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WOMEN ENTREPRENEURIAL LEADERS AS HARBINGERS
OF ECONOMIC GROWTH: EVIDENCES FROM AN EMERGING
MARKET OF SOUTH ASIA
Jawaid A. Qureshi
Shaheed Zulkar Ali Bhutto Institute of Science & Technology (SZABIST), (Pakistan).
E-mail: jawaid.qureshi@szabist.edu.pk ORCID: https://orcid.org/0000-0001-6380-5402
Salman Bashir Memon
Shaheed Benazir Bhutto University, Shaheed Benazirabad, (Pakistan).
E-mail: salman.bashir@sbbusba.edu.pk ORCID: https://orcid.org/0000-0002-4533-4923
Claire Seaman
Queen Margaret University, Edinburg, Scotland, (United Kingdom).
E-mail: CSeaman@qmu.ac.uk ORCID: https://orcid.org/0000-0003-4818-5051
Recepción:
15/06/2021
Aceptación:
02/07/2021
Publicación:
24/08/2021
Citación sugerida:
Qureshi, J. A., Memon, S. B., y Seaman, C. (2021). Women entrepreneurial leaders as harbingers of economic growth:
evidences from an emerging market of South Asia. 3C Empresa. Investigación y pensamiento crítico, 10(3), 137-169. https://
doi.org/10.17993/3cemp.2021.100347.137-169
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ABSTRACT
Global economy is driven by entrepreneurs operating micro, small, medium, and large-scale enterprises
(M-SMLEs). This probe integrates three distinct domains, entrepreneurship, leadership, and gender,
particularly women. In a previous study, one of the co-authors investigated such phenomenon that
comprised motivations and pre-and-post venture challenges for women entrepreneurial leaders and
devised a conceptual framework. This inquiry applies quantitative methods to empirically test and validate
such framework, and contribute towards pertinent theoretical underpinning. It avails post-positivism
philosophy, deductive approach, and survey method. Data was garnered from women entrepreneurial
leaders of Pakistan – a growing emerging market of South Asia. The sample size includes 308 samples
(comprising micro, small, and medium-scale enterprises (M-SMEs), 100+ participants from each
category. The capabilities, circumstances, and behavior of M-SMEs dier than those of such leaders
from large-scale enterprises; therefore, they were ignored purposefully. Structural Equation Modeling
(SEM) technique was availed for data analysis. Canons of reliability, validity, and triangulation assisted
toward robust results. The ndings reveal that motivation to become entrepreneur and need of situation
appeared the most signicant predictors for starting and leading a venture by women. In challenges
before the start of business (discouragement from family and gender stereotypes, nancial challenges,
lack of entrepreneurial knowledge, and lack of access to market and workplace [in a male-dominated
society]) appeared signicant predictors in order. And in challenges after the start of business (lack of
market research, lack of nance and sustainability, harassment from men, and gender stereotypes from
employees) respectively appeared signicant predictors of women entrepreneurial leadership.
KEYWORDS
Entrepreneurship, Female Leadership, Motivation and Challenges, Gender Diversity, Micro, Small, and
Medium Enterprises (M-SMEs).
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1. INTRODUCTION
Entrepreneurship has become a vast and the most salient discipline having nexus with economics,
marketing, strategy, overall management science, sociology, psychology, and so on (Hisrich, Peters, &
Shepherd, 2012). Management scientists have explored entrepreneurs from myriad dimensions by
merging it with distinct disciplines, which have substantially contributed to entrepreneurship theory and
pertinent frameworks. Entrepreneurship itself has several sub-domains such as, technology innovation,
venture capital, micronance also called micro-entrepreneurship, SME entrepreneurship, green
entrepreneurship, and so on (Qazi et al., 2020).
Entrepreneurship is seen from numerous perspectives. It is about bringing creativity into business
ventures. Entrepreneurs think in novel ways, develop innovative products and processes, and market
the products in unique, ecient, and eective ways. Their ventures can be of any scale, from micro
or very small to small, medium, or large-size organizations. Worldwide start-ups observe mushroom
growth (Hashi & Krasniqi, 2011; Qureshi, Qureshi, & Qureshi, 2018). Entrepreneurs are fueling the
global economy by creating employment, income, skill-building, developing new products, processes,
and technology, exports, adding value to exchequers’ income in the form of taxes (Qureshi, 2012a,
2012b), and playing a vital role in reducing global poverty (Bruton, Ketchen, & Ireland, 2013).
