Exploring The Role of Socio, Cultural, And Economic Factors in Promoting Women Entrepreneurship: A Systematic Literature Review

Abstract

Entrepreneurship is an essential factor in the development of the economy, innovation, and employment opportunities, with women entrepreneurs being a driving force in these areas. Nevertheless, women experience socio-cultural and economic barriers that affect their entrepreneurial performance, especially in areas such as the National Capital Region. This systematic literature review aims at identifying the different socio-cultural and economic factors that affect women entrepreneurship with reference to the National Capital Region. It identifies some of the challenges that women face such as cultural and social barriers, lack of capital among other factors that hinders their chances of becoming entrepreneurs. The review shows that cultural factors like family over business and gender roles that limit women’s leadership are the main barriers to success. Also, the economic challenges such as lack of capital and financial enfranchisement are revealed to limit the growth and viability of women’s businesses. However, the women entrepreneurs continue to be motivated by the desire to be financially independent and make a difference in society. The review also notes that there is a lack of research on how these factors affect the outcomes differently in rural and urban settings. Thus, it is even more important to investigate the possibilities of strengthening support networks, be it formal, and how digital platforms can help in coping resource deficiencies. It also stresses the importance of policy solutions to address gendered obstacles, promote women’s access to finance, and encourage women entrepreneurship.