Women Entrepreneurs: Success Triggers, Dilemmas and 'Readiness for the Future'

Women Entrepreneurs: Success Triggers, Dilemmas and 'Readiness for the Future'

Madeleine van der Steege*Synquity, Ganzenwei 235, 2361XE, Warmond, The Netherlands.

E-mail: [email protected]

Bettina von StammInnovation Leadership Forum, Old Rectory, North Wootton, Norfolk PE30 3RD, United Kingdom.

E-mail: [email protected]

* Corresponding author

Abstract: Encouraging and sustaining economic growth is a key challenge in today’s economic climate. Entrepreneurial activity is considered to be a major lever for creating economic growth.

While there is evidence that female entrepreneurship can have a dramatic effect on a country's economy there is also evidence that women’s participation in entrepreneurship lags behind that of their male counterparts. First studies into this topic have revealed that not only are women less likely to engage in entrepreneurship than men, they also use different strategies and financing.

To realise the positive contribution women entrepreneurship can make to economic growth, a better understanding is needed about their different approaches, more specifically we need to understand characteristics of women who do embrace entrepreneurship, supportive contextual factors, and ambitions and aspirations of women entrepreneurs. This article shares first insights from a pilot study of a collaborative, international research study that investigates these issues.

Keywords: entrepreneurship; women; economic growth.

1 Introduction and BackgroundEconomic growth and job creation are key concerns for any government; entrepreneurship is considered to be a main vehicle for achieving this (GEM 2012, Bruton et al 2010, Naudé 2010, Thurik 2009). In this context the following three insights are of particular interest: 1. the 2012 Global Entrepreneurship Monitor (GEM) Report on Women Entrepreneurs declares that "if women are not actively engaged as entrepreneurs, the job creation capacity of half the world's population is lost" (GEM 2012); 2. the executive report for Gender-GEDI, measuring and ranking conditions for high potential female entrepreneurship development in 17 countries, found that "female entrepreneurship can have a dramatic effect on a country's economy". (GEDI Institute 2013), 3. also published in the GEM (2012) is a comparison of male and female entrepreneurship, which clearly indicates a considerable lag of female compared to male entrepreneurship in most countries surveyed (see Graph 1).

This paper was presented at The XXV ISPIM Conference – Innovation for Sustainable Economy & Society, Dublin, Ireland on 8-11 June 2014. The publication is available to ISPIM members at

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Women Entrepreneurs declares that "if women are not actively engaged as entrepreneurs, the job creation capacity of half the world's population is lost" (GEM 2012); 2. the executive report for Gender-GEDI , the first index that measures and ranks conditions for high potential female entrepreneurship development in 17 countries, has found that "female entrepreneurship can have a dramatic effect on a country's economy". (Gender GEDI Institute 2013), 3. also published in the GEM 2012 is a comparison of male and female entrepreneurship, which clearly indicates a considerable lag of female compared to male entrepreneurship in most countries surveyed (see Graph 1).

Graph 1 Total Entrepreneurship Activity (TEA) of Women vs. Men (Amorós, Bosma, & Levie 2012)

Given the following African proverb: "If you educate a man you educate an individual, but if you educate a woman you educate a family (nation)" (attributed to Fanti, Ghana) it is an interesting although perhaps not entirely surprising insight from the graph above that the smallest gaps between male and female entrepreneurial activity is in the worlds poorest regions: Sub Saharan Africa, Latin Americas/Caribbean, and developing Asia. In sub-Saharan Africa women work because they cannot afford not to. However, they are more likely found in the informal sector, in smaller enterprises and in traditional industries such as garment making and food preparation (WorldBank 2013). The high level of self-employment of women in this region is more often likely due to a lack of opportunity for wage employment than a strong opportunity in entrepreneurial activity (Hallward-Driemeier & Hasan 2013). These authors state that expanding women’s economic empowerment is about enabling more women to operate in activities that offer higher returns.

It should be acknowledged that improvements in women’s economic position are in some instances a double-edged sword, since in some cultures this will challenge social norms

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Female Male

Graph 1 Total Entrepreneurship Activity (TEA) of Women vs. Men (Amorós et al 2011)

Given the following African proverb: "If you educate a man you educate an individual, but if you educate a woman you educate a family (nation)" it interesting to note that the smallest gaps between male and female entrepreneurial activity is in the worlds poorest regions: Sub Saharan Africa, Latin Americas/Caribbean, and developing Asia.1

It should be acknowledged that improvements in women’s economic position are in some instances a double-edged sword, since in some cultures this will challenge social norms of a women’s role (WorldBank 2012). Therefore, stimulating economic participation though women entrepreneurship should ideally be built on the backbone of laws that treat the two sexes equitably to guarantee an enabling environment for women entrepreneurs (WorldBank 2012). Laws that ensure equality of the sexes however, are not enough.

If we are to achieve higher levels of women entrepreneurship and stimulate activity yielding higher return, a better understanding of the personal characteristics, motivation and ambition as well as supporting contextual factors becomes essential. One way to identify these conditions is to turn to those female entrepreneurs who have been successful. By investigating the triggers that created their success a more comprehensive picture of the complexity of Total Entrepreneurship Activity (TEA) and sustainable “success” can constructed. Furthermore, appropriate tools, training and infrastructural support to generate and equip current and future women entrepreneurs gain more context.


