Entrepreneurial spirit is high among women in Europe – particularly younger generations – in a bid to pursue their dreams, gain financial independence, improve work-life flexibility, and make a difference in the world.

New research from Mastercard, released ahead of International Women’s Day 2025, reveals four in ten (40%) women in Europe have considered running their own business with appetite from Portuguese (62%), Polish (47%) and Greek (46%) women surpassing the regional average.

As well as formal business ventures, three in ten (30%) women in Europe want to start a side hustle to make money outside of their main job in the next three years, again rising among Gen Z women (52%) and millennials (41%), and 26% of women already have one.

For many European women, the entrepreneurial spirit is inspired by an appetite to earn more money (54%), gain financial independence (49%) and improve work-life flexibility (39%), but motivations differ among generations.

Purpose-led Gen Z

Gen Z women in Europe are most likely to want to start a business to do ‘something good for the world’ (19% vs. 13% millennials, 14% Gen X and 16% Baby Boomers).

Of those who have already started their own business, Gen Z women are significantly more likely to say they did so to pursue their dream (50%) than millennials (39%), Gen X (32%) or Baby Boomers (33%).

Gen Z female founders in Europe are also more likely to say they were motivated by the belief their idea can change lives for the better (20% vs. 16% European women average).

In reflection of this, education and childcare are among the top three sectors that European Gen Z women would like to start a business in, while cosmetics is by far the most popular sector for Gen Z – a trend that isn’t seen among any other generation in Europe. 

Top sectors Gen Z women in Europe would like to start a business in:

1. Cosmetics (26% vs. 10% European average among women)

2. Childcare (14% vs. 9% European average among women) 

3. Education e.g. tutor (13% vs. 10% European average among women) = Online seller (13% vs. 11% European average among women) 

4. Food and drink (12% vs. 11% European average among women) = Hospitality and leisure (12% vs. 10% European average among women)

Barriers facing women entrepreneurs

Despite evident appetite for entrepreneurship, the research shows that for many women across Europe, including those who have already started a business, there are still barriers in place.

Women in Europe report lower confidence in general business-related skills compared to men – particularly financial decision making (25% vs. 37% for men), public speaking (25% vs. 32%), and networking (15% vs. 23%).

This sentiment extends into running their own business too. Concerns of risk of failure (31%), lack of financial resource (29%) and lack of experience (28%) are the top barriers cited by women who have not yet started their own business. Women in Europe are also more likely than men to say lack of confidence is a hurdle (21% vs. 18% of men). This gap is particularly noticeable among Gen Z (25% of women vs. 21% of men) and millennials (26% of women vs. 18% of men).

Women who have already founded a business also say they struggle disproportionately with caring responsibilities and work-life balance, with women founders more likely than men to say caring commitments were a challenge when starting their business (15% vs. 11%). Women entrepreneurs are also more likely than men to say they struggle to switch off from work on holidays (48% vs. 42%), find it harder to balance childcare (35% vs. 33%) and skip holidays for business (36% vs. 29%).

Addressing the confidence gap

Training on how to develop a business plan (21%), and more widely available and accessible grants for small businesses (21%), are the top two things that would make women in Europe more confident in starting their own business.

Younger women are also more likely than older generations to feel they’d benefit from a support network, with 30% of Gen Z women saying having a business partner would make them more confident - the number one factor for this generation. Access to a mentor (24%) also scored higher than access to grants (20%) for Gen Z women.

Beatrice Cornacchia, Executive Vice President of Marketing and Communications for Asia Pacific, Middle East & Africa, Europe at Mastercard, said: “This research highlights the remarkable entrepreneurial spirit among women across Europe, particularly within younger generations.

“Despite the progress made by women entrepreneurs, the findings also underscore the challenges that still exist. These barriers emphasize the need to provide them with the support they need to succeed. At Mastercard, we are committed to building an inclusive digital economy and equipping small businesses with the tools and opportunities they need to grow and thrive.”

Across Europe, Mastercard is spearheading initiatives that support entrepreneurs and their business. This includes Strive EU, which has awarded grants of up to €500k to innovative organizations supporting micro and small business growth across the EU, and Strive UK which has reached more than one million small UK businesses, more than half of which are led by women.