Factors Influencing the Success of Women Entrepreneurs in the International Market: A Comprehensive Analysis
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Jul 31, 2023
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Abstract
Currently, women are widely recognized as successful entrepreneurs because of their strong desire, qualities, and abilities in order to drive robust economic development in their respective countries. In light of the significant contribution women make to economic development in India, the study investigated factors that affect women entrepreneurs' success. As part of the data collection process, 181 SME Chambers of India were contacted and structured questionnaires were distributed to them. It consists of the development of a conceptual model and the use of SPSS and AMOS software for the analysis of the data. A number of factors contribute to the success of women owned enterprises on the international market, including internal factors such as achievement, risk-taking, and technology adaptation, and external factors such as economics and socioculture. The study recommends that the Small and Medium Enterprises Chamber of India, policymakers, and practitioners support women entrepreneurs by providing an array of incentives and supports related to those internal and external factors. We investigated some internal factors like technology adaptation that are still almost untouched in India after the post-pandemic pandemic. Numerous studies have examined different factors' effects on women's entrepreneurial success. In addition to adding empirical evidence to the existing literature, the current study contributes to the existing literature.
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References
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[26] Miller, D., and Friesen, P. H. 1982. "Innovation in conservative and entrepreneurial firms: Two models of strategic momentum". Strategic Management Journal, 3(1): 1–25.
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[28] Nunnally, J. C., and Bernstein, I. H. 1994. "Psychological theory". (pp. 131–147). New York: McGraw-Hill.
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[30] Owalla, B., and Al Ghafri, A. 2020. "Bitten by the entrepreneur bug" – Critiquing discourses on women owner-managers/entrepreneurs in the Kenyan and Omani newspapers. Gender in Management: An International Journal, 35(6): 529–551. doi:10.1108/GM-01-2020-0019
[31] Panno, A., Donati, M. A., Milioni, M., Chiesi, F., and Primi, C. 2018. "Why women take fewer risk than men do: The mediating role of state anxiety. Sex Roles". Sex Roles: A Journal of Research 78(3–4): 286–294. doi:10.1007/s11199-017-0781-8
[32] Poggesi, S., Mari, M., and De Vita, L. 2016. "What’s new in female entrepreneurship research, Answers from the literature". International Entrepreneurship and Management Journal, 12(3): 735–764.
[33] Radzi, K. M., Nor, M. N. M., and Ali, S. M. 2017. "The impact of internal factors on small business success: A case of small enterprises under the FELDA scheme". Asian Academy of Management Journal, 22(1): 27.
[34] Rauch, A., and Frese, M. 2007. "Let’s put the person back into entrepreneurship research: A meta-analysis on the relationship between business owners’ personality traits, business creation, and success". European Journal of Work and Organizational Psychology, 16(4): 353–385.
[35] Rizwan Ullah, K. H. A. N., and Yashar Salamzadeh, S. Z. Ali Shah et al. 2020. "Factors Affecting Women Entrepreneurs’ Success; A study of Small and Medium-Sized Enterprises in Emerging Market of Pakistan". [Preprint] (2nd version) available at Research Square. doi:10.21203/rs.3.rs-63473/v2
[36] Roomi, M. A., Rehman, S., and Henry, C. 2018. "Exploring the normative context for women’s entrepreneurship in Pakistan: A critical analysis". International Journal of Gender and Entrepreneurship, 10(2): 158–180.
[37] Rosenbaum, G. O. 2023. "The ego-networks of female international entrepreneurs: A mixed-methods study". Entrepreneurship and Regional Development, 35(1–2): 103–128. doi:10.1080/08985626.2022.2158491
[38] Sabiha, F. et al. 2022. "The role of self-help groups (SHGs) in business growth of Indian nascent women entrepreneurs: During the pandemic period". Journal of Women’s Entrepreneurship & Education, 2022(1/2): 19–38.
[39] Schumpeter, J. A. 2020. In J. A. Schumpeter (Ed.). Comments on a plan for the study of Entrepreneurship (pp. 406–428). Princeton, NJ: Princeton University Press.