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1 In sub-Saharan Africa women work because they cannot afford not to. However, they are more likely found in the informal sector, in smaller enterprises and in traditional industries such as garment making and food preparation (WorldBank 2013). The high level of self-employment of women in this region is more often likely due to a lack of opportunity for wage employment than a strong opportunity in entrepreneurial activity (Hallward-Driemeier & Hasan 2013). These authors state that expanding women’s economic empowerment is about enabling more women to operate in activities that offer higher returns.

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Entrepreneurial success is often equated to business performance and measured in economic terms alone. Research from 1997 indicates that women tend to focus more on personal fulfilment, professional growth and challenge (Larwood in Buttner & Moore 1997) which will influence how they define their entrepreneurial priorities. Hechavarria (in Jennings & Brush 2013) shows that women are more likely to start hybrid ventures, which integrate both social and economic objectives; recently such integration can be observed more widely (Jennings & Brush 2013).

This pilot study set out to create a meaningful contribution with comprehensive insight and understanding into what is widely considered a key driver for sustainable economic growth and development: women entrepreneurs.

2 Literature ReviewRegardless of ethnicity, religion or geography, women are becoming more responsible for generating or contributing to their own personal, family, business or regional economic sustainability. While the Prudential Research Study 2012-2013 describes the generational differences of women’s attitudes toward money (e.g. younger women are financially more independent), as well as differences based on ethnicity, a lack in financial confidence remains: “While women are more in control than ever of their finances, they are facing significant challenges when it comes to financial decision making and admit to a lack of knowledge about financial solutions that can help them.” While the Global Gender Gap Report (World Economic Forum, 2013) shows that “90% of the world’s population, have closed almost 96% of the gender gap in health outcomes and almost 93% in educational attainment, the gender gap on economic participation and opportunity as well as political empowerment remains: only 60% of the economic outcomes gap and only 21% of the political outcomes gap have been closed”, indicating that economic opportunities and achievement of women entrepreneurs remain in both rich and poor countries.

Indeed, Jennings & Brush (2013) say that entrepreneurship is not a gender-neutral phenomenon. Marlowa & Swaila (2013, p84) make a strong argument that “gendered influences contextualise the scope for entrepreneurial behaviour such that women’s limited propensity for starting new businesses or firm growth does not reflect individual deficit, but situated constraint”.

Personal and environmental enablers that contribute to women’s’ entrepreneurial successMany personal factors contribute to the propensity and ability of entrepreneurs to achieve success. For example, children of self-employed parents have the advantage of socialisation contributing to stronger entrepreneurial mind-sets (Jennings & Brush 2013). Rauch & Frese in Smith (2013) identified a significant relationship between personality traits and entrepreneurial performance. Bondima et al (2013) cite studies that relate entrepreneurial activity to a desire for independence, internal locus of control, creativity, risk-taking propensity and credible role models. The need for higher levels of self-confidence in order to overcome their perception of institutional, environmental and personal barriers to grow their businesses has been given as one explanation why women entrepreneurs lag behind their male counterparts (Bondima et al 2013). Finally, Kusuma


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& Radianto (2014) indicate that women are more risk averse than men. However, attributing risk averseness as an explanation as to why women’s businesses do or do not grow is limiting, unhelpful, superficial and simplistic according to Marlowa & Swaila (2013). Instead these authors say that it is a mix of factors which contributes to the entrepreneurship process and that it has to be contextualised in the reality that women’s entrepreneurial careers reflect a feminized life course as opposed to the masculine model of “full-time employment, unbroken service and an upward trajectory”.

The impact of culture and policies on women’s entrepreneurial successBondima et al’s (2013) conclusion that business success depends on both personality traits and the culture in which entrepreneurs function is an important indication that we need to look beyond traits of the individual if we wish to understand conditions for successful female entrepreneurialism. The entrepreneurial experience of, for example, women in Latin America is unique due to the cultural differences between Latin America and developed countries (Avollo Alechi & Radovic-Markovic 2013). Another enabler for entrepreneurial success is the direct action of governments to create an environment supportive of entrepreneurship as well as imbedding societal norms toward entrepreneurship (Bruton, Ahlstrom & Han-Lin Li 2014). In many countries women’s’ entrepreneurship is inhibited because the law explicitly differentiates between women and men in terms of property rights and legal capacity (Hallward-Driemeier & Hasan 2013). Organisational culture is also considered to contribute to entrepreneurial success. Jenatabadi (2014) refers to studies that show a positive relationship between organisational culture and performance exists.

The impact of having a future orientation on the success of women entrepreneurs An ideal scenario would be to 1. stimulate higher levels of women entrepreneurs who 2. generate higher return, and 3. endure. Trompenaars & Hampden-Turner (2012) define organisational sustainability as the way leadership deals with the tensions amongst business processes, people, clients, shareholders and society. Businesses exist with an implicit future orientation – that is the desire and intention to exist in the future. Assessing and ensuring the long-term sustainability of a company is a critical component of successful entrepreneurship. The impact of globalisation, digitisation, environmental sustainability (e.g. sustainable packaging) population growth and ageing, migration patterns, genetics, nano technology, online education, large scale changes in world economies, mobile technology, disruptive technologies like cloud, big data, and emerging technologies like 3D printing, could be huge. Keeping up with market changes is one factor to help ensure the future viability of a business. As Patra (2013 p.632) says, “the challenges now facing business and society are monumental as whole industries transform themselves or become obsolete. More than any other development in this century, information technology is providing fuel for the fire of innovation and changing the world”. Entrepreneurs are often encouraged by tertiary institutions to engage in trend spotting, future forecasting, innovation practices, etc. to anticipate market shifts with appropriate strategies. Focussing on the day to day operations while at the same time planning for the future is a struggle for many entrepreneurs. The way this tension is addressed determines the future strength and opportunities of a business. Maintaining future orientation and reconciling the dilemmas in order to sustain success would be a key enabler in women’s entrepreneurship.


