Metadata of the chapter that will be visualized online
Chapter Title
Female Entrepreneurship
Copyright Year
2013
Copyright Holder
Springer Science+Business Media, LLC
Corresponding Author
Family Name
Kesting
Particle
Given Name
Stefan
Suffix
Author
Organization/University
Auckland University of Technology-New
Zealand
Street
A Block 7/37-69 Wellesley Street East
Postcode
1010
City
Auckland
Country
New Zealand
Email
[email protected]
Family Name
Jaeger
Particle
Given Name
Sabine
Suffix
Organization/University
Auckland University of Technology-New
Zealand
Street
A Block 7/37-69 Wellesley Street East
Postcode
1010
City
Auckland
Country
New Zealand
Email
[email protected]
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Female Entrepreneurship
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Stefan Kesting and Sabine Jaeger
Auckland University of Technology-New
Zealand, Auckland, New Zealand
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Synonyms
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Diversity entrepreneurship; Entrepreneur
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Characteristics of Female
Entrepreneurship
Female entrepreneurs are the women founding,
building, owning, and driving new companies in
emerging and established industries. What is
understood as entrepreneurship can range from
being self-employed and, for instance, running a
small catering service from home to owning
a business venture worth millions of US dollars.
Starting from Schumpeter’s original portrayal,
entrepreneurs are often seen as charismatic
individuals who use inventions, resources, and
creativity to push for commercial success of innovation. The classical theoretical view presents
entrepreneurship as gender neutral. Research on
the secret of entrepreneurial success highlights
the personal characteristics of the individual.
Scholars use descriptors such as inventive,
energetic, risk taking, aggressive, dynamic, selfmotivating, and tolerant of ambiguity. These
“entrepreneurial traits” are clearly male attributes.
Prior to 1980, entrepreneurial activity in most
developed countries was dominated by men.
Not surprisingly, research investigated men and
their motives, behaviors, and characteristics. The
phase of treating entrepreneurial behavior as gender neutral as well as without any other crucial
distinctions across populations lasted until the
1990s. Since then, the research focus has shifted.
The number and importance of female entrepreneurs grew, and now female enterprises contribute considerably to economic development all
over the world. Thus, it is no longer appropriate
to neglect the specific motives and performance
of female entrepreneurs. Though still limited and
fragmented, a specialized literature on women
entrepreneurship is evolving and growing
(Brush et al. 2006; Carrier et al. 2008; Klapper
and Parker 2011; Patterson and Mavin 2009).
More insights into female entrepreneurship
derived from a large body of research that compared the experience and human capital of male
and female entrepreneurs. At the same time,
research began to focus on environmental (available financial and other resources) and societal
factors (networks, social capital) in order to
explain the “gender gap” in entrepreneurship.
More recent research challenges the concept of
gender neutrality (with masculine undertones).
Most studies seem to reject the notion that
gender-related discrimination in laws and regulation should be the major reason for the disproportionate participation of females in start-up
businesses. Some go so far as to place gender at
the center of understanding the essence of
E.G. Carayannis (ed.), Encyclopedia of Creativity, Invention, Innovation, and Entrepreneurship,
DOI 10.1007/978-1-4614-3858-8, # Springer Science+Business Media, LLC 2013
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Female Entrepreneurship
(e.g., 70 % of official GDP in Nigeria). If female
entrepreneurship is much more widely spread in
this “shadow economy,” such neglect may lead to
a considerable omission.
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entrepreneurial activities (Lewis 2006; Wagner
2007). Are female and male entrepreneurs really
so different? If so, what are the main differentiating factors?
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Numbers: The Status Quo
Performance: The Status Quo
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The ratio of female to male entrepreneurs is different across regions and countries. In many parts
of the world, male entrepreneurs outnumber
females by far. While there has been a great
increase in the number of female entrepreneurs,
research shows that participation is still low. For
instance, female entrepreneurs make up 37.7 % of
all entrepreneurs in New Zealand in 2010. And in
the USA, according to their 2002 census, just
over one quarter of all US firms in 2002 were
owned by females. The trend in the USA for
female new ventures is positive with a yearly
increase of 20 % which amounts to doubling the
overall growth rate. In Europe, female entrepreneurs also own and run just a minority of businesses. In the EU, female self-employment
ranges from just over 20 % to 40 % depending
on the country. Many European women report
that they start businesses to avoid under- or
unemployment. For much more women than
men in the developed world, self-employment is
a part-time activity. In the transitional economies
of Eastern Europe and Central Asia, it varies from
over 40 % (Latvia and Hungary) to just over 8 %
(Tajikistan).
