The Changing Landscape of Women Entrepreneurship: Exploring

Key Success Factors

S. V. Akilandeeswari

, Vinita Shrivastava

, Akram Pasha

, Varsha Agarwal

, Puspalata Mahapatra

and Sanghamitra Behera

Athoor Cooperative College of Arts and Science- Dindigul, India

Indira College of Commerce and Science, Pune, India

GITAM School of Business, Hyderabad, India

Atlas SkillTech University, Mumbai, India

KIIT Bhubaneshwar,India

KIIT Deemed University, India

varsha.agarwal@atlasskilltechuniversity.edu.in, puspalatam2004@gmail.com, sanghmitra533@gmail.com

Keywords: Determinants, Women Entrepreneurs, India.

Abstract: Women entrepreneurship (WE) in India is gaining increasing attention and significance as a driver of

economic growth and social empowerment. This study provides a thorough examination of the multifaceted

factors that shape the landscape of women entrepreneurship in the Indian context.This study delves into the

multifaceted variables that influence WE with a focus on "financial capital (FC), social capital (SC), and

human capital (HC)." It emphasizes the foremost importance of these variables in determining the

entrepreneurial path of women and investigates the intricate relationships between them. To conduct this

research, a sample of 125 women entrepreneurs operating their enterprises in Karnataka State was taken. The

study treated FC, SC & HC as independent variables and WE success as the dependent variable. The findings

revealed that FC had the most substantial impact, followed by HC , and finally, social capital, on the success

of WE. By gaining insights from this study of these critical factors, the various stakeholders as policymakers,

managers, researchers, as well wannabe WE can gather valuable insights to cultivate a supportive ecosystem

for women's entrepreneurship, ultimately fostering economic growth and development.

1 INTRODUCTION

WE has gained worldwide appreciation for its

prospective as an avenue for fiscal growth,

employment generation, and the empowerment

towards women. This comprehensive review

undertakes an in-depth exploration of the

multidimensional variables that influence the

accomplishments of WE, synthesizing insights from

an extensive corpus of existing scholarly research.

Through a meticulous examination of diverse

academic studies, the principal objective of this

review is to identify and elucidate the pivotal

determinants the success of women engaged in

entrepreneurial pursuits. It is the process of starting,

handling, and developing a new business venture with

the goal of achieving profitability or fulfilling specific

objectives. Entrepreneurs are innovative and risk-

taking individuals who combine resources like

capital, labor, and ideas to create and develop

businesses. This activity encompasses identifying

opportunities, conducting market research, crafting

business plans, allocating resources, and making

strategic decisions to ensure the success and

sustainability of the enterprise (Abd Rani, S. H., &

Hashim, N. 2017). Entrepreneurship represents a

platform through which women can pursue their

entrepreneurial objectives while effectively

managing the delicate equilibrium between familial

responsibilities and professional pursuits. In

alignment with Schumpeter's assertion (2020),

women entrepreneurs are defined as those who

exhibit innovation, proactivity, and the adoption of

business activities. A woman entrepreneur manifests

as an individual who initiates a self-driven enterprise

with the aim of seizing emerging opportunities. She

embodies a visionary perspective, a pronounced

business orientation, unwavering diligence, and a

Akilandeeswari, S., Shrivastava, V., Pasha, A., Agarwal, V., Mahapatra, P. and Behera, S.

The Changing Landscape of Women Entrepreneurship: Exploring Key Success Factors.

DOI: 10.5220/0012528400003792

Paper published under CC license (CC BY-NC-ND 4.0)

In Proceedings of the 1st Pamir Transboundary Conference for Sustainable Societies (PAMIR 2023), pages 921-925

ISBN: 978-989-758-687-3

921

distinctive willingness to embrace elevated levels of

risk, reflecting a spirit of adventurous enterprise. This

study is inspired by the aspiration to look at three

factors of WE success in Indian context as FC, HC,

and SC.

