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Factors affecting women entrepreneurs' success: a study of small- and medium-sized enterprises in emerging market place of Pakistan

  • Yashar Salamzadeh1,
  • Syed Zulfiqar Ali Shah2 &
  • Mazhar Hussain2

Journal of Innovation and Entrepreneurship volume 10, Article number:xi (2021) Cite this article

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Abstract

In the present era, women are recognized as successful entrepreneurs through their strong desire, qualities, and capabilities for robust economic development. Due to such an important contribution of women in economical evolution, we suggest to investigate the factors which affect women entrepreneur's success in Pakistan. Information were collected through structured questionnaires from 181 registered SMEs operating in Pakistan. A conceptual model is developed, while SPSS and AMOS software'southward are used for analysis. The results bespeak that the internal factors including the need for achievements, take a chance-taking, and cocky-confidence and external factors including economic factors and socio-cultural factors have a positive and significant influence on the success of women-owned enterprises. This research recommends Small and Medium Enterprises Development Authority (SMEDA), policymakers, and practitioners to encourage women entrepreneurs to run their businesses for the long term by providing a variety of incentives and supports related to those internal and external factors. Numerous studies take been conducted to test the different factors' effects on women's entrepreneurial success, simply our written report investigated some psychological, cultural, and religious factors that are notwithstanding almost untouched particularly in Islamic republic of pakistan. The current study besides contributes to the existing literature through empirical shreds of show.

Introduction

Women's entrepreneurship is a growing global phenomenon, attracting considerable inquiry attention during the last few decades (Henry, Foss, & Ahl, 2016). Not only does it contribute to economies in terms of task creation and economic growth (Kelley, Bosma, & Amoros, 2010), it is too recognized as a source of increasing entrepreneurial diverseness in a range of economic contexts (Verheul et al., 2006); as such, it offers a valuable focus for concerted scholarly inquiry. Notwithstanding, despite the significant contribution of women entrepreneurship in Pakistani context, however, it faces numerous barriers and challenges, which can hinder them from entrepreneur's success (Torres-Ortega, Errico, & Rong, 2015). On the other hand, women entrepreneurs have been ignored to be supported on starting their venture in many emerging economies (Roomi & Parrott, 2008a, 2008b). Unfortunately, less attending has been given to women entrepreneurs in emerging economies despite their sustainable contributions toward Gdp (Kelley et al., 2010) and poverty alleviation (Khan, 2014). Due to the complex interaction of socio-cultural factors, religious, and family unit structures (Roomi, 2013). The role of women in Pakistan'southward traditional and masculine society has been the subject area of debate. Women face bigotry and gender inequalities owing to gender-biased ability relations based on inequality and prejudice (Roomi, Rehman, & Henry, 2018). This research is an attempt to observe factors influencing the performance of women entrepreneurs in this context.

Therefore, past studies scrutinized that family back up, self-confidence and motivation (Azmi, 2017), risk-taking and motivation (Abd Rani & Hashim, 2017), and lack of business skills (Muhammad, McElwee, & Dana, 2017) plays a very important function in women employee performance. While, regime policies, access to finance, culture, and regulation (Muhammad et al., 2017) significantly affect women-run enterprises' success. Equally (Modarresi, Arasti, Talebi, & Farasatkhah, 2016) finding suggest that employee's behaviors, civilization, economic, and ecology factors significantly affect firm functioning. Therefore, the current study examines internal and external factors effect on women firm performance considering developing countries have unlike civilization, religious, and cultural activities, which are significantly different from other religions (Khan, 2014); in addition, there is huge uncertainty in economic and government sectors which is a big claiming for women investors during investment decision (Plotnikov, Salamzadeh, Demiryurek, Kawamorita, & Urasova, 2019). Therefore, checking these internal and external factors are very crucial in women'due south employee context because sometimes due to government policies or environmental factors, doubtfulness can disturb employee behaviors such every bit motivation, confidence level which negatively bear upon women'southward business firm functioning. While, definitely several past studies tested these factors in developed countries (Hasan & Almubarak, 2016; Abd Rani & Hashim, 2017) where women entrepreneurs accept different supportive rules and regulations for launching their ain business organisation and running information technology. Thereby, Modarresi et al. (2016), demonstrates that both factors tin significantly affect women entrepreneurial success in developing economies, underpinning through upper echelons theory (Fig. 1).

Fig. ane
figure 1

Women entrepreneur's challenges. Source by Researcher

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In add-on, our study suggests several theoretical contributions. In women's success contexts, many studies take been conducted in few decades but none of them has used upper echelons theory or has not covered all these internal and external factors in emerging economies (Lai, Lin, & Chen, 2017). Upper echelons theory was recognized past Hambrick & Bricklayer, 1984, which demonstrates that the influence of top management behavior personalities affect organizational performance. Here, the current study is conducted on emerging economies while previous studies tested in mixed economies of overall employee operation (Hasan & Almubarak, 2016; Plotnikov et al., 2019; Abd Rani & Hashim, 2017). Notwithstanding, there is no single study to bank check women'southward behaviors, attitudes, economic, and environmental factors effect on firm functioning in an emerging economy.

