INTRODUCTION

In the current world, today, an outstanding fast rising business venture stands out clearly – entrepreneurship. According to Barkavi, (2015), entrepreneurs are key drivers of economic growth, since they form the backbone of any expanding economy. Governments believe that entrepreneurship will also create jobs for many, hence raising their living standards of the many individuals (Barkavi, 2015). For states to increase growth, they must play a role in it through ample support of entrepreneurship as a weapon of economic change among their citizens (Naude, 2011).

Despite the praise of how enterprises contribute to the economic spurt in the globe, there is still the challenge of failure among many promising entrepreneurs (Singh, 2008). Singh, (2008) argues that a lot many of the entrepreneurs in the modern world fail in achieving their goals out of being over-confident. It is not a fault for a business person to become confident. However, too much of it or too little can be a grave concern: Furr, (2012) calls it setting their trap. Contrary to this profound conclusion, a study by Hayward, Shepherd, & Griffin, (2006) hypothesizes that in some instances overconfidence has helped enhance entrepreneur’s self-efficacy by enabling them to get a good feeling of starting and achieving what they could not have otherwise. Other studies indicate that confidence levels are quite low among women in business. Specifically, the most recent Global Entrepreneurship Monitor postulates that globally most women have shown decreased levels of confidence (The White House Washington, DC), 2014). The women entrepreneurs also have inadequate preparedness in their ability to succeed as entrepreneurs. In any business, gender, is an issue that requires thoughtful insight.

According to Brush, (2012) dominance by men is seen in almost all settings of business activity, but research shows that self-employment can turn a new leaf for women, especially those that face discrimination at their workplaces for example in Singapore and Thailand were the women dominate the business industry. Going out of the corporate world, for women, to become entrepreneurs, is a safe way out of a man dominated society, however, still, they are faced with challenges including poor education, commitment to families, and also workplace pressures (Kalleberg & Leicht, 1991). As a result of such issues causing a stagnating entrepreneurial vision, it is important to take a different approach in trying to find reasons why some women entrepreneurs are more successful than others are not and also understanding factors that may influence entrepreneurial success.

Several studies have been conducted regarding opportunity recognition in the business industry. They claim that before venturing into entrepreneurship, a key process must be done: Opportunity identification (Michael et al., 2009).  Research carried out by Hansen, Shrader, and Monllor, (2011), postulates that an opportunity must be recognized, identified, or created. Additionally, the study explains that among women, opportunity recognition is influenced by two factors self-perceptions and personal ambitions (Baron et al., 2001). Firstly, Self-perception is a key player in enabling women to enter entrepreneurship. Intentions to begin their business is linked to how one perceives the market environment, support from the society, and own abilities. According to Bruin, Brush, and Welter, (2007), women face much pressure from the environment in which the personal business takes place. An example is, if a society typically defines women via the roles connected to family and household responsibilities, they would not find it easier to elevate their desires as female entrepreneurs, therefore, lowering the level of opportunity recognition for themselves (Murthy, 2010). Eventually, the extent of women entrepreneurship is also influenced. Secondly, personal ambitions, enable women to identify and choose among various business opportunities. Therefore, conclusively, gender is a factor in determining entrepreneurial “alertness” because of the underlying assumption regarding rational behavior (Sharma, n.d.)

This study will be conducted to establish the association existing between women internal stimuli, opportunity identification and entrepreneurial success. Various studies only indicate external factors including environmental, demand from customers, possible competitors, advancements in technology, novel regulations in the market, socio-economic, social networks, prior occupational and business experience, and societal traditions that affect women entrepreneurial success (Huarng, Mas-Tur, and Yu, 2012). This begs for more understanding of the internal factors that could also be playing a role in influencing women’s

entrepreneurial behavior.

LITERATURE REVIEW

Opportunity Recognition

Baron, (2004), indicated that recognizing an opportunity to prosper in the business industry is a stepping stone to entrepreneurial progress. This role as explained by Baron is also supported by Eckhardt & Shane, (2003), who postulate that opportunities form an integrate part of the entrepreneurial process. In his study, Baron (2004) hypothesized that several definitions had been put forth regarding opportunity identification.The same survey indicates these definitions were inclined towards three characteristics which included a potential opportunity to generate profits, new products or service, or technology, and perceived desirability including the moral and legal acceptability of the new service, product or technology. In this paper, opportunity recognition involves an understood process which includes generation of economic value (e.g., profit), which has not been previously exploited and is also not being utilized currently. With such a definition, Gaglio, (2004) deduced that identifying opportunity is a cognitive process (processes) via which individuals come to a conclusion that they have identified a chance to grow economically.

