By Asst Prof Dr May Yee Ng

“The most important thing is to make sure you’re always learning. If you’re learning, you’re growing, and if you’re growing, you’re moving forward.” This insightful quote from Melanie Perkins, co-founder and CEO of Canva, encapsulates the essential mindset for women entrepreneurs today.

As the spark behind Canva's transformation from a startup into one of the world’s leading design platforms, Perkins highlights the significance of continuous learning as a cornerstone of entrepreneurial success.

In an era characterised by rapid technological advancements and intense global competition, this mindset is crucial for anyone – especially women – aiming to thrive in business.

Aspiring women entrepreneurs must navigate complex challenges by cultivating a diverse skill set that spans technological proficiency and financial acumen. In addition, embracing lifelong learning through higher education is vital for remaining agile and relevant in an ever-evolving business landscape.

Embracing technological literacy

A study titled “Striving Digitally: Understanding the Challenges of Malaysian Women Entrepreneurs,” conducted by The Asia Foundation, reveals that over 80 per cent of micro and small women entrepreneurs (MSWEs) recognise digital technology as essential for enhancing business flexibility, streamlining processes, and accessing information.

However, there remains a significant gap in their ability to leverage these digital skills for business growth. In today’s digital-first world, technological literacy is non-negotiable.

Women entrepreneurs must familiarise themselves with tools that drive marketing, communication and business operations. Social media platforms serve as powerful vehicles for enhancing brand visibility and engaging customers. Furthermore, data-driven decision-making is crucial for sustained growth; becoming adept at analytics tools enables women to track customer behaviour and market trends effectively.

According to McKinsey & Company (2016), organisations employing data-driven strategies experience 5-6 per cent higher revenue growth, while Deloitte found that those utilising data analytics achieve a similar increase in productivity.

Financial acumen: the foundation of entrepreneurial success

The Asia Foundation study also revealed that financial literacy among MSWEs is alarmingly low, with fewer than 50 per cent expressing confidence in their financial knowledge and skills. Some women entrepreneurs are limited to basic expense tracking and income records, lacking understanding of broader financial concepts such as dynamic markets or funding applications.

This gap presents significant challenges in business performance and loan management. A solid grasp of financial management is essential for entrepreneurial success. Women must understand budgeting, cash flow management and funding options to make informed decisions.

Companies that practise sound financial management are 25 per cent more likely to succeed in their first five years (CFO Magazine, 2017). Financial literacy not only aids in managing day-to-day operations but also equips women to navigate the complexities of securing funding and scaling their businesses.

Lifelong learning through higher education

While self-directed learning and hands-on experience are invaluable, in today’s fast-paced business environment – shaped by rapid technological advancements and global competition – lifelong learning through higher education is essential for staying competitive and resilient.

Higher education plays a pivotal role in equipping women entrepreneurs with the knowledge, skills and resources they need to succeed, helping them navigate the complexities of modern business and remain agile in a constantly evolving landscape.

In addition, it offers women entrepreneurs formal learning opportunities to accelerate growth, providing access to tools, strategies and insights in key areas like digital marketing, financial management and leadership. This helps them navigate business complexities and position themselves for long-term success.

Beyond technical expertise, higher education also nurtures a mindset of adaptability. As women entrepreneurs scale their businesses, they must remain flexible and open to evolving challenges. In this context, higher education helps develop essential skills such as critical thinking, problem-solving, and decision-making – key attributes that enable entrepreneurs to steer their ventures through an ever-changing landscape.

The journey towards entrepreneurial success is challenging; however, for women dedicated to continuous learning, it becomes increasingly attainable. As Melanie Perkins wisely asserts, learning is the key to growth and progress.

By embracing technological literacy and mastering financial management, women entrepreneurs can further equip themselves to thrive in an ever-changing business environment.

Most importantly, higher education remains an indispensable resource for women seeking to expand their entrepreneurial knowledge and networks. With determination, the right skills, and a commitment to lifelong learning, women can break barriers and lead the way towards a more inclusive and dynamic business world.

Investing in these skills empowers not only individual women but also contributes to broader economic growth and fosters a resilient entrepreneurial ecosystem for all.

-- BERNAMA

Asst Prof Dr May Yee Ng is with the School of Social Sciences, Heriot-Watt University Malaysia.