A literature review on individual factors affecting the business performance of women entrepreneurs in Sri Lanka

Abstract

Entrepreneurship is considered as a critical factor for the economy of any country, as well as the engine of economic growth, since it leads to generate income locally or internationally and ultimately facilitates economic progression. It emphasizes not only the generating of income but also increasing living standards of the people and accelerating production, etc. Women Entrepreneurship has attracted the attention of the scholars, as being one of the crucial factors of economic growth of a country. Sri Lanka needs to pay high consideration on women entrepreneurship since more than half of the total population of the country consists of women. Women entrepreneurship generates new job opportunities to the society and influences the providing of innovative management solutions to the business world. Even though women entrepreneurship can be identified as having a large number of benefits and advantages, still there are barriers and challenges for women when they stand as entrepreneurs. The study is carried out as a literature review with the main objective of identifying the individual factors affecting the business performance of women entrepreneurs in Sri Lanka. According to the study, a large variety of individual factors such as human capital, social learning, financial capability, network affiliation, motivation goals etc. can be identified. The results of the analysis will be useful in implementing practical implications specially to women entrepreneurs, Small and Medium Enterprises, government institutions and regulatory bodies etc. by empowering women to engage with more entrepreneurial activities while overcoming their barriers successfully. With this insight, Sri Lanka is paving a new pathway towards a new growth era through the boosting of women entrepreneurship by ensuring to strengthen the role that women play in the economy.