Leadership has been envisaged from various perspectives, such as a great man or inspirational leader
to servant leader. Others see its various characteristics like autocratic, authoritarian, dictatorship,
democratic, transaction or task-oriented, and employee or people-oriented (Robbins & Judge, 2017).
Among scholars, consensus has been developed those leaders are inuencers (Daft, 2014). Management
specialists have ascertained about various sub-domains of leadership by integrating it with several
domains of management like strategy and leadership, teams and leadership, entrepreneurial leaders,
and women entrepreneurial leaders (Samo, Qureshi, & Buriro, 2019).
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Researchers noticed new developments in the realm of women entrepreneurship in nexus with leadership
(Dean & Ford, 2017; Dunn, Gerlach, & Hyle, 2014). Women have been actively participating in almost
every eld and sector and their participation in business and politics seem growing (Hoyt & Murphy,
2016). However, women still face prejudice in corporate world to other professions (Lawless & Fox,
2012). Fair participation of women in all the branches of work life and inclusive equal opportunities
for women appears a prime concern for policy makers, governments, and other actors of civil society
(Hoyt & Murphy, 2016). Several authors found dierence between masculine and feminine norms and
identied problematic leadership styles (Dean & Ford, 2017; Wilson & Tagg, 2010). Several researchers
agreed that cases of successful entrepreneurial leadership of women need further inquiries in dierent
contexts and environments (Dean & Ford, 2017; Dunn, Gerlach, & Hyle, 2014; Harrison, Leitch, &
Mcadam, 2015; Matsa & Miller, 2014).
Globally, economic growth and sustainable development mainly rest on entrepreneurs. In the success of
entrepreneurial ventures, leaders play a pivotal role in leading teams and wielding scare resources. As
organizations contain diversied workforce with ever-escalating role of women as business leaders, while
their leadership styles and capabilities need to be ascertained. Some authors recommended studying
entrepreneurship and leadership together (Leitch & Volery, 2017). Scholars highlighted research gap to
further ascertain entrepreneurial leadership with regard to women leaders (Dean & Ford, 2017; Kimbu et
al., 2021; Kimbu et al., 2021; Santos & Neumeyer, 2021). In addition, in the context of emerging markets
of South Asia, empirical studies need to be conducted by integrating these three distinct domains and
to discover the motivations for women to resume and lead a venture, challenges they undergo at pre-
inception stage and post-inception stage, which relate with push and pull theory of entrepreneurship
(Samo et al., 2019). Moreover, gender parity in Pakistan stood the third and fourth worst in the world
during 2019 and 2021 respectively (Ahmed, 2019; Iqbal, 2021; The World Economic Forum, 2021).
Moreover, gender parity and women empowerment pertain to goal number ve of the United Nations
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Sustainable Development Goals (United Nations, 2021). Hence, this necessitates undertaking an
empirical inquiry.
2. LITERATURE REVIEW
The term entrepreneurship is associated with novel ideas for new business with innovative goods, services,
and brands that eventually contribute towards sustainable economic development (Goel & Joshi, 2017).
Entrepreneurs have been observed with unique traits and characteristics. Most of them appear creative,
proactive, risk-taking, stubborn, having relentlessness and passion, persistent, and humble. Many of them
inaugurate a venture after getting some education, job experience, savings, and establishing a network
of professionals and supporters. But this diers for many individuals who might resume a venture as
a compulsion due to non-availability of jobs, income, etc. It is termed as necessity entrepreneurship
theory and refugee entrepreneurship theory, which falls opposite to entrepreneurship by choice. Authors
broadly relate such situations with ‘push and pull theory of entrepreneurship’ (Amit & Muller, 1995;
Dawson & Henley, 2012; Gilad & Levine, 1986; Kirkwood, 2009; Patrick, Stephens, & Weinstein, 2016).
Family business and communities in business preferably focus and prioritize their own ventures. Global
business is dominated by family business (Qureshi et al., 2018).
Entrepreneurship is a process that can be taught and learnt (Aulet, 2017). Bill Aulet (2017) observed that
entrepreneurship is a craft. It is about developing specialized skills to produce goods or perform services,
which vary from small works of pottery, painting, electricians, and mechanics to highly specialized
skills of information technology (IT) experts. In the wake of dot cam bubble burst or collapse of many
technological rms worldwide, he as the leading entrepreneurial guru from MIT formed his rm views
that entrepreneurship is a craft. This fact traces its testimonies from centuries.