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3 Purpose of the ResearchThis pilot study research was instigated to investigate what underlies the success of women entrepreneurs, understand what dilemmas they are encountering, what their perceived 'readiness for the future' is. This pilot study was designed to create a platform for the second phase of this study. Over the duration of the research project 200-300 women entrepreneurs will be interviewed.

Specific Objectives The specific objectives of this study are as follows:

1. To investigate what the perceived personal enablers of successful women entrepreneurs are

2. To investigate what the perceived environmental enablers for successful women entrepreneurs are

3. To investigate what the future orientation (perspective) of successful women entrepreneurs are

Personal enablers were viewed as multi-dimensional constructs/triggers that included the way women defined success, self-perceived behaviours, habits, characteristics and values that played a critical role in generating their success.

Environmental enablers in this study were viewed as anyone or anything in the environment that participant’s thought played a critical role in enabling their success (for example networks, market receptiveness, funding, policies, culture, etc.).

Future Orientation for the purposes of this study included the participant’s view of the future and the perceived future challenges that threatened the business as well as their sense of readiness for the future.

The three areas of investigation of this pilot and their key constructs are shown in Figure 1.

4 Research Design and MethodologyThe research presented in this paper is conducted through the collaboration of three complementary organisations: 1. a world-wide business network organisation of women entrepreneurs interested in accelerating the growth of their businesses, 2. an international

Figure 1 Factors Considered in Personal and Environmental Enablers and Future Orientation


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management consulting business with a combination of extensive research and intellectual capital captured in diagnostic tools and 3. a woman owned leadership development consultancy acting as project manager. A board of advisors, consisting of academics and entrepreneurs, was appointed to oversee the ethics and integrity of the research. A transformative paradigm (Mertens 2010) guided the study, with reciprocity built into the research design. The actual process and the outcome of the study are intended to mutually benefit participants and researchers without compromising the integrity of the research. For example, participants receive a confidential copy of their interview summary as well as regular updates. The link between researcher and participants can aid transformation without affecting research results.

Participants and Sampling Strategy30 ‘successful women entrepreneurs from across the globe’ were recruited for the piot, 74% came through invitations to members of a worldwide business network organisation of women entrepreneurs, direct referrals of participants made up 23% with 3% of the participants coming through other sources.

Data Collection ProcessFor the study a combination of quantitative and qualitative research methods was chosen. The quantitative data was collected through 15 biographical questions. For a listing of the questions please refer to Appendix I.

Qualitative data was collected using 11 open-ended, exploratory questions according to the following three themes: first, participants were asked about their perceived role in generating their entrepreneurial success; second, participants were asked to elaborate on whether other people or the environment played a critical role in their success; and third, participants were asked to explore their view, challenges and 'readiness’ for the future. See Appendix II for a listing of the open-ended questions.

Participant CriteriaThis study adopted the operational definition of entrepreneurship from the GEM 2011 report “... any attempt of creating a new business or the creation of an new enterprise such as self employment, reorganisation of a business or the expansion of an already existent business by an individual or group of individuals in a already established enterprise” (Amorós et al 2011). The majority of women entrepreneurs in this study were woman who founded a company and were actively trading (N=26). As the study unfolded a small group of women intrapreneurs (N=4) were identified through referral. Intrapreneurs were women managers who are competent in managing the enterprise or part thereof and are showing the ingenuity and initiative of an entrepreneur, hence have entrepreneurial potential but are aiming it at the development of the company, which they do not own (Nogalski & Śniadecki 2001).

Demographics of the participants The sample for the study was drawn from different regions across the world which included Europe N=15, North America N=7, Africa N=5, Asia N=2 and South America N=1.

A summary of participant location demographics is given in Table 1 below.


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Table 1 Summary of Participant Location and Language

Continent Country Nationality Home Language Number N (Total = 30)

Africa Kenya Dutch Dutch 1South Africa Irish English 1

South African African dialect 1English 2

Asia Hong Kong South African English 1Japan Canadian 1

Europe Greece Dutch Dutch 1Netherlands Dutch 8

American 1Indonesian 1Australian English 1

Switzerland Swiss French 1United Kingdom British English 2

North America Canada Canadian English 3USA American 4

South America Brazil Brazilian Spanish 1

Table 2 indicates that half of participants started their businesses during the ‘full nest’ life cycle and about 80% of them (39% of the total) were still ‘full nest’ at time of this research. 68% of all the participants did not undergo major life changes from start-up to the date of their interview for this study.

