KUALA LUMPUR: Ample financial planning and clear business plans are key for women entrepreneurs to secure the funding they need for their business, say women leaders.
Funding opportunities for entrepreneurial women were plentiful, said a panel of six industry experts speaking on challenges faced by women entrepreneurs in securing capital at the 2023 World Women Economic and Business Summit here yesterday.
One of the panellists, Hong Leong Investment Bank Malaysia group managing director Lee Jim Leng, said there is no shortage of capital funding options available in the market, from simple bank loans to capital funding schemes.
“The challenge is convincing the banks or credit companies of your idea’s potential, which is why clear planning is needed.
“You must also be willing to take calculated risks as that is the nature of entrepreneurship,” he said.
Credit Guarantee Corporation Digital Sdn Bhd chief executive officer Yushida Husin noted that most women entrepreneurs had to also take on the role of caretakers in their households.
“Data from our operations shows that women in general, in terms of knowledge in running a business, are pretty much constrained by household limitations.
“This is because they are too busy taking on the role of primary caretakers of their households, so most of them don’t know what they don’t know,” she added.
Malaysia Venture Capital Management chief operating officer Noor Amy Ismail said before even exploring potential financing options, these entrepreneurs must first know what their needs are.
“You must then analyse and determine the exact funds needed and how they will be used to cover your needs.
“Make sure that your predicted cash inflows can support the additional interest you have to pay for additional financing before approaching any party for financing,” she said.
The panellists also agreed that women entrepreneurs should strive to surround themselves with supportive people, whether they are family, friends, hired instructors or even other entrepreneurial like-minded business partners.
“Other than capital, confidence boosting from the support factor also plays a key role in the success of women entrepreneurs,” said Singapore Management University’s Professor Emeritus of Finance Prof Annie Koh, who was the panel moderator.
Other panel members were Myanmar-based AYA Bank managing director and corporate banking head Jasmine Thazin Aung, and Singapore-based blockchain enterprise software provider Dedoco’s co-founder and chief executive officer Daphne Ng.
