Thai women lead in entrepreneurial ambition globally, but lack confidence
Bangkok, Thailand – 10 June 2025 – Entrepreneurial spirit is high among Thai women, as they pursue their dreams, seek financial independence, improve work-life flexibility, and make a difference in the world. They are also open to adopting advanced technology, but face specific challenges, including a lack of confidence, especially among younger generations.
New research from Mastercard reveals that 81% of women in Thailand have considered running their own business, significantly higher than the global average of 51%. The study shows that nearly half (49%) already consider themselves entrepreneurs, of which millennials make up 56%, followed by Baby Boomers at 44%, and both Gen X and Gen Z at 40%.
This entrepreneurial drive extends beyond formal business ventures, with 59% of Thai women running a side hustle to earn additional income, substantially higher than the Asia-Pacific average of 41%, highlighting their resourcefulness.
Thai women entrepreneurs are not only ambitious but also more tech-savvy, with 73% of women business owners regularly using AI in their operations, compared to just 43% of men. For most of these women (85%), AI has significantly helped them save both time and money.
Aspiration-driven entrepreneurship
- Thai women entrepreneurs start a business to fill a specific market gap that they’ve identified (54%), pursue personal dreams (50%), and because they felt the time in their lives was right (42%).
- Gen Z women have a higher appetite for risk, with only 27% held back by fear of failure, compared to 41% of Gen X and 54% of Baby Boomers, when considering starting a business.
- Thai women are more optimistic than men about their ventures, with 83% of women business owners expecting revenue growth over the next five years (compared to 78% of men).
Top sectors Thai women would like to start a business in:
- Food and beverage (31%)
- Online selling (28%)
- Wholesale, retail, and franchising (25%)
Barriers facing Thai women entrepreneurs
Despite high technological awareness and a strong appetite for entrepreneurship, Thai women still face significant challenges.
According to the research, 31% of women who would like to start or run a business are held back by self-doubt, thinking entrepreneurship isn’t possible for someone like them. The fear of not measuring up rises significantly among Gen Z women (43%). Moreover, women are more likely than men to cite lack of confidence as a hurdle (40% vs. 25%), with Gen Z women (40%) facing this challenge more than millennial women (28%).
Women business owners also struggle with parental and familial responsibilities, with women founders twice as likely as men to face challenges like caring for their children or older relatives (31% vs. 14%). Beyond household responsibilities, women entrepreneurs encounter additional obstacles, such as securing business funding (46%), figuring out where to start when crafting their business plan (38%), and lacking a peer network of fellow entrepreneurs (31%).
Support needed
Addressing these challenges requires specific support that builds both skills and confidence. The research highlighted key support factors that could boost confidence among Thai women looking to jumpstart their business ideas: accessible grants (37%), AI training (37%), and dedicated time for business development (36%).
Women business owners have different priorities, with many seeking guidance on using AI to improve efficiency (42% compared to just 22% of men). A third (33%) would like to enroll in mentorship programs, while 35% would like support in developing business plans.
Winnie Wong, Country Manager, Thailand and Myanmar, Mastercard, said: “Thai women show remarkable entrepreneurial spirit and ambition, playing a key role in driving entrepreneurship and innovation in the country. However, many face persistent challenges that lead to missed opportunities. When great ambitions are not fuelled by the right level of confidence, dreams and potential go unrealized, and opportunities for personal, business and economic growth are lost. These findings emphasize the importance of strong, accessible support systems that enable women entrepreneurs to unlock their potential and create opportunities for everyone. Through its efforts in its local communities, Mastercard is committed to fostering an inclusive digital economy where small businesses, including those in Thailand, are empowered with the solutions, tools and support they need to grow and thrive."
Across the world, Mastercard is spearheading numerous initiatives that support entrepreneurs. Since 2020, Mastercard has supported 50 million small businesses, including 37 million women entrepreneurs, with solutions that helped them grow their businesses.
In many parts of Asia Pacific, including Thailand, Mastercard has collaborated with the Asian Development Bank to catalyze a US$1 billion (approximately 34.2 billion baht) credit facility for small businesses in the region, with US$5 million (approximately 171 million baht) in de-risking capital from Mastercard. At least 50% of ADB’s total financing will go towards women led or owned MSMEs and those supporting climate finance.
For more information about Mastercard initiatives to support small businesses see Small & Medium Business Solutions | Mastercard Payment Solutions
