MANILA, Philippines — Lack of finances and confidence are the top reasons holding Filipinas from starting their own businesses, according to a survey by beauty brand Avon.
Based on results of its Global Progress for Women Report, which reflects the views of more than 7,000 women in seven countries including the Philippines, 61 percent of respondents cited finances as the top obstacle they face when it comes to starting their own business.
This is followed by fear of failure (44 percent), not knowing where to start (36 percent), lack of knowledge on the market (34 percent) and lack of confidence (33 percent).
Findings from the Philippines show that Filipina women are highly affected by those barriers to entrepreneurship, according to Avon Philippines.
It said that over half or 52 percent of the women surveyed admitted to the lack of confidence being a barrier to starting a business, while 79 percent believe inadequate financial resources are a setback to becoming entrepreneurs.
“These statistics are alarming, as a deeper dive into the report reveals that 90 percent of Filipina women want to earn more money. However, the barriers that keep them from greater economic opportunities spotlight larger Philippine social and cultural issues that need to be addressed,”Avon Philippines said.
The beauty brand cited a study by the World Bank which showed that gender norms in the country largely dictate the economic and domestic roles for men and women, emphasizing that traditionally, Filipino men are designated as breadwinners and household heads while women are seen as caretakers and homemakers.
“The political and social dynamic of the equality conversation continues to shift, as some of the biggest and most important conversations around women’s rights, health and roles in society are debated. And the lived experiences of many women show that cultural stereotypes and lack of flexible working are still limiting women’s opportunity and choice of work,” Avon CEO Angela Cretu said.
Although Filipina women have access to more opportunities than before, Avon acknowledged that they are still surrounded by stereotypes and the society’s traditional expectations that challenge them career-wise and financially.
“With a legacy of championing women for over 135 years and a business model which allows women greater choice and freedom to earn money, Avon calls for people to challenge the barriers preventing women from equal access to work. It also believes that women should have the chance to realize their entrepreneurial ambitions – whatever the size of their business might be,” Avon said.
In line with its efforts to support women, Avon said that more than 20 percent of every sale is an investment in women and goes to supporting female entrepreneurs.
“Driving positive change for women has been hard-wired into Avon’s business since the beginning: every time you buy a lipstick you are helping to support a female entrepreneur. Removing the barriers to economic participation that women face is crucial to helping drive progress for women. On International Women’s Day, there is no better time to shine a light on this and open up the conversation,” Cretu said.