Literature_Review_Entrepreneurship (1)

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Executive Summary This report examines the current literature on the relationship between women and entrepreneurship, delving into contemporary discourse on how entrepreneurship serves as an alternative career path for women in the 21st century. Drawing on academic sources, the literature review identifies key gender-based issues in entrepreneurship and discusses the challenges and opportunities faced by women in today's business landscape. Introduction Entrepreneurship, defined as seizing opportunities irrespective of current resources, offers avenues for individuals to create societal value through new ventures. However, literature suggests women encounter unique obstacles in entrepreneurship compared to men. This paper scrutinizes the intersection of entrepreneurship and gender, analyzing the challenges women face, their implications, and the potential for financial stability, work satisfaction, and work- life balance. It critically assesses the gendered dynamics of entrepreneurial practice within contemporary business contexts, supported by scholarly sources. Discussion briefing Scholars highlight societal attitudes impacting women's engagement in entrepreneurship and the creation of new ventures. The review identifies key challenges faced by women entrepreneurs today, including Role Congruity Theory, social and market-related barriers, lack of education, low entrepreneurial acumen, and financial issues. Challenges for Women Entrepreneurs 1.0 Role Congruity Theory and failure Role Congruity Theory suggests societal perceptions favor men in leadership roles, posing challenges for women entrepreneurs who may not align with traditional leadership attributes. This bias contributes to lower representation of women in top leadership positions and hampers their effectiveness in entrepreneurship, leading to higher failure rates. 2.0 Social and market-related barriers 2.1 Social barriers Women face gender discrimination and societal expectations that prioritize family responsibilities over entrepreneurship. Cultural norms often limit women's ability to engage

in business ventures, creating a disparity in freedom between male and female entrepreneurs. 2.2 Market-related barriers In competitive markets, women entrepreneurs encounter challenges in accessing resources and competing with established male-led enterprises. Limited bargaining power and market bias further hinder their business growth and market penetration efforts. 3.0 Lack of education and low entrepreneurial acumen Women encounter barriers to accessing entrepreneurship education and lack exposure to business environments compared to men. Encouraging women to pursue education in high- growth industries can mitigate these challenges and enhance their entrepreneurial success. 4.0 Financial issues Female entrepreneurs face hurdles in securing adequate funding due to gender biases in financing decisions. Cultural predispositions and stereotypes lead to denial of loans and limited financial support, contributing to higher failure rates among women-led ventures. Conclusion Cultural biases, including Role Congruity Theory, significantly contribute to the challenges women face in entrepreneurship. Despite these obstacles, promoting women's participation in entrepreneurial endeavors can challenge traditional stereotypes and pave the way for greater support and value creation in society.

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