Due to the perceived gains that are accompanied with identifying a business opportunity, the process becomes a critical research concern in entrepreneurial studies. Some studies claim the best word to use is the identification and not recognition. The difference comes in because recognition means that out there is an opportunity and it is the entrepreneur’s responsibility to go out there and grab it whereas identification is more of an inclusive term which includes opportunities which are already there and those that have been created by the entrepreneurs themselves. All in all, they have the same objective, going for the entrepreneurial opportunity in the business industry (DeTienne and Chandler, 2007).

Successful marketing also depends on recognition of business opportunity. Both women and men are all exposed to similar opportunities in the market (Ardichvili, Cardozo, and Ray, 2003). The sources of opportunity come as result of analysis of the marketplace. One factor that affects the realization of such sources is knowledge which shall enable individuals or firms to understand whatever happens within their immediate business surroundings or market (Baron, 2006). Knowledge is a factor which is unique to an entrepreneur. Additionally, other factors that are deemed to affect the opportunity recognition process include experience, social networks, cognitive and behavioral factors (Dellabarca, 2002). An opportunity is not completely counted as one if the following conditions are not met: the appropriate opportunity has to be identified as one and also sufficient resources must be available to enable the possibility of grasping the opportunity (Hulbert, Brown and Adams, 1997).

Identification of an entrepreneurial opportunity has been indicated to be a fundamental entrepreneurial behavior. According to Gaglio and Katz, (2001), entrepreneurial alertness, is a unique set of skills involving perceived processing of information which has been identified as an intellectual engine driving the identification of opportunity. Findings from a study by Singh et al., (1999) indicate that the number of business opportunities identified is primarily based on individual perceptions. In the current world, today, going for an opportunity in the business industry involves both men and women. Contrary to ambitions of men in entrepreneurship, women have also been found to have an interest in the same business industry hence confirming that gender has substantial effects on entrepreneurial self-efficacy and intentions (Wilson, Kickul, and Marlino, 2007).

Proposition 1a: When adequate information about the market is obtained, recognition of opportunities will be made simple.

Proposition 1b: when little or no information about the market is obtained, recognition of business opportunities will be low.

Proposition 1c: When there is adequate opportunity recognition in the business industry, entrepreneurial success is positive.

Proposition 1d: When opportunity recognition is low in the business industry, entrepreneurial success is stalled.

Women Stimuli to Do Business

Women entrepreneurship has been identified as a complex phenomenon (Lisowska, 2011). Inherent characteristics of women are significant determinants of entrepreneurial progress. Firstly, it is postulated that entrepreneurial self-efficacy or self-confidence have an impact on the behavior of women towards pursuing a business career (Drnovšek, Wincent, and Cardon, 2010). Self-efficacy largely determines the level of interest towards women entrepreneurship. A woman’s perception that she has the ability or skills to succeed in life as an entrepreneur also plays a key role in this same career path. However, it is also indicated that despite the zeal women have in achieving something in the business world like men do (Birley, S., Moss, C., & Saunders, P., 1987). Still, a greater proportion of these women, shun entrepreneurial endeavors because they think they do not qualify to venture into such industries. The participation rate of women in self-employment, especially in business, can be improved through the interplay of self-efficacy, gender, and intentions geared toward entrepreneurship. Women must have conscious goals from within if they are willing to fulfill the one desire of becoming entrepreneurs (Wilson, Kickul, and Marlino, 2007).