[40] Sullivan, D., and Meek, W. 2012. "Gender and entrepreneurship: A review and process model". Journal of Managerial Psychology, 27(5): 428–458.
[41] Tundui, C. S., and Tundui, H. P. 2020. "Performance drivers of women-owned microcredit funded enterprises in Tanzania". International Journal of Gender and Entrepreneurship, 12(2): 211–230. doi:10.1108/IJGE-06-2019-0101
[42] Tundui, H. P., and Tundui, C. S. 2021. "Marriage and business performance: The case of women-owned micro and small businesses in Tanzania". Journal of Entrepreneurship in Emerging Economies, 13(5): 1287–1308. doi:10.1108/JEEE-06-2020-0202
[43] Turunen, H., and Nummela, N. 2017. "Internationalisation at home: The internationalisation of locationbound service SMEs". Journal of International Entrepreneurship, 15(1): 36–54.
[44] Wube, M. C. 2010. "Factors affecting the performance of women entrepreneurs in micro and small enterprises".
[45] Zeffane, R. 2013. "Need for achievement, personality and entrepreneurial potential: A study of young adults in the United Arab Emirates". Journal of Enterprising Culture, 21(01): 75–105.
[46] Zhang, P., and Cain, K. W. 2017. "Reassessing the link between risk aversion and entrepreneurial intention: The mediating role of the determinants of planned behavior". International Journal of Entrepreneurial Behaviour and Research, 23(5): 793–811. [Original source: https://studycrumb.com/alphabetize
[47] Muindi, Kimeu., and Enno Masurel. 2022. "Entrepreneurial Orientation and Entrepreneurial Performance among Female Entrepreneurs: Empirical Evidence from Kenya". Journal of Women’s Entrepreneurship and Education, 3-4: 7-26.
[2] Akter, M., Rahman, M., and Radicic, D. 2019. "Women entrepreneurship in international trade: Bridging the gap by bringing feminist theories into entrepreneurship and internationalization theories". Sustainability, 11(22): 6230. doi:10.3390/su11226230
[3] Arasti, Z., Zandi, F., and Talebi, K. 2012. "Exploring the effect of individual factors on business failure in Iranian new established small businesses". International Business Research, 5(4): 2. doi:10.5539/ibr.v5n4p2
[4] Balogun, A. G., Balogun, S. K., and Onyencho, C. V. 2017. "Test anxiety and academic performance among undergraduates: The moderating role of achievement motivation". Spanish Journal of Psychology, 20, (e14): 1–8. doi:10.1017/sjp.2017.5
[5] Bastian, B. L., Sidani, Y. M., and El Amine, Y. 2018. "Women entrepreneurship in the Middle East and North Africa: A review of knowledge areas and research gaps". Gender in Management: An International Journal, 33(1): 14–29.
[6] Cabrera, E. M., and Mauricio, D. 2017. "Factors affecting the success of women’s entrepreneurship: A review of literature". International Journal of Gender and Entrepreneurship, 9(1): 31–65. doi:10.1108/IJGE-01-2016-0001
[7] Cain, M. K., Zhang, Z., and Yuan, K. H. 2017. "Univariate and multivariate skewness and kurtosis for measuring nonnormality: Prevalence, influence and estimation". Behavior Research Methods, 49(5): 1716–1735. doi:10.3758/s13428-016-0814-1
[8] Danso, A., Adomako, S., Damoah, J. O., and Uddin, M. 2016. "Risk taking propensity, managerial network ties and firm performance in an emerging economy". Journal of Entrepreneurship, 25(2): 155–183.
[9] Dawson, C., and Henley, A. 2012. "Push versus Pull entrepreneurship: An ambiguous distinction". International Journal of Entrepreneurial Behaviour and Research, 18(6): 697–179.
[10] Dewi, E. R., Bundu, P., and Tahmir, S. 2016. "The influence of the antecedent variable on the teachers’ performance through achievement motivation in senior high school". International Journal of Environmental and Science Education, 11(9): 3161–3166.
