Despite their “small” stature, the contributions SMEs bring to the Malaysian economy are undeniable. SMEs constitute approximately 97% of businesses in Malaysia, accounting for 48% of employment and contributing 38% of the total Gross Domestic Product (GDP). In this robust narrative of economic contribution, the significant roles played by women-led SMEs often remain underappreciated. These enterprises not only create jobs and spur innovation but also drive community development and social progress.

Recognising and celebrating the successes of women entrepreneurs in SMEs is essential not only for gender equality but also for maximising economic potential. Women-led businesses play a crucial role in diversifying the entrepreneurial landscape and introducing fresh ideas that can address unique market needs. By providing targeted support and opportunities for women-led SMEs, Malaysia can harness their untapped potential for driving growth and development.

Navigating challenges and overcoming barriers to success

In the dynamic landscape of entrepreneurship, women face a myriad of challenges that can impede their path to success. Gender bias, work-life balance, and funding constraints are among the significant hurdles. These challenges, often intersecting, make the journey of women entrepreneurs in SMEs particularly arduous.

• Gender bias: Gender bias in business can manifest in many ways, from subtle discouragement to overt discrimination. Despite these obstacles, women entrepreneurs like Vivy Yusof and Jane Chuck continue to break barriers, proving that talent and determination know no gender.

• Work-life balance: Balancing professional responsibilities with personal obligations is another significant challenge. Women often juggle multiple roles, and the pressure to excel in all areas can be overwhelming. Yet, many women entrepreneurs find ways to thrive, supported by their resilience and the understanding that their efforts are paving the way for a more inclusive future.

• Funding constraints: Funding constraints remain a critical issue, with women entrepreneurs frequently facing difficulties in securing capital. A recent study by Harvard Business Review proves that female entrepreneurs face higher business loan rejection and higher interest rates than their male counterparts.

Empowering women entrepreneurs

Good news is, it’s not all doom and gloom. There are many platforms and networks that aim to support women entrepreneurs. One such platform is the  Women Entrepreneurs Network Association (WENA), providing valuable resources, fostering networks, and offering mentorship to help women overcome these financial barriers. These platforms provide a comprehensive ecosystem of support, including access to funding, mentorship programs, and networking opportunities. By focusing on increasing women’s access to capital, it would help them overcome the significant hurdle of financial backing, enabling women entrepreneurs to innovate and expand their businesses. Additionally, mentorship programmes through these platforms offer invaluable guidance, equipping women with the skills and knowledge needed to navigate the challenges of entrepreneurship. Through networking opportunities facilitated by these platforms, women entrepreneurs can connect, collaborate, and forge mutually beneficial partnerships, further strengthening their ventures and paving the way for success.

By recognising the pivotal contributions of women-led SMEs, addressing gender disparities, and fostering an inclusive ecosystem of support and opportunity, we can unlock the full potential of women entrepreneurs as catalysts for economic growth, social progress, and collective prosperity. The stories of women like Vivy Yusof, Ivor Xian, Jane Chuck, Syaarveeni Ashok, and Ainul Aisyah are not just tales of personal triumph but also powerful narratives of how women-led businesses can transform economies and communities. As we continue to support and empower women entrepreneurs, we are not only championing gender equality but also building a stronger, more resilient future for all.