CHAPTER I

INTRODUCTION

1.1 Background of the Study

Entrepreneurship, in the conventional sense, has been described as the process

of conceiving, initiating, and operating a new business. Typically, this begins with a
small-scale enterprise, often a startup, which offers a product, service, or process for
sale or rent. The individuals who undertake this endeavor are commonly referred to as
entrepreneurs. Another perspective defines entrepreneurship as the capacity and
willingness to create, organize, and manage a business venture, including bearing its
associated risks, all with the aim of achieving profitability. While definitions of
entrepreneurship primarily revolve around the establishment and operation of
businesses, it's important to note that due to the substantial risks inherent in starting a
new venture, a significant number of businesses end up closing. This closure can
result from factors such as insufficient funding, poor business decisions, economic
downturns, or a combination of these, as well as a lack of demand in the market.
Goswami et al. (2008) have provided a definition of entrepreneurship as
follows: "Entrepreneurship can be described as the professional application of skills,
knowledge, competencies, with the aim of turning a new idea into a source of income.
This can be done by an individual or a group of individuals, either by launching a
completely new enterprise or by diversifying from an existing one. This is distinct
from self-employment, as it entails pursuing growth, generating wealth, creating
employment opportunities, and contributing to societal well-being."
Shane et al. (2003) have presented their perspective on entrepreneurship,
encompassing various crucial aspects. According to Shane et al. (2003),
"Entrepreneurship is a stepwise process that begins with recognizing an
entrepreneurial opportunity. It is followed by developing an idea on how to seize that
opportunity, assessing its feasibility, creating the product or service that will be
offered to customers, assembling the necessary human and financial resources,
designing the organizational structure, and actively pursuing customers."
Additionally, the GEM 2013 Global report defines entrepreneurship as follows:
"Entrepreneurship involves endeavors related to new business or venture creation,
which may encompass self-employment, the establishment of a new business

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organization, or the expansion of an existing business. This can be initiated by an
individual, a team of individuals, or an established business."
Numerous scholars have proposed diverse dimensions of entrepreneurship,
including "Projective and visionary thinking" by Filion (2004), "Innovation" by
Schumpeter (1947), "Value Creation" by Say (1996), and Bruyat and Julien (2001),
"Risk" by Knight (1921), "Navigating Uncertainty" by Knight (1921), and
"Coordinating the factors of production" by Say (1803).
An entrepreneur is typically described as an individual who initiates,
organizes, and oversees any form of enterprise, particularly a business, typically with
a significant degree of initiative and risk-taking. Rather than serving as an employee,
an entrepreneur takes on the role of running a small business and assumes full
responsibility for the risks and rewards associated with a particular business venture,
idea, or product or service offered for sale. Entrepreneurs are often recognized as
leaders in the business world who introduce fresh ideas and innovative approaches to
business processes. Past research indicates that entrepreneurs tend to excel in
identifying new business prospects and frequently display a positive bias in their
perception, meaning they have a tendency to seek out new possibilities and possess a
proclivity for taking risks, which increases their likelihood of capitalizing on
opportunities.
A women entrepreneur is a woman who takes the initiative to start, organize,
and manage her own business or enterprise. Women entrepreneurs are individuals
who engage in entrepreneurial activities, typically with the goal of creating and
running a business venture for profit. These ventures can span a wide range of
industries and sizes, from small startups to large corporations. Women entrepreneurs
play a significant role in the business world, contributing to job creation, innovation,
and economic growth. They are often involved in various sectors, including
technology, manufacturing, retail, services, and more. Women entrepreneurs may face
unique challenges and opportunities in the business landscape, including issues
related to gender bias, access to funding, and work-life balance. However, many
women entrepreneurs have made substantial contributions to their respective
industries and have achieved success in various entrepreneurial endeavors.
According to Schumpeter (1934), "Women entrepreneurship is founded on the
active involvement of women in both ownership and employment within a business
enterprise." Women entrepreneurs take on various roles, including idea generation

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and evaluation, project planning, project assessment, securing funding, and acquiring
the necessary resources from the market.
Entrepreneurship plays a vital role in fostering job creation and offering
opportunities for employment, particularly in rural areas, where it can lead to new
economic pathways by integrating with the informal rural economy and facilitating
the development of innovative products and services (MacKenzie, 1992).
Entrepreneurship originates from an individual's creative drive and transforms into a
long-term commitment to business ownership, contributing to employment
generation, capital accumulation, and economic security.
In the context of women's economic empowerment, entrepreneurship holds
significant importance (Ansari, 2016). It serves as the cornerstone for initiating the
overall development process and acts as the backbone of any country's economy.
Various authors have defined entrepreneurship based on their perspectives, but
conventionally, it refers to the entire process of conceiving, launching, and managing
new businesses, typically starting as startups that offer customized products or
services for sale or hire to the public (Ritu, 2016). Individuals who embark on this
journey are commonly known as entrepreneurs. Entrepreneurship is generally seen as
the effective combination of existing production resources, yielding goods and
services that better satisfy the end-users, and acting as a catalyst for change. It is an
activity typically undertaken by a group of individuals, harnessing existing resources
and materials.
Women's entrepreneurship encompasses a comprehensive concept where
confident, innovative, and creative women engage in business activities to assert their
economic independence, either individually or collaboratively. Their aim is to
generate employment opportunities for others while effectively managing their
enterprises, all while maintaining a balanced pace with their personal, family, and
social life. Women have transcended traditional roles and are actively participating in
the entrepreneurial landscape, which has historically been dominated by men (Alam et
al., 2011).
Recognizing the importance of women's entrepreneurship has emerged as a
significant factor in the economic growth of progressive nations. The societal shifts
brought about by globalization, industrialization, and urbanization have transformed
the role and status of women. Women are increasingly pursuing higher education,
technical training, and professional development to acquire the knowledge and skills

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necessary to excel across various domains and establish themselves as entrepreneurs.
They possess the capacity, capability, and expertise required to create, organize, and
manage various business ventures while bravely facing the associated risks in pursuit
of profitability, a concept embodied by entrepreneurship.
Entrepreneurship is a multifaceted and multidimensional undertaking that
relies both directly and indirectly on support during the initial stages of a business
venture and on more advanced support as it transitions into a sustainable enterprise
(USAID, 2017). It is deemed essential for enhancing the production of goods and
services to adapt to the evolving global landscape, utilizing available resources,
tapping into human capital, and addressing the significant challenges posed by
unemployment and poverty (Singh and Monga, 2014).
Every nation aspires to achieve economic development to enhance the quality
of life, raise living standards, and promote the prosperity of its citizens. The concept
of development encompasses various dimensions, and it is considered incomplete
without the active involvement and advancement of women, who make up
approximately half of the population. Consequently, women's contributions are
indispensable to economic activities aimed at nation-building.
Women constitute a crucial gender with the capability, capacity, and potential
to make significant contributions to the economic, social, and cultural development of
any nation. They possess visionary qualities, exceptional ideologies, and the ability to
excel, explore, and optimize opportunities. Women consistently play pivotal roles in a
country's development and provide essential economic support to their families.
Women are taking the lead in various business enterprises and industries,
shaping productive work processes, and offering employment opportunities to others,
thereby embodying the concept of women entrepreneurs. In line with the
entrepreneurship concept, the Government of India defines women entrepreneurs as
individuals who own and control enterprises with a minimum financial stake of 51%
of the capital fund and provide at least 51% of employment opportunities to women
within the enterprise. Women engage in business activities due to a combination of
factors that both motivate and attract them, enabling them to lead independent lives
and serve as the foundation of their families (Goyal and Parkash, 2011).
In recent years, women entrepreneurs have become pivotal figures in both
advanced and developing nations due to their roles in fostering social and economic
growth. In today's context, women are venturing into various fields, including

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industry, agriculture, and services, despite cultural and social constraints. This shift is
largely driven by factors such as economic liberalization, globalization, education,
urbanization, and overall development. These conditions have created favorable
conditions for women to explore entrepreneurial opportunities. They are breaking free
from the constraints imposed by male-dominated societies to achieve a higher
standard of living, support their families, nurture their children, alleviate poverty, and
contribute to their nation's progress (Gautam & Mishra, 2016).
Many countries have recognized the importance of nurturing women's
entrepreneurship as a means to thrive in the modern, technology-driven world. This
not only contributes to a nation's development but also has a positive impact on
reducing global poverty levels. Since the 1990s, gender has been an essential
perspective for conducting research that addresses the effects of women's
participation in a nation's economic sphere. The increasing involvement of women as
entrepreneurs across various economic sectors represents a significant step toward
women's empowerment, enabling them to secure a more prominent place in society.
They are demonstrating their continuity within the societal framework, breaking away
from traditional paths, and moving towards more fruitful avenues of economic
participation.
1.1.1 Challenges of Women Entrepreneurship

Challenges and opportunities in the field of women's entrepreneurship are

significant and multifaceted. Some of the challenges and opportunities of women
entrepreneurship are as follows:

Access to Capital

One of the foremost challenges for women entrepreneurs is limited access to

capital. Women often face difficulties in securing funding for their business ventures,
which can hinder growth and innovation.