Table 2 Family Life Cycle

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Status when business commenced

No

Cha

nge

Got

M

arri

ed

Chi

ldre

n Le

ft H

ome

Div

orce

d

Wid

owed

Tota

l Sta

rt-

up S

tatu

s

Young and single 11% 4% 4% 18% Partnered, married with no children 7% 4% 11% Full nest (married and partnered with children at home) 39% 4% 4% 4% 50%

Partnered/married, empty nest (children have left home) 4% 4%

Divorced with children at home 4% 4% Divorced, empty nest (children have grown up and left home) 7% 7%

Older single (never married) 7% 7% Total percentage related to life change 68% 11% 7% 7% 7% 100%

Note: numbers are rounded to the nearest whole percentage

Table 3 provides and overview of, by annual turnover, how many countries participants trade in and also the overall distribution across regions (continents) of where they trade. It is apparent that as the number of countries they trade in increase, turnover also increases. The majority of trade (20) amongst participants occur in the Euro zone correlating with the home base of participants in Table 1. In one case of 20+ countries, no regions are indicated since these companies are purely virtual and information of the exact regions was not available. 17 participants (57%) trade internationally (in more countries than their own).

Table 3 Regions where participants trade by turnover and no of countries

Annual turnover in USD: No of Countries

No

of

Part

icip

ants

N

Euro

pe

Nor

th A

mer

ica

Asia

Afri

ca

Aust

ralia

Sout

h Am

eric

a

Mid

dle

East

Glo

bal/V

irtu

al

0 - 1 million Only my own country 6 2 1 1 1 1 1 - 5 countries 10 8 3 1 2 1 1 1 - 5 million Only my own country 4 2 2 6 - 10 countries 2 2 1 1 1 1 5 - 10 million Only my own country 1 1 6 - 10 countries 1 1 1 1 20 + countries 2 2 10 - 20 million 20 + countries 1 1 1 1 1 over 20 million Only my own country 2 2 16 - 20 countries 1 1 1 1 Total 30 20 6 5 5 3 2 2 3

Table 3 provides an overview of the number of countries in which participants trade as well as the distribution across regions (continents). It is apparent that turnover increases with the number of countries in which trade is conducted. The majority of trade occurs in the Euro zone ((20) correlating with the home base of participants. In one case of 20+ countries, no regions are indicated since these companies are purely virtual and information of the exact regions was not available. 17 participants (57%) trade internationally (in more countries than their own).


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Status when business commenced

No

Cha

nge

Got

M

arri

ed

Chi

ldre

n Le

ft H

ome

Div

orce

d

Wid

owed

Tota

l Sta

rt-

up S

tatu

s

Young and single 11% 4% 4% 18% Partnered, married with no children 7% 4% 11% Full nest (married and partnered with children at home) 39% 4% 4% 4% 50%

Partnered/married, empty nest (children have left home) 4% 4%

Divorced with children at home 4% 4% Divorced, empty nest (children have grown up and left home) 7% 7%

Older single (never married) 7% 7% Total percentage related to life change 68% 11% 7% 7% 7% 100%

Note: numbers are rounded to the nearest whole percentage

Table 3 provides and overview of, by annual turnover, how many countries participants trade in and also the overall distribution across regions (continents) of where they trade. It is apparent that as the number of countries they trade in increase, turnover also increases. The majority of trade (20) amongst participants occur in the Euro zone correlating with the home base of participants in Table 1. In one case of 20+ countries, no regions are indicated since these companies are purely virtual and information of the exact regions was not available. 17 participants (57%) trade internationally (in more countries than their own).


Annual turnover in USD: No of Countries

No

of

Part

icip

ants

N

Euro

pe

Nor

th A

mer

ica

Asia

Afri

ca

Aust

ralia

Sout

h Am

eric

a

Mid

dle

East

Glo

bal/V

irtu

al

0 - 1 million Only my own country 6 2 1 1 1 1 1 - 5 countries 10 8 3 1 2 1 1 1 - 5 million Only my own country 4 2 2 6 - 10 countries 2 2 1 1 1 1 5 - 10 million Only my own country 1 1 6 - 10 countries 1 1 1 1 20 + countries 2 2 10 - 20 million 20 + countries 1 1 1 1 1 over 20 million Only my own country 2 2 16 - 20 countries 1 1 1 1 Total 30 20 6 5 5 3 2 2 3

Table 4 shows that participants’ are aged between 31 and 70 years with 57% of the participants being above 50 years old. In terms of industry sector – 37% of participants came out of consulting, 18% from education, 10% consumer goods and remaining participants were evenly spread at 3% from each of the other industries sectors. 97% of participants have tertiary education or a higher-level education. Of the participants 38% had utilised external/extra funding. However, the sample of this pilot study does not have enough sample points to determine significant differences between different demographic groups.

Table 4: Summary of remaining Demographics

Demographic Percentage of participantsAge Group 20-30 0%

31-40 14%41-50 29%51-60 46%61-70 11%

70+ 0%Level of Education High School 3%

Tertiary Education 13%Associate degree or equivalent 3%Bachelors degree or equivalent 27%

Masters degree or equivalent 37%Doctoral degree 17%

Year company started 1980 - 1989 3%1990 - 1999 10%2000 - 2009 67%

2010 or later 20%Participants role Entrepreneur 87%

Intrapreneur 13%Used Funding Yes 38%

No 62%Industry Sector Consulting 38%

Education 18%Consumer goods 10%Service industry 7%

Agriculture 3%Bio Science 3%


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Demographic Percentage of participantsChemicals 3%

Financial Services 3%Health Care 3%

Manufacturing 3%Media 3%

Technology 3%Transportation 3%

Number of Employees 0 - 5 63%6 - 35 27%

36 - 100 3%101 - 500 7%

How did you hear about this survey A global women’s network

74%

Colleague 23%Other 3%

5 Findings and Discussion

Personal enablers as a trigger of success1. Participants ‘definition of success’

In this study, participants explained ‘how they defined success’ since we believed that their conceptualisation of what success is, would have some relationship to what they believed triggered their “success”. Participant’s responses were coded, summarised and condensed into core themes (see Table 5 below).

