SOCIO-ECONOMIC CHALLENGES HINDERING WOMEN ENTREPRENEURS’ BUSINESS SUSTAINABILITY IN GAUTENG PROVINCE
Background and objective: This study explored the socio-economic challenges women entrepreneurs face in the Gauteng province of South Africa. It further examines the specific challenges these women encounter in running their businesses. Study design: A qualitative research approach was employed a...
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| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
Gdańsk University of Technology
2024-12-01
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| Series: | Research on Enterprise in Modern Economy Theory and Practice |
| Subjects: | |
| Online Access: | https://journal.mostwiedzy.pl/reme/article/view/3166 |
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| Summary: | Background and objective: This study explored the socio-economic challenges women entrepreneurs face in the Gauteng province of South Africa. It further examines the specific challenges these women encounter in running their businesses.
Study design: A qualitative research approach was employed and draws insights from indepth interviews with forty (40) women entrepreneurs operating in various sectors of the Gauteng SMME sector. The study used semi-structured interviews to collect data from the participants. Through these interviews, participants shared their experiences, perspectives and challenges hindering their business success in the region. The data was analysed manually using a thematic analytical technique.
Results: The findings identified several key challenges faced by women entrepreneurs. These were: (i) psychological issues, (ii) managerial issues, (iii) economic issues, (iv) sociocultural issues and (v) policy issues. These challenges are often exacerbated by gender-related disparities, which have substantial implications for business sustainability and growth potential. In addition to identifying these challenges, the study explores their impacts on business sustainability, which include the inability to achieve success, limited expansion, reduced confidence, a lack of strategic planning, and closure of the business, among others.
Practical implications: Through the lens of social capital theory, it becomes evident that financial support, access to mentorship, and networking opportunities are vital components needed by women entrepreneurs to achieve business sustainability in Gauteng.
Conclusion and summary: This study concludes that the facilitation of gender-inclusive policies, mentorship programmes, and financial support structures is essential in nurturing a business ecosystem conducive for the success of women entrepreneurs.
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| ISSN: | 2084-6495 |