Leadership has been ascertained from the perspective of leadership traits, skills, styles, processes, and
gender dierences (De Vries, Bakker-Pieper, & Oostenveld, 2010; Fischer, Dietz, & Antonakis, 2017;
Matsa & Miller, 2014; Mumford, Campion, & Morgeson, 2007; Sczesny et al., 2004). Their strategic
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skills, proactivity, foresight, optimistic grip on pertinent knowledge, decision-making abilities, expertise
and experience dierentiate them from managers. Among several styles, the most common include:
authoritarian, autocratic and dictators, task-oriented, people-oriented, charismatic, democratic, and
laissez-fair to headless leaders [who fully empower their teams for attaining dened goals] (Robbins &
Judge, 2017). Leaders are catalysts as they bring reforms inside organizations and make the best use of
resources and teams. Great Leaders are transformational leaders who bring marvelous reforms inside
organizations and craft positive values and culture (Brown & Moshavi, 2005). Leadership, teamwork,
and conducive work environment play a pivotal role in developing core competencies and sustainable
development of organizations. However, autocratic and dictator-like leaders also exist. There have been
examples of unsuccessful leaders, destructive leaders and toxic leaders creating toxic culture to poisonous
work environment and abuse their powers to play politics by making lobbies and exercising nepotism
(Gallus et al., 2013). Such situations cause incivility, de-motivation, disengagement, job stress, under-
performance, and employees’ turnover to even utter failure of organizations (Robbins & Judge, 2017).
Regarding the issue of gender, several authors have focused on cross comparison of women with men
as leaders in terms of traits, skills, behavior, and performance dierences. Women are perceived to be
humble, democratic, less autocratic, and participative in task-related environment (Eagly & Johnson,
1990). Because of their people-oriented behavior, rather than task-oriented, their team members or
subordinates feel happier and more satised (Crites, Dickson, & Lorenz, 2015). Other authors found
them more optimistic toward tough future goals and eective mentors for their followers (Eagly &
Johannesen-Schmidt, 2001). In developing the leadership capabilities of women, the cultural context
and religious values do matter a lot in individual economies, since such obstructs deter them in building
their full potential and career cum leadership capabilities (Manzoor, 2015). Researchers have tried to
investigate gender dierences in every sub-discipline of management science (Kimbu et al., 2021; Santos
& Neumeyer, 2021).
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In developing countries like Pakistan, women’s social status does not turn equal to that of men. They are
often discriminated and biased (Kaul, 2018). Men’s belief in sexism (that men are strong and superior
than women) and stereotypes about women make their role felt be little in education, jobs, and businesses
(Delavande & Zafar, 2013; Imam, Shah, & Raza, 2014). Women are usually discouraged to commence
a business by their immediate family members, relatives, pals, and community to society (Samo et al.,
2019).
2.1. MOTIVATION TO BECOME ENTREPRENEUR
A lot of people have deep motivation to become entrepreneurs, want to lead a team and enterprise,
and make the venture successful (Garcia-Rodriguez et al., 2017; Segal, Borgia, & Schoenfeld, 2005).
Indeed, they chase their dreams via their startup journeys. Samo et al. (2019), categorized motivation (for
entrepreneurship) into three ways: internal motivation, external motivation trough social aggrandization,
and need and situation. Women entrepreneurial leaders possess intrinsic motivation to kick start their
venture (Kirkwood, 2009; Orhan & Scott, 2001). In the context of urban life, many people look at the
success stories of entrepreneurs and get deep inspirations. From successful beauticians to designers, chefs,
food business owners, restaurant owners, etc. dazzle them, which is termed as social aggrandization
(Harms et al., 2014; Kautonen, 2008). Internal motivation and social aggrandization complement each
other. Many female entrepreneurs get fascinated from their desires to lead a team and work on their own
terms and conditions to pace of work (Carter et al., 2003; Van Gelderen & Jansen, 2006). Hence, it is
hypothesized that:
H1. Motivation to become entrepreneur has a positively signicant relation/eect on women
entrepreneurial leadership.
2.1.1. NEED OF THE SITUATION
Another form of motivation is need of the situation, which may be positive or negative motivation, like
compulsion. Many women were compelled to resume a business venture due to abrupt death of their
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fathers or husbands or guardians. Thus, they were left with no choice to carry on their business or start
a venture to make their livelihood. Sometimes they did so to chip in some money in home to meet ever-
escalating outlays (Barrett & Moores, 2009; Koneru, 2018; Orhan & Scott, 2001). Another compelling
reason was absence of male family members to run a family enterprise (Martinez-Jimenez, 2009). These
situations led to the terminologies of necessity entrepreneurship (Hessels, Van Gelderen, & Thurik,
2008) and refugee entrepreneurship, suitable for refugees (Thurik, Carree, van Stel, & Audretsch, 2008).