Results show that 46% participants saw success as ‘more than just making money’. For 29% their definition of success included being able to empower others to succeed. Using one’s potential/ actualising was defined as success by 25%, ‘making the world a better place’ by 21% of participants. For 17% success was also equated with ‘personal accomplishment’, achieving the purpose of the business, achieving one’s life purpose’, ‘pleasure gained from the work’, ‘making a profit’, ‘ perseverance and tenacity’, ‘being able to scale the business’, and’ making a contribution to ‘shifting the gender bias against women’.

Table 5 Repetitive themes that emerged from definitions of success

How Women Defined Success Percentage of responses

Its More than Money 46%Empowering Others to Succeed 29%

Use Potential / Actualise 25%Help Create A Better World 21%

Achieve Purpose of Business 17%Scaling Up the Business 17%

Making a Profit 17%Perseverance and Tenacity 17%


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Shifting Gender Bias 17%Achieving Life Purpose 17%

Personal Accomplishment 17%Gaining Pleasure from Work 17%

2. Critical behaviour, habits or characteristics that were considered to create success

Participants responses to what critical behaviour, characteristics or habits helped them to generate success, were coded, summarised, and condensed into core themes (see Table 6).

In 40% of the responses, ‘the courage to step into the unknown’ and having a’ personal sense of agency’ was perceived to have helped generate success. In 37% a ‘customer care orientation’, being ‘goal focussed’, ‘perseverance and tenacity’ were perceived to be critical factors underlying their success. In 33% of responses ‘discipline and hard work’ was critical, followed by ‘aligning and including others’ (30%), ‘flexibility and open-mindedness’ (23%), ‘developing people and the team’, ‘having the drive / motivation’ and ‘networking’ (20%). ‘Building competence’, ‘collaborating’, ‘asking for help’ and ‘focussing on work that is meaningful or significant’ as well as ‘strategising’ was determined as critical by 17% of the participants.

Table 6 Repetitive themes of behaviours, habits or characteristics that triggered success according to participants


Courage to step into the unknown 40%Personal ‘Sense of Agency’ 40%Customer Care Orientation 37%

Goal Focused 37%Perseverance and Tenacity 37%Discipline and Hard Work 33%Align and Include Others 30%

Flexibility and open-mindedness 23%On-going Learning and Development 23%

Develop People and Team 20%The Drive/ Motivation 20%


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NetworkBuild Competence

CollaboratingAsk for Support or Help

Focus on Significance and MeaningfulnessStrategise

20%17%17%17%17%17%

3. Critical values participants considered to drive success

Participants open-ended responses to what core values they practiced that generated success were coded summarised and condensed core themes (Table 7)

Values were defined as the fundamental beliefs that guided how participants operated (their behaviour and actions). In 27% of responses ‘authenticity’, and ‘honesty’ was perceived to have generated success. In 23% ‘customer care orientation’, ‘integrity’, making the world a better place’ and respecting people’, followed by practicing ‘inclusivity’, and openness in 20% and ‘creativity’ and ‘ developing others’ in 17%.

Table 7 Values that created success according to participants

Values that Generated Success Percentage of responses

Authenticity 27%Honesty 27%

Collaboration 23%Customer Orientation 23%

Integrity 23%Make the World Better 23%

Respect People 23%Inclusivity 20%Openness 20%Creativity 17%

Developing Others 17%

Environmental enablers perceived by participants as a critical trigger of successEnvironmental enablers in this study were viewed as anyone or anything in the environment that participant’s thought played a critical role in enabling their success. Respondents selected items from a pick list (including ‘other’) pertaining to them and with the explanations of their choices, answers were coded, summarised and condensed into core themes.


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1. People or networks that played a critical role to enable participant success

Husbands/life partners were mentioned by 45% of the participants as critical enablers, followed by 38% mentioned the role family of origin played (e.g. “my mother emphasised entrepreneurial values in the way she raised us”. In 31% mentors were seen as critical enablers and in 24% previous bosses and women’s networks were identified as critical enablers of success (see Graph 2 below).

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2. Factors in the environment that played a critical role to enable participants’ success Participants open-ended responses on any critical factors in the environment that enabled their successes were coded, summarised and condensed into core themes in Graph 3. In 61% of the responses a favourable market or trend was a critical enabler for success. In 46% of participants, the physical or virtual location was critical followed by policies and laws (25%), funding and grants (21%), the shift towards gender equality (18%). and 11% mentioned the culture of the community, region or country as a critical enabler. 18% of the participants’ felt that the environment worked against their success.