An article in the European Social Fund’s “Innovations” series: “strengthening women’s entrepreneurship” explains that, for any successful entrepreneurs, inclusive of women, they are required to take initiatives, be visionary and ambitious to grasp business opportunities out there. The so-called entrepreneurial attitude is a key determinant at this juncture especially the case when women were not given opportunities to their previous jobs to generate business and customers for themselves (Flynn, n.d.). Another factor affecting women especially in identifying business opportunities is self-alertness (Gaglio, 2004).  The belief that one can be alert, according to the findings of a study conducted by Singh et al., (1999) has been related strongly to increased new venture opportunities and ideas. Additionally, it is indicated in a study conducted by Busenitz, (1996) that, individuals who are aggressive usually have the higher alertness to impending business opportunities, and this is a habit they develop frequently. Such an incidence also occurs in women who are keen and observant of the market to try and find an opportunity to become entrepreneurs are said to succeed well in their endeavors (Cromie, S. 1994)

Proposition 2a: When there is a higher entrepreneurial self-efficacy, there will be positive attitude towards opportunity recognition in the business industry

Proposition 2b: When there is a lower entrepreneurial self-efficacy, there will be little or no interests in entrepreneurial pursuits in the business industry.

Women Entrepreneurial Success

Burch, (2013), believes that introducing women into business can raise the economic standards. Contrary to men entrepreneur’s goals, women view the world differently and hence conduct their entrepreneurial activities differently. Examples of such women in business and have made a fortune out their hard work include Oprah Winfrey and Estee Lauder who has a beauty empire. There are, according to statistics by the Global Entrepreneurship Monitor, 126 million women entrepreneurs.

In the current world, today, entrepreneurship is becoming women’s source of employment (Kuratko, D. F. 2007). Despite such a great achievement, there is a relatively low level of entrepreneurial activity in women than in men. The importance of women has been recognized worldwide, for their contribution to a country’s economy, (Stengel, 2016). They promote the economic levels of a nation. However, understanding the kind of factors that adversely influence their business activities is significant and also removing them is also another important part of their achievement (Winn, J. 2005). What factors affect the desires of women in undertaking business as a form of self-employment? (Langowitz and Minniti, 2007). The following barriers below according to Brindley, (2005) affect women from achieving their entrepreneurial potential:

1. Social factors

Different entrepreneur’s propensity for low or high levels of risk significantly determines an individual’s entry into the new business, (Brockhaus Sr., 1980). Even in organizations, when entrepreneurs and their managers are compared in regards to risk propensity, the entrepreneurs emerge as individuals having high-risk propensity than do managers (Stewart Jr. & Roth, (2001). However, in the modern world, research indicates that majority of the persons specifically, women fear taking risks in the business community due to lack of power and influence of some of these women. Different entrepreneur’s propensity for low or high levels of risk is substantially determined an individual’s entry into the new business, (Brockhaus Sr., 1980).  Brindley, (2005) argues through different studies used in his study that differences in perceptions come about because of the socio-political affiliations of these women (Langowitz and Minniti, 2007). Most of the primary support a woman can have come from the family and close friends. This will not expose them to business opportunities out there. When women do not rely on secondary parties, the risk is minimized hence a possibility of stagnating in the market is imminent.

1. Financial factors

According to Brush, (1992), investing capital in an unknown business is a great challenge for women. Women as compared to men, have a small monetary risk taking motive. Lending organizations like banks also perceive women as less entrepreneurial than men (Orser, B. J., Riding, A. L., & Manley, K. 2006). Women also face a huge setback of insufficient or no capital to start up their SME’s. The difference between men and women is based on enterprise location and opportunities (Brush, 1992).

Despite a low population of women entering into business, there has been still a gradual increase in entrepreneurial activity by them (McClelland et al., 2005). According to Brush, (1992), an increase in the number of women entrepreneurs was observed. Despite an increase in the numbers of women doing self-businesses, there are few research studies on women owning businesses, and also comparisons between the working group and the unemployed and or comparing them to men. Brush, (1992) continues to explain that a woman’s business is at the core of everything that surrounds her; from family responsibilities, community affiliations, and even the company itself. The success of a woman’s business is inclined towards various factors beginning with their goals of business activities to characteristics of their businesses, reasons for business startup, timing and situations, educational background, work experience and business skills (Verheul, I., & Thurik, R. 2001). She does not view her business as an economic entity but rather a “cooperative network of relationships. For the entrepreneurial activity to succeed, she has to integrate it into her family rather than separate it (Brush, 1992).