Thus, they had to sacrice their own education, career, and other dreams (Barrett & Moores, 2009).
Hence, it is hypothesized that:
H1.1. Need of the situation (to become entrepreneur) has a positively signicant relation/eect on
women entrepreneurial leadership.
2.2. CHALLENGES BEFORE THE START OF BUSINESS
Enormous amount of research studies has been done on entrepreneurship, but relatively less work is
undertaken on pre and post challenges of entrepreneurial journey (Miller & Le Breton-Miller, 2017;
Samo et al., 2019). The issues before their journey comprise: discouragement from family and gender
stereotypes, nancial challenges, access to market and workplace in a male dominated society, and lack
of entrepreneurial knowledge (skills and experiences).
2.2.1. DISCOURAGEMENT FROM FAMILY AND GENDER STEREOTYPES
The oriental context diers exponentially than that of western one. In various elds of life, women
are not given equal opportunities, such as in job market, business, and social circumstances. They are
considered as weak and incompetent. Such gender stereotypes chase them throughout their lives (Dy,
Marlow, & Martin, 2017; Gupta, Turban, & Pareek, 2013; Orser, Riding, & Manley, 2006). If they get
fascinated to become entrepreneurs or dare to do so due to some compulsion or pressing monetary need,
they face resistance from their parents, siblings, and family. In cases where they receive some consent and
appreciation, some senior family members stay unpleased for several reasons including their misjudgment
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that they will under-perform and men will exploit them (Azmat & Fujimoto, 2016; Dhaliwal, Scott,
& Hussain, 2010; Pant, 2015). Hence, it is hypothesized that (Note: H2 and H3 respectively appear
implied that challenges before and after start of the business have signicant relation/eect on women
entrepreneurial leadership):
H2.1. Discouragement from family and gender stereotypes have negatively signicant relation/
eect on women entrepreneurial leadership.
2.2.2. FINANCIAL CHALLENGES
Another front burner issue in the way of female entrepreneurs is about nancial challenges (Giardino
et al., 2015; Marlow & Patton, 2005; Salamzadeh & Kawamorita-Kesim, 2015). Women belonging to
lower and middle classes (so-called bottom of the pyramid [BOP] strata of the society) face sti problem
of access to nance (Brush et al., 2018; Realini & Mehta, 2015). Their limited savings put barricades in
their way. They cannot borrow much from their friends and family, since masses in such socio-economic
classes stay hand-to-month or barely able to meet the meager requirements of survival. Dearth of savings
and investment, coupled with lack of information about access to nance and markets including dearth
of awareness about venture capitalists, micro-nance, small and medium enterprise (SME) nance, or
any governmental schemes to uphold their ventures further aggravate their situation (Brush et al., 2018).
Hence, it is hypothesized that:
H2.2. Financial challenges have negatively signicant relation/eect on women entrepreneurial
leadership.
2.2.3. LACK OF ACCESS TO MARKET AND WORKPLACE (IN A MALE-DOMINATED SOCIETY)
In countries like Pakistan, society is male-dominated, as men mostly take leading positions in all spheres
of life and women get aected in such societies (Godwin, Stevens, & Brenner, 2006; Kabeer, 2000;
Kantor, 2003; Kasturi, 1997). More than half of the population contains females, who are engaged in
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almost all realms of work life, except the jobs of postmen or courier men, taxi drivers, butchers, and
hawkers (Muhammad, Warren, & Binte-Saleem, 2017; Roomi & Parrott, 2008). Those women who dare
to commence their entrepreneurial ventures and take leadership positions confront arduous situations,
as they have to interact with male workers, laborers, vendors, dealers, and customers. Inside work place
to visiting markets, everywhere they deal with men who mostly remain unwilling to treat them equally.
Gender stereotype and parity to gap fall very serious constraints in women’s entrepreneurial journey
(Brush et al., 2018). Hence, it is hypothesized that:
H2.3. Lack of access to market and workplace (in a male-dominated society) has negatively
signicant relation/eect on women entrepreneurial leadership.
2.2.4. LACK OF ENTREPRENEURIAL KNOWLEDGE
Lack of entrepreneurial knowledge (including skills and experiences) also turns a very severe menace
for women entrepreneurial leaders. There is an inedible link between entrepreneurial education (or
knowledge, skills, and experiences) and intentions to start a venture (Bae et al., 2014; Barba-Sanchez &
Atienza-Sahuquillo, 2018; Kourilsky & Walstad, 1998; Ratten, 2016; Zhang, Duysters, & Cloodt, 2014).