Graph 2 People that played a critical role to enable participant’s success

45%

38%

31%

24% 24%

21%

10%

Husband / life partner

Family of origin (grew up in)

Mentor Previous /current boss

Women's network Other Business partner or associate

Graph 2 People that played a critical role to enable participant’s success

2. Factors in the environment that played a critical role to enable participants’ success

Participants open-ended responses on any critical factors in the environment that enabled their successes were coded, summarised and condensed into core themes in Graph 3. In 61% of the responses a favourable market or trend was a critical enabler for success. In 46% of participants, the physical or virtual location was critical followed by policies and laws (25%), funding and grants (21%), the shift towards gender equality (18%). and 11% mentioned the culture of the community, region or country as a critical enabler. 18% of the participants’ felt that the environment worked against their success (see Graph4 overleaf).


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Graph 3 Environmental Factors that participants perceived as critical to their success

Participants’ future orientation

1. Participants’ view of the future Participants’ open-ended responses on their view of the future was coded, summarised and condensed into core themes (Table 5). In 30% of the participant responses regading their view of the future, they expected their companies to expand, saw themselves becoming more actualised and further developed and were committed to and excited about the future. Furthermore, 26% anticipated achieving their business goals in the future and that they would be more involved in ‘making the world better”, whilst 26% also recognised that they needed to manage themselves better (e.g. “ get better at managing the demands from my professional and societal life as well as sustain family life” or “I have to learn to be ok with my mistakes”) or thought they needed to change their business models in the future. 19% faced some personal challenges (e.g. “making sure my health doesn’t give way”), felt that in the future they needed to be more strategic and expected to achieve future financial growth.

61%

46%

25%

21%

18% 18%

11%

Market Trend / Business Model

My location Policies / laws Funding and grants Gender equality My environment worked against me

Culture in community /

region / country

Graph 3 Environmental Factors that participants perceived as critical to their success

Participants’ future orientation1. Participants’ view of the future

Participants’ open-ended responses on their view of the future was coded, summarised and condensed into core themes (Table 5). In 30% of the participant responses regading their view of the future, they expected their companies to expand, saw themselves becoming more actualised and further developed and were committed to and excited about the future. Furthermore, 26% anticipated achieving their business goals in the future and that they would be more involved in ‘making the world better”, whilst 26% also recognised that they needed to manage themselves better (e.g. “ get better at managing the demands from my professional and societal life as well as sustain family life” or “I have to learn to be ok with my mistakes”) or thought they needed to change their business models in the future. 19% faced some personal challenges (e.g. “making sure my health doesn’t give way”), felt that in the future they needed to be more strategic and expected to achieve future financial growth.


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Table 5: Repetitive themes that emerged in participants’ view of the future

Anticipated Future Percentage of responses

Company Expansion 30%Actualised/developed further 30%

Committed and excited30%

Need to manage myself better26%

Business goals achieved26%

New business model required26%

Active in making the world better26%

Personal challenge ahead19%

Need to be more strategic19%

Financial growth 19%

2. Factors that threaten the future well being of participants’ businesses

Participants received a picklist of categories (including ‘the option to elaborate’ or ‘other’) to identify factors they thought threatened the future well being of their businesses (Graph 4).

Financial skills were mentioned by 42% of the respondents as a factor that threatened the future well being of their businesses. 29% saw the challenge of defining business challenges and goals clearly as a potential threat followed by 29% managing and leading people and also marketing skills being a factor. 21% of the participants saw succession planning as a factor. In 17% multi-cultural skills, 13% managing business browth, social media skills and technolgy were threats, whilst 8% saw negotialtion skills and work-life integration as a threatning factor. The exchange rate was a threat to 8% of the respondents.


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6 Contribution and Implications

Participants in this study are generally highly educated and in control of significant assets in that 46% have a turnover exceeding $ 1 million, 27% exceed $ 5 million and 10 % of the participants exceed $ 20 million turnover. However, it is clear from this study that, although participants defined success both in terms of social and economic factors, social factors simply featured more often. For example, meaningfulness, empowering others, developing potential and helping to create a better world, was listed by more participants (46%) than economic factors (17%) such as scaling the business and making a profit. Furthermore, their top core values (authenticity, honesty, collaboration, integrity, make the world better, respect people, inclusivity, openness, creativity and developing others) are also not economically driven. The only economic / business value that made it to the list was ‘customer orientation’ (23%).

In most (40%) responses ‘ the courage to step into the unknown and having a ‘sense of agency’ (i.e. the belief of a participant that their actions would create an impact or desired outcome) was perceived to have been critical to their success. This perhaps in some measure validates that to be successful, you need to risk. A favorable market trend or business model being regarded as the most critical environmental enabler of success indicates in order to be successful you need a good idea or plan.

42%

33%

29% 29% 29%

21%

17%

13% 13% 13%

08% 08%

04%

Financial skills

Other Defining business

challenges/goals

Managing and leading

people

Marketing skills

Succession planning

Multi-culture skills

Managing business growth

Social media

marketing skills

Technology Negotiations skills

Work / personal life integration

Exchange rate

Graph 4 Factors that threaten the future well being of participants' businesses


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Participants in this study were generally highly educated and in control of significant assets in that 46% have a turnover exceeding $ 1 million, 27% exceed $ 5 million and 10 % of the participants exceed $ 20 million turnover. However, it is clear from this study that, although participants defined success both in terms of social and economic factors, social factors simply featured more often. For example, meaningfulness, empowering others, developing potential and helping to create a better world was listed by more participants (46%) than economic factors (17%) such as scaling the business and making a profit. Furthermore, their top core values (authenticity, honesty, collaboration, integrity, make the world better, respect people, inclusivity, openness, creativity and developing others) were also not economically driven. The only economic / business value that made it to the list was ‘customer orientation’ (23%).

