The number of women starting businesses is growing. According to the Global Entrepreneurship Monitor’s (GEM) 2023/24 report on women’s entrepreneurship in 30 countries, females now account for roughly two in five export-oriented ventures.
In countries like Hungary, France and the Netherlands, the rate of women-led businesses has more than doubled over the last twenty years. Still, female entrepreneurship remains a bumpy path for many.
We recently partnered with the New Zealand Chamber of Commerce Singapore and the Central and Eastern European Chamber of Commerce (CEEC) on a panel discussion focusing on female entrepreneurship, featuring leaders from Oysterly Media, Sedno Food, LifeOnFastForward and Marunda Private Limited. The event was moderated by Erika Sirimanne (Head of Business Development, Tech) from New Zealand Trade and Enterprise (NZTE).
Drawing on their success stories and insights, this article explores some of the challenges faced by women entrepreneurs.
Breaking through gender bias in business
Gender bias remains an entrenched barrier in several sectors, affecting how female entrepreneurs are perceived and trusted. In some cases, this may undermine their expertise and, as a result, stall opportunities for growth.
Co-founder of event marketing firm LifeOnFastForward, Miruna Vlas, shared that her age and appearance often works against her. Originally from Romania, she has lived in Belgium, the Netherlands, Ireland and now Singapore, where she launched her business.
“As women, we’re still too often measured by how we look or how young we are before anyone listens to what we have to say, and in the business world, that can make it challenging to be seen for our skills and ideas,” she said.
This, however, did not deter her. Supported by a strong team and letting results speak louder, Miruna has built credibility on her own terms.
“I have some very good business partners that are helping with negotiating and selling,” she explained.
Similarly, Rachel Wong, founder and managing director of Marunda Private Limited, described her determination to reshape perceptions. Entering the maritime services sector, she challenged the bias head-on and demonstrated resilience in a field where women are underrepresented.
“I wanted to break those boundaries and let the world know that as a woman, there is equal opportunity,” she recalled. “It’s all about the mindset.”
Rachel has since been in the industry for 40 years and is a go-to for voyage repairs on ships from around the world.
“People know who to look for when they stop over in Singapore,” she added.
Finding a supportive community
For many female founders, success is also dependent on being in a supportive community. Entrepreneurship can otherwise feel solitary, particularly for those who do not have peers facing similar challenges or operating in the same industry.
Joanna Szawaja-Jacuta, who founded Sedno Food to bring healthy natural products from Poland to Singapore, spoke about the impact of joining a mastermind group. Mastermind groups function as peer-to-peer mentoring forums, providing a safe space for discussion for women entrepreneurs.
“We were exchanging our feelings and sharing our advice with each other. And it was extremely powerful because even when you were hearing someone’s stories, they will always resonate with you,” she explained.
If the right opportunities do not exist, entrepreneurs can always create their own. As someone whose business focused on organising events for her clients, Miruna took the initiative to put together her own events and the response was overwhelmingly positive.
With almost 300 attendees, Miruna recalled some telling her afterwards, “You came all the way from Ireland and organised something that we haven’t had in years. And you created this in just a few months.”
“It’s all about connection, of creating something for people,” Miruna said.
Networking
The most influential connections often span across industries, genders and functions. As Joanna continued, “We need to get out of our comfort zone and not close ourselves to only women’s circles. The real money and real ideas are out there.”
Melissa Laurie, Chief Executive Officer (CEO) and founder of social video agency Oysterly Media, recalled her early days in Singapore.
“When I first started, I made a really big effort. I would look at all the events that were happening in Singapore and go once, twice a week. It’s really important to create these moments,” she said.
Melissa soon expanded her contacts through the events she attended. One early connection turned out to be a Fortune 500 client, a win that lent credibility to her startup and opened doors to more business.
The founders also agreed that networking is most impactful when it is personal and authentic. While it is easy to rely on online interactions, face-to-face connections can build deeper trust.
“This event is the perfect kind of networking,” Rachel remarked, referring to the very panel discussion held in our Hawksford Singapore office as an example. “This is the kind of personal networking that one should never rely on online.”
“Exchange name cards, shake hands, go for a coffee. First cup of tea, second, third, fourth and eventually, your products or services can be sold,” she added. “So don’t miss any of these personal interactions. It’s so important, even with today’s technology.”
Key takeaways for female entrepreneurs
From these success stories, aspiring female entrepreneurs (and male entrepreneurs, in fact) may consider the following to tackle any early-stage hurdles:
- Demonstrate expertise early: Anticipate scepticism by preparing clear, data-driven presentations and case studies. Enlist experienced partners or advisers to support your business growth and reinforce your credibility.
- Join or form peer groups: Seek out mastermind groups where founders exchange candid feedback. If such a forum does not exist locally, consider starting one yourself to fill the gap.
- Be intentional about networking: Identify the events, trade shows and local meetups most relevant to your sector. Aim to attend at least one gathering per week to build familiarity among peers and potential collaborators.
- Pay success forward: As you grow, offer mentorship or networking opportunities to other female founders. Expanding the ecosystem of support for women in business can benefit other entrepreneurs in the long run.
How we support female entrepreneurship
As an international organisation that has helped entrepreneurs set up and grow their businesses, we see firsthand both the challenges and the opportunities that women encounter when launching a company.
If you are keen to start your business in Singapore, or anywhere else in the world, we have the knowledge and expertise to take care of the complexities and administrative burdens. Simply reach out to our team to get started.
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