Jobscentral, Shao-Ning Leigh Huang has more than 14 years of experience in this industry.
The list continues with Prerna Pant, Ria Lao, Soo Boon Koh, Pocket Sun, Kanika Agarwal, Nanz Chong-Komo, and many others.
Here are some tips and business ideas for women entrepreneurs in Singapore:
Learn and make innovative ideas to implement the tips and to become one of the aspiring female businesses.
Actually speaking, business industries and markets are wide open to welcome female entrepreneurs in Singapore. But the problem is, women fear a lot to start a business. Dreaming big and proceeding toward it is a long-time process. However, it is essential to keep a baby foot in business that you think you will perish. Later growing big in that business is a step-by-step process.
For example, if 80% of women like to start a business, only 50% of them will go further and do it. The percentage falls for the next step – which is bringing up innovative ideas into the trade. However, it is not due to a lack of ideas but due to the fear of handling it. But according to the tips given by successful women entrepreneurs, be strong in your innovative idea, believe in that, and proceed. Surely it will give ripe fruits one day.
Various Business Verticals that women can venture into:
Generally, women restrict themselves and start trading in some particular industries like fashion, tutoring, etc. But there are lots of scopes to win a business in other industries too. Notably, there are successful female businesses in transportation, technology, food & beverages, hospitality, and other industries too. According to the report last year, here is the list of industries where women like to start a trade in Singapore.
– Professional Services – 28.4%
– Advertising – 23%
– Information Technology – 12.2%
– Manufacturing & Educational Services – 6.8%
– Arts, Architecture, and Facilities – 5.4%
– Hospitality & Business Support – 4.1%
– Social Services – 2.7%
– Agriculture – 1.4%
Do you think that the results are shocking? Perhaps everyone will. Therefore, explore the advantages and opportunities that are hidden in other industries too. In this way, you can be successful women entrepreneurs in that particular industry too.
Breaking the barriers:
Here comes the next tip for women entrepreneurs in Singapore. 45% of women in Singapore are very much interested in participating in trade development programs. 42% are somewhat interested in this topic whereas only 3% of them are not at all interested in attending any such programs.
As per this survey, many female talents are keen and hold an interest in trading. However, it is due to the women-specific challenges, and they restrict themselves in a nutshell. The barricades for women entrepreneurs are work-life balance. Breaking the challenges is a must to become a successful women entrepreneur in Singapore. 68% of women suffer from balancing work duties and their family life.
How to overcome this problem?
Yes, men can indeed handle the work-life balance more easily than women. However, women need to take care of their kids and family members and prioritize work. But there are solutions for this issue. You can sort out the priorities and also your strength & weakness.
Singapore is a business-friendly place that gives many golden opportunities for women to establish their careers. Research deeply about the women’s rights and facilities that the Singapore government provides for its citizens. Think about the steps through which you can accustom your trade and family life via availing those opportunities.
Niche Tips to Build a Successful Business for Female Entrepreneurs in Singapore:
1. Before entering into business in any industry, gain knowledge about it. By knowing the industry’s depth, you can easily overcome the negative aspects and grow the positive trade parameters. For example, maybe marketing is an excellent problem in one of the industries, then think of creative marketing ideas to gain the target audience’s attention. Research their interest and promote your brand based on that interests. When your product or service is closely related to the customer’s interest, then doing business is an easy deal.
2. Singapore businesswomen face challenges in networking. It is understood that it would be wise for female startup entrepreneurs to build the target network. There are many indirect methods to build networking, like adding your business in an email signature, creating a newsletter, speaking about your product, etc. However, some networking methods create a greater impact on the audience in Singapore – creating a website, frequently updating your business, digital marketing your product or service, etc.
3. Limited funds or financial capital is a significant challenge for women entrepreneurs in Singapore. As per the survey report of 2020, nearly 23% of businesswomen suffer from limited funds to develop their trade. Remember that Singapore is the best place in the entire world to pursue a trade.
Not only due to the friendly environment but also due to the grants offered by the government. Several startup grants are available for traders in Singapore, like startup SG founder, startup SG tech, and startup SG loan. There are plenty of schemes available for SMEs to develop their trade across the country. You can go through those grants in Singapore and their eligibility criteria.
Applying for it will fetch you the capital money to start the trade. Additionally, for startup women’s businesses, government organizations are also providing funds for learning the technology that is related to your business. All you must have is the willingness to do it.
4. Do you believe that 26% of women’s businesses are affected due to gender discrimination? Singapore is taking enormous steps to consider this issue and also to bring about a change in people’s mindset on gender equality. Many non-profit organizations and government organizations are conducting women empowerment programs that insist on this issue.
In addition to this, the success stories of women entrepreneurs are also mentioned by speakers in the program. Doing business is not that easy; every woman will face challenges. However, they work hard to topple the negatives of business into positives. And the upcoming businesswomen can also keep this as a piece of motivational advice and implement it during their turn.
Conclusion:
Concluding with this, women entrepreneurs in Singapore contribute a lot to the development of society. They are also involved in economic status development. However, to motivate more women entrepreneurs in the country, assist them in developing their businesses, and in turn, the development of the economy, everyone must strive and contribute to it.
This article is one such positive step taken from our end to motivate lots of women entrepreneurs in our country. Therefore, never worry or hesitate by thinking about the negative side of doing business. There is always a positive answer to all challenges.
Now, it’s time to think, get motivated, and build your future by placing your footsteps in business. Indeed, by opening the doors of education, technical knowledge, enormous opportunities, networking, and adequate business capital access, women can begin and grow their businesses successfully.
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Note: The above-mentioned info is subject to respective changes from time to time.
FAQS:
Which small businesses are more profitable for women?
Freelancing, Writer or Author, Social Media Marketing, Graphic Designer, Artist, Website & App Developers
What is the median age of female business owners?
The bulk of the business owners we spoke with started out in the years 25, 30, and 35. 51.2% of women meet this requirement. During the ages of 35 and 40, a further 19.6% of women founded their businesses.
How many women entrepreneurs are in Singapore?
Women entrepreneurs are being successful in a wide range of businesses across Singapore’s economy. 27.5 percent of business owners are women in Singapore.