[11] Ehman, M. O., Bao, Z., Stiving, S. O., Kasam, M., Lanners, D., Peterson, T. 2017. "Automated low-contrast pattern recognition algorithm for magnetic resonance image quality assessment". Medical Physics, 44(8), 4009–4024. doi:10.1002/mp.12370
[12] Gimenez-Jimenez, D., Edelman, L. F., Dawson, A. et al. 2022. "Women entrepreneurs’ progress in the venturing process: The impact of risk aversion and culture". Small Business Economics, 58: 1091–1111. doi:10.1007/s11187-020-00435-8
[13] Gochhait, S. et al. 2018. "The role of innovation in entreprenuership in family firms: A case study on developed and developing countries". Journal of Legal, Ethical and Regulatory Issues, 22, Issue Special issue 2018.
[14] Hair, J. F., Anderson, R. E., Babin, B. J., and Black, W. C. 2010. "Multivariate data analysis: A global perspective". 7. Upper Saddle River: Pearson.
[15] Hambrick, D. C., and Mason, P. A. 1984. "Upper echelons: The organization as a reflection of its top managers". Academy of Management Review, 9(2): 193–206.
[16] Jayeoba, F. I., Sholesi, O. Y., and Lawal, O. A. 2013. "Achievement motivation, gender and entrepreneurial ability". International Journal of Academic Research in Accounting, Finance and Management Sciences, 3(1): 248–256.
[17] Khan, R. U., Salamzadeh, Y., Shah, S. Z. A., and Hussain, M. 2021. "Factors affecting women entrepreneurs’ success: A study of small- and medium-sized enterprises in emerging market of Pakistan". Journal of Innovation and Entrepreneurship, 10(1): 11. doi:10.1186/s13731-021-00145-9. PubMed: 33686362, PubMed Central: PMC7927768
[18] Khan, R. U. 2019. "Relationship of HR practices and career path: A perspective of accounting studies". Journal of Business [Review], 7(1): 46–56.
[19] Khan, R. U., and Ghufran, H. 2018. "The mediating role of perceived organizational support between qualitative job insecurity, organizational citizenship behavior and job performance". Journal of Entrepreneurship and Organization Management, 7(228): 2.
[20] Mivehchi, L. 2019. "The role of information technology in women entrepreneurship (the case of E-retailing in Iran)". Procedia Computer Science, 158: 508–512, ISSN 1877-0509. doi:10.1016/j.procs.2019.09.082
[21] Lindvert, M., Patel, P. C., and Wincent, J. 2017. "Struggling with social capital: Pakistani women micro entrepreneurs’ challenges in acquiring resources". Entrepreneurship and Regional Development, 29(7–8): 759–790.
[22] Mardia, K. V. 1970. "Measures of multivariate skewness and kurtosis with applications". Biometrika, 57(3): 519–530.
[23] McClelland, D. 1988. "Human motivation". Cambridge: Cambridge University Press.
[24] McClelland, D. C., Atkinson, J. W., Clark, R. A., and Lowell, E. L. 1976. "The achievement motive". Oxford: Irvington.
[25] Meroño-Cerdán, A. L., López-Nicolás, C., and Molina-Castillo, F. J. 2018. "Risk aversion, innovation and performance in family firms". Economics of Innovation and New Technology, 27(2): 189–203.
[26] Miller, D., and Friesen, P. H. 1982. "Innovation in conservative and entrepreneurial firms: Two models of strategic momentum". Strategic Management Journal, 3(1): 1–25.
[27] Noor, S., Isa, F. M., and Shafiq, A. 2022. "Women’s entrepreneurial success models: A review of the literature". World Journal of Entrepreneurship, Management and Sustainable Development, 18: 137–162. doi:10.47556/J. WJEMSD.18.1.2022.7
[28] Nunnally, J. C., and Bernstein, I. H. 1994. "Psychological theory". (pp. 131–147). New York: McGraw-Hill.
