Factors Contributing To Women’S Venture Success In Developing Countries: An Exploratory Analysis

Although the body of literature on female entrepreneurs is relatively small when compared to that of men; the majority of articles that have focused on female entrepreneurs and issues surrounding them center on women in developed countries. Few studies place emphasis on female entrepreneurs in developing countries. Guided by the resource-based view of human and social capital, the article explores the relationship among individual and entrepreneurial factors, institutional factors and women’s venture success in developing countries. Hypotheses are tested with a sample of 350 female entrepreneurs using individual and country level data from the Global Entrepreneurship Monitor (GEM) database and the Heritage Foundation’s Index of Economic Freedom. Female entrepreneurs were chosen from six developing countries: Argentina, Brazil, Hungary, India, Mexico and South Africa. Results indicate certain factors (i.e. household income, knowing an entrepreneur, and country of origin) play a role in venture success for female entrepreneurs in developing countries. Secondary analyses demonstrated that the developing country’s economic freedom, cultural norms, financial support and government supportiveness may also impact women’s venture success.