Theoretical background

The main objective of the current study is to determine the effect of the unlike factors on women'south entrepreneurial success, underpinning through upper echelons theory. It is recognized past Hambrick & Mason, 1984, which explains that the peak employee behavior significantly affects organizational performance. In this report, women entrepreneur's behaviors (cocky-conviction, risk-taking, and motivation) and external factors significantly bear on business firm operation. The theory explains that those top managers' values, behavior, and external factors impact business concern success. Furthermore, Hambrick (2007) split the upper echelons theory into ii parts. The first part explains the external factors (political, environmental, and financial), which influence the entrepreneurial success of the house.

While the 2d office explains internal factors such as perceptions and experiences' impact on height managers of the businesses. Past literature reveals that managers' traits affect the women-owned business success (Herrmann & Nadkarni, 2014; Heyden, Fourné, Koene, Werkman, & Ansari, 2017). Therefore, nosotros debate that these internal (need for achievement, gamble-taking, and self-confidence) and external (economic and socio-cultural) factors are more likely to construct a positive link with business organisation success, according to the upper echelon'due south theory.

Several research studies have concluded that managers' characteristics influence organizations' strategic behaviors (Colbert et al., 2014; Herrmann & Nadkarni, 2014; Heyden et al., 2017). Thus, it is not surprising that managers with unlike personalities will prefer different strategic behaviors that volition ultimately influence organizational outcomes. There is little uncertainty that alter and innovation in organizations can exist brought nigh by summit managers; rather than lesser-line managers (Heyden et al., 2017). Nonetheless, theory development about top management psychological attributes and organization innovation is scarce (Tuncdogan et al., 2017). Hence, research in respect of the upper echelon's theory is necessary for the current era.

The empirical study focuses on dissimilar internal and external factors, which have an impact on women's entrepreneurial success. Hence, define these internal and external factors in their literature equally presented in Table 1.

Tabular array ane Master variable's definitions

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Women entrepreneurs in Pakistan

The status of women in Pakistan is not homogenous because of the interconnection of sexual orientation with different types of exclusion in club. Due to cultural norms, religious prescriptions, and practices identified for women, their status and role differ and sometimes is conflicting. These practices enormously restrict the accessibility of opportunities to women all through Pakistan.

Therefore, according to a global entrepreneurship monitor (Gem) (Qureshi, Kratzer & Mian 2011), Islamic republic of pakistan registered in "factors-driven" countries with an early on stage total entrepreneurial activity (TEA) rate of ix.07%, at the bottom of the whole group. The early on-stage TEA charge per unit for women is ane.73, compared to 15.94 for men. The TEA charge per unit for women is 1 of the lowest ones among all participating countries in the global entrepreneurship monitor survey (Qureshi, Kratzer & Mian 2011). Withal, besides all these challenges, the government of Islamic republic of pakistan has started some initiatives for female entrepreneurs and established a women business evolution center (WBDCs) Footnote i in 2012 nether the SMEDA, to increase the awareness of women entrepreneurs regarding business start-ups. In add-on, the government of Pakistan has started the get-go women banking company Ltd. to help women to get access to loans easier Footnote 2. During 2012, afterwards great women community struggles, they launched Women Business Development Centers (WBDCs) in all big cities of Pakistan Footnote iii.

In this cultural context, women's participation in business activities creates a big problem with balancing the job and family (Rehman & Azam Roomi, 2012). Moreover, the question becomes more serious when we talk virtually Islamic republic of pakistan, where women roles, regulations, religious, and culture are different from other nations considering Pakistan is a Muslim land, where culture and religion has a vital impact on women profile (Khan, 2014). Hence, the previous studies contribute that women are facing many challenges because of Islamic religious rules and cultural traditions. Similarly, a study conducted in the Iran context, which postulates that women in Islamic developing countries are facing cultural limitations and gender-related inequalities (Modarresi et al., 2016). In addition, Rehman and Azam Roomi (2012) showed that gender bias, lack of time, and family-related issues have a significant impact on women'south business concern success. Beside all these cultural and religious barriers in Pakistan, at that place are other bug related to gender likewise; for case, women accept not full access to the opportunities that men have like shooting fish in a barrel access to (Roomi & Parrott, 2008a, 2008b).

Azam Roomi and Harrison (2010) posit in their literature that;

Women in Islamic countries have barrios to become entrepreneurs. These barriers can be reduced by women having entrepreneurial competencies

Therefore, Modarresi et al. (2016) suggested that women who own businesses are encouraged through intrinsic motivation such as the need for achievement, cocky-confidence, and socio-cultural activities. While some previous studies besides explain that women-owned businesses roles and regulation are significantly different from mixed-gender endemic (Rey-Martí, Porcar, & Mas-Tur, 2015). Therefore, female person entrepreneurs commonly do not invest in a company every bit much as men, due to less self-confidence level and take chances disfavor.

