From Risk Aversion to Risk Loving
Strategies to Increase Participation of Female Entrepreneurs in Masvingo Urban, Zimbabwe
DOI:
https://doi.org/10.12725/ujbm.54.1Keywords:
Entrepreneurship, risk aversion, startup, female entrepreneurAbstract
Risk aversion is one of the major impediments to entrepreneurship, and the survival and growth of startups in the developing world. Female entrepreneurs portray even a higher risk averse attitude regarding starting new businesses or introducing new business lines in their existing businesses. The intention of this study is to explore strategies that can be employed to reduce risk aversion among female entrepreneurs. A qualitative research methodology was utilized to carry out the research, with the interview technique being used as the main data collection tool. Snowballing and convenience sampling techniques were utilized to select 8 organizations and 21 female entrepreneurs who participated in the study. The study found out that entrepreneurial literacy significantly reduces risk aversion among female entrepreneurs by providing them with quality education and training on financial and income generation skills and competencies. Risk aversion can also be reduced among female entrepreneurs by assigning them to reputable business mentors to inspire them and also assist them to break cultural and societal barriers. The ‘do not do it alone’ principle and motivation through the creation of entrepreneurship forums and stakeholder interventions and schemes that support female entrepreneurship also help to minimize risk aversion.
References
Creswell, J. W. (2013). Qualitative inquiry and research design: Choosing among five approaches. Thousand Oaks, CA: Sage.
Darmanto, S. andYuliari, G., (2016). Motivation, Challenges and Success Factors of Women Entrepreneurs in Semarang. International Journal of Applied Business and Economic Research, 14(14), 79-92.
D'Mello, S, (2018). Closing the Gender Gap for Entrepreneurship. Retrieved: https://www.khaleejtimes.com/business/bankingfinance/closing-the-gender-gap-for-entrepreneurship.
Dobre, O.I., (2013). Employee Motivation and Organizational Performance. Review of Applied Socio- Economic Research, 5(1), 53-60.
Jesurajan, S.V.A. and Gnanadhas, M.E., (2011). A Study on the Factors Motivating Women to become Entrepreneurs in Tirunelveli District. Asian Journal of Business and Economics, 1(1.1), 1-14.
Jyoti, J. and Anita, (2011). Factors Affecting Women Entrepreneurship in J and K (India). Journal of Services Research, 11(1), 143-62.
Mashavira N., Nyanga, S. and Nyanga, T. (2019). Dynamics of Human Resource Development on Small and Medium Enterprises (SME) Performance in Masvingo Urban, Zimbabwe. Journal of African Interdisciplinary Studies. 3(5), 4 15.
Mohanty, A. (2004). Women in Management of Micro-Enterprises: Problems and Prospects. Journal of Social Science, 8(3), 245-51.
Mozammel, S. and Zaman, F (2018). Possible Strategies to Motivate Women Entrepreneurship as a Tool behind Socio-Economic Development: The Role of Stakeholder. International Journal of Economics, Commerce and Management, 6 (5).
Mukuvisi, P.F., Nyanga, T. and Mashavira, N. (2019) Strategies of Liberating Private Voluntary Organizations (PVO) Employees from Work –Related Stress: Evidence From PVO Employees in Harare, IIMS Journal of Management Science, 10, (3), 118-127.
Nagesh, P. and Murthy, M.S.N., (2008). The Effectiveness of Women Entrepreneurship Training Program: A Case Study. The Icfai University Press.
Nirmala, R., (2015). Women Entrepreneurship: Problems, Solutions and Government Schemes for Development. Pezzottaite Journals, 4(2), 1694-97.
Nyanga, T. (2018) Examining the Usefulness of Job Satisfaction Theories in Armed Conflict Society. Amity Global Human Resource Management Review, 8(2), 40-48.
Nyanga, T. (2019). The Utility of Biodata in Employee Resourcing: Evidence from SME Managers in Zishavane Town, Amity Journal of Entrepreneurship, 4 (2)
Nyanga, T. (2020). Impediments to Corporate Entrepreneurship: Evidence from Employees of Emerging Organisations in Construction and Manufacturing Industries in Gwanda Town, Zimbabwe, Ushus-Journal of Business Management 2020, Vol. 19(1), 1-14, https://doi: 10.12725/ujbm.50.1 1
Nyanga T.Sibanda R. and Kruger, J.W (2020) Obstructions to Job Satisfaction: Voices of Small to Medium Enterprise Employees in the Manufacturing Industry in Zimbabwe, Business Excellence and Management, 10 (1),
Nyanga, T., Zirima, H.(2020). Reactions of Small to Medium Enterprises in Masvingo, Zimbabwe to Covid 19: Implications on Productivity, Business and Management Excellence, Special Issue 1, October 2020.
Okafor, C. andAmalu, R., (2010). Entrepreneurial Motivations as Determinants of Women Entrepreneurship Challenges. Economic Sciences Series, 62(2), 67-77.
Roomii, M.A. and Parrot, G (2008). Barriers to Development and Progression of Women Entrepreneurs in Pakistan. Journal of Entrepreneurship, 17(1), 59-72.
Sarker, S. andPalit, M., (2014). Determinants of Success Factors of Women Entrepreneurs in Bangladesh- A Study Based on Khulna Region. Business and Economic Research, 4(2), 237-50.
Tavengahama, T.H, Mashavira, N., Nyanga, T. and Muchadenyika, C.E (2020). Alternative Dispute Resolution in SMEs in the Construction Industry in Masvingo Urban, Zimbabwe, Ushus Journal of Business Management (Christ University), Vol. 20 (1), 15-29.
www.yale.gov.network