In developing countries including Pakistan, women in large remain decient in acquiring technical
knowhow and expertise to experiences for resuming and running their ventures to fulll their needs
and dreams (Pervez, 2013). In their exploratory inquiry, Samo et al. (2019) found that many courageous
women leaders admitted that they had no basic and foundation knowledge of entrepreneurship, thus they
learnt from trial-and-error method. They wasted a lot of energy, eort, time, and money in obtaining the
skill-set required to nourish their business and successfully lead it to sustainable development. Hence, it
is hypothesized that:
H2.4. Lack of entrepreneurial knowledge has negatively signicant relation/eect on women
entrepreneurial leadership.
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2.3. CHALLENGES AFTER THE START OF BUSINESS
The challenges after the start of business substantially vary than those at the inception stage. Some
of those paramount challenges comprise: lack of market research, lack of nance and sustainability,
harassment from men, and gender stereotypes from employees.
2.3.1. LACK OF MARKET RESEARCH
Lack of market research puts a heavy barricade in the way of startups (Leonidou, 2004; Raymond,
2018; Trott, 2001; Tushabomwe-Kazooba, 2006). Consumers’ perceptions, preferences, buying patterns,
decision making, and behaviors assist in developing and oering unique value to customers (Nasution
et al., 2011). Market insights also assist in making sales, developing customers, and generating prots for
survival and growth. Market orientation to specic industry and segment info seem absent in many cases.
Institutional voids exist particularly in under-developed and developing countries, where institutions are
neither ecient nor supportive in providing all the mandatory information to entrepreneurs (Gao et al.,
2017; Mair, Marti, & Ventresca, 2012). Hence, being market-oriented by comprehending customers,
vendors, dealers, environment, and rivals remains a hefty challenge (Kerin & Peterson, 2012). Hence, it
is hypothesized that:
H3.1. Lack of market research has negatively signicant relation/eect on women entrepreneurial
leadership.
2.3.2. LACK OF FINANCE AND SUSTAINABILITY
The nancial challenges or instability confronted by women entrepreneurs in the starting phase of the
venture deals with access to nance and raising funds, but in the continuing phase of their venture, they
deal with a serious issue of managing cash ows or working capital management. Sales transactions
take place on cash and credit, while they need to pour money to meet salaries and other outlays, to
procurement of goods. If they incur loss, they need money to overcome their cash decit. If their business
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ourishes, they need nance for sustainable development (Hisrich Peters, & Shepherd, 2012; Mayoux,
1999; Orser et al., 2006; Ramadani et al., 2015; Ribes-Giner et al., 2018).
Book-keeping knowledge to managing expansion from revenue and surplus cash remain unwieldy. Many
women realize that they lack management skills (Fatoki, 2014). They believed that government oers
meager magnitude of assistance towards overcoming their nancial needs for business (Malmstrom,
Johansson, & Wincent, 2017). However, providing access to nance and ease of borrowing for women
yield in economic development and develop positive perception of banks and nancial institutions
(Abdullah & Quayes, 2016). Micronance banks and institutions (including some non-governmental
organizations, NGOs) usually nance very low amount at a very high interest rate. SME banks to
conventional banks’ schemes to lend SMEs demand proven track record of revenues, protability, ample
resources, equity, and readily sellable or cashable collateral. The question arises that if a rm reaches
to that level of success (in a developing country), why should it need borrowing? The policy makers
and governments need to seriously address these issues for salvation of startups, female entrepreneurial
leaders and SMEs for their contribution in uplifting socio-economic development (Qureshi, 2012b).
Hence, it is hypothesized that:
H3.2. Lack of nance and sustainability has negatively signicant relation/eect on women
entrepreneurial leadership.
2.3.3. HARASSMENT FROM MEN
At the inception of their start-up, women face discouragement from family and gender stereotype in a
male dominated society, and they face harassment from men even during their venture. Pakistan is among
those countries where women often face harassment at workplace (Ali & Kramar, 2015; Muazzam,
Qayyum, & Cheng, 2016; Zia, Batool, & Yasin, 2016). Many such cases remain unreported (Hadi, 2018).
Despite intervention by government and human rights agencies, laws, rules, and policies have been
framed to safeguard people, particularly women from harassment, but their execution appears dubious.