Gender Bias and Stereotypes

Gender bias and stereotypes persist in many industries, making it challenging

for women to be taken seriously as business leaders. This can affect their access to
opportunities and resources.

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Work-Life Balance

Balancing business ownership with family responsibilities can be particularly

challenging for women. Juggling these roles often requires extra effort and support.

Networking and Mentorship

Women entrepreneurs may have fewer opportunities to network with

influential business figures and find mentors who can guide them through their
entrepreneurial journey.

Market Access

Accessing markets and distribution channels can be challenging, especially in

male-dominated industries or regions with limited opportunities for women
entrepreneurs.

Risk Aversion

Women may, on average, be more risk-averse than men, which can impact
their willingness to take entrepreneurial risks.

1.1.2 Opportunities

Growing Consumer Base

Women represent a significant and growing consumer base. Women

entrepreneurs can tap into this market by identifying and addressing unique consumer
needs.

Diversity and Innovation

Diverse teams, including women, often lead to more innovative solutions and
products. Women entrepreneurs can leverage their unique perspectives to drive
innovation.

Supportive Initiatives

Many governments, organizations, and institutions now offer programs and

initiatives aimed at supporting women entrepreneurs. These resources can provide
funding, training, and mentorship.

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E-commerce and Technology

The rise of e-commerce and technology has lowered barriers to entry for
women entrepreneurs, allowing them to start businesses online with relatively low
upfront costs.

Changing Social Norms

Changing social norms and attitudes towards women in business are creating
more opportunities for women entrepreneurs to thrive.

Collaboration and Networking

Women-focused business networks and organizations provide opportunities

for women entrepreneurs to connect, collaborate, and access resources.

Global Opportunities

In today's interconnected world, women entrepreneurs can explore global

markets and partnerships, expanding their reach beyond their local or national
boundaries.

Women entrepreneurs face significant challenges. There are also numerous

opportunities for them to succeed and make a significant impact in the business world.
With the right support, resources, and determination, women entrepreneurs can
overcome challenges and seize these opportunities to achieve their entrepreneurial
goals.

This study has been conducted to access the challenges faced by the women
entrepreneurs and the opportunities of women entrepreneurship in Surkhet valley.
Surkhet valley lies in Karnali province of Nepal, located in the Surkhet District of
Bheri Zone. This is the headquarter of Karnali Pardesh and is a principal township in
the western hills region of Nepal. Birendranagar is so named in honour of the late
King Birendra, who planned and established it as the first planned town in Nepal.
Birendranagar is surrounding by hills and made it valley. A lot of area of valley is
assigned as Birendranagar Municipality. There are a number of entrepreneurships in
Surkhet valley. Some of these include business, small cottage industries, poultry
farming, vegetable farming, etc. Most of the entrepreneurs are run by men but there
are a lot of entrepreneurships which are run by women too. Women entrepreneurs are
found to invest in traditional and non-traditional entrepreneurships. Women are

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encouraged a lot to do so. It has been helping the women in Surkhet in the fields of
empowerment, income generation and skills development.

1.2 Statement of the Problem

Women entrepreneurship is a critical driver of economic growth and
innovation, yet it faces a complex landscape characterized by a myriad of challenges
and opportunities. This study aims to delve into the multifaceted realm of women
entrepreneurship, specifically focusing on the challenges and opportunities that
women entrepreneurs encounter in their business endeavors. Access to capital is
identified as a fundamental challenge faced by women entrepreneurs. The difficulty in
securing funding for their business ventures constrains their growth potential and
stifles innovation within their enterprises. Gender bias and deeply ingrained
stereotypes continue to plague various industries, impeding women entrepreneurs
from being taken seriously as business leaders. This bias impacts their access to
opportunities and essential resources for their enterprises.
The intricate task of balancing business ownership with family responsibilities
poses a formidable challenge for women entrepreneurs. Successfully juggling these
roles often demands additional effort and support. Women entrepreneurs often
contend with limited opportunities to network with influential business figures and to
find mentors who can provide valuable guidance throughout their entrepreneurial
journeys. Accessing markets and distribution channels can be particularly
challenging, especially when operating in male-dominated industries or regions where
opportunities for women entrepreneurs are scarce. Research suggests that women, on
average, exhibit a higher degree of risk aversion compared to men. This risk aversion
can impact their willingness to embark on entrepreneurial ventures and seize growth
opportunities.
Women represent a significant and expanding consumer base. Women
entrepreneurs have the opportunity to cater to this market by identifying and
addressing unique consumer needs and preferences. Diverse teams, including women
entrepreneurs, have the potential to drive innovation. Women can harness their unique
perspectives to create innovative solutions and products. Governments, organizations,
and institutions have introduced programs and initiatives aimed at bolstering women
entrepreneurship. These initiatives offer avenues for funding, training, and
mentorship. The advancement of e-commerce and technology has lowered entry

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barriers for women entrepreneurs, enabling them to establish online businesses with
relatively low upfront costs. Evolving social norms and a shift in attitudes toward
women in business are creating new opportunities for women entrepreneurs to
flourish. Women-focused business networks and organizations provide platforms for
women entrepreneurs to connect, collaborate, and access vital resources for business
growth. In an interconnected world, women entrepreneurs can explore global markets
and form partnerships, extending their business reach beyond local or national
boundaries.
This study seeks to explore and analyze the interplay between challenges and
opportunities in the realm of women entrepreneurship, aiming to provide valuable
insights and recommendations for addressing these issues and facilitating the growth
and success of women entrepreneurs. Hence, the study is conducted on the challenges
and opportunities of women entrepreneurship in Surkhet valley.
1.3 Objectives of the Study

The general objective of the study is to assess the challenges and opportunities of
women entrepreneurship in Surkhet valley. The specific objectives of the study are as
follows:

1. To analyze the present status of women entrepreneurship.

2. To assess the challenges of women entrepreneurship.
3. To determine the opportunities of women entrepreneurship.

1.4 Research Questions of the Study

This study has tried to find the answers of the following questions:

4. What is present status of women entrepreneurship?

5. What are the challenges of women entrepreneurship?
6. What are the opportunities of women entrepreneurship?

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1.5 Significance of the Study

The significance of the study on "Challenges and Opportunities of Women

Entrepreneurship" is multifaceted and extends to various stakeholders, including
policymakers, business leaders, researchers, and society as a whole. Understanding
the challenges and opportunities in women entrepreneurship is essential for
empowering women economically. When women are equipped with the knowledge
and resources to overcome challenges, they can contribute significantly to their
families' well-being and broader societal development. Women entrepreneurs
represent a substantial, yet often underutilized, economic force. By identifying and
addressing the challenges they face and promoting opportunities, this study can
contribute to fostering economic growth at local, national, and global levels. Women
bring unique perspectives and experiences to entrepreneurship. Recognizing and
leveraging these differences can lead to increased innovation and diversity within the
business landscape, which can benefit industries and consumers.