Research on female entrepreneurship in Latin
America and the Caribbean found very high rates
of female entrepreneurship in the poorest countries of the region. For instance, over 35 % of
business owners in Peru are female. However,
only 13 % of women entrepreneurs in the region
indicated that they expected their firm to grow
over the following 5 years. In many cases, opportunities and incentives are unfavorable for
women to begin businesses, even when they
have the abilities and knowledge.
The analysis of entrepreneurship focuses on
the formal private sector; however, the “informal” sector plays an important role in many
countries and particularly in developing ones
In terms of standard measures of performance
like earnings, profits, return on capital, growth
rates, etc., male entrepreneurs tend to outperform
their female competitors. There is general agreement in the literature that female entrepreneurs
tend to earn less income and that their businesses
grow at a lower rate than those owned by male
entrepreneurs, with no difference between developing or developed countries. Overall women’s
businesses tend to be smaller, utilizing less capital and finance from banks and other lenders than
men’s. This is due to women entrepreneurs concentrating in (sales, retail, and services) industries with lower capital intensities and lower
average return on capital and is not due to their
lower business effectiveness or capabilities. Even
when studies find that female owners earn similar
rates of return on assets as male owners, lower
investment at the start leads to comparatively
lower absolute income and profits for female
entrepreneurs. Moreover, women’s businesses
tend to generate lower sales turnover than men’s
and therefore are less profitable than those of
men, even in same industry comparisons.
How can these gender differences be
explained?
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Motivation and Characteristics of
Female Entrepreneurs
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Major reasons to pursue an entrepreneurial way
of life, namely, to solve work issues, are shared
among both genders; such is the desire to avoid
low-paid occupations, to escape supervision, and
to gain the opportunity and flexibility to coordinate family life and other social responsibilities
with gaining income. The common ground
for these motivations has been increasing in
recent times with a trend toward more shared
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child-rearing practices and more joint responsibility for family life in modern societies. The
increase in educational qualifications, professional skills, and labor force participation of
women in general has promoted a reevaluation
of the traditional distribution of family roles.
However, while some women enter professional
self-employment for similar reasons of career
advancement as men, another group enters
nonprofessional self-employment primarily to
juggle family commitment and work hours.
A 2005 Eurostat survey of entrepreneurs in
15 EU countries finds that much more women
than men cite the ability to combine family life
and childcare responsibilities with work as a
motivation to start up their own business. Timebudget studies in developed countries show that
women do work fewer hours in business and do
more childcare and housework than men. In general, many women perceive their social and childnurturing obligations as very important, so it is
not a surprise that female entrepreneurs strongly
identify flexible work hours as their most important incentive toward independent businesses.
This is in contrast to male entrepreneurs who
identify self-determination and the sense of success and achievement as their main drivers to
enter entrepreneurship. Some studies suggest
that women are less motivated by growth and
profit than men and more by intrinsic goals such
as personal fulfillment, flexibility, and autonomy.
However, in the light of the aforementioned family obligations, at least the latter two goals can be
interpreted as extrinsic motivation rather than
intrinsic.
There is evidence showing a number of professional women shunning their corporate careers
in favor of entrepreneurship. The “glass ceiling,”
flexibility, independence, control, and family are
the most commonly cited reasons for why women
become entrepreneurs.
A recent Dutch study finds that on average,
women invest less time in business than men
(Verheul et al. 2009). This can be attributed to
both a lower preference for work time (driven by
risk aversion and availability of other income)
and a lower productivity per hour worked (due
to lower endowments of human, social, and
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financial capital). Many young, well-educated,
and financially well-off women choose parttime entrepreneurship today as the preferred
option to pursue a career and professional development combined with family life while having
young children. Sometimes, these women are
referred to as “mumpreneurs.” The necessity of
earning a living is not the major issue here, but it
is in most cases rather a lifestyle choice. Recent
studies confirm this trend of increasing rates of
married women with children in part-time entrepreneurship in their attempt to combine selfdevelopment and family life as a form of postfeminist entrepreneurship. The situation of parttime work might explain the lower success or
performance rate of female entrepreneurial ventures than average compared with their male
counterparts.
