"Women in Business: Economics and Entrepreneurship Trends in Ukraine" is a joint analytical study by the visual communications agency Top Lead and Rating Group (the Sociological Group "Rating"), in partnership with the Ministry of Economy of Ukraine and YouControl.

Rating Group acted as General Partner and funded the survey that formed the basis of the study. In March 2026, we learned the opinions, plans, and outlook of 602 women entrepreneurs and 300 potential women entrepreneurs in Ukraine.

Below we present the main insights from the survey. The study's full report is available in the attached files, as well as on the platform from Top Lead.

When republishing (reprinting) these materials, a link to the Rating Group and Top Lead websites is required.

Business is freedom

For women, business is freedom — the ability to be independent, realize their own ideas, and have more control over their lives.

• Most respondents describe their own business as an opportunity: 67% among active entrepreneurs and 70% among potential ones. 18% of active entrepreneurs and one in four potential entrepreneurs call their own business a necessary step.
• Respondents most often see business as being about having more freedom rather than about earning money. This gap is especially visible among active entrepreneurs, where 48% pointed to freedom and 36% to the ability to earn more.
• For women, business is tied not only to basic financial security but also to higher-level needs. Respondents most often say business improves self-realization and personal development (88% among active, 95% among potential), self-respect (87% and 93%), and recognition and respect from others (78% and 79%).
• Even with equal income from business and paid employment, the vast majority of women (about 80% among both active and potential entrepreneurs) would choose their own business. Active entrepreneurs are even more convinced this is the right choice: more than half of them (54%) would definitely choose their own business, compared with 41% among potential entrepreneurs.

Values of active and potential entrepreneurs

• Active and potential entrepreneurs generally share similar value profiles: both groups are dominated by creativity and a focus on self-realization.
• At the same time, active entrepreneurs are less likely to see traditionalism (in the sense of modesty and restraint) as characteristic of themselves. Asked about the statement "It is important to this person to be modest and restrained; she tries not to draw attention to herself," one in five potential entrepreneurs (21%) said this describes her fairly or fully, compared with 12% among active entrepreneurs.

Resources and barriers at the start

• Active entrepreneurs named their own funds and savings as the main resource for starting out. Potential entrepreneurs, by contrast, are far more likely than active ones to expect to rely on grants and outside financing.
• Among active entrepreneurs, the top barrier is a lack of business knowledge and experience (34%). A shortage of funds was named by 29%, fear of risk by 25%, and uncertainty about demand by 20%.
• Among potential entrepreneurs, the hardest barrier at the start is a shortage of funds (56%). Also frequently mentioned are a lack of business knowledge and experience (36%), fear of risk and failure (35%), and uncertainty about demand (26%).
• 21% of active entrepreneurs said they faced no significant barriers at the start. Among potential entrepreneurs, only 3% said the same.
• To overcome barriers, active entrepreneurs primarily cite personal motivation (58%) and support from family and friends (42%); roughly one in four or five also mention a willingness to take risks and having a team or partners.

Demand for knowledge and support

Potential entrepreneurs need basic knowledge to get started, while active ones need tools for growth, scaling, and promoting their business.

• Active entrepreneurs focus relatively more on marketing and promotion (44%) and scaling the business (33%).
• Potential entrepreneurs are relatively more likely to want to strengthen their knowledge in financial planning and accounting (41%), sales (38%), legal issues and taxes (35%), and finding suppliers or partners (20%).
• Financing is a major challenge for both groups: 60% of active entrepreneurs and 66% of potential entrepreneurs lack the funding to carry out their plans.

Business conditions, the war, and everyday difficulties

Active entrepreneurs assess the state of business more optimistically than potential entrepreneurs do, but they also often mention difficulties such as uncertainty and psychological exhaustion.

• Active entrepreneurs rate the state of their own business far more positively than potential entrepreneurs rate the state of business in Ukraine overall. Among active entrepreneurs, 54% believe their business is thriving, 25% call it stable, and 22% say it is declining.
• Among potential entrepreneurs, more than half — 65% — believe business in Ukraine is declining, 16% call it stable, and 19% say it is thriving.
• The main external obstacles to business are falling consumer purchasing power, energy supply problems, a high tax burden, and rising prices for materials and components.
• On a personal level, active entrepreneurs' biggest difficulties are uncertainty about the future (65%), fatigue and burnout (42%), fear of losing income (35%), and a lack of time for themselves (24%).

Bias, sexism, and balancing business and family

47% of active entrepreneurs have faced gender-based bias or sexism in business.

50% had no such experience.

• Bias most often occurred in dealings with existing clients (32%), within the team (21%), and in negotiations with potential clients or during tenders (21%).
• Potential entrepreneurs are somewhat more optimistic about being able to combine business and personal life: 44% consider it easy, compared with 39% among active entrepreneurs.
• Among active entrepreneurs, 21% rate combining business and personal life as moderately difficult, and 41% as difficult.

Plans for the future

• Among active entrepreneurs, the most common plan for the next three years is to maintain the current level of activity, named by 37%.
• About a third have plans for growth: 29% plan to open a new line of business or launch new products or services, and 28% plan to scale their business.
• Among potential entrepreneurs, 44% are only considering starting their own business at some point in the distant future, and 32% have an idea but no specific timeline.
• A smaller share have taken more practical steps: 7% plan to launch within the next year, 4% are actively preparing to launch soon, and 2% have already begun preparatory steps.

Advice from active entrepreneurs

We asked entrepreneurs to give advice to women who don't yet have their own business but want to start one.

Fortune favors the bold.

Entrepreneurs most often said it's worth being bold: "Believe in yourself," "Commit to your idea," "Don't give up after the first setbacks," "Don't be afraid," "Start and just do it."

But it's also worth approaching it thoroughly.

At the same time, active entrepreneurs advise preparing well and thinking things through: "Be ready for difficulties," "Calculate the risks," "Have a clear plan and a financial cushion," "Keep learning."

Rating Group is one of Ukraine's largest research institutions, operating since 2008. The company is registered in Ukraine and has extensive experience conducting sociological surveys in Ukraine and abroad. The group includes the Rating Sociological Group, the Rating Lab research laboratory, the Rating Online platform, and the Rating Call Center.