Family support's effect on women entrepreneurs' success
On a worldwide scale, women-owned firms account for a sizeable portion of the modern economy. Nevertheless, depending on the cultural environment, women entrepreneurs still face greater challenges than males.
Economic growth is significantly influenced by microbusinesses, and women entrepreneurs are vital players in their development. Therefore, it is crucial to comprehend the variables that influence their existence and success or failure.
For instance, research on the relationship between women entrepreneurs and their families in the Arab world is still in its infancy.
As family relationships will unavoidably have an influence on a company’ success, it is thus crucial to understand the role of the family in women’s entrepreneurial experiences in order to identify the reasons why women-owned firms thrive or fail.
Family plays a central role in some women entrepreneur profiles, For the so-called “returners,” people who return to work after a maternity leave, the family role is crucial. They see business as a way to make money and manage their time between work and family.
For “high achievers” who are very focused on their careers but don’t want to neglect their families, entrepreneurial flexibility is a crucial component. Family takes on a very different meaning for “traditionalists” in this profile. They hail from entrepreneurial families, and the business environment they experienced while living at home with their family had a direct impact on their entrepreneurial careers.
Studies have emphasized the crucial part that families play in supporting women-owned enterprises. Indeed, a number of studies demonstrate that women entrepreneurs begin their businesses with less funding than their male counterparts; they are less likely to raise capital from outside sources even in the succeeding stages of their business life cycle; and they are more likely than men to depend on personal loans from friends and family.
Studies that concentrate on the reasons women provide for becoming entrepreneurs make it abundantly obvious that the family plays a crucial part in female entrepreneurs’ experiences.
There are two found:
Women are more likely to establish their own businesses because of necessity than for other reasons, such as a lack of alternative career possibilities or certain family or personal obligations;
Women are drawn to entrepreneurship for a variety of reasons, including opportunities it presents for them to realize their goals and fulfill their desires.
Women see their businesses as a “interconnected system of relationships” rather than as a standalone entity in their lives. This means that a woman who starts her own business doesn’t stop being a wife, a mother, or a daughter. Her entrepreneurial experience will be significantly influenced by these responsibilities going forward. They can help her job but they can also get in the way of it.
In order to recognize and characterize the many real-world scenarios involving women entrepreneurs, it is crucial to concentrate on the family’s involvement in female entrepreneurship.