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 A study focused on the challenges and opportunities of women
entrepreneurship can shed light on the persistence of gender inequality in various
sectors. By highlighting these issues, it can drive discussions and actions aimed at
reducing gender disparities in entrepreneurship. Policymakers can use the findings of
this study to design and implement policies that support women entrepreneurs. This
includes initiatives to improve access to funding, reduce gender bias, and create a
more supportive business environment. Educational institutions and entrepreneurship
programs can tailor their curricula to address the specific challenges and opportunities
faced by women entrepreneurs. This can better prepare aspiring female entrepreneurs
for success. Investors and venture capitalists can gain insights into the untapped
potential of women-led businesses. Recognizing the opportunities in supporting
women entrepreneurs can lead to increased investment in these enterprises. Insights
from this study can lead to the development of strategies and initiatives that help
women entrepreneurs balance their professional and personal lives more effectively,
reducing burnout and stress. Conducting research on women entrepreneurship raises
awareness about the challenges women face in the business world. It can encourage
society to reevaluate stereotypes and biases that hinder women's progress. Successful
women entrepreneurs can serve as role models for future generations of women. By
highlighting their achievements and stories, this study can inspire and encourage more
women to pursue entrepreneurship.

In summary, the study on the challenges and opportunities of women

entrepreneurship holds significant implications for gender equality, economic
development, and social progress. Its findings can inform policies, empower women,
and promote a more inclusive and diverse entrepreneurial landscape.

1.6 Limitations of the Study

Today’s world is dynamic. Everything existing here are of limited characters.

Every principle, role, formula and conditions are applied within limitations. Likewise,
this study cannot escape from limitations. Therefore, the limitations of this study are:

1. The universe of the study was limited within the entire number of women
entrepreneurs in Surkhet valley.

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2. The study was limited within the challenges and opportunities of women
entrepreneurship.
3. Questionnaire technique only used to collect data for the purpose of the study.
4. The respondents were limited within 105 women entrepreneurs in Surkhet
valley.
5. The sample was selected suing convenience sampling method.
1.7 Organization of the Study

This study has been divided into the chapters. This is the introductory chapter
which covers the background of the study, statement of the problem, objectives of the
study, research questions, conceptual framework of the study, significance of the
study, limitations of the study and the organization of the study. This chapter includes
the theoretical reviews on women entrepreneurship and the challenges and
opportunities of women entrepreneurship as well as the review of the previous
research work related to the cooperative organizations and role of cooperative
organizations on women empowerment. For this purpose, various books, journals and
periodicals as well as internet were used. This chapter describes the research
methodology like research design, population of the study, sampling design,
questionnaire development, questionnaire administration and data analysis and
presentation. This chapter represents the presentation and analysis of data collected
through various sources. It also contains the analysis and interpretation of the data
using tables and figures as well as the findings of the study. This chapter comprises
the summary of the entire thesis. It describes the major findings of the thesis and
provides some suggestions and recommendations based on the analysis of the study.
The concluding part of the thesis includes the references and appendix.

CHAPTER II

LITERATURE REVIEW

2.1 Theoretical Review

Entrepreneurs do not exist on their own; they rather operate in close

consortium with other core thespians and under the impact of the external elements.

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These factors are imperative only when the aspirants take the decisions to involve or
not t involve entrepreneurially. Some authors have discussed that societal approach
towards entrepreneurship and business activities, access to the various variables
influencing business activity, economic conditions, involvement in the entrepreneurial
networks as well as access to the financial resources as the major factors, which
influence the women to move ahead to implement their ideologies (Naffziger et al.,
1994).

In the words of Shane et al. (2003) the several variables that influence
entrepreneurial behavior are the need for achievement, tolerance of ambiguity, drive,
egoistic passion, self-efficacy, locus of control, and goal setting. In the current
scenario, the growing weightage that the development could be magnificently
promoted if there is more indulgence of women entrepreneurs; this acts as the push
factor to persuade the women entrepreneurs to take suitable initiative in this direction.
Certain push and pull factors like choosing the business as a challenge, urge to prove
themselves, engagement in the business activities due to responsibilities of the family,
and some other compulsions of life.

Goyal and Parkash (2011) in their study have mentioned certain factors which
encourage and force the women to ahead towards the acceptance of business
undertakings such as bringing future and quality life to their wards and family
members, family occupation, freedom to make their own decisions and become self-
reliant, desire for better living, need of an additional source of income, inspiration
from successful stories of the peers and others, is an iconic figure to others, self-
identity, attaining higher status in the society, innovative thinking, creativity, ability
to persist in a dynamic environment, generation of employment opportunities, desire
to do something, ability, and proficiency to accept and vanquish the new challenges,
etc.

The human desire to attain something significant, the perception of control

over the circumstances, and the propensity to take risks are the most prominent
factors, which act as the push factor to start the business venture. Naffziger et al.
(1994) have fore-grounded some major factors like conformity to initiate the venture
need for autonomy, persistence, dominance, grab the clout, desire to build the own
empire, and personal control, which motivate the women aspirants to step ahead to
start the entrepreneurial activities. The motivational factors such as materializing their

13
ideas into capital, breathing in the empowered and free environment, proving their
work in consortium with their spouse, establishing their own rules of working,
gratifying their exigencies, overcome the various problems faced by them while
subjugating in the salaried employment, withstanding the tough and harassing work
environment, they have encountered while working on the terms of someone else. As
it is said that each entrepreneur has a unique set of goals, which are relevant to one‘s
business and molded by their particular situations (Naffziger et al., 1994).

The aptitude, skills, and knowledge of the women entrepreneurs to become

business owners are the other underlying factors, which influence them to initiate
such actions (Smith, 2005). The level of cognizance, acceptance, awareness, and
perception among the women act as the push factors to frame their business
psychology (Littunen, 2000). Self-confidence helps women to enhance the level of
their awareness of business opportunities and the creation of new firms (Charboneau,
1981). Thus, the personality of a person plays a crucial role in shaping
entrepreneurship.

Apart from the personal factors, there are some cognitive factors like
knowledge, skills, and abilities. In the words of Shane et al. (2003), the entrepreneurs
must have adequate knowledge regarding the technology and the industry, precise
skills like decision making, negotiating, management of resources, selling, marketing,
promoting their products. The clear vision, adequate strategy for the organization,
carrying out the business venture successfully, provision of impetus as well as energy
to execute the required actions in a good manner (Shane et al., 2003).

The various facilitating factors like adequate financial facilities in the working
area, availability of skilled as well as experienced people at the workplace,
cooperation from the spouse and other family members as well as developing training
programmes, which push the growth of women entrepreneurs in the society. These
factors also persuade others to take the initiatives to make their way with the existing
resources and feasibilities. The workplace has a major impact on creating and
nourishing the interests of various aspirants to come forward on the turf and prove
their clout by working in the male fabricated society (Coleman, 2000).

The desire of women aspirants to capitalize on their business ideology,

enthusiasm to start up their own business, to build their wealth, improve the quality of

14
life of their children, share the economic burden of their family, managing the
personal as well as professional life successfully the way they want and establish
themselves on the competitive turf are the major factors, which influence their
belongingness to take the initiative to proceed with the start-ups (Cohoon et al., 2010).

Financial capital is imperative for every business and no company could

sustain itself without at least a tiny amount of money. Cooper et al., also claimed that
finance has direct as well as indirect impact on the business performance in terms of
ability to buy time, undertake more ambitious policies and strategies, change courses
of actions, meeting the financial demands imposed by the growth of the ventures, and
capital accumulation, which reflects more extensive planning as well as better training
(Cooper et al., 1994).

The opportunity to provide additional income to the family is the principal

motivator, which fills the women with additional power to fulfill the personal as well
as professional responsibilities. It is said that women are five times more likely to
conduct business activities for family issues as compared to men (USAID, 2017).

As capital constraints adversely impact the motivation of individuals to initiate

or establish startup businesses, the financial inheritance could help the aspirants to
secure funding and resources to sustain the business in a highly competitive
environment (Dyer & Handler, 1994).