On the other hand, a number of studies point
to job transition or reentry into the workforce
following a layoff or voluntary leave as
a major motivation for self-employment.
The 2005 Eurostat Business Success Survey
conducted in 15 EU countries finds that a much
larger proportion of female than male respondents answer “to avoid unemployment” when
describing their motivation for starting their
own business. This supports the hypothesis that
women more than men are pushed into entrepreneurial activities by changing economic environments and resulting lack of household income.
Research into the psychological characteristics of female entrepreneurs has led to
a classification into three motivational types: the
need achiever entrepreneur, the pragmatic entrepreneur, and the managerial entrepreneur. Need
achievers have a high need for achievement, the
managerial entrepreneurs have high selfattributed need for power and influence scores,
and the pragmatic entrepreneurs are moderate on
both motivations of achievement and power. Perhaps, the female situation differs from male characteristics within this framework because women
seem to be less power hungry than men. Some
Canadian studies suggest that running a small and
stable business is the preferred modest practice
among female entrepreneurs but not among male
ones. Although, there is major support for
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a gendered somewhat general concept of entrepreneurship, recent empirical research sheds light
on a wide range of perceptions and a variety of
distinctions among female entrepreneurs.
Some studies argue that men and women perceive risk differently (Wagner 2007). However,
evidence that female entrepreneurs have in general less appetite for risk taking compared with
male entrepreneurs is inconclusive and sparse.
Preferred Industries and Environmental
and Societal Factors
Female and male entrepreneurs start and run business in different industries, develop different
products, and also have different goals. International studies in gendered entrepreneurship
which concentrate more on environmental
(macro) factors than on individual (micro) motivation stress that the chosen sector of activity is
important in explaining differences in male and
female entrepreneurship. Canadian studies find
that “type of business” is a significant factor
explaining gender differences among nascent
entrepreneurs (Menzies et al. 2006; Pare and
Therasme 2010). Moreover, women tend to be
less likely to operate in high technology sectors,
and they are much more predominant in the service sector (Verheul et al. 2006; Pare and
Therasme 2010). In the USA, 69 % of womenowned firms were in the service sector. Other
studies find that female entrepreneurs tend to
concentrate on consumer-oriented sectors (Allen
et al. 2008). However, there is also apparently
a recent tendency for female entrepreneurs to
move away from traditional female industries
into male industries like manufacturing. Nonetheless, the overall situation appears to be that
woman entrepreneurs still favor the service sector
and in particular industries which do not require
a high start-up capital. Therefore, female entrepreneurs are highly represented in areas such as
sales, retail, and specialized care and catering
services. This female industry concentration
may explain the aforementioned gendered characteristics of smaller scale, more intense competition, and lower average returns.
Female Entrepreneurship
Both male and female entrepreneurs choose
normally industries and businesses for start-ups
that are related to areas of former employment.
Drawing on previous work, experience reduces
the risk of failure and in most cases provides
entrepreneurs with access to valuable networks.
This practice, of course, reinforces the status quo
concerning the choice of industries. For example,
historically, there has been a concentration of
females in clerical and administration jobs
which normally require less-advanced qualifications but also restricted their potential income.
Fewer women than men study business and technical subjects. Moreover, men are more likely
than women to have had valuable previous work
and business experience in industry and in managerial roles. It might explain why female entrepreneurs selected traditional “female” industries
in the past and are still choosing them today,
although other sectors might be more profitable
and promising higher growth rates. The question,
“What are the main reasons for these choices:
societal pressure or traditional untested gender
perceptions and roles?” remains unanswered.
Research suggests that women are sometimes
more influenced by external factors like family
or community opinions than men. Societal norms
vary around the globe and so can the geographical variances of female entrepreneurship and the
difference in practices and performances.
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Finance and Other Barriers/Problems
for Female Entrepreneurs
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Some studies focus on particular barriers faced by
female entrepreneurs. Early research reports
major obstacles for female entrepreneurs as problems with finance and credit and property regulations as well as lack of business and financial
training. Today, these barriers seem to be more
pronounced in developing countries in Africa and
Asia and transition economies than in developed
countries. Studies about women in these areas
report more systematic difficulties with accessing
finance than those conducted in North and
South America and Europe. However, access to
sufficient start-up capital for new ventures in the
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poorer regions of the world might not be entirely
a gender issue; the reason for the capital shortage
might be also a general deficiency in supply.
