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Women’s entrepreneurial activities in the developed world have increased dramatically over the years. The International Organization for Economic Co-operation and Development (OECD, 2014), as an independent body, seeks global participation to engage the presence of women in business. Reports published by this organization show that empowering women in business and closing gender gaps will extend more benefit the country’s economic growth (ILO 2016).
Correspondingly, the World Bank Group (WBG, 2017) reported a reviewed article and critically evaluated existing evidence on the diversity in the performance of women entrepreneurs.
female-run businesses are different
extracted evaluated data were from differences in the performance of male and female entrepreneurs. This evaluation showed that women entrepreneurs are more prone to make non-financial profits than men, while men are more interested in economic benefits.
Women tend to look for more non-commercial outcomes than economic benefits.
Likewise, other studies focusing on the characteristics of women businesses show that these types of businesses have poorer economic performance; women tend to run smaller companies, are less profitable, grow more slowly and have higher closure rates. In this type of business, fewer external financial resources are used. Retail, hospitality and caring are mainly jobs that women are more willing to invest in, and this feature can lead to differences in the economic outcomes of females and males. These sectors are busier and register lower profits and less male-dominated sectors. Hence, in addition to focusing on the economic characteristics of female trend occupations, it is essential to understand why women are likely to choose these sectors.
From a psychological sense, women and men also differ in their definition of success concept. While men describe achieving success goals in terms of higher profits, for women, success means more, controlling over their own destinies, building ongoing relationships with customers, doing something fulfilling, or achieving a better work-life balance.
In fact, the standard of success for women includes empowerment or supply to knowledge through which they can gain power and status in the household, market, and community(Llie et al., 2021).
Whereas current entrepreneurship education is generally focused more on the welfare economic outcomes, entrepreneurship for women predominantly expand a comprehensive picture of the balance between welfare economic the non-economic well-being outcomes
Undoubtedly, the influential women role in the family and more extensive society drives female entrepreneurs to include more important priorities than purely financial results. In addition, the decisions women make about non-economic outcomes may initially be related to their choices about economic consequences, which is often policymakers’ primary focus.