In most responses (40%) ‘the courage to step into the unknown’ and having a ‘sense of agency’ (i.e. the belief of a participant that their actions would create an impact or desired outcome) was perceived to have been critical to their success. This perhaps to some degree validates that to be successful you need to risk. A favorable market trend or business model being regarded as the most critical environmental enabler of success indicates in order to be successful you need a good idea or plan.

Considering that 39% of participants are at a busy stage of their life (39% are ‘full-nesters’), it is noteworthy that work / personal life integration was only mentioned as a threat by 8% of respondents. Furthermore, the network considered most critical to their success was perceived to be husbands/partners (45%).

In their view of future, company expansion was selected by as many participants (30%) as was actualising and developing further. However, it is in this future construct that economic factors begin to feature more amongst participants. Besides company expansion, 26% of the participants expected to achieve both ‘making the world better’ and ‘achieving future business goals’. Future financial growth was only selected by 19% of participants. At the same time most participants (42%) chose ‘financial skills’ as the biggest threat to the future wellbeing of their businesses. Further investigation on the potential impact that financial empowerment could have on the current success of women entrepreneurs is recommended.

6 Contribution and Implications The aim of this pilot study was to create a more holistic understanding/view of the collective triggers for the success of women entrepreneurs including personal and environmental enablers and their future orientation. Valuable insights have been gained for the next phase of this global study.

It is anticipated that the results of the study will contribute to a variety of constituencies in the following ways,

• Corporations will find useful insights into how to identify and promote women intra/entrepreneurs within their organisations;

• Start-ups will be able to check their situation and skill set against indicators and competencies that drive success;

• For educators the study will provide pointers to aspects that should be addressed in educating and up-skilling women entrepreneurs;


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• For policy makers this study will provide insights on how best to encourage, support and nurture women entrepreneurs with the additional benefit of offering geographic-specific insights;

• Investors will find guidance for assessing potential candidates from this study;• Participant receive a summary of the interview responses which, in conjunction

with the feedback reports of this study, can be used as a development tool for the women entrepreneur as well as their organisation;

• Women's entrepreneur networks can better meet the needs of their members;• In addition the study also provides a learning tool for participants and informs and

affects the public and their perception of women entrepreneurs. 7 Conclusions and Way ForwardThis study set out to create comprehensive insight and understanding into what is widely considered a key driver for sustainable economic growth and development: women entrepreneurs. Particular emphasis is being placed on investigating entrepreneurial perceptions of personal and environmental enablers as well as the perceived future orientation of ‘successful women entrepreneurs’.

Participants’ results support the perspective that female entrepreneurial success is a result of multiple personal and environmental factors. These factors include personal traits, histories, values, skills, education, knowledge, efforts, supportive networks, positive organisational cultures, economic, financial factors, market factors, policies and cultural aspects. In this study it seems that multiple personal and environmental factors need to gravitate together to result in entrepreneurial success. Furthermore, once they reach 'success', women entrepreneurs face on going challenges and dilemmas requiring resolution in order to remain successful.

For the sake of perspective, due to the variation in the participant group as well as the small sample size it is not possible to generalize results gained from this pilot study. Furthermore, the small sample size prevented meaningful consideration of extraneous variables such as culture and ethnicity differences in this pilot study. The aim of this pilot study was to create a more holistic understanding/view of the collective triggers for the success of women entrepreneurs including personal and environmental enablers and their future orientation. Valuable insights have been gained for the next phase of this global study.

The insights from pilot study, which involved 30 participants from 11 countries, will be used to refine the questions and the roll-out of the next phase of this project.

8 AcknowledgementsWe are indebted to the participants of WeSoar Research, who, despite their full schedules made time available for interviews. We would also like to express our sincere thanks and appreciation to the following people and institutions who made the pilot stage of the WeSoar project possible: WeSoar project team (Annemieke Lof de Kok, Riana van den Bergh, Hannah Spaeth, Ruth Dixon, Tina Thomson, Yvonne Finch), Corinne Heijn the president of UnitedSucces, Prof Fons Trompenaars and staff at Trompenaars Hampden-Turner, and the Board of Advisors (Dr Bettina von Stamm, Dr Karen Ortlepp, Grant Ashfield and Dr Julie Weeks).


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9 ReferencesAmorós, J.E., Bosma, N.S. and Levie, J. (2011). Ten Years of Global Entrepreneurship Monitor: Accomplishments and Prospects, Global Entrepreneurship Monitor Working Paper Series nr: 11-05

Avollo Alechi B.A.E and Radovic-Markovic M, (2013), `Women Entrepreneurship Female durability, Persistence and Intuition at work’, Gower

Bondima C E, Rankhumise, E; Grundling E, (2013) Co-Effect Of Culture And Personality Traits On Business Success Of South African Entrepreneurs, in Globalizing businesses for the next century: visualizing and developing contemporary approaches to harness future opportunities, Global Business And Technology Association Fifteenth Annual International Conference, Global Business and Technology Association (GBATA) & EBSCO Publishing, United States of America, pp 102- 111.