Hypotheses evolution

Need for achievement and women entrepreneurs' success

Accomplishment is a hidden motivation strength developed through the support of human main perception (McClelland, Atkinson, Clark, & Lowell, 1976). Information technology is defined as the want for success or achievement to excellence (Balogun, Balogun, & Onyencho, 2017) while Jayeoba, Sholesi, and Lawal (2013) defined information technology as a source of motivation for long-term entrepreneur's success and an indication for comeback of the desire to get a great achievement in his life or business. Similarly, the willingness to achieve has characteristics such as difficult tasks, responsibility, and focus on success (Rauch & Frese, 2007). McClelland's motivation theory (McClelland, 1988) suggested that human has 3 sorts of achievement motivation needs, demand for achievement, demand for power, and need for affiliation. However, the need for achievement is essential for top managers to achieve their targets (Dewi, Bundu, & Tahmir, 2016).

Successful entrepreneurs take characteristics such as exploiting opportunities and quick investment decision-making compared to the high market uncertainty (Viinikainen et al., 2017). Nurwahida (2007) claimed that most successful women entrepreneurs accept the characteristics of motivation and risk-taking while achievement is also i of the crucial attributes mentioned by Rasheed (2001). Past studies have investigated that those top women entrepreneurs who have loftier motivation, entrepreneurial intention, and managerial skills can improve their business success easier (Al Mamun & Ekpe, 2016). Moreover, the motivation for achieving objective beliefs is supportive for top managers (Rasheed, 2001). Dolan, Peasgood, and White (2008) specified that motivation behavior is non simply supporting the managers but at the aforementioned time, it plays a vital role as the courage for achieving their targets.

At that place is some evidence that women entrepreneurs take a stronger bear upon on business success, particularly in firms that represent relatively stock-still personality traits such every bit motivation (Ehman et al., 2017). While Chuluunbaatar, Ottavia, and Kung (2011) explained that entrepreneurial orientation in the start-up stage affects social capital and personal characteristics, they also have revealed that these own characteristics include motivation and ability of take chances-taking. These personal factors also take a positive impact on SMEs (Mahadalle & Kaplan, 2017; Ehman et al., 2017; Chuluunbaatar et al., 2011). Based on the by literature, we propose that women entrepreneurs' success, who have high motivation and need for achievement, tin can have a significant and positive touch on their business concern success.

H1a: The need for achievement has a significant positive effect on women entrepreneurs' success

Risk-taking and women entrepreneurs' success

From an entrepreneur's success story (Zhang & Cain, 2017), non anybody gets inspired but specifically, those who wish to showtime their own concern, considering they want to take a college level of risk (Bird, 1988; Chen, Greene, & Crick, 1998). Therefore, previous literature postulated that the risk-taking tendency among entrepreneurs is unfailing (MacCrimmon & Wehrung, 1990). Thereby, the constancy of this idea has confronted from time to time; there are some cross-debates, which believe that entrepreneurs can pose risk-taking capabilities at the same time (Palich & Bagby, 1995). Academic literature postulated that women CEOs in an uncertain state of affairs could take the risk, which significantly affects business firm performance and success (Wiklund & Shepherd 2005) considering entrepreneurs highly inclined to take risks might receive compensation through higher expected profits (Danso, Adomako, Damoah, & Uddin, 2016).

Women entrepreneurship and risk are ii concepts that are viewed equally devoted to entrepreneurship literature. For example, women entrepreneurship mostly correlated with risk exposure, separating women entrepreneurship from employees and managers (Begley & Boyd, 1987). For this reason, the way a woman deals with risk is likely to influence the house's performance (Pattillo & Söderbom, 2000). Thereby, women entrepreneurs are encouraged to accept investment in the turbulent market (Johnell et al., 1995), because female entrepreneurs have the validity to make decisions in the turbulence market place (Gedajlovic, Lubatkin, & Schulze, 2004).

Given that, female CEOs are interested in participating in risky activities, while Zalata, Ntim, Aboud, and Gyapong (2019) scrutinized that women are more hazard-taker, which significantly bear on firm performance and success, peculiarly in emerging economies (Zalata et al., 2019). As such, the level of risk-taking past the women entrepreneur is expected to accept a positive impact on operation (Wang & Poutziouris, 2010; Zalata et al., 2019; Zhao, Seibert, & Lumpkin, 2010). Therefore, we postulate from previous literature that women entrepreneurs are more gamble-taker oriented during the decision-making process; it, in plow, has some impacts on business firm operation and business concern success.

H1b: Take chances-taking has a significant and positive result on women entrepreneurs' success.