Apart from this, there are some social factors like attaining equal status to
male counterparts in the society, attaining greater mobility as well as freedom,
concocting risk-taking ability, accomplishing excellence and expertise, unlock the
chained flair, creativity and innovativeness, making sound contributions towards the
society, building self-confidence, reframing the self-perceptions, braking the shackles
of boundations and pressures, optimizing the abilities to shape up the creative ideas.
In the words of another academician (Starcher, 1996)).

Women entrepreneurs tend to bring transformations to empower other women,

create employment opportunities for the other aspirants, and making efforts to bring
society out of the evils of unemployment, economic disparity, gender gaps, and
discrimination. Women are also considered as the greater contributors to the
communities as they are likely to contribute more out of their earnings for the welfare
of mankind as compare to males (USAID, 2017). So, the societies, which support and

15
promote entrepreneurial activities among women tend to motivate more women to
initiate their business endeavors.

The internal or family as well as market environment, in which women have to

perform, are the significant factors that affect the abilities of aspirant women. Cooper
et al. (1994) acknowledged that aspirants who belong to families in which the parents
are involved in entrepreneurial activities easily get feasible opportunities to start and
shape the eventual business activities.

Davidsson and Honing (2003) also confirmed that people coming from
entrepreneurial families could easily recognize business opportunities in tough and
complex environments. A well-defined strategic environment, policy framework, the
conditions of market demand as well as supply, rule of law, equal opportunities,
transparent system, well-knit property rights, inclusive policies framed by the
government, also encourage the spirit among women to flourish in the hardcore
environment.

Minniti and Naude (2003) have claimed that the macroeconomic environment
such as the legal system, the availability of capital in the market, market conditions,
age of the industry, and the overall economy has a deep impact on entrepreneurial
actions.

Naffziger et al. (1994) have foregrounded the perceived Implementation-

outcome association and perceived expectation-outcome association as another factor
that affects entrepreneurial activities. The Perceived Implementation-outcome
association defines the association between managerial and strategic decisions
executed by the entrepreneurs and the outcome he or she expects to be attained by his
respective firm. It has been proposed that the stronger the association is perceived to
be, the higher would be the motivation among the entrepreneurs to contribute and
behave entrepreneurially, either in the form of continued pursuit of current venture or
the future expected ventures. Moreover, the perceived expectation-outcome
association deals with the entrepreneurs‘ perceptions regarding anticipations, which
would be met by the outcomes of the enterprise. The study says higher the level of
acceptance and probability to meet the perceived expectations, the greater will be the
level of motivation and engagement of the entrepreneurs in such behavior. Therefore,

16
these are the major factors, which act as the major factors in influencing the aspirants
to take initiatives and proving themselves to the mark.

There is a wider and growing interest in nurturing the various entrepreneurial

traits due to the rising problems of unemployment, higher cost of living standards, and
zest for quality living around the world. There has been a drastic shift in the trends
related to women entrepreneurship in the last few decades; where by women started
aspiring themselves in the presence of socio-cultural traditional ties and last few years
have witnessed the jump of women to the new frontiers where they have aspiration as
well as an ambition to move ahead on the ladder of achievement and self-reliance.
Women tend to incline towards this urge because they are entirely saddled with the
complex, hardcore, and entangled rituals, which chain the women. They have started
making efforts in fulfilling the urges and stand on their legs. Entrepreneurs generate
economic value as business owners by creating or expanding economic activities,
identifying new aspects, reshaping creative ideas, or exploiting the markets. The
entrepreneurial activities not only provide employment to the aspirants rather it also
provides employment opportunities to the millions of the unemployed population
(Mustafa, 2016).

Entrepreneurial activities make contributions in the creation of jobs and

wealth, foster innovations, provide freedom for better decision making and give a
positive sense of accomplishment to the individuals. In the fast-emerging
entrepreneurial environment, women are becoming imperative and significant
contributors in many entrepreneurial ventures. The major fact regarding
entrepreneurship lies in the fact that it stimulates economic growth as well as the
overall development of the nation (Naude, 2011).

Many women entrepreneurs have started walking in the footprints of

successful business women. They have started exhibiting entrepreneurial
competencies like taking initiatives, commitment to work, efficacy and effectiveness,
concern for high-quality work, self-fulfillment, which are foundational for their well-
being. Apart from this, the family has been turning up as supportive institutions
having a wider social network and support from the spouse. Women have established
their business empires. They are making contributions to the growth and development
of the economy as well as towards making improvements in the socio-economic
conditions of the nation (Singh & Monga, 2014).

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 It has become a rapidly rising concern in the modern competitive economies
and it making contributions across the globe. Even the concept has gained momentum
in the Indian economy. The concept of entrepreneurship is quite confined to women
belonging to the formal domain. The business owners in India are proliferating which
is one of the defining trends of the last decades. The number of women-owned
enterprises is expanding by and large which is estimated to have grown at one and a
half to two times the rate of all the business ventures, leading to an increase in
employment as well as revenue opportunities among the people (Kumar &
Hemalatha, 2017).

A woman entrepreneur is a person who accepts the gauntlets to greet her

personal needs and become financially self-reliant. This desire to prove and so
something is an inbuilt trait among all the women and they are well efficient to make
contributions towards the family and social needs. Media especially social media has
made women more aware of their rights, available opportunities, competencies,
current scenarios, and market culture; which enable them to frame a thought process
across numerous situations. Moreover, the challenges in the work environment are
compelling them to turn to job creators from job seekers in the market and set their
identity with the male counterparts. Women are growing as designers, decorators,
publishers, manufacturers, and exporters as a large number of women want to opt for
their business ventures abnegating the corporate culture. They have been entering
across many fields and the entire system is passing through tremendous change in all
the spheres and multiple directions. Business ventures provide them with the success
and independence they want in their lives. They are enhancing, organizing, and
transforming the face of operating and channelizing the business environment today.
They are more willing to take up the activities and earn respect in society. Their
hidden potentials are gradually changing as per the growing sensitivity and this is also
diversifying their role and status in society.

Women want competent counseling to enable them to get adequate guidance

across many fields like budgeting, financing, and liquidity. They want more
appreciation so they are working hard to muster financial support from the credit
institutions. Many efforts by the government have been able to provide psychological
support, financial help and boosted the morale of aspirants to work worldwide.

18
 The entire process of establishment is not easy for every woman. The concept
of women entrepreneurship is not new rather it keeps the women reluctant to be
among the startups because of the community as well as societal pressures and
fluctuating trends (Hisrich, 1999).

Women Entrepreneurs have to encounter many problems or challenges to

establish themselves in their respective domains (Gautam & Mishra, 2016).
Researches have proved that women entrepreneurs encounter many hurdles in
transitioning into sustainable enterprises in terms of difficulty in framing the strategic
alliance, transforming the ideas into realities, problems in getting access to the
financial opportunities as well as support for the expansion of business undertakings.
The disadvantaged status of women in sodality is the consequence of the complex
association of initiating business ventures. Women have to encounter many
challenges while undertaking any entrepreneurial activity (USAID, 2017):

Imbalance between Personal and Professional Life

The stress from the social framework hampers the women‘s freedom of
starting their set up and knit a support system for the family. This sometimes leads to
personal, family, and social disorganization, which in turn creates turmoil in the entire
framework of the sodality. Moreover, women give more importance to their family
ties and children being sentimental. They are forced to nurture their family members,
husband, and in-laws, as their primary responsibilities as compare to fulfilling their
dreams, which are reckoned secondary by the male members of the family. When she
has to choose between family and professional life, most women sacrifice their
entrepreneurial advocacy to protect their family life. Their lack of management to
attend domestic tasks, personal hobbies, education of their children and entertainment
lead to role conflicts.