Lack of education, lack of business experience, and lower financial literacy leading to
weaker loan applications and weaker credit rating
scores are the proposed factors to the diminished
equal opportunities of female entrepreneurs in the
literature. Moreover, most firms led by women
operate in the service sector. Since service sector
firms are often very small, require little start-up
funding, and tend to operate in volatile markets,
all these factors may explain the reluctance of
financial institutions to lend money. Evidence
suggests that discrimination against women has
diminished over the last 10 years and in many
cases completely disappeared. However, females
who perceive prejudice regardless if it is true or
not will experience intrinsic limitations and may
be less likely to ask for outside financing. This in
turn will have an impact on the future growth of
their businesses. Perceived discrimination can
thus become a self-fulfilling prophesy. Another
interesting obstacle has been identified as the
physical appearance of the borrower, the less
attractive and beautiful a female loan applicant
is, the less likely she is going to get a loan
approved.
The legal environment can also function as
a barrier toward female entrepreneurship. If the
legal framework discriminates against women as
to freedom of ownership rights or asset transfers
and adverse marital rules, this all can become
a serious impediment toward doing business successfully. Even if the law explicitly does not
require the husband’s or father’s signature to
receive a loan for a female entrepreneur, in
some countries, implicit social norms and differential treatment under the law can have similar
deterring effects.
Overall, women seem to require much less
funding and in particular lower loans to start up
their businesses. While it is not clear if this is
a result of institutional barriers concerning access
to finance for females or due to gender differences in motivation, it definitely influences their
choice of industry.
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Policy Implications
383
In general, the literature suggests that improvements in the business environment can help promote high growth of female entrepreneurship.
Women may have relatively less physical and
“reputational” collateral than men, which might
consecutively limit their access to finance. Therefore, public policies that circumvent the requirement of collateral and create alternatives to
secure a loan can promote low-interest loans
and small grants to females wishing to start up
a business and might thus bridge the gap between
genders. Assistance in terms of training programs
in business skills and financial literacy and effective consulting services might also help aspiring
female entrepreneurs. Interestingly, however,
research into existing support programs indicates
that there is no real gender difference. Male and
female entrepreneurs seem to be virtually identical in terms of their needs for assistance. Females
do not appear to need more assistance than males
nor do they appear to require different types of
assistance. The virtually identical ratings of service value among males and females also indicate
that both genders are equally satisfied with the
assistance received.
The strengthening of a legal framework unbiased toward gender and thus allowing females to
operate under the same conditions as males
would go a long way toward progress of female
entrepreneurs in some countries.
There are of course also societal measures
conducive to possibly improve the future development of female entrepreneurs. Some of these
more general recommendations call for women to
be encouraged to study fields other than liberal
arts. Women need access to seminars on finance,
management, marketing, etc. And finally, it is
recommended that women seek assistance from
experts, colleagues, and friends to establish formal and informal networks. Experienced female
business owners emphasize that in order to further develop women’s role in business, stereotypes concerning women as entrepreneurs
need to be eliminated through public awareness
workshops and more visible role models and that
mentors for younger women are needed.
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A Role Model from the Past
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While Coco Chanel was arguably the most
famous French self-made woman of the twentieth
century, “Veuve” Barbe-Nicole Clicquot was
certainly the most impressive female French
entrepreneur of the nineteenth century (Mazzeo
2008). Widowed in her late twenties, in the middle of the Napoleonic Wars, without formal training and no experience, she had to take over
a small struggling family vineyard from her husband and turned it into probably the most important champagne house of the nineteenth century.
Madame Clicquot led the wine brokerage through
several failed attempts to expand sales of her
champagne to Britain and other parts of Europe
and created an amazing vintage in 1811. Not only
did she manage to protect this treasure in her
cellars from looting by Russian occupying troops
in her hometown Reims, but she also used the
chance to introduce Russian officers to her
sweeter, fortified champagne. As soon as the
opportunity arose to export French wine to Russia
in 1815, she seized it and shipped and sold her
magic 1811 vintage ahead of all other competing
vineyards with great success in St. Petersburg and
Moscow. Because of this success, she is credited
today for “internationalizing the champagne market” and “establishing brand identification.”
