Mastercard Releases Index of Women Entrepreneurs

Sheer grit spurs women entrepreneurs, but supporting conditions are crucial for them to thrive, according to Mastercard's findings.

While female entrepreneurship is often founded on necessity and grit, strong supporting conditions such as access to financial services and ease of doing business pave the way for progress in businesses owned by women, according to findings from the inaugural Mastercard Index of Women Entrepreneurs. Mastercard is No. 7 on the DiversityInc Top 50 Companies list.


These enabling conditions are pivotal in overcoming the two main obstacles that most discourage women from becoming entrepreneurs – cultural biases and fewer opportunities for their advancement.

Overall, developed markets top the index, led by New Zealand, Canada and the United States. These countries have the strongest conditions that support women business ownership, such as robust small- and mid-sized business communities, a high quality of governance and ease of doing business.

Mastercard Index of Women Entrepreneurs – Top 10 markets with the strongest supporting conditions and opportunities for women to thrive as entrepreneurs

  1. New Zealand – 74.4
  2. Canada – 72.4
  3. United States – 69.9
  4. Sweden – 69.6
  5. Singapore – 69.5
  6. Belgium – 69.0
  7. Australia – 68.5
  8. Philippines – 68.4
  9. United Kingdom – 67.9
  10. Thailand – 67.5

On the other hand, lower-income economies such as Uganda (34.8 percent), Bangladesh (31.6 percent) and Vietnam (31.4 percent) have some of the highest percentages of women entrepreneurs, driven mostly by necessity as opposed to being inspired by business opportunities.

Women business owners as a % of all business owners – Top 10 markets

  1. Uganda – 34.8 percent
  2. Botswana – 34.6 percent
  3. New Zealand – 33.3 percent
  4. Russia – 32.6 percent
  5. Austria – 32.4 percent
  6. Bangladesh – 31.6 percent
  7. Vietnam – 31.4 percent
  8. China – 30.9 percent
  9. Spain – 30.8 percent
  10. United States – 30.7 percent

"The prevalence of ambitious, resourceful women should be regarded as a prime business opportunity. As society addresses existing cultural bias, we will do our part to help create those conditions that will strengthen and fuel the foundation for personal and economic growth," said Martina Hund-Mejean, chief financial officer, Mastercard.

"By increasing access to critical networks, our study shows that women are more able to recognize their full potential, achieve their goals and ultimately accelerate more inclusive growth. We have a fantastic opportunity to address cultural and organizational issues and further empower women leaders," said Ann Cairns, president, International Markets, Mastercard.

The Index suggests that countries with enabling conditions foster more Opportunity-Driven Entrepreneurs (driven by desire to progress) while countries with less conducive supporting conditions tend to breed more Necessity-Driven Entrepreneurs (driven by need to survive). It also explores varying factors that help or hinder women entrepreneurs.

  • What spurs female entrepreneurship in developing markets? Grit. Uganda (34.8 percent), Bangladesh (31.6 percent), Vietnam (31.4 percent) and China (30.9 percent) made the list of the top ten markets for proportion of women business owners as a percentage of total business owners. In these economies, women capitalize on business opportunities that do not rely on knowledge or innovation assets alone.
  • However, successful businesses do not survive on grit alone. To help women entrepreneurs thrive, they need access to financial services and products; ease of doing business; strong support for SMEs and quality governance, as seen in New Zealand, Canada, United States, Sweden and Singapore, which took the top five spots on the Index.
  • There are other markets such as the Philippines (68.4, 8th), Peru (64.3, 23rd), Malaysia (63.9, 25th), China (61.3, 31st) and Mexico (59.1, 40th) where supporting conditions for entrepreneurs are not as conducive, yet the local entrepreneurship landscape is highly energized and vibrant with very healthy perception of business opportunities and high regard for the status of successful entrepreneurs. Women entrepreneurs here are often driven by strong desires to succeed.
  • The low scores of markets such as India (41.7, 49th), Saudi Arabia (37.2, 52nd) and Egypt (34.0, 53rd) are indicative of the fact that cultural biases against women severely undermine their ability to rise to positions of leadership and take advantage of entrepreneurial opportunities.
  • According to the Index, some of the biggest obstacles that hinder women from venturing into business include lack of financial funding/venture capital, regulatory restrictions and institutional inefficiencies, lack of self-belief and entrepreneurial drive, fear of failure, socio-cultural restrictions, and lack of training and education. In nearly all of the 54 economies covered, at least one or more of these constraints are holding back the progress of women as business owners.

The full report is available at newsroom.mastercard.com.

Read more news @ DiversityInc.com

Mastercard Joins Refinery29 as the Official Payment Technology Partner of 29Rooms, The Celebrated Immersive Installation

Mastercard to Unlock Exclusive Access for Cardholders and Showcase the Latest Ways to Pay in San Francisco, Chicago, New York and Los Angeles

Originally Published by MasterCard.

Mastercard will partner with Refinery29 to bring a new element to the interactive festival of style, culture, and creativity, as the 29Rooms official payment technology partner. This year, cardholders will have the opportunity to experience 29Rooms with exclusive access, new payment technology and Priceless experiences along the way.

Read More Show Less

Famous Nevada Brothel Owner Wins GOP Primary

"Donald Trump was the Christopher Columbus for me," said creepy Dennis Hof.

YOUTUBE

An official pimp is now an official state assembly nominee in the Republican Party, which refers to itself as the party of family values.

Read More Show Less

New Mastercard Service Speeds Adoption of Artificial Intelligence

AI Express helps companies swiftly and smartly deploy artificial intelligence solutions.

Originally Published by Mastercard.

Many companies today want to tap into artificial intelligence quickly but are not sure where to start. With the launch of AI Express, Mastercard will help companies develop a tailored artificial intelligence model that answers real business questions and can be swiftly deployed.

Read More Show Less

Latino Kids Torn from Mothers' Arms While Ivanka Trump's Tweet Boasts of White Privilege

The administration of "family values" has created a narrative that immigrants are not moms or dads, only criminals.

TWITTER

Families fleeing dire situations are having their children torn from their arms due to a new "zero tolerance" Trump administration policy.

Presidential Adviser Ivanka Trump on Twitter boasted of cuddling her two-year-old son, Theodore. Many thousands decried the tweet as tone-deaf and a cruel comparison. The current immigration polices have emboldened U.S. border agents to take detained children from their parents.

Read More Show Less

Goals that Change Lives: Mastercard to Donate 10,000 Meals for Each Goal Scored by Messi or Neymar Jr.


The initiative is part of the company's Start Something Priceless campaign launched on April 10th across Latin America and the Caribbean

Originally Published by Mastercard.

Mastercard is taking another significant step in its commitment to help combat childhood hunger and malnutrition in Latin America and the Caribbean (LAC). For the first time in history, goals made by football icons Lionel Messi and Neymar Jr., will transcend the playing field. Starting today and running until March 2020, each time Messi and/or Neymar Jr. score a goal across any official tournament, the company will donate the equivalent value of 10,000 meals to the United Nations World Food Programme (WFP).

Read More Show Less

Serena Williams on Postpartum Depression: 'It's a Part of Pregnancy'

After almost dying when giving birth to her daughter Alexis Olympia, Williams is open about the struggle and triumphs of motherhood.

INSTAGRAM

Serena Williams is currently making her comeback at the French Open after giving birth to her daughter, Alexis Olympia, nine months ago. With motherhood, Williams has become an advocate for women's health by sharing intimate details of her personal life including her struggle with postpartum depression.

Read More Show Less