Lack of Confidence and Risk-Taking Ability

Many studies have revealed that women lack the confidence to have a
substantial detailed analysis of their business ventures. A Gem Report (2007) revealed
that across middle or low-income nations, approximately one-third of women
withhold the fear of failure and risk-taking trait to become women entrepreneurs. This

19
lack of self-confidence, willpower, stable mental outlook as well as pessimistic
outlook creates a phobia in their mind of making mistakes while rendering their
entrepreneurial services. The dire need for learning, mentoring, financial aid, and
training from outsiders reduces the efficacy and ability to second the risk involved in
the business undertaking. The women lack entrepreneurial training, initiative, and
inferiority complex, which reduce the overall efficacy and ability of women to bear
risks.

Inadequate Awareness about Sustaining Capabilities

The self-perceptions, self-esteem, the intensity of women entrepreneurship,

and the low level of operational proficiency concerning plans and strategies for future
growth as well as proliferation act as hindrances in the initiation as well as
accomplishment of the goals (Lall & Sahai, 2008). Due to a lack of correct education
and guidance, women entrepreneurs have to stay in the darkness regarding the
creativity, development of expertise, and new ways of output, trading, and supportive
system, which could provide them with the ability to flourish.

Inadequate Education and Entrepreneurial Skills

Women lack knowledge regarding the available resources as they lead a much
protected life. They lack managerial skills regarding adequate planning regarding the
resources, imparted less education, and given lesser self-dependence to make
decisions which hamper their ability to bear risks and uncertainties engrossed in
setting up the business ventures. They are lagging in the domain of education and
skills to undertake business activities. Low level of knowledge regarding the
resources, unavailability of correct raw materials, blockage of finished products, and
tough course to manage with the efficient administration, which leads to the high cost
of production and acts as impediment before women entrepreneurs. Due to this, they
face expertise obsolescence or gradual adoption of changing expertise, which in turn
creates an imbalance in their flawless activities. They are not precisely aware of the
market situations and the right way to harness the services of media.

Low Level of Family Support

Entrepreneurship needs a higher level of commitment, dedication, and full-

time smart work. Women are still not allowed equitable involvement in the decisions
of the family. Middle-level women are not too eager to change their roles due to the

20
fear of societal backlash where as such progress is highly visible in the women
belonging to upper classes in the urban areas (Ansari, 2016). The family members
show reluctance to stand beside the entrepreneurial growth of the women. They have
to hit them hard independently to make better arrangements for her. They also
encounter stress and strain caused by role conflicts and overload.

Low Level of Competency on the Part of Credit Institutions

Many of the credit institutions give low priority to provide loans to Women
Entrepreneurs. The microfinance initiatives are generally promoted as packages to
accept the turmoil of structural adjustment programmes, which have rather proved to
be more disadvantageous to the aspirant women entrepreneurs (Kumari, 2012).
Financial organizations do not encourage the women entrepreneurs to come forwards
to take up the challenges and persuade them to lay down a framework for carrying out
their willing ventures (Medha, 1987). Sometimes, these institutions discourage the
women from the myth that they could relinquish their business venture any moment
as well as become housewives again. Moreover, Stevenson (1986), Buttner and Rose
(1988) have also defined some financial barriers being experienced by women
entrepreneurs as compared to their male counterparts. Thus, getting access to financial
opportunities is regarded as one of the prominent persistent challenges, which
hampers the inception and growth of the women-owned business. Another problem
faced by the women is that most of the women do not own property in their names,
which they could use as security to obtain funds from the institutions (Seenivasan,
2014).

Lack of Government Support

The Government supportive activities also create a rural-urban divide by

benefitting only small strata of women (Bulsara et al., 2013). Apart from this, lack of
initiatives on the part of the government to organize skill development workshops and
campaigns to improve the entrepreneurial skills of women in rural and semi-urban
areas. Government and policy makers are a little reluctant and negligent with regard
to motivate and encourage the young, educated and enthusiastic youths to inculcate as
well as execute their thought processes. The prevalence of corrupt practices in the
offices and delays in procedural conditionality also impede the will among the women
to play a long-term business game and earn long-term profits.

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Psychological Stress

Women Entrepreneurs have to go through psychological upheavals to

establish their network. They are put under social pressure and a bundle of
unnecessary responsibilities, which refrains them to prosper and attain success in the
field of entrepreneurship. Besides, the probability of women mobility is
comparatively limited. One of the biggest deterrents to women entrepreneurs is that
they are women due to the narrow thinking of the patriarchal society. Women are still
burdened, as they are not free to roam with their acquaintances as they are seen with
double eyes. It makes the situations and circumstances tough to focus freely on her
enterprise successfully.

Gender Discrimination and Social Taboos

A single woman is still looked at with suspicion. There is the existence of

unfair and humiliating practices in terms of starting a new business venture, tacking
with the officials, and prejudiced attitudes and beliefs of male counterparts,
sometimes compel them to abnegate the spirit of survival withstanding in the
enterprise altogether. Male chauvinism still exists across many parts of the nation
where women are still looked upon as weak in many respects. Castes and religious
patterns also create unfavorable conditions for the women as they are seen with
double eyes.

Low Chances of Rendezvous with Successful Entrepreneurs

The aspirants hardly get the opportunity to meet successful entrepreneurs, and
due to this, they are unable to grab the real situations and circumstances, through
which they have passed. At times you need to get well acquainted with real-life
mentors and iconic figures to encourage and boost the morale to take initiative to
move ahead in life. Sometimes, the women belonging to the upper class or women
living in the urban areas get the opportunity to greet them and share words over the
contemporary aspects, whereas women belonging to rural areas are not capable to
meet them and get over the real aspects.

Demand and Supply Side Constraints

These constraints include gauntlets like lack of collateral security, insufficient

knowledge regarding the financial products and knowledge regarding the resources
whereas perceptions of women regarding risk, tedious documentations, the high

22
transactional cost to administer the loan procedures, and presence of fraudulent cases
in the market, which makes the women entrepreneurs less attracted towards the
financial institutions. The middlemen also exploit them in the guise of guidance and
assistance.

Problem of Digital Division

Although, government has taken important initiatives to provide the people

belonging to rural as well as urban areas with infrastructural facilities, Wi-Fi
connectivity, and provision of internet facilities to the people in rural as well as urban
areas. Even then, women living in metropolitan cities have higher exposure to such
facilities as compare to women living in rural as well as remote areas. It acts as an
impediment for the women entrepreneurs who want to excel in their lives and
establish themselves as an independent beings.

Existence of Conventional Social Framework

Women have to work in a dynamic, unpredictable environment and strict

competition from the male counterparts. They are exposed to the tough work
environment, which is dynamic as well they have to face stiff competition with a male
who is engrossed in promoting as well as carrying out easy marketing of their
merchandise. Women entrepreneurs have to ensure their persistence in a male-
dominated society. The antiquated social rituals and approaches hamper women from
entering the arena of entrepreneurship. They also fall prey due to the exploitation
from middle men, Women are generally exposed to low levels of mobility on the
ladder of establishment and success (Sengar, 2017). They are not taken seriously by
the male counterparts, which leads to an unhealthy and lack of a cooperative
environment. Such a kind of work environment acts as a threat to the initiatives taken
by industrious women. In addition to this, the male-dominated society is still reluctant
to work under the authority of women folk. These challenges are believed to result in
low growth rates and a high level of failure for women-owned business ventures
(Hisrich, 1986). This kind of unfair treatment and competition ultimately result in the
liquidation of women entrepreneurs.

Opportunities of Women Entrepreneurship

The economic environment of every country is entirely dependent upon the

enterprising spirits and enterprising vitalities of its population. The mushrooming

23
entrepreneurial activities in India have given a major boost to the economic
environment of the entire nation. The emergence of women entrepreneurs and their
contribution to the nation‘s economy is visible in our country. Despite all the
challenges, women entrepreneurship has been potentially emerging as a human
resource in the contemporary era to vanquish all the challenges in the global
perspectives (Kalim, 2016).

Today entrepreneurship is regarded as the driving force of economic

sustainability and development. Some studies conducted in the past have depicted that
around 1/3 of all the business undertakings in the formal domain are owned by
women whereas they also reflect the majority of the businesses in the informal
domain (Aderemi et al., 2008; Bardasi et al., 2007).

