Factors affecting success of women entrepreneurs in western province Sri Lanka

Abstract

Entrepreneurship has traditionally been male-dominated, but women's interest in business is growing in Sri Lanka, though their success remains marginal, raising questions about the factors that influence their business and entrepreneurial success. The study aims to provide insight into the success factors of women entrepreneurs in Sri Lanka. Several studies on the factors influencing entrepreneur success have been conducted, with fewer studies on the factors influencing the success of women entrepreneurs in Sri Lanka. Hence, experts are conducting studies to determine these factors. This study focuses on the significance of three specific variables in contributing to the success of women entrepreneurs: behavioural, cultural, and technological. A survey technique was utilized with data from 375 women entrepreneurs in Western Province to develop a thorough profile, using the convenience sampling method to determine the sample size. This study employed quantitative methods to generate empirical results and substantiations, addressing the research questions. The gathered data were subjected to correlation analysis and descriptive statistics using SPSS. According to the results, all independent variables have a positive correlation with the dependent variable. In contrast, technological elements have a weak positive association with the success of women entrepreneurs. Behavioral and cultural factors have a significant and positive relationship with the success of women entrepreneurs. The study's conclusions benefit academics and decision-makers in both public and private sectors who desire to pursue careers as female entrepreneurs to overcome challenges and progress.