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Women face nagging harassment from men including their sub-ordinates (for women entrepreneurs),
co-workers and bosses (for working women), dealers, vendors, customers, and other people in society.
They face obscene gestures, double meaning words, messages and calls on their phones and social media
accounts, and unwanted closeness to touch at workplace to even public places (Wilder, 2018). Hence, it
is hypothesized that:
H3.3. Harassment from men has negatively signicant relation/eect on women entrepreneurial
leadership.
2.3.4. GENDER STEREOTYPES FROM EMPLOYEES
Prior to initiating their venture, women face gender stereotype and discouragement from family, friends,
and community to society, and unfortunately, during their venture, they feel such stereotypes from their
own employees. The belief in sexism that ‘men are stronger and superior’ prevails in the society. The
male subordinates have doubts in the leadership abilities, skills, expertise, and competence of female
leaders. They worry about their (women entrepreneurial leaders) decisions and believe that they are
not t for leadership roles, and can ruin the performance (Dean & Ford, 2017; Muhammad, Warren,
& Binte-Saleem, 2017; Roomi & Parrott, 2008). Sometimes, men even do not follow their commands,
which results in frustration for women leaders (Samo et al., 2019). Hence, it is hypothesized that:
H3.4. Gender stereotypes from employees have negatively signicant relation/eect on women
entrepreneurial leadership.
2.4. THEORETICAL FRAMEWORK
On the basis of pertinent literature review, insights from underpinning theories and paradigms, a
theoretical framework is presented hereunder for empirical testing of their relationships and eect on
each other. It contains three predicting variables: motivation to become entrepreneur, challenges before
the start of business (including discouragement from family and gender stereotypes, nancial challenges,
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lack of access to market and workplace [in a male-dominated society], and lack of entrepreneurial
knowledge), and challenges after the start of business (including lack of market research, lack of nance
and sustainability, harassment from men, and gender stereotypes from employees), and outcome variable,
women entrepreneurial leadership.
Figure 1. Theoretical Framework.
Source: adapted from Samo, Qureshi, and Buriro (2019).
3. METHODOLOGY
We employed an explanatory and quantitative inquiry to empirically test the theoretical framework that
we devised by extracting pertinent themes and categories. Utilizing post-positivism philosophy, deductive
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approach and survey method, out of 350 questionnaires distributed, we got 308 questionnaires lled from
women entrepreneurial leaders in Karachi, the largest metropolitan hub in Pakistan. The participants
belonged to micro, small, and medium enterprises (having 101, 103, and 104 sample sizes respectively).
Generally, the capabilities, circumstances, and behavior of M-SMEs largely dier than those of large
enterprises. Therefore, we conned ourselves to M-SMEs only. The convenient sampling method was
applied. The selection criteria emphasized that they must possess at least ve years of experience of
leading their ventures successfully for which the success metrics was that they must have creative processes
and/or products, risk-takers, and prots within a few recent years. Data was garnered by employing the
themes of a qualitative inquiry by Samo et al. (2019). Face or content validity of the instrument, pilot
testing, and exploratory to conrmatory factor analyses, and other statistical procedures were performed
to ensure reliability, validity, generalizability, and robust results. Structural Equation Modeling (SEM)
via Amos was availed for data analysis and empirically testing hypotheses. Eventually, triangulation
technique ensured that the ndings of the probe resemble with those of analogous inquires (Bashir,
Syed, & Qureshi, 2017; Creswell, 2011; Hair et al., 2011).
4. DATA ANALYSIS
We analyzed the signicance (of positive and negative) relationship and eect of motivation to become
entrepreneur (including need of the situation), and challenges before and after the start of business with
women entrepreneurial leadership. Since, we adapted the scale from our previous qualitative probe,
so rst we applied Exploratory Factor Analysis (EFA) technique to reduce the number of signicant
components or factors. Then, Conrmatory Factor Analysis (CFA) technique tested the measurement
model and conrmed or validated thirty items of ten signicant factors.
Using Amos software, structured equation modelling (SEM) was availed to test the hypotheses. Through
data normality test, it was learnt that Skewness and Kurtosis stood in the prescribed ranges of ±1.5,
which conrmed normality of constructs (Byrne, 2013; Hair et al., 2015). In factor loadings, few items
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with loading up to .5 and insignicant T values below 1.96 values were excluded, and items with loading
of .7 and signicant T values up to or greater than 1.96 were taken for further testing. The Eigen values
of the core factors excelled the threshold value of 1 (Hair et al., 2015; Henseler, Ringle, & Sarstedt, 2015).