According to Abd Rani & Hashim, (2015) entrepreneurial success in women can be determined through three faces including economic dimension, non-financial dimensions and a combination of both (financial and non-financial). Women’s businesses are smaller and characterized by lower revenue collection (Brush, C. G. 1992) Therefore; it is much easier to measure their non-financial aspect that financial. This is a non-biased measurement. From this assessment, much attention has been directed to the relationship between the family responsibilities and work, but only a few studies have been conducted on this matter. This study was done in Malaysian women entrepreneurs, and the following factors were discovered to influence women entrepreneurial success.

1. Entrepreneurial characteristics

The psychological characteristics of women will determine how successful business will end up. It is indicated that more research should be done to achieve a deeper understanding of their behavior. The entrepreneurial traits have been highly regarded because they must be adopted for the success of business. The study by Abd Rani & Hashim, (2015) showed that the psychological traits are: self-efficacy and confidence, need for achievement, risk taking, and creativity (Sexton et al.,1990).

1. Work experience

 If an individual has previous experience concerning the business industry, they are in a better position to compete and shine (Schiller, B. R., & Crewson, P. E. 1997). They become an asset to a company. A company shall utilize these skills. The persons with such capabilities are taken to be operating profit to the firm. When estimations regarding the success of women’s business are made, the experience is a significant determinant. Studies indicate that the reason as to men shine in entrepreneurship in the current world is because the majority of them have past experiences regarding business. Before a woman thinks of beginning her venture, she should seek information and expertise (Abd Rani & Hashim, 2015)

1. Training

Adequate and informative training to female entrepreneurs enhances their skills in business (Buttner, E. H., & Moore, D. P. 1997). Training equips them with skills to develop market plans as well as financial and trade plans. The population of women who are undergoing training and those that have undergone the training is so small therefore posing difficulties in beginning their own self-help business. Studies show that women who have not had any training end up having low performance. Training is essential for it provides the entrepreneur with skills that will enable her to do market research before setting up a business (Abd Rani & Hashim, 2015)

Proposition 3a: When there is adequate training of women entrepreneurs they will acquire sufficient skills, hence there will be an increased entrepreneurial success because of higher performance.

Proposition 3b: When there is no training of women entrepreneurs, there will be little or poor entrepreneurial success due to lower performance.

Proposition 3c: When there is a significant monetary risk taking motive in women, they will invest more in the unknown entrepreneurial opportunity, therefore increasing entrepreneurial success.

Proposition 3d: When there is a small or no financial risk taking motive by women, less will be invested in the unknown entrepreneurial opportunity, therefore hindering entrepreneurial success among them.

Proposition 3e: When women have experience in the business industry, the skills they acquire during that time will lead to a positive impact on the success of their businesses.

Women Internal Stimuli, Opportunity Recognition, Women Entrepreneurial Success

Conclusively, the theoretical framework in this study shows that women internal stimuli, recognition of opposition, and women entrepreneurial have a significant relationship whereby one factor affects the other in a much suitable manner. Baron, (2004), recognizes opportunity recognition is the only way to find a business that will provide the necessary returns. The potential of generating profit, the newness of products and services, and perceived desirability are the three characteristics that will motivate identification of a chance in owning a business.

The internal environment of a woman will contribute a lot to her behavior towards achieving entrepreneurial progress (Carsrud et al., 2009). Such characteristics include self-efficacy or confidence. It is postulated by Wilson, Kickul, and Marlino, (2007), that an interplay amongst self-efficacy, gender, and intentions will enable one fulfill the desire of becoming an own boss in business. When the right opportunity is identified, and women stimuli improved, then the success of women entrepreneurship venture shall also become a success, and the converse is true (Casson et al., 2008). Women’s entrepreneurial success depends on many factors (Alam et al., 2011). They include the following: Training, previous work experience and the entrepreneurial characteristics of the women. These three factors form a significant force depended on by entrepreneurs. Finally, all these three factors – women internal stimuli, recognition of opportunity and entrepreneurial success are interconnected, and when one parameter fails, the other follows suit.

Proposition 4a: When women adopt the habit of seeking information about the business industry, opportunity recognition will be facilitated therefore initiating the entrepreneurial process.

Proposition 4b: When the right business opportunity has been identified, an improvement in internal stimuli like self-efficacy and self-confidence, will lead to the success of women entrepreneurship.

(Pending work)

Research Model

Discussion

Conclusion and More References

 

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