Brunton, G. D, Ahlstrom, D; Li, H, (2010), Ìnstitutional Theory and Entrepreneurship: Where are We Now and Where Do We Need to Move in the Future?’ Entrepreneurship Theory and Practice, Volume 34, Issue 3, pp 421-440.

Buttner, E. H. & Moore, D. P. (1997) Womens Organizational Exodus to Entrepreneurship : Self Reported Motivations and Correlates with Success; Journal of Small Business Management , Vol. 35, No. 1, 1997

European Commission (2013) Ènterprise and Industry, Report on the results of public consultation on Entrepreneurship 2020 Action Plan’

GEDI Institute (2013) Gender-GEDI Executive Report’

Hallward-Driemeier, M. & Hasan, T. (2012), Empowering Women: Legal Rights and Economic Opportunities in Africa. WorldBank, African Development Forum Series

Jenatabad H S, 2014, `Situation of Innovation in the Linkage between Culture and Performance: A Mediation Analysis of Asian Food Production Industry’, Contemporary Engineering Sciences, Vol. 7, no. 7, pp 323 – 331.

Jennings J.E, Brush, C.G, (2013), `Research on Women Entrepreneurship: Challenges To (and From) The Broader Entrepreneurship Literature’, The Academy of Management Annals, Volume 7, Issue 1, 2013.Kelley D J., Brush C G, Greene P G, Litovsky Y, 2013 `Global Entrepreneurship Monitor 2012 Women's Report’ Babson College

Kusuma, M. & Radianto, W.E.D. (2014),Èntrepreneurship Education In Undergraduate Program To Support The Creation Of Young Women Entrepreneur’, Widyatama Iinternational Seminar (WIS), pp 19-22.

Marlowa S & Swaila J, (2013) `Gender, risk and finance: why can't a woman be more like a man?’ Entrepreneurship & Regional Development An International Journal, Vol. 26, Iss. 1-2, 2014, pp 80-96.

Mertens, Donna M. (2009) Research and Evaluation in Education and Psychology: Integrating Diversity. Third edition. Sage Publications Inc, Londen. United Kingdom.


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Naudé, W, (2010), `Promoting Entrepreneurship In Developing Countries: Policy Challenges’, United Nations University, World Institute for Development Economics Research, Policy Brief, Nr 4.

Patra Dr. K. K, (2013), `Need For Educational Awareness in Changing Scenario: A Road Map To Entrepreneurship’, International Journal of Trade & Global Business Perspectives© Pezzottaite Journals, Volume 2, Number 4, pp 629-633.

Prudential (2012) Financial experience & behaviours among women 2012-2013;

Smith, A. R. (2013) The relationship of personality to entrepreneurial performance: an examination of openness to experience facets; Dissertation Presented for the Doctor of Philosophy Degree. The University of Tennessee, Knoxville August 2013

Thurik, R, (March 2009), `Entrepreneurship, Economic Growth and Policy in Emerging Economies’, UNU-WIDER Wider Research Paper, World Institute for Development Economics Research, Vol. No. 2009/12.

Trompenaars, F & Hampden-Turner, C (2012) Riding the Waves of Culture. Understanding Diversity in Global Business, Nicholas Brealey Publishing

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Appendix 1: Quantitative Research Questions

1. What is your main work location country?

2. Current age

3. Highest educational level

4. What is your home language?

5. Nationality

6. Year your current company/ies was founded

7. In what family life cycle were you when you began your company/ies?

8. In what family life cycle are you now?

9. Industry sector your company/ies operate in

10. Have you utilized venture capital, extra funding, grant or loans for your company?

11. Total number of employees (full-time equivalent)

12. In which regions do you operate?

13. Number of countries your company/ies trade in

14. Annual turnover in USD

15. Please indicate how you heard about this research


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Appendix 2: Qualitative Research Questions

1. What role did you play in your success?

2. What is your definition of success?

3. What behaviors, attitudes, competencies, habits (or lack there of) helped to make you successful?

4. What core values did you practice that generated business success?

5. Did any of the following people play a CRITICAL role to enable your success? How?

• Husband / life partner

• Family of origin (grew up in)

• Previous /current boss

• Business partner or associate

• Mentor

• Business role-model

• Women's network

• Other

6. Did any of the following factors in your environment empower your success? If so how?

• Favorable market or trend for my business (model),

• My physical location (or virtual location)

• Exchange rate

• Policies / laws helped me (e.g. tax, import duty, trade policies…etc)

• Funding and grants opportunities

• Culture in my community, region or country

• Gender equality or gender shift

• My environment did not empower me or it worked against me

• Other

7. What are the positive and negative aspects of your company's culture? How did it impact on your success?

8. What is your view of the future

9. What are your hopes and dreams or fears and concerns?


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10. Please indicate which of the following factors threaten the future well being of your business:

• Defining our business challenges and goals clearly

• Managing and leading people to achieve the goals of the business

• Financial skills to ensure business sustainability

• Negotiations skills

• Marketing skills

• Social media marketing skills

• Work / personal life integration skills

• Multi-culture skills

• Managing business growth and expansion

• Succession planning

• Technology

• Exchange rate

• Other

11. Any final comments?


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Women Entrepreneurs: Success Triggers, Dilemmas and 'Readiness for the Future'

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