Moreover, Madame Clicquot invented and developed a process called in French remuage sur
pupitre which is an efficient system of clearing
champagne of the yeasty debris trapped in the
bottle after secondary fermentation to create the
bubbles. Even today, this procedure is indispensable to reduce wasting wine and does significantly increase the output of wine in numbers of
bottles. Keeping it an industrial secret, this
method helped her in gaining competitive advantage over her competitors for 20 years.
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An Exemplary Case in the Present
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In some instances, female founders of companies
employ exclusively women to gain competitive
advantage. The Japanese company Digimom presents an example for this. The motivation for such
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Female Entrepreneurship
a practice was to tap into the underutilized female
workforce in Japan. As the authors researching
Digimom point out, one of the four most important success factors for the company is the right
choice of industry (Futagami and Helms 2009),
which is linked to an exclusively female workforce. The advantage is that Digimom’s provision
of IT services allows for flexible work from
home. Such an option is much harder to offer in
sectors other than the computer service industry.
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Conclusion and Future Directions
484
It is interesting to note that women entrepreneurship is not a recent phenomenon, let us say, of the
last century. In fact, the “champagner” story indicates that successful businesswomen can be
found throughout history. The beginning of mainstream research into start-up ventures, clearly,
centered on the entrepreneurial (in particular
male) behavior traits. It was sought to understand
what kind of prerequisites and characteristics the
individuals had to have for entrepreneurial high
achievement. Thus, classical entrepreneurial
research produced evidence that featured decisiveness, aggressiveness, business acumen, and
risk-taking behavior. The success in business, of
course, was “male” and measured mainly through
quantitative outputs and “hard” facts. During the
last 20 years, research on female entrepreneurship developed, which questioned the necessity
of male attributes for the female entrepreneur;
thus, this new research branch moved away
from the mainstream model of entrepreneurs to
explore entrepreneurship with a gendered focus.
It seems now widely accepted that female entrepreneurs are often different from their male counterparts. Women choose different industries and
products than men and, in many cases, have different motivations and goals. Discrimination and
differences in social roles might not be the only
factors influencing these choices; females
might have also a different attitude toward
resources and the sustainable use of them.
Current research into gendered entrepreneurship
in developing economies, in particular, pertains
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to microfinance/microenterprise development
and supports this notion.
What Should Be the Target of Future
Research?
The developing field of gendered entrepreneurship needs a stronger theoretical base in
order to mature. Integrative theoretical frameworks would provide better a base for scientific
discussions. Currently, there is plenty of interesting empirical work, case studies, and other
qualitative enquiries, such as narrative and
interpretivist studies, being done, which
increases our understanding of the issues and
motivations of female entrepreneurs. However,
a useful theoretical structure to integrate what
we know so far is missing.
On the other hand, entrepreneurship scholars
could explore more opportunities for interdisciplinarity in their work. Much is to be gained from
inputs from other academic fields such as social
sciences, gender and diversity, psychology, management, leadership, international business,
international strategy, and so forth. Thus,
multidisciplinary collaboration on female entrepreneurship should be pursued more often.
As the field matures, we might move away
from looking mainly at negative aspects, the disadvantages, and barriers to female entrepreneurs
in comparison to their male counterparts. It might
pay to concentrate on the strong positive features
of women entrepreneurs for future research.
In conclusion, future research should focus on
the internationalization of female entrepreneurship, especially beyond the mainstream AngloSaxon context. The time is ripe for abandoning
the rather ethnocentric stance that industrialized
countries provide all the answers to successful
(female) entrepreneurship. In order to achieve
more sustainability and real action to tackle
global poverty, research into female ethnic entrepreneurship might provide solutions. Many
women entrepreneurs in developing economies
are able to create successful ventures, albeit
sometimes very modest ones, with little start-up
capital and outside official financing. This fact
should actually be celebrated as strength. Female
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entrepreneurs are obviously innovative and
resourceful. And as resources diminish globally,
the female entrepreneurial model might become
extremely valuable in future.
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Cross-References
568
▶ Entrepreneurial Capability and Leadership
▶ Entrepreneurship and Social Inclusion
▶ Policies to Promote Entrepreneurship
▶ Psychological Aspects of Entrepreneurial
Dynamics
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References
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Allen IE, Elam A, Langowitz N, Dean M. Global
Entrepreneurship Monitor (GEM) global 2007 report
on women and entrepreneurship. Boston: Babson
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