Women entrepreneurs across the globe are highly confident in business. Yet they remain blocked from economic opportunity by flawed systems

New research from CARE’s Strive Women program show 96% of surveyed women entrepreneurs have deep confidence in their ability to run and grow their business, and 87% have the specific goal to do so. Yet they regularly face systemic barriers to growth:

  • 27% report lacking the ability to access finance to grow their business
  • 60% indicate lower interest rates would improve usage of formal finance
  • One in five wish loan periods were extended
  • 34% lack essential peer-to-peer support networks to obtain business advice

Women entrepreneurs are deeply confident in their own abilities and prospects, according to new research from CARE’s Women’s Entrepreneurship team. They are strategically expanding their client bases, building supplier networks, and making critical business decisions. In fact, 96% of women entrepreneurs surveyed described being confident in their ability to manage and run their operations, while 87% expressed ambitions to grow their businesses.

These high levels of confidence reported by women entrepreneurs point to significant economic potential. Research indicates that confidence directly improves business outcomes and profitability. Yet without the systems and market actors to support them, women entrepreneurs remain blocked from their full potential. And this gap is costly: by some estimates, providing equal business opportunities to women could add up to $6 trillion to the global economy.

“Women entrepreneurs have long been self-assured and know how they want to make decisions for their businesses,” said Maria Jose Huamani from Lima, Peru, who broke through gender barriers to sell her leather products, a feat she never imagined possible; “Who can do that? Only someone with self-confidence”.

As part of Strive Women, CARE talked to more than 2,000 women entrepreneurs in Pakistan, Peru and Vietnam to study attitudes around business confidence and decision-making. This included one-on-one interviews, focus groups and surveys. 

Additional findings from the research includes:  

  • Access to finance is crucial: While confidence in business leadership is high, 27% of women entrepreneurs report a lack of access to adequate financial resources. Sixty percent of respondents are unable to access loans with a lower interest rate, while 21% list too-small loan sizes and 19% indicate that short-term loan periods as barriers to usage. For many, trust in financial institutions remains a challenge, while others describe the gender-based discrimination they face when seeking financial products and services. CARE’s qualitative research shows that when women have equal access to fair financial resources, their businesses can thrive. Yet barriers persist.
  • Support networks are essential: A trusted network can provide both non-financial support and business advice. Women entrepreneurs benefit from connections with others who understand their unique challenges and goals and provide informal yet essential support. However, 34% of women entrepreneurs lack this essential network. This extends to critical decision-making as well; 59% of respondents currently make decisions about their business jointly.
  • Digital technology gender gap: The rapid advancement of technology, and financial technology, can become a barrier for women entrepreneurs if they are not upskilled at the same time and rate and unless they anticipate and adapt to these changes. One-third (33%) of women entrepreneurs said they do not feel they have enough digital technology skills to suit their business needs. This skills gap limits opportunities

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