Unveiling the untapped potential: a comprehensive review of performance in women-owned firms

As per the recent Global Entrepreneurship Monitor report 2023, women comprise one in three entrepreneurs operating a well-established venture. Women make up nearly half the population across the globe, yet the percentage share of women in venture creation is less than 50 per cent. This study intended to conduct a systematic literature review and applied filter criteria by utilizing the keywords “women entrepreneurs” and “performance.” Literature published in A*-, A-, and B-listed journals under the ABDC journal ranking and falling under Quartile 1 of Scopus were selected for further investigation. The findings of the study reveal that social forces, cultural forces, and psychological capital impact the performance of women entrepreneurs. Innovativeness, private investment, and leadership roles are gendered stereotypes that impact women-owned firms’ performance. Policymakers and industries must reconsider the varied facets that women may possess and need to support them to unveil the potential of women entrepreneurs. The research highlights the unexplored aspects of the entrepreneurial ecosystem to create a more dynamic, inclusive, and sustainable ecosystem that enables female entrepreneurs to succeed as business owners and improve performance in an ecosystem where male entrepreneurs prominently dominate. The authors also propose a conceptual framework that could enhance the performance of women entrepreneurs and women-owned businesses and an up-to-date and thorough overview of the factors affecting their success.