Women entrepreneurship helps in creating employment opportunities for the

aspirants in rural as well as urban areas, leading to innovations and making
contributions to the nation‘s Gross National Product (GNP) like their male
counterparts. Entrepreneurship is considered instrumental in sustaining the process of
economic development in the long run. The entrepreneurs not only benefit themselves
and the other beings by generating employment opportunities but support the
investors, suppliers as well as communities with the help of innovative ideas,
creativities, dynamic approach, multidimensional outlook, and creative problem
solving as well as decision making.

Hassan and Yusof (2015) have stated that the active involvement of women in
the country‘s capital force is substantial to transform it from a developing to a
developed nation. The indulgence of women in such activities has heralded the
growth, progress, and development of the social living index, the value of life,
innovations, and the creation of opportunities in the economy. Even it is also accepted
that entrepreneurship and innovation are the major forces for the economic revamping
and development of the nation. The entrepreneurs are said to have a stronger impact
on the process of sustainable development in the nation because of their imperative
role in the creation of employment, innovativeness, and reduction of poverty. These
activities make the women independent, self-reliant and enable them to balance their
personal and professional roles. The women entrepreneurs have been capable of
providing many solutions to business problems, management of resources, and

24
organization of the fluctuating trends as well as exploitations of the entrepreneurial
prospects.

Women entrepreneurship is a way heading towards economic disparity and

women empowerment across various dimensions and aspects in job creation as well
as economic development (Gundry & Welsch, 2001).

Enabling as well as inclusive entrepreneurship provides the nations with

suitable opportunities to get benefits from the potentials, proficiencies, and ideas,
which bring women to the business markets. Whenever there is an increase in the
number of women entrepreneurship, the growth rate of that economy would rise to
lead to a reduction in the level of poverty, unemployment, gender gap, fluctuations,
discrimination across genders. The growth of every nation is the ramification of the
efforts done by the entrepreneurs by utilizing technology, innovativeness, vision,
organizational capabilities as well as human resource. The entire process of economic
development is incomplete without the involvement of women in it. Generally, the
emancipation of women is a substantial prerequisite for the social progress and
economic development of the nation (Gurumurthy, 2000).

Productive and innovative women entrepreneurs are necessary for the

accomplishment of sustained economic growth and women have actively contributed
being an imperative part of the global quest for sustainable growth and economic
development. Women in the enterprise formation have emerged as the agenda for
academicians, policy makers, trainers, associations, and organizations, which are
engrossed in women development (Malyadri, 2014).

Capital Formation

The entrepreneurial efforts strive towards the mobilization of idle savings to

public money by way of collateral securities from the public. The money thus
obtained in terms of the securities is utilized by the institutions is used to make further
investments to utilize the scarce natural resources in an immaculate manner. As the
rate of capital accumulation and capital formation increases, it leads to a rapid growth
rate in the economy.

Generation of Employment Opportunities

Women entrepreneurs act as catalytic agents to promote employment

opportunities for the aspirants and those who are in need of making money to meet

25
their essential obligations. The government has provided them with multiple
opportunities so that they could further contribute to the well-being of others by way
of setting small-scale business ventures. The jobs offered to the people, directly and
indirectly, support the people and the economy as well.

Improvement in Per Capita Income

When women entrepreneurs harness the employment opportunities, they

convert the idle resources such as man, money, material, and machinery to National
product or national income and increase in wealth. The wealth of every nation is
determined in terms of goods and services produced by entrepreneurs in one
accounting year. Thus, it helps in increasing the per capita income and net national
product as imperative measuring yards for the economic growth of the nation.

Better Standard of Living

Setting up small and medium scale industries, women entrepreneurs are

capable of making a well as disbursing money to the working population. It also
reduces the scarcity of substantial commodities and introduces new products in the
market. Women entrepreneurs in our nation provide the public with a large-scale
variety of goods and services at reasonable and affordable prices. It also results in
attaining improvements in the standard of living of life and quality of life for the
people.

Balanced Regional Growth

Women entrepreneurs are capable of removing regional imbalances and

disparities with their industrious attitude and introduce new products in the market.
They are interested to establish industries in the remote and backward areas so that
people could be able to make the best possible use of available resources at affordable
prices, concessions and avail subsidies given by the government. The industries or
enterprises at such areas enable the government to make further strategies and policies
to strengthen the equitable distribution of resources and concoct them for adequate
provisions to the maximum of the people.

Increase in Demand and Supply of the Products and Services

The business ventures enable the producers to provide the public with a large
variety of goods and services which they could avail to fulfill their desires and

26
demands. The increase in entrepreneurial initiatives leads to large-scale production;
hence, boosting the supply of goods to the public. When all the aspects regarding the
supply and demand of goods as well as services remain at ease; it leads to stabilizing
the prices of the commodities. The stability helps the business to gain goodwill in the
market and keep check over the various market forces.

Competitive Environment

When a large number of women are ready to participate actively to compete

with their male counterparts actively by withstanding all the obstacles, it leads to the
creation of a healthy competitive environment. Both the gender would strive hard to
prove themselves by engrossing into research and development, mustering adequate
knowledge, inculcating creative ideas and harness adequate assistance from the
government. It maintains the true spirit of a healthy environment where the efforts
could be accumulated and executed towards the welfare and benefit of the entire
nation.

Domestic as well as International Alliances

The development activities are undertaken by the government to establish as

well as strengthen the micro, medium, and large scale industries enable the women
entrepreneurs to make conglomerations and alliances in the domestic market with the
nations‘ industrialists as well as along with the behemoths in the international
markets. Such large-scale productive initiatives bring foreign currencies and enable
the nation to strengthen its position in the global market. It further provides the people
with a wide variety of goods and services, improves the quality of the products, leads
to good capital management as well as secures better premises.

Long-Term Sustainability

A healthy and competitive environment directly enables business

entrepreneurs to sharpen their skills, knowledge, and abilities to take suitable actions
and initiatives to support the nation. It leads to political stability and social
transformations. When all the business activities are undertaken in the market at a
stupendous pace, it leads to the long-term sustainability of the ventures in a tough,

27
complex, and dynamic environment. People develop firm faith in that very product
and the owner musters accolades in terms of profits, goodwill, and a healthy
environment.

Innovativeness

Innovation is the foundation of entrepreneurial activities and is reckoned as

the commercial application of the invention by making suitable modifications at
different intervals of time to cater to the changing needs of the people. The
entrepreneurs perform the role of pioneer to find suitable solutions to the various
problems related to the women ventures, developing new products and services.
These initiatives result in economic growth with the generation of further employment
and more income for entrepreneurs.

Growth of Infrastructural Facilities

The Infrastructural facilities enable the women entrepreneurs to carry out their
respective initiatives in a very well manner. The stable work environment and
economic activities give additional income to the government, with the help of which
they are capable of making adequate provisions regarding fruitful services to the
people. It also leads to further infrastructural growth and expansion of business
ventures among the aspirants in the economy. Hence, it is right to say that the
entrepreneurs play an important role in the economic development of the entire nation
leading to political stability, infrastructural development, stability in production
patterns and cost as well as a conducive business environment in the long run.

2.2 Empirical Review

In a study conducted in Ghana, Quagrainie et al. (2021) explored the link

between the micro-entrepreneurship activities of women and their progress toward
achieving four specific sustainable development goals: (i) increased income, (ii)
enhanced social protection, (iii) improved access to economic resources, and (iv)
greater resilience. Additionally, they investigated how cultural factors played a
mediating role in the relationship between women's micro-entrepreneurship and the
attainment of these four sustainable development goals. The study gathered data from
171 female entrepreneurs through a structured questionnaire and employed both
multiple regression analysis and thematic techniques to analyze the data. The study's
findings indicated a positive association between micro-entrepreneurship among

28
women and the goals of "earning incomes" and "acquiring economic resources."
Furthermore, the study emphasized the significant impact of cultural factors in
achieving these sustainable goals.