Cocky-conviction and women entrepreneurs' success

Confidence in entrepreneurship literature is divers equally the capability of entrepreneurial perception, which helps entrepreneurs to pursue their target with a strong conventionalities on their mode (Twibell et al., 2008). Self-confidence plays a disquisitional office in entrepreneurship literature and it is believed that it helps entrepreneurs in their entrepreneurial activities (Oney & Oksuzoglu-Guven, 2015). While Hassan and Yusof (2015) noted that the cocky-confidence level of entrepreneurs is their basic thoughts on behalf of their businesses and their interest to face any unexpected failure in the hereafter. Rieger (2012) suggested that entrepreneurs struggle for their objectives with high self-confidence. Abd Rani and Hashim (2017) showed that the women entrepreneurs, who take a high self-confidence level, could quickly gain a competitive reward in emerging markets while facing different barriers that need to set an objective on or plan a better policy to reach business goals (Moloi & Nkhahle-Rapita, 2014). Similarly, researchers stated that women entrepreneurs, which accept a loftier level of motivation, depression anxiety level, and high self-conviction, could amend proceeds a competitive reward in turbulent markets (Balogun et al., 2017).

On the other hand, entrepreneurial intention is also affected by the self-conviction level and without these factors, it volition be impossible to compete in the turbulent markets (Mehtap, Pellegrini, Caputo, & Welsh, 2017). Hence, past literature suggested that women naturally tend to show less intention toward entrepreneurial activities as compared to men, while their decision-making way is also afflicted by low self-conviction level (Díaz-García & Jiménez-Moreno, 2010). Besides all these issues as mentioned by Al-Dajani and Marlow (2010) due to cultural and religious boundaries in Islamic countries, women generally get permission from their husband, brother, or father for starting upwards a new venture; these all can increase or decrease their self-confidence level.

Furthermore, Dabic, Daim, Bayraktaroglu, Novak, and Basic (2012) conducted a study comparing male person and female entrepreneurs' confidence level and found that male entrepreneurs accept higher confidence compare to females. Hence, the results from previous literature suggested that women's entrepreneurial intention and confidence positively influence their business success (Balogun et al., 2017; Mondal, Ghosh, & Das, 2013). Based on the above literature, the below hypothesis is developed:

H1c: Self-confidence has a meaning and positive impact on women entrepreneurs' success.

Economic factors and women entrepreneurs' success

Economic factors refer to the organisation of necessary data identified with internal company financing and external fiscal situation, which influences business success (Wube, 2010). Fifty-fifty though there is an agreement that women can scarcely get credit for their entrepreneurial ventures in many developing countries similar Pakistan, the charge per unit of women's delivery to the economy in the individual sector is strikingly contrasted with their male counterparts. In a large number of developing countries, women need to discover solutions and gain easy access to finance for their startup businesses. While as mentioned by Afza and Amir Rashid (2009), women entrepreneurs are significantly affected by external factors such as political, financial, and social factors, almost in any sector. Furthermore, Saleem (2017) postulated that women entrepreneurs' success was significantly afflicted by external factors such as the environment, government policies, and political problems in emerging economies.

In addition, political, economic, and ecology factors are an external gene and play a pivotal role in firms' success. In women context, SMEs which have a lack of finance for developmental and other innovative strategies cannot proceeds and sustain a competitive advantage and manage the political, economic, and social problems themselves (Abdallah & Alnamri, 2015; Radzi, Nor, & Ali, 2017). Lindvert, Patel, and Wincent (2017) found that fluctuation in political and economic systems affects women entrepreneurs' success. Hence, the external factors (due east.yard., financial and political factors) significantly increase or decrease business performance and success (Abdallah & Alnamri, 2015; Lindvert et al., 2017; Radzi et al., 2017; Saleem, 2017). Based on the above literature, we advise below hypothesis:

H1d. Economic factors have a significant and positive issue on women entrepreneurs' success.

Socio-cultural factors and women entrepreneurs' success

Socio-cultural factors include a blend of social and cultural factors that affect women entrepreneurs' success. In Islamic countries, social and cultural norms on the one paw and family bug, on the other hand, are the most serious problems for women entrepreneurs (Poggesi, Mari, & De Vita, 2016). Hence, Roomi et al. (2018) suggest that women'south entrepreneurial career choices both circumduct around and are shaped past a complex coaction of socio-cultural factors. In addition, socio-cultural factors determine the level of entrepreneurial activity in a specific time and identify (Veciana, 1999). While Arasti, Zandi, and Talebi (2012) explained that social relationships have a crucial impact on women business concern's operation and success. It empowers the business visionary to distinguish opportunities and resources better. Social networks affect entrepreneurs' business start-upwards initiatives as it shows them a model for progress and gains support (Mehtap et al., 2017). Even the social bonds and networks with close relatives and life partner is a critical issue for women entrepreneurs' success (Omwenga, Mukulu, & Kanali, 2013). Balakrishnan and Low (2016) postulated that social-cultural factors (religious, family, etc.) significantly bear on women entrepreneurs' decision-making and success in developing economies. Based on the above-mentioned literature, we propose this hypothesis (Fig. 2):

Fig. 2
figure 2

Conceptual framework

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H1e. Socio-cultural factors has a significant and positive consequence on women entrepreneurs' success.