[29] Orser, B., Riding, A., and Li, Y. 2019. "Technology adoption and gender-inclusive entrepreneurship education and training". International Journal of Gender and Entrepreneurship, 11(3): 273–298. doi:10.1108/IJGE-02-2019-0026
[30] Owalla, B., and Al Ghafri, A. 2020. "Bitten by the entrepreneur bug" – Critiquing discourses on women owner-managers/entrepreneurs in the Kenyan and Omani newspapers. Gender in Management: An International Journal, 35(6): 529–551. doi:10.1108/GM-01-2020-0019
[31] Panno, A., Donati, M. A., Milioni, M., Chiesi, F., and Primi, C. 2018. "Why women take fewer risk than men do: The mediating role of state anxiety. Sex Roles". Sex Roles: A Journal of Research 78(3–4): 286–294. doi:10.1007/s11199-017-0781-8
[32] Poggesi, S., Mari, M., and De Vita, L. 2016. "What’s new in female entrepreneurship research, Answers from the literature". International Entrepreneurship and Management Journal, 12(3): 735–764.
[33] Radzi, K. M., Nor, M. N. M., and Ali, S. M. 2017. "The impact of internal factors on small business success: A case of small enterprises under the FELDA scheme". Asian Academy of Management Journal, 22(1): 27.
[34] Rauch, A., and Frese, M. 2007. "Let’s put the person back into entrepreneurship research: A meta-analysis on the relationship between business owners’ personality traits, business creation, and success". European Journal of Work and Organizational Psychology, 16(4): 353–385.
[35] Rizwan Ullah, K. H. A. N., and Yashar Salamzadeh, S. Z. Ali Shah et al. 2020. "Factors Affecting Women Entrepreneurs’ Success; A study of Small and Medium-Sized Enterprises in Emerging Market of Pakistan". [Preprint] (2nd version) available at Research Square. doi:10.21203/rs.3.rs-63473/v2
[36] Roomi, M. A., Rehman, S., and Henry, C. 2018. "Exploring the normative context for women’s entrepreneurship in Pakistan: A critical analysis". International Journal of Gender and Entrepreneurship, 10(2): 158–180.
[37] Rosenbaum, G. O. 2023. "The ego-networks of female international entrepreneurs: A mixed-methods study". Entrepreneurship and Regional Development, 35(1–2): 103–128. doi:10.1080/08985626.2022.2158491
[38] Sabiha, F. et al. 2022. "The role of self-help groups (SHGs) in business growth of Indian nascent women entrepreneurs: During the pandemic period". Journal of Women’s Entrepreneurship & Education, 2022(1/2): 19–38.
[39] Schumpeter, J. A. 2020. In J. A. Schumpeter (Ed.). Comments on a plan for the study of Entrepreneurship (pp. 406–428). Princeton, NJ: Princeton University Press.
[40] Sullivan, D., and Meek, W. 2012. "Gender and entrepreneurship: A review and process model". Journal of Managerial Psychology, 27(5): 428–458.
[41] Tundui, C. S., and Tundui, H. P. 2020. "Performance drivers of women-owned microcredit funded enterprises in Tanzania". International Journal of Gender and Entrepreneurship, 12(2): 211–230. doi:10.1108/IJGE-06-2019-0101
[42] Tundui, H. P., and Tundui, C. S. 2021. "Marriage and business performance: The case of women-owned micro and small businesses in Tanzania". Journal of Entrepreneurship in Emerging Economies, 13(5): 1287–1308. doi:10.1108/JEEE-06-2020-0202
[43] Turunen, H., and Nummela, N. 2017. "Internationalisation at home: The internationalisation of locationbound service SMEs". Journal of International Entrepreneurship, 15(1): 36–54.
[44] Wube, M. C. 2010. "Factors affecting the performance of women entrepreneurs in micro and small enterprises".
[45] Zeffane, R. 2013. "Need for achievement, personality and entrepreneurial potential: A study of young adults in the United Arab Emirates". Journal of Enterprising Culture, 21(01): 75–105.
[46] Zhang, P., and Cain, K. W. 2017. "Reassessing the link between risk aversion and entrepreneurial intention: The mediating role of the determinants of planned behavior". International Journal of Entrepreneurial Behaviour and Research, 23(5): 793–811. [Original source: https://studycrumb.com/alphabetize
[47] Muindi, Kimeu., and Enno Masurel. 2022. "Entrepreneurial Orientation and Entrepreneurial Performance among Female Entrepreneurs: Empirical Evidence from Kenya". Journal of Women’s Entrepreneurship and Education, 3-4: 7-26.