The tness indices of measurement model stood: (x2 = 892.123, df = 306, x2/df = 2.915; CFI = 0.903;
IFI = .922; RMSEA = 0.032), which met with benchmark criteria (Koubaa et al., 2014; Schweizer, 2015).
The Table 1 displays that the values of alpha, composite reliability (CR), and average variance extracted
(AVE) exceed the benchmark values of .7 (for alpha and CR) and .5 respectively. The values of convergent
validity fall greater than the benchmark value of .40, which means that all the measures of constructs
correlate theoretically. The correlation values of individual constructs fall below the benchmark value of
.90, which means that the constructs appear non-convergent or distinct from each other and discriminant
validity exists (Hair et al., 2010).
Table 1. Reliability and Validity.
Indicators MBE NS DFGS FC LEK LAMW LMR LFS HM GSE
MBE1 .831
MBE2 .822
MBE3 .812
NS1 .815
NS2 .820
NS3 .805
DFGS1 .791
DFGS2 .802
DFGS4 .780
FC1 .808
FC2 .781
FC3 .765
LEK1 .792
LEK3 .730
LEK4 .771
LAMW1 .765
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LAMW2 .781
LAMW3 .721
LMR1 .804
LMR2 .811
LMR3 .735
LFS1 .796
LFS2 .781
LFS3 .776
HM1 .787
HM2 .779
HM3 .745
GSE1 .761
GSE2 .772
GSE4 .754
Alpha (a) .861 .842 .846 .841 .821 .780 .771 .751 .750 .743
AVE .730 .721 .715 .661 .654 .621 .645 .631 .639 .612
CR .842 .816 .840 .831 .810 .794 .782 .761 .741 .725
Note for abbreviations: Motivation to become entrepreneur (MBE), need of the situation (NS), discouragement from family
and gender stereotypes (DFGS), nancial challenges (FC), lack of entrepreneurial knowledge (LEK), lack of access to market
and workplace [in a male-dominated society] (LAMW), lack of market research (LMR), lack of nance and sustainability (LFS),
harassment from men (HM), and gender stereotypes from employees (GSE).
Source: own elaboration.
The results conrmed goodness of t for overall structured model (x2 = 836.455, df = 307, x2/df =
2.724; CFI = 0.922; IFI = .948; RMSEA = 0.033). The established criteria prescribe that CFI and IFI
should fall within the range of .90 to .95, while RMSEA should appear close to zero (Schweizer, 2015).
The results conrm that motivation to become entrepreneur and need of the situation subsequently
have positively signicant eects on women entrepreneurial leadership (β = 0.322, p < 0.00; β = 0.271,
p < 0.00). The results support H1 and H1.1. In challenges before the start of business (discouragement
from family and gender stereotypes, nancial challenges, lack of entrepreneurial knowledge, and lack
of access to market and workplace in a male dominated society) respectively have negatively signicant
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eects on women entrepreneurial leadership (β = 0.231, p < 0.01; β = 0.222, p < 0.01; β = 0.210, p
< 0.01; β = 0.185, p < 0.01). The results support H2 with H2.1, H2.2, H2.3, and H2.4. In challenges
after the start of business (lack of market research, lack of nance and sustainability, harassment from
men, and gender stereotypes from employees) respectively have negatively signicant eects on women
entrepreneurial leadership (β = 0.237, p < 0.01; β = 0.214, p < 0.01; β = 0.170, p < 0.01; β = 0.164,
p < 0.01). The results support H3 with H3.1, H3.2, H2.3, and H4.4. As the samples were drawn from
four distinct populations, so One Way ANOVA test was applied. The results conrmed that there is no
signicant dierence among the means of the concerned populations.
All the hypotheses were supported and found statistically signicant. Among them motivation to become
entrepreneur and then, need of the situation appeared the highest positive predictors. In challenges
before the start of business (discouragement from family and gender stereotypes, nancial challenges,
lack of entrepreneurial knowledge, and lack of access to market and workplace [in a male-dominated
society]) appeared signicant predictors in order. And in challenges after the start of business (lack of
market research, lack of nance and sustainability, harassment from men, and gender stereotypes from
employees) respectively appeared signicant predictors on women entrepreneurial leadership. The pre-
and-post business challenges can negatively aect women entrepreneurial leaders’ capability to run a
startup successfully.
