TITLE:
Examining the Factors that Affect Business Success of Women Owned Small and Medium Enterprises in Lusaka
AUTHORS:
Alice Mwale, Jackson Phiri
KEYWORDS:
Women, Entrepreneurship, Business Success, Women’s Empowerment Framework
JOURNAL NAME:
Open Journal of Business and Management,
Vol.10 No.4,
June
29,
2022
ABSTRACT: This
study was conducted to examine the factors that affect business success of
women owned Small and Medium Enterprises (SMEs) in Lusaka. The study made use
of a primary data research approach through the use of quantitative and
qualitative data that was collected using a structured questionnaire. The study
focused on how three key factors identified from literature review impact
business success for women in entrepreneurship. These three factors were 1) access/control
over financial resources; 2) family responsibilities and their impact on business success; and 3) the
impact of lack of management and technical knowledge on business success. This
study made use of descriptive frequency analysis, factor analysis and
regression analysis to effectively tackle the subject matter. The study also
conducted a reliability test for the variable constructs used in the
questionnaire to ensure internal consistency. The results of the study through
regression analysis show that of the three factors mentioned above, family
responsibility is the major factor that impacts business success for women in
entrepreneurship. Factor analysis provides further understanding in those women
in entrepreneurship that family responsibility dose hinder
their success, but family responsibility does highlight that it offers
challenges for women in business. The study outlines that this is because women
have developed coping mechanisms to navigate and find the work- family
balance. Other factors that were found to adversely impact women
entrepreneurship included the lack of a conducive business environment for
women, high interest rates and limited access to finance. This study therefore
recommends the need to continue to advocate and distinguish between gender-sex
roles as this has been discovered to be a contributor to the challenges faced. Furthermore, the study also recommends that
there should be increased financial inclusion (e.g. via bank loans, etc)
for women in the community and that there should be deliberate steps to have
women focused initiatives and financial products which promote the use of
financial services by women in entrepreneurship.