Fuelled by their dreams: 68% of Ukrainian women consider starting a business, reveals Mastercard study
Kyiv, March 3, 2025 – Women's entrepreneurship is on the rise in Ukraine, playing a critical role in economic development, resilience, and recovery. Despite the challenging context, over two-thirds (68%) of Ukrainian women confirm they have considered starting their own business. The ability to pursue their dream appears to be a key motivation for starting the business as cited by almost half (48%) of female business owners in Ukraine.
These findings come from a new Mastercard research, conducted ahead of International Women's Day 2025.
What motivates Ukrainian women to start a business
Beyond pursuing their dream, other key motivations for Ukrainian women to start a business include the desire to work for themselves, feeling the timing was right, and having a promising idea they needed to bring to life – each cited by 29% of respondents.
The younger generation shows the highest entrepreneurial aspirations – 83% of Gen Z and millennial women dream of starting their own business, surpassing the global survey averages of 71% and 65% respectively.
Among priority areas for business development, Ukrainian women are considering online sales (22%), education, including tutoring (17%), agriculture (15%), and food and drink (15%). Notably, only 3% of Ukrainian women plan to start a business in IT, compared to 14% of men, indicating significant potential for increasing female presence in the technology sector.
Barriers and opportunities
Ukrainian women face both subjective and objective obstacles on their path to entrepreneurial realization. Lack of experience (47%), knowledge (36%), and self-confidence (38%) are the main factors holding them back from starting a business. One in three (35%) believes that entrepreneurship is "not for someone like her," significantly limiting their potential.
Both men and women cite lack of funds as the key reason they have not yet started a business (65% of men and 76% of women). However, women are significantly more likely to mention not having the necessary skills, such as accounting or sales (35% of women vs. 21% of men), underscoring the importance of specialized educational programs to support women's entrepreneurship.
Those who have already started businesses most often struggle with securing funding, developing business plans, and choosing the right technologies for growth.
Notably, women SME representatives are much more likely than men to face the challenge of balancing business and family responsibilities. 33% report difficulties combining business and childcare, compared to 7% of male entrepreneurs.
Support and development
When asked what support would help women to overcome barriers and feel more confident to start their own business, some of the most common responses are more available funding options (41%), better training in basic business skills (36%) and better training in technology (30%).
Ukrainian women business owners are twice as likely as men (43% vs. 21%) to cite mentorship as a form of support that would be beneficial to the growth of their company.
"This research highlights the remarkable entrepreneurial spirit among women. In Ukraine, while facing unprecedented challenges, we see how women entrepreneurship powers the country’s economy. Despite the tremendous progress made by female entrepreneurs, challenges still exist. This is where collaborative efforts to support women in their entrepreneurial journey can drive real change. At Mastercard, we are committed to building an inclusive digital economy where small businesses are empowered with the solutions and support they need to grow and succeed," emphasized Inga Andreieva, General Manager at Mastercard in Ukraine and Moldova.
Across the world, Mastercard is spearheading numerous initiatives that support entrepreneurs. Since 2020, Mastercard has provided over 50 million small businesses including 37 million women entrepreneurs with support and solutions that can help them grow their businesses.
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About the study
The study was commissioned by Mastercard, with fieldwork conducted by independent research agency, Opinium. Between 16th December 2024 - 3rd January 2025, an online quantitative survey was carried out across 41 countries in North America, Latin America, Asia-Pacific, Europe, the Middle East and Africa. It included:
· 42,500 general population (4,500 within EMEA, 500 within Ukraine)
· 4,300 entrepreneurs / founders (800 within EMEA, 50 within Ukraine)
· The full list of countries surveyed: UK, France, Germany, Italy, Spain, Austria, Ireland, Belgium, Norway, Denmark, Czech Republic, Greece, Poland, Netherlands, Sweden, Portugal, Slovakia, Switzerland, India, Indonesia, Singapore, Australia, China, Thailand, Korea, South Africa, Nigeria, UAE, Saudi Arabia, Turkey, Kenya, Egypt, Ukraine, Morocco, Brazil, Mexico, Colombia, Argentina, Chile, Canada, USA.