Methodology

Procedure and participants

Data is collected from the SMEs sector operating in the emerging market of Pakistan (Islamabad, Lahore, and Rawalpindi). Only registered SMEs are targeted. The list of registered SMEs is taken from the Islamabad Bedchamber of Commerce, Lahore sleeping room of commerce, and Rawalpindi chamber of commerce, verified past Small and Medium Enterprises Development Authorization (SMEDA), which is a governmental institute under the Ministry of industries and product, established in Oct 1998. The target population are women SMEs, definition in Pakistani context, those small-scale enterprises which have more than 10 and less 250 employees SMEDA, 2018; Khan, Salamzadeh, Kawamorita, & Rethi, 2020), managed and controlled by women. We collected data from 3 April 2020 to xv July 2020 through structured questionnaires from women entrepreneurs. There is a total of 323 women-owned small enterprises registered in these three big cities run and managed by women directors. For selection of sample, we used (Krejcie and Morgan, 1970) sample calculation tabular array considering nosotros have total firm particular taken from SMEDA. For choosing the sample, we used simple random sampling technique because sampling random sampling techniques is widely used techniques in small enterprises (Healey, 2014). In random sampling techniques, every sample or enterprise has an equal chance (Kumar, 2008). For selection the total number of sample, Krejcie and Morgan, table, nosotros distributed 323 questionnaires through email and Google medico. Approach to women entrepreneurs and finally, because of Covid-xix, nosotros cannot personally visit the enterprises due to governmental restriction of SOPs. Hence, afterwards distribution, we received 197 questionnaires. From this number of questionnaires, xvi questionnaires had some missing values and therefore excluded from our last samples. Hence, a total of 79 responses from Rawalpindi, 54 from Islamabad, and 48 from Lahore are used in this research.

Measurement instrument

In the current study, nosotros adapted the scales of chief constructs from the previous literature and used confirmatory factor analysis for checking the reliability and validity of the main constructs.

Women entrepreneurs' success

The women entrepreneurs' success is dependent variable and it is measured through the nine-item questionnaire adapted from previous literature used by Maehr and Sjogren (1971) by crown back alpha more than than 0.70.

Cocky-confidence

The self-confidence is an independent main construct that refers to the employee's motivation and encourage toward the achievement. Self-confidence is measured through a six-particular questionnaire adapted from the previous studies developed past Jones, Fellow, and Cale (1991) with more 0.70 crown back blastoff.

Demand for achievement

Next, need for achievement is an independent main construct, which information technology refers to the employee's struggling for achieve the main objective. In the current study, need for accomplishment measured through adapted previous studies using a 5-particular questionnaire developed by (Zeffane, 2013) having crown back alpha more 0.lxx.

Run a risk taking

Furthermore, risk-taking is a third independent master variable; it refers to the employee'southward bold decision for gaining the external opportunity. In the current study, risk-taking is measured through iv items adapted questionnaires from previous studies adult by Steensma and Corley (2001) having more than than 0.70 crown back alpha.

Economic factors

The fourth one is an economic cistron, and in the current model, it plays a role every bit independent main construct. The economic factors refer to the different economical aspects that upshot on the house and economic stability. Information technology is measured through adapted questionnaires from previous literature using a iv-detail adult by Wube (2010) having crown back alpha more than than 0.70.

Socio-cultural factors

The 5th one is a socio-cultural factor, and in the current model, it plays a role as independent main construct. The socio-cultural factor refers to the different external cultural which is related to an employee's traits upshot on firm'south and economic science' instability. It is measured through adapted questionnaires from previous literature using a 4-item developed by Wube (2010) having crown back blastoff more than 0.70.

Control variables

For the purpose to reduce spurious insights of this report, we used piece of work status and women didactics level as control variables to check different factors effect on women'due south entrepreneurial success. Considering Huarng, Mas-Tur, and Yu'due south (2012) finding postulate that women entrepreneurs condition plays a pregnant office in firm performance while on the other side, educated women take proficient investment decisions that impact firm performance (Robinson, Blockson, & Robinson, 2007). Therefore, we suppose these two variables to control the house performance.

Common bias method

After, collecting data through a unmarried source (questionnaire), the common bias method (CBM) result might happen (Podsakoff & Organ, 1986). Women cannot easily accept decision, so that is why their every strategic decision are full of biases. Therefore, for checking CBM, we applied Harman'south one-factor using factor analysis by extraction method of "principal component analysis" in SPSS. Harman's one-cistron test results show that there are six factors, which accept Eigenvalues more than ane, while their first cistron is explaining 32.45% of the total variance. It indicates that in that location is no such a kind of mutual bias method trouble in the data, as the first factor explains a groovy office of the total variance (Hair, Anderson, Babin, & Black, 2010; Podsakoff & Organ, 1986).