2 LITERATURE REVIEW

In recent decades, WE has gathered substantial global

attention due to its far-reaching significance in all the

context. Earlier, women had to face a number of

obstacles and inconsistencies when endeavouring to

the path of entrepreneurial opportunities and

resources. Nevertheless, this scenario is gradually

changing, with an increasing number of women

venturing into entrepreneurship. This shift is

propelled by various factors, including rising levels

of education, shifting societal norms, and a growing

desire for economic independence. The emergence of

women in the realm of employment and self-

ownership is a prominent trend on the global stage.

Building upon prior research, numerous factors

contribute to their entrepreneurial success. These

facets encapsulate a rich tapestry of subjects within

the realm of WE , encompassing the intricate web of

motivations, aspirations, the sway of sociocultural

forces on their entrepreneurial undertakings, the

pivotal significance of education and training, the

accessibility of financial resources and networks, and

the profound ramifications that women-owned

enterprises bear on economies and societies. In the

context the author draws attention towards three

pivotal determinants as FC, HC, and SC.

2.1 Financial Capital

The accessibility of financial resources assumes a

central role in shaping the prospects of WE. If a WE

faces difficulty in accessing to financial services then

it creates an obstacle, impeding women's economic

empowerment and their ability to initiate and expand

entrepreneurial ventures as per the report of (World

Bank Group, 2020). In resonance with these findings,

S. H. Abbas et al. (2023) assert that financial capital

occupies a critical position in influencing women

entrepreneurs. The capability to secure capital

assumes paramount importance both for commencing

and sustaining a business. However, women often

encounter formidable barriers when seeking financial

resources, emanating from gender-related biases,

constrained credit accessibility, and a dearth of

collateral. Effectively addressing these barriers

necessitates the implementation of targeted financial

programs, microfinance initiatives, and robust

support mechanisms for women-led enterprises. By

augmenting women's access to financial capital, we

can achieve notable progress in advancing their

economic empowerment, catalysing business

expansion, and fostering comprehensive

development. An investigation conducted by Marlow

and McAdam (2012) delves into the gender

disparities prevailing in entrepreneurship and

challenges prevailing misconceptions associated with

WE. This research underscores the pivotal

significance of FC in underpinning the success of

women entrepreneurs and highlights the pressing

need to enhance their access to funding opportunities.

2.2 Social Capital

SC stands out as a pivotal catalyst in the trajectories

of WE. The intricate tapestry of networks,

relationships, and support systems embedded within

the social milieu presents invaluable resources,

knowledge, and opportunities for women engaged in

entrepreneurial pursuits. Nevertheless, the pervasive

impact of gender related social norms to come

barriers, hindering women's access to the reservoirs

of SC. Additionally, (Nagpal.P 2022) conducted an

exhaustive literature review, delving into the role of

SC in the developmental trajectory of WE. This

comprehensive review provides a panoramic

overview of extant research, systematically

identifying key themes and findings related to the

profound influence of social capital on WE. In a

separate study, Brixiová et al. (2020) directs attention

to the nexus between SC and WE. This research

rigorously investigates how various dimensions of

social capital, encompassing networks and trust, exert

influence on the entrepreneurial activities of women

within a specific region. In their study, Martinez

(2017) delves deeply into the complex interplay

between SC and WE. This scholarly exploration

illuminates the distinctive challenges encountered by

them and underscores the instrumental role of gender-

specific social capital in enabling and empowering

their entrepreneurial endeavours. The research

underscores the significance of cultivating an

inclusive ecosystem that champions networking,

mentorship, and collaborative synergy among women

entrepreneurs, ultimately nurturing social capital and

fortifying their prospects for success.

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2.3 Human Capital

HC represents the collective repository of "skills,

knowledge, and expertise" that WE possess. It

encompasses their “formal educational background,

training, work experience, and personal

competencies”. (Honjo., 2020) This study embarks on

a comprehensive investigation into the combined

influence of HC and SC on the success of WE

operating within the Chinese context. It delves into

the multifaceted dimensions of HC, including

educational attainment and professional experience,

alongside SC aspects such as networks and

interpersonal relationships. The goal is to dissect their

intricate impacts on the outcomes of women

entrepreneurs, a subject illuminated by the work. (P.