In an emerging market context, Sallah and Caesar (2021) conducted a study

examining the influence of intangible resources on the success of businesses owned
by women. Additionally, they explored the moderating role of social competence in
the relationship between intangible resources and the success of women-owned
enterprises. Data for this study were collected from 246 women entrepreneurs, and the
analysis involved content analysis and multi-regression techniques. The results of the
study revealed a substantial impact of intangible resources on the success of women-
owned businesses. Furthermore, the study highlighted a significant moderating effect
of social competence in the connection between intangible resources and the success
of women-owned enterprises.

In the context of the hospitality industry, Yoopetch (2020) conducted a study

to investigate the factors influencing entrepreneurial intentions. The research involved
gathering data from 416 women entrepreneurs through a structured questionnaire. The
findings of the study revealed that several factors, including "attitude toward risk-
taking," "self-efficacy," "subjective norm," and "empowerment," had a positive
influence on women's entrepreneurial intentions. Notably, the study emphasized that a
positive attitude toward risk-taking had the most significant impact on entrepreneurial
intention, indicating that women with such an attitude were more inclined to start their
businesses.

In Botswana, Rudhumbu et al. (2020) examined the antecedents of women

entrepreneurship and explored the role of entrepreneurship education in this context.
The data for this study were collected from 400 women entrepreneurs using random
sampling. Multiple regression and One-Way-ANOVA techniques were employed to
analyze the data. The study identified various challenges faced by women
entrepreneurs, including difficulties accessing finance, lack of training leading to a
shortage of technical skills, limited knowledge of financing sources and technical
support, high market competition, marginalization of women, and limited awareness
of marketing strategies. Additionally, the research highlighted the positive influence
of the legal and regulatory environment on women entrepreneurship.

29
 In the United States, Wang (2019) investigated the impact of gender and
ethnicity on the promotion of women entrepreneurs. The study utilized two data
sources: a five-year dataset from the American Community Survey (ACS) and
primary data collected through in-depth interviews with forty women entrepreneurs.
The data analysis was performed using QSRNvivo. The study's findings pointed to
family roles and work responsibilities as barriers to the development of women
entrepreneurship. To address these challenges, the study recommended strategic
negotiation as a potential solution. Furthermore, the research highlighted the
importance of understanding unbiased growth, societal development, and urban
planning in the context of immigration-related development.

Khokhar (2019) focused on India, exploring the determinants of women

entrepreneurship and highlighting recent trends in this field. The study utilized data
from two National Sample Survey Office (NSSO) surveys conducted in 2015-16 and
2010-11. Regression analysis was employed to assess the influence of independent
variables on women entrepreneurship. The results indicated that factors such as the
"female labor force participation rate," "affordable credit," and "women's participation
in decision-making" significantly contributed to the development of women
entrepreneurship, while the study did not find a significant impact of physical
infrastructure on women entrepreneurship.

Mand et al. (2018) conducted a study in India to examine the influence of

bank financing and internal financing sources on women entrepreneurship. The data
were collected from 204 women owners of e-firms, and the researchers used multiple
regression analysis to test their hypotheses. The study revealed a positive and
significant impact of both bank financing and internal financing sources on the
development of women entrepreneurship. Additionally, family status, education level,
free access to business information, and locality were found to positively influence
women's entrepreneurship. However, the study emphasized that bank financing had
the most significant impact on women entrepreneurship when compared to internal
financing sources.

Internationally, Rattan and Tajeddini (2018) conducted a systematic literature

review (SLR) to analyze patterns and trends in women entrepreneurship. They used
the Scopus database to extract relevant studies and focused on themes such as
"philosophy," "management," and "motivations." The implications of the study aimed

30
to contribute to the development of new theories in the field of women
entrepreneurship.

Rani and Hashim (2017) investigated the key factors affecting the success of
women entrepreneurship in Malaysia. The study found a significant and positive
association between factors like "self-confidence," "creativity," "innovative
approach," "risk-bearing ability," "craving for achievement," and the presence of
entrepreneurial traits with the success of women entrepreneurs. Financial factors,
including "human capital," "financial support," "credit availability," "networking,"
and "opportunities," were found to have a more significant influence than non-
financial factors.

Sengar (2017) aimed to uncover the challenges and prospects of women

entrepreneurship. The study included a sample of 100 women entrepreneurs from
Jaipur and Ajmer cities in Rajasthan, India. Family, self, and societal factors were
identified as the most prominent challenges, while financial, political, environmental,
and economic factors, as well as mobility and marketing, had less impact on women
entrepreneurship. The study emphasized the need for women entrepreneurs to conduct
thorough research on various aspects of new business ventures.

Shamith (2017) examined the current scenario of women entrepreneurship in

India, particularly in the context of the Start-up and Digital initiative of the BJP-led
NDA government in Tamilnadu. The study highlighted the positive impact of
Information and Communication Technologies on women's entrepreneurial initiatives
and called for efforts to further support and encourage women in this field.

Bouzekraoui and Ferhane (2017) conducted research to delve into various

aspects of women's entrepreneurship, including their profiles, company features, and
the significant obstacles they face when establishing and running their businesses. The
study involved 80 potential respondents who were female entrepreneurs residing in
cities such as Tangier, Rabat, Marrakech, Larache, and Casablanca in Morocco. The
research shed light on major challenges like financial constraints, the struggle to
balance professional and personal life, and the varying mindsets among female
respondents. To address these issues, the study recommended concrete actions by the
government to provide support for women entrepreneurs.

31
 Sorensson and Dalborg (2017) embarked on an exploration of the working
conditions, life circumstances, and aspirations of women entrepreneurs. Their study
involved 18 women entrepreneurs in Sweden. It emphasized that women
predominantly engage in opportunity-based entrepreneurship, especially in male-
dominated industries. Economic concerns were highlighted as a significant factor in
the stability and profitability of their ventures. Despite their creativity and innovation,
women entrepreneurs often faced challenges. The study underscored the need for a
supportive environment to be established for women entrepreneurs.

Kukkonen (2017) focused on investigating the obstacles faced by women

entrepreneurs in a male-dominated society in Southern Finland. The study involved
eight respondents of both genders. It highlighted the influence of family background
as a substantial motivating factor for women entrepreneurs. The study also discussed
various factors, both pushing and pulling, that shape the mindset of entrepreneurs.
Interestingly, male and female respondents demonstrated distinct approaches to
overcoming these factors to excel in their entrepreneurial endeavors.

Jorge and Zaragoza (2017) examined the phenomenon of feminization in

entrepreneurship and individual participation in emerging regions such as Latin
America, Eastern Europe, Africa, the Caribbean, and South-East Asia. They based
their research on data from the Global Entrepreneurship Monitor (GEM), covering
163,950 respondents from 2009 to 2014. The study pointed out the presence of gender
disparities in entrepreneurial initiatives, with males often having an advantage in most
regions. It also highlighted the existence of common patterns related to managerial
skills, individual traits, entrepreneurial abilities, and effectiveness. The study
suggested conducting cross-sectional analyses across various nations to obtain more
comprehensive insights and foster better practices.

Gautam and Mishra (2016) conducted a comprehensive examination of

various aspects and opportunities related to women entrepreneurship in India. Their
study brought attention to the challenges confronted by women entrepreneurs, such as
financial management issues, the scarcity of raw materials for productive capacities,
competitive market environments, family responsibilities, the absence of a supportive
ecosystem, deficiencies in skills and capabilities, traditional societal norms favoring
male dominance, and a lack of optimism. To address these challenges, the study

32
recommended changes in the mindset of males, awareness campaigns to empower
women, and the effective mobilization of resources to support women entrepreneurs.