Measurement model results

The current study uses AMOS for measurement model, validity, reliability, normality, and multi-collinearity for fruitful insights. Table 2 explains that information normality is assessed through the skewness and kurtosis; the results are in the acceptance rage ± 2, which explains that observed variables of this study are within the normal range (George & Mallery 2010; Khan & Ghufran, 2018). In addition, in the electric current study, we evaluate the Mardia's coefficient using wed basd software "https://webpower.psychstat.org/models/kurtosis" suggested by Cain, Zhang, and Yuan (2017) because we collected the data from women top managers, then it needs to check the deep normality. Hence, the results show that skewness and kurtosis values are 1369.008 and 3080.546 respectively with p value < 0.05, which is larger than Mardia's coefficient (Mardia, 1970) (see Table four for more than detail). Hence, on the base of operations of Mardia's results, nosotros reject the zilch hypotheses because the data are not normally distributed. While, the current study shows that at that place is no multicollinearity problem in the model considering the latent variables have a variance inflation factor (VIF) less than iii (Pilus et al., 2010) and tolerance value is greater than 0.10. Hence, it indicates that there is no multi-collinearity problem in the model equally shown in Tabular array iii (Pilus et al., 2010).

Table two Demographics Results

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Table 3 Mean, S.D, and normality

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A confirmatory factor analysis contended through AMOS to check the model fitness, reliability, and validity equally shown in Fig. 3. All the items factor loading higher up the threshold level of 0.70 and significantly loaded (p < 0.01) of all their respective items.

Fig. three
figure 3

Confirmatory factor analysis

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The convergent validity is identified by taking a square of all items errors in cistron loading on a construct and then is divided to the sum of all factor loadings on the average number of items. The results in Table 5 explain that all constructs have convergent validity of more than 0.50 (Pilus et al., 2010; Khan, 2019). Discriminant validity is calculated by taking the foursquare root of AVE and results are shown in Table iv. The discriminant validity results interpret that each value of the discriminant validity value is more than 0.70, which shows that all items are unique as required (Hair et al., 2010). In improver, composite reliability indicates the loaded internal stability of each construct. In Tabular array v, the results are shown and information technology is clear that all constructs have reliability of more than than 0.seventy, which is the accustomed range every bit recommended by Nunnally and Bernstein (1994).

Tabular array 4 Mardia'south multivariate skewness and kurtosis

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Table v Standardized gene loadings, validity, and reliability

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The first test of model fitness results was not skillful; therefore, nosotros checked the model modification indices (MI) and the results indicate that in that location are some redundancy items in our model. Therefore, we removed problematic items and the 2d circular of results shows a good model fit.

Thus, the model fit criteria achieved are shown in Tabular array six. However, Barclay, Higgins, and Thompson (1995) suggested that we need to ensure the validity and reliability of the constructs before testing hypotheses in structural equation modeling. Table 6 shows a skillful model fit result co-ordinate to confirmatory gene analysis (CFA).

Table six Model fit indexes

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Correlation

In the current study, we used Pearson correlation by SPSS software for evaluating the correlations. The results betoken that at that place is a significant positive relationship between cocky-confidence and women entrepreneurs' success (r = 0.39, p < 0.05). Furthermore, we found that the need for achievement has a significant positive correlation with women entrepreneurs' success (r = .thirty, p < .001) and similarly adventure-taking also has a pregnant positive correlation with women entrepreneurs' success (r = 0.01, p < 0.43). While economical factors have a significant positive correlation with women entrepreneurs' success (r = 0.522, p < 0.001) and finally socio-cultural factors have a significant positive correlation with women entrepreneurs' success (r = 0 .41, p < 0.05) (Tabular array 7).

Table 7 Correlation and reliability

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Table 8 represents the multiple regression model, every bit the current model has no depending factors, which affects the model therefore the current human relationship just reveals betwixt predictor and response variables. Thereby, our results explicate that the need for achievement has a positive and significant impact on the women entrepreneurs' success (β = 0.25, p value > 0.05); it suggests that women managers having a strong motivation and intention to achieve his target in the Pakistani context. Therefore, it explains that women entrepreneurs' success enhances 25% if there is a 1% increase in women entrepreneurs' motivation to go their targets.

Tabular array viii Multiple regression

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Moreover, our event reveals that risk-taking has a meaning and positive impact on women entrepreneurs' success (β = 0.29, p value > 0.00). It shows that if women entrepreneurs can accept decisions (for instance, financial or investment decisions) wisely having all the barriers in their minds, it tin push their business toward success in the long term. Therefore, it means that for each i% increment in taking a risky conclusion, a 29% increase in their business success will be expected.