Nagpal., 2022) underscores that human capital

empowerment, primarily achieved through education

and skill development opportunities, holds

transformative potential for women. These initiatives

unleash their entrepreneurial capacity and contribute

substantively to driving economic growth.

Furthermore, (F. A. Syed et al. 2022) asserts the

cultivation of HC assumes paramount significance for

WE, as it equips them to surmount gender-specific

challenges, bolster their self-assurance, and elevate

their entrepreneurial acumen. The augmentation of

women's HC can be accomplished through various

strategic measures, including educational programs,

mentorship programs, and skill development

workshops.

3 OBJECTIVES

Exploring the Impact of FC, HC, and SC on WE

Success.

3.1 Research Methodology

This research undertook a literature review and

discovered a notable research gap concerning these

three factors within the Indian context. The study

comprised a sample size of 145 women entrepreneurs

operating in Karnataka State, aged 25 and above but

below 55, and engaged in diverse businesses such as

tailoring units, beauty parlors, and food

establishments, among others. Primary data was

collected through a survey methodology, employing

a convenient sampling technique. The gathered data

was subsequently analyzed employing the SPSS

software, utilizing a simple linear regression

technique.

3.2 Data Analysis and Results

The data collection process involved administering a

questionnaire that incorporated pre-validated items

designed to assess participants' perceptions of

psychological, subjective, physical well-being, and

experiences related to remote work.

Table 1: Cronbach Alpha.

Variable Items α

FC 05 .856

SC 05 .707

HC 06 .824

WE 08 .728

Table 1 demonstrates that all values surpass the

0.70 threshold, indicating a high level of internal

consistency. This suggests that the scale items are

strongly interrelated, effectively measuring a unified

construct. These results affirm the suitability of the

dataset for subsequent analyses.

Table 2: H1 FC & WE.

Beta Co-efficient Ad

usted R

p-value

0.887 0.426 0.000

In Table 2, the interpretation is as follows: The

adjusted R2 value of 0.426 indicates that the model

effectively accounts for 42.6% of the variance in

women's success, primarily attributable to FC, and

this relationship is statistically significant.

Table 3: H2 SC & WE

Beta Co-efficient Ad

usted

p-value

0.496 0.124 0.000

The above interpretation is, the adjusted R2 value

of 0.124 signifies that the model accounts for 12.4%

of the variance in women's success, primarily

attributable to SC, and this relationship is statistically

significant. The above interpretation states that

adjusted R2 value of 0.258 signifies that the model

accounts for 25.8% of the variance in women's

success, with a notable contribution from HC, and

this relationship is statistically significant. Therefore,

based on the results of the regression analysis, it is

evident that all three types of capital have a positive

impact on WE success. The primary driver of success

is FC, followed by HC, and finally, SC, as indicated

by the aforementioned analysis.

The Changing Landscape of Women Entrepreneurship: Exploring Key Success Factors

923

Table 4: H1 HC & WE.

Beta

Co-efficient

usted

R 2

p-value

0.685 0.258 0.000

4 CONCLUSIONS

The three factors emerge as pivotal contributors to the

success of WE. The intricate interplay among these

factors significantly shapes the ability of women to

initiate, cultivate, and expand their entrepreneurial

ventures. The study underscores that the most critical

factor for WE success is FC, serving as the

cornerstone that provides essential resources for

launching, sustaining, and scaling women-owned

businesses. FC encompasses various funding avenues

such as loans, grants, and investment capital, which

play a pivotal role in enabling the growth and

development of women-led enterprises. HC, the

second influential factor, is indispensable for WE

success. This facet encompasses education, skills, and

prior experience, all of which make substantial

contributions to the entrepreneurial journey of

women. In summary, education serves as a

foundational pillar for WE, equipping them with a

formidable arsenal of knowledge, critical thinking

capabilities, and essential business acumen vital for

navigating the multifaceted entrepreneurial

landscape. The third pivotal determinant of WE

success resides in the realm of SC, encompassing

networks, relationships, and the presence of robust

social support systems.

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