Pandey and Acharya (2018) conducted a study " Women’s Entrepreneurial

Ecosystem in Nepal: A Study Based on Kathmandu Valley." Entrepreneurship,
traditionally seen as a male preserve, has witnessed increasing participation from
females in recent years. Across the world, the number of enterprises being run by
women is growing exponentially. Nepal is not an exception to this emerging trend.
However, there are embedded structural and socio-cultural constraints which pose a
challenge to the growth of women entrepreneurs and the stability of the
entrepreneurial ecosystem in Nepal. Through qualitative research, this article attempts
to study the phenomenon of the entrepreneurship of women and explore the status-
quo and the policy framework for female entrepreneurs in Nepal. This article explores
the current entrepreneurial environment for Nepalese women, as well as the issues
and challenges associated with it. This study was conducted within the Kathmandu
valley and samples of the study were drawn from various stakeholders comprising of
financial institutions, government agencies, I/NGOs, venture capitalists and women
entrepreneurs. The data required for the study was obtained via in-depth personal
interviews, key informants’ interviews and literature reviews from a variety of well-
researched journals and articles. The six factor model, inclusive of social, economic,
competitive, facilitating, locational and political aspects have been assessed to
understand the inherent challenges. Additionally, a political, economic, social,
technological, environmental and legal (PESTEL) framework has been used to
analyse insights from current women in the Nepalese entrepreneurial ecosystem. This
study revealed that the process of lengthy documentation, bureaucratic hassles,
political uncertainty, unconducive business environments, corruption, strikes, and
unionization are the concurrent factors affecting the entrepreneurial environment in
Nepal. On the policy side, though an amendment has been made in the Nepal
Enterprise Act to support the entrepreneurship of women, the effectiveness of the
policy support is still questioned.

Manandhar (2022) conducted a study on "Emerging Challenges of Women

Entrepreneurs in Nepal." The study's objective was to identify multiple difficulties
that women entrepreneurs face before and after starting their enterprise and to
examine the knowledge of various aspects of business that Nepalese women

33
entrepreneurs have before starting their businesses. This study adopted a descriptive
research design. Primary data was the main source and was collected through survey
questionnaires of women entrepreneurs. The total sample was 200 women
entrepreneurs selected through purposive sampling throughout Kathmandu valley.
Data has been processed in the computer using SPSS. Descriptive statistics such as
mean and standard deviation were applied to analyze data. Women's entrepreneurship
is a new concept in Nepal. The women had engaged in micro-cottage and small skill
enterprises to contribute to their career development. They have been overcoming
many problems to make the job successful. The study found that the four major
problems faced by women entrepreneurs were acquiring working capital, managing
new ventures, getting a labor force, and marketing the products.

Khatri (2022) conducted a study " Women Entrepreneurship in Nepalese

Context: A Critical Study of Its Problems and suggestions." Women entrepreneurship
is the most Important factor in economic and social development of the country. They
are financially supported by the banks and cooperatives companies. Women
entrepreneurs are given encouragement by their family members in their business
activities. Nepal has framed a policy to develop entrepreneurial skills to women. The
country has managed different vocational education and training to women to climb
the ladder of development and empowerment from their family spheres to public
spheres. Series of training programs have lunched to gradually widened the horizon
for economic empowerment of women. It is found that numerous women becoming
successful in entrepreneurship both in social and economic fields in our country. It is
to be kept in mind that providing skill training on entrepreneurship is not the only
responsibility of Government, but also other stakeholders need to pitch in. There are
so many problems facing by women entrepreneurs in our society. This paper analyses
the problems of women entrepreneurs as financial constraints, marketing problems,
and lack of human resources, lack of raw materials, Stiff competition, and High cost
of production, Limited managerial ability, Absence of Entrepreneurial Attitude,
patriarchal Society, and Family Conflicts etc. To help women entrepreneurs from
stumbling blocks, The article explains different suggestions to overcome them.

2.3 Conceptual Framework

This study aims to find out the challenges and opportunities of women
entrepreneurship in Surkhet valley. On the basis of the objectives of the study and the

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 literatures reviewed above, a conceptual framework has been developed which is as
follows:

Women
Entrepreneurship

Challenges Opportunities
- Lack of education - Employment creation
- Economic factor - Resources mobilization
- Socio-cultural factor - Consumer base growth
- Personal barriers - Diversity and innovation
- Self confidence, fear and failure - Supportive initiatives
- Access to capital - E-commerce and technology
- Gender bias and stereotypes - Changing social norms
- Work-life balance - Collaboration and networking
- Networking and mentorship - Global opportunities
- Market access
- Risk aversion

Suggestions

Figure 1: Conceptual Framework

2.4 Research Gap

During the review of literature, it was found that many studies have been conducted
on women entrepreneurship but there are a very few studies conducted in Nepal. It
was found that researchers have focused on the need or importance of women
entrepreneurs but the problems being faced by women entrepreneurs have not been
due importance. The literature revealed that government plays an important role in the

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growth of women entrepreneurs in an economy, hence there is a need to study the
challenges faced by the women entrepreneurs and the opportunities of the women
entrepreneurship. The growth of Women entrepreneurship depends on the awareness
level of women, training and development policies of government for the women
entrepreneurs. The study area has not been deeply studied or explored in the previous
studies. Therefore, the current study is an attempt in this direction to fulfill these gaps
and objectives can be based on these research gaps with a purpose to contribute to the
available literature.

CHATPER III

RESEARCH METHODOLOGY
This section includes the detail of research methodology that has been used in
this study. It is concerned with formulating the plans and procedures, measurement
instrument development, methods for data collection, analysis and interpretation. The
chapter deals with justification the methodology used for finding solutions to the

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research problems. The strategy of sampling design (i.e. universe of population,
sampling frame, and sample selection technique and sample size) has also been
discussed in this chapter. It also describes the participating organization and outlines
the methods gathering the data, characteristics of data and statistical tools to be used
to analyze the data.

3.1 Research Design

A research design is a detailed outline of how an investigation will take place.

A research design will typically include how data is to be collected, what instruments
will be employed, how the instruments will be used and the intended means for
analyzing data collected. A research design is a systematic approach that a researcher
uses to conduct a scientific study. It is the overall synchronization of identified
components and data resulting in a plausible outcome. To conclusively come up with
an authentic and accurate result, the research design should follow a strategic
methodology, in line with the type of research chosen. To have a better understanding
of which research paper topic, to begin with, it is imperative to first identify the
types of research.

In this study, descriptive type of research design has been adopted in which
quantitative data were collected from the respondents.

3.2 Population of the Study

In research, population is a precise group of people or objects that possesses the

characteristic that is questioned in a study. To be able to clearly define the target
population, the researcher must identify all the specific qualities that are common to
all the people or objects in focus. The target population of this study is all the women
entrepreneurs in Surkhet valley.

3.3 Sample and Sampling Design

A sample design is the framework, or road map, that serves as the basis for the
selection of a survey sample and affects many other important aspects of a survey as
well. In a broad context, survey researchers are interested in obtaining some type of
information through a survey for some population, or universe, of interest. One must
define a sampling frame that represents the target population of the study from which

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a sample is to be drawn. The sampling frame may be identical to the population, or it
may be only part of it and is therefore subject to some under coverage, or it may have
an indirect relationship to the population. In this study, convenient sampling design
has been used to fulfill the objectives of this study. The sample size has been 105
women entrepreneurs.

3.4 Tools of Data Collection

Questionnaire was the main tool used to collect data from the respondents.
Some questions were self-developed and some have been adopted from previous
researches. Most of the questions have been formulated in close-ended patterns. All
questions have been formulated in multiple chose categories questionnaire.

3.5 Data Collection Procedures

Direct communication has been made with the respondents who were involved
in different entrepreneurships in Surkhet valley to collect information and discuss
about the survey work. Then, the respondents were requested to set the proper time
for visit. Same size of the survey was 105 women entrepreneurs in Surkhet valley.
Questionnaire were self-administered to the women entrepreneurs and discussed
individually. Forty questionnaires were distributed to the women entrepreneurs. All
the questionnaires were returned to the researcher.

3.6 Presentation and Analysis of Data

Preliminary cleaning and formatting is the first step in the data preparation.
For the analysis of data, frequency, percentages were used to describe the nature of
data. After analysis of each question, the figures have been shown in different table as
per the requirement of the subject matter.

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