In addition, self-confidence has a positive and significant relationship with women entrepreneurs' success (β = 0.64, p value > 0.05). Information technology shows that the women entrepreneurs, who accept a high self-confidence level, take any incertitude event very easily without feeling any depression, so it can assistance during firm operation and success for the long-term. It means that for each 1% increment in self-confidence level, at that place will be a 64% increase in women entrepreneurs' success.

In external factors, our results explain that economical gene has also a pregnant and positive touch on on women entrepreneurs' success (β = 0.24, p value > 0.05). It explains that if there is no doubtfulness such as political, environmental, or financial in a business environment, and so firms can achieve their targets smoothly, so we establish that women entrepreneurs are significantly affected past these factors, because each 1% fluctuation in external factors, its effects on women entrepreneurs' success volition be 24%.

Similarly, socio-cultural factors likewise have a significant impact on women entrepreneurs' success (β = 0.34, p value > 0.05); it postulates that women entrepreneurs take many socio-cultural factors in their business environment; they cannot attain their targets because these factors significantly contribute on their success. Hence, the underline report explains that each one% interchange in these factors in their business environment will result in a 34% impact on their success.

As R 2 = 0.191 in our research model, it indicates that 19% of the total variance in women entrepreneurs' success can be using these internal and external factors such as the need for achievement, cocky-confidence, run a risk taking, economic factors, and socio-cultural factors.

Discussion and conclusion

Results of the electric current study reveal that internal factors including self-confidence, chance taking, and need for achievement, and external factors including economical and socio-cultural factors have a positive and significant impact on women entrepreneurs' success in Pakistan. So, our findings support the previous studies results in both developed and developing economies such as Azmi (2017), Abd Rani and Hashim (2017), and Muhammad et al. (2017) suggested that women entrepreneurs internal behavior self-confidence and motivational force heighten the competitive advantage; these capabilities assistance them to become a successful women entrepreneur. On the other mitt, some other researchers (Hasan & Almubarak, 2016; Muhammad et al., 2017) suggested that external factors also influence women entrepreneurs' success. While, our report is different from adult economies finding because they (Bastian, Sidani, & El Amine, 2018; Laudano, Zollo, Ciappei, & Zampi, 2018) suggested that these factors cannot significantly raise women entrepreneurs' success.

The current study concluded that the "need for achievement" factor has a positive and significant impact on women entrepreneurs' success. So, our findings are consistent with previous studies (Chuluunbaatar et al., 2011; Mahadalle & Kaplan, 2017; Ehman et al., 2017) who suggested that women entrepreneurs who have a loftier level of motivation tin succeed during the business. Hence, our finding demonstrates that those women entrepreneurs, who have a high degree of motivation for working or starting a new venture, can easily success in his chore. While Bastian, Sidani, & El Amine (2018), who conducted a written report in the Center Due east, suggested that motivation for gaining his objective can play a pivotal role in business concern success. So, on the base of aligning our results with previous studies, our H1 is supported.

Next, our results postulate that risk-taking has a positive and significant impact on women entrepreneurs' success. Therefore, our finding favors past literature (Meroño-Cerdán, López-Nicolás, & Molina-Castillo, 2018) who demonstrated that feeling hesitation during decision-making can impact the firm performance. In addition, Panno, Donati, Milioni, Chiesi, and Primi (2018) suggest that new ventures take many taking adventure behaviors as compare to old firms. Therefore, our findings are aligned with previous studies that women entrepreneurs who feel risk-aversion volition bear upon their SME's performance and success (González, Guzmán, Pombo, & Trujillo, 2013; Panno et al., 2018).

Self-conviction is very essential for top managers during controlling for the long and short term. Therefore, our findings postulate that self-conviction has a positive and significant influence on women entrepreneurs' success in emerging economies. Because our finding is familiar with previous studies conducted in developed economies (Balogun et al., 2017; Mondal et al., 2013), which propose that top management with high confidence can easily compete in the market and go success. While Oney and Oksuzoglu-Guven's (2015) finding demonstrates that bold manager can easily take investment determination every bit compared to having depression conviction. Therefore, on the basis of these arguments, nosotros suggest that confidant women entrepreneurs tin can easily get success. However, nosotros differentiate our study, as the context of it is an Islamic economy, where rules and regulations are different for women to achieve success in their business. Therefore, our study suggests that women entrepreneurs who work in an Islamic context and notwithstanding have self-confidential decisions are having a great impact on their SMEs' functioning and success.

In the underline study, we fence that internal factors take a positive and meaning impact on women entrepreneurs' success, while external factors also have a positive influence on women entrepreneurs' success. Thereby, our findings are consistent with previous studies, which are conducted in developed economies (Radzi et al., 2017) who suggest that finance plays a vital role in SME's success. While Lindvert et al. (2017) suggested that political interference is very of import for networking with customers and suppliers. Therefore, on the basis of this past literature, we posit that external factors are significantly contributing to women entrepreneur'southward success in emerging economies. In addition, our findings advise that socio-cultural factors take a positive and pregnant affect on women entrepreneurs' success. Therefore, our results favor past studies (Arasti et al., 2012; Poggesi et al., 2016) who demonstrate that social and cultural factors have a positive and significant bear on on women entrepreneurs' success. While Roomi et al. (2018) suggest that in an Islamic state, women entrepreneurs face a lot of cultural conflicts related his concern considering in Islamic cultural, women are following their roles and regulation. Therefore, we posit in the underline study that these factors significantly affect the women entrepreneur'south success.

