Success Factors of Women Entrepreneurs in the Digital Economy

Abstract

A ceaseless and often heated debate about gender-bias businesses continues to perpetuate a slanted but popular portrayal of male-prowess in successful business ventures and male-dominated corporate stewardship in every conceivable aspect of operating, managing, driving and growing business, technology and innovation every time and any time since yesteryears and until today. This paper, not seeking to challenge the mendacity of this pervasive-myth of male entrepreneurship start-ups nor diminishing its leadership-dominant influence, attempts to reinforce the verity about women entrepreneurs, whose insidious but unannounced entry into various business ventures in the threshold of exclusive male-entrepreneurship domain has already started over the years. The purpose of this paper therefore is to verify the determinants of women entrepreneurial success in terms of ascertaining skills development (business attributes), entrepreneurial competencies (entrepreneurial practices) and personal traits of target-respondents through a self-administered google-form usage questionnaire-survey in the Klang Valley of Malaysia.  A pilot study and subsequent survey-findings analysis using the Cronbach’s α test was conducted to test the reliability of the data collected, including a correlation analysis using the SPSS software to validate the acceptance or rejection of the research hypotheses. The results suggested that entrepreneurial competencies, out of the three-factor determinants of women entrepreneurial success, is ranked most influential among women-owned SMEs in Malaysia. A breakdown analysis suggests that 67 percent of the majority respondents asserted diligence (‘hard work’) as the first personal trait accountable for entrepreneurial success, followed by 65 percent respondents on the ability to endure challenges during economic or business downturn, and 64 percent of the respondents on willingness to take risks. Furthermore, formal education - irrespective of its level and specialization including literacy and ability to identify opportunities and market trends - is cited as a significant factor affecting entrepreneurial ventures. The accepted hypotheses confirm that the successful women entrepreneurs - from diverse ethnic backgrounds and life experiences - have common certificated qualifications, family support and network-social relationships to acquire skills-set to explore entrepreneurial opportunities.  These determinants of their success, abetted by a blend of personality traits and behavioural orientation, can provide useful pointers for policy-makers and business community to further engage and strategize potential women entrepreneurs for country economic wealth creation.