5. DISCUSSION AND CONCLUSIONS
This paper addresses some research gaps and integrates three distinct domains of knowledge comprising
women, entrepreneurship, and leadership, and contributes knowledge from a developing country in
the oriental region. It contributes in entrepreneurship theories from women entrepreneurial leadership
perspective and push and pull theory of entrepreneurship. Pakistan was declared as the fourth worst
country in the globe for gender parity (World Economic Forum, 2021). Thus, it necessitates conducting
some comprehensive probes to gain insights for theoretical underpinning toward women entrepreneurial
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leadership. We rst conducted an exploratory inquiry and designed a framework for explanatory and
empirical testing, which is undertaken in this study. This inquiry focuses on discovering the motivations
for women to launch their startup, challenges they undergo at embarking phase, and during running
the venture as leaders. A sample of 308 women entrepreneurial leaders belonging to micro, small, and
medium enterprises (M-SMEs) was drawn with one hundred plus samples from each category.
The results uncover that the chief reasons or motivation behind embarking ventures by women include:
internal motivation (containing fascination with urban life, and charms of successful business and
leadership for prots, wealth, name and fame, improved quality of life for them and their families,
working at their own pace and without any threats from bosses, and contribution to society and economy,
social aggrandization or dream to attain social status), and need of the situation (containing no other
choice and family compulsion to either resume a venture or lead a family business). Our hypotheses were
supported that motivation and need of the situation to become entrepreneur have positively signicant
relation/eect on women entrepreneurial leadership. The same has been conrmed by (Barrett &
Moores, 2009; Garcia-Rodriguez et al., 2017; Harms et al., 2014; Kaul, 2018; Koneru, 2018).
The challenges that women often undergo before starting the business include: discouragement from
family members and gender stereotypes, and nancial challenges (due to dearth of investment), and lack
of access to market and entrepreneurial knowledge. Our hypotheses were supported that discouragement
from family and gender stereotypes, nancial challenges, lack of access to market and workplace in a
male dominated society, and lack of entrepreneurial knowledge have negatively signicant relation/
eect on women entrepreneurial leadership. These results are externally validated too as they resemble
with several studies (Balachandra et al., 2017; Barba-Sanchez & Atienza-Sahuquillo, 2018; Brush et al.,
2018; Kimbu et al., 2021; Dy, Marlow, & Martin, 2017; Muhammad, Warren, & Binte-Saleem, 2017;
Santos & Neumeyer, 2021).
The challenges that women often undergo after starting phase of the business include: lack of market
research, lack of nancial sustainability (due to revenues and cash ows problem, initial losses, dearth
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of rationale schemes by banks and lending institutions, and government support regarding nancing
schemes), harassment, and gender stereotype from employees. Our hypotheses were supported that lack
of market research, lack of nancial sustainability, harassment from men, and gender stereotype from
employees have negatively signicant eect on women entrepreneurial leadership. These results seem
in coherence with the ndings of some analogous inquiries (Dean & Ford, 2017; Hadi, 2018; Kimbu et
al., 2021; Malmstrom et al., 2017; Raymond, 2018; Ribes-Giner et al., 2018; Santos & Neumeyer, 2021).
This probe conrms that women serve as harbingers of economic growth, but in the emerging markets,
they do not receive conducive environment for embarking and thriving their ventures.
5.1. RESEARCH IMPLICATIONS, RECOMMENDATIONS, CAVEATS, AND FUTURE
DIRECTIONS
The managerial implications of this probe suggest that male managers should not under-estimate the
capabilities of women entrepreneurial leaders. They should be respected and treated fairly. The rules
and policies regarding harassment at workplace need to be exercised strictly inside organizations.
The policy makers at the government level should emphasize and acknowledge the most salient role
of women entrepreneurial leaders during the celebrations of “Women Day”. This could extoll and
appreciate their contribution towards sustainable socio-economic development. In addition, they should
insist bankers and lending institutions to re-think micro and SME nancing for women by minimizing
interest rates, collateral, and other stringent requirements.
The communities and society as a whole can realize the potential and power of women as entrepreneurs
and leaders, especially when they see massive public and private campaigns in recognition of role of
women during ‘International Women Day” celebrations. Hence, the perceptions of society about weak,
timid, and incapable women can be reversed gradually.
This paper remained conned to M-SMEs in Karachi city of Pakistan only. In future, several studies can
be designed to discover women entrepreneur leaders in the corporate and large-scale enterprises, and
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those from upper echelon of society can be studied. Rural-urban dierences in women entrepreneurial
leaders, their teamwork, and leadership styles can be investigated from their subordinates. Sector-specic
studies can be undertaken. Other developing and under-developed countries can be selected to inquire
similar phenomenon for getting indigenous insights.
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