Contribution of the study

Theoretical contribution

The underline report contributes to the existing literature in the field of women entrepreneurial success, internal factors (motivation, risk-taking, and self-confidence), and external factors (economic and socio-cultural). The main objective of the underline written report is to examine the internal and external factors, which influence women'southward entrepreneurial success. Our report finding acknowledges that several researchers investigate women entrepreneurial performance through dissimilar factors, but the current report evaluates the effect of the internal and external factors on women small-scale and medium-sized enterprises in developing economies because more 70% of SMEs are operationalized in developing economies. Therefore, their civilization, faith, and regulation are dissimilar from a adult country. Therefore, our current written report underpins through the "upper echelons theory" Hambrick & Mason, 1984; it explains that the top manager's behaviors and external factors touch on on business performance. Because in our model, motivation, adventure-taking, and confidence are internal entrepreneurial behaviors and economical and social factors are external factors, which enhance the business performance in Pakistani small-medium enterprises.

Practical implications

The electric current report not only provides the implications to manager and owners of SMEs but likewise gives guidelines to policymakers and particularly back up the institution such every bit SMEDA. Our findings demonstrate that women entrepreneurs need motivation and confidence to kickoff their business past arranging the seminar, workshop, women incentives, or women entrepreneurial university. Because our results suggest that if women have motivation and conviction, information technology can heighten entrepreneurial performance. Therefore, we recommend to government and policymaker to accommodate a seminar or women entrepreneurial university, which helps the women entrepreneurs to create courage and outset a business concern. In addition, co-ordinate to Hussain, Mahmood, and Scott (2019), out of 97 pocket-sized business in Pakistan, only 5% are women entrepreneurs; so, nosotros propose to policymakers and authorities to give the education about the business organization and incentive to starts his own business because SMEs have 40% contribution in Pakistani Gross domestic product.

Limitation and future direction

There is no study without limitation, and ours has some limitations every bit well. The primary limitation is related to our sampling, which has been done in three large cities, just future researchers can aggrandize it to a national level to attain more comprehensive results with some considerations on geological and cultural differences. So, we recommend for future researchers to chronicle the electric current work with different Islamic countries (comparative study). The current finding suggests to the future researcher that uses a mixed-method approach among women entrepreneurs in developed countries. It is also suggested to consider more variables in time to come researches to go a bigger image of this research thought. Finally, notwithstanding importantly, testing any moderator such as literacy or financial literacy, which increases or decreases the relationship betwixt these factors and women entrepreneurs' success, is as well suggested.

Availability of data and materials

We collected the data from pocket-sized medium and enterprises of diverse cities of Pakistan. Please annotation that nosotros can besides avail of the do-files upon request.

Notes

Abbreviations

SMEs:

Small-scale- and medium-sized enterprises

SMEDA:

Modest Medium Enterprises Development Authority

GDP:

Gross domestic products

Gem:

Global entrepreneurship monitor

WBDC'south:

Women Concern Development Center

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Acknowledgements

We are very thankful to the Plant of Postgraduate Studies (IPS) of Universiti of Sains Malaysia to provide the states a expert study environs.

Funding

This research received no external funding.

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Affiliations

  1. Graduate School of Business, Universiti Sains Malaysia, George Town, Malaysia

    Rizwan Ullah Khan & Yashar Salamzadeh

  2. International Islamic Academy, Islamabad, Pakistan

    Syed Zulfiqar Ali Shah & Mazhar Hussain

Contributions

RUK has developed the model and has written the original draft. While Dr. YS wrote the original draft and helped during the editor comments amendments and Dr. SZAS and Dr. MH helped during the technical issues of the manuscript. All authors read and canonical the concluding manuscript.

Respective author

Correspondence to Rizwan Ullah Khan.

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Competing interests

The authors declare that they have no competing interests.

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Khan, R.U., Salamzadeh, Y., Shah, S.Z.A. et al. Factors affecting women entrepreneurs' success: a study of small- and medium-sized enterprises in emerging market of Pakistan. J Innov Entrep 10, 11 (2021). https://doi.org/10.1186/s13731-021-00145-9

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  • DOI : https://doi.org/10.1186/s13731-021-00145-9

Keywords

  • Women
  • Entrepreneurial success
  • Adventure taking
  • Need for achievement
  • Economic factors
  • Socio-cultural factors
  • Islamic republic of pakistan

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Source: https://innovation-entrepreneurship.springeropen.com/articles/10.1186/s13731-021-00145-9

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