SUCCESS FACTORS FOR WOMEN ENTREPRENEURS IN SRI LANKA (WITH SPECIAL REFERENCE TO THE CENTRAL PROVINCE)

Abstract

Traditionally, entrepreneurship is considered male-dominated, but nowadays, in Sri Lanka, women’s interest in business is growing considerably, although their success remains marginal. Therefore, this study aims to provide insights into the success factors of female entrepreneurs in Sri Lanka. In the present context, women are recognized as successful entrepreneurs because of their strong desires, qualities, and capabilities for economic development. Several studies have been conducted to determine the factors affecting entrepreneurial success; however, there are limited studies on the factors that specifically affect the success of women entrepreneurs in Sri Lanka. This study focuses on four specific variables that contribute to the success of women entrepreneurs: behavioral factors, cultural factors, technological factors, and family background in a positivist, explanatory and quantitative approach. The Central Province of Sri Lanka was selected for the study. The Women's Development Unit of the Central Province Council engages women entrepreneurs in the province directly. A survey technique was used to collect data from female entrepreneurs engaged in entrepreneurial activities in the Central Province of Sri Lanka. A total of 352 respondents out of a sample size of 384 were selected from an unknown population equation because there was no exact number of women entrepreneurs mentioned in the registered documents. According to the data analyzed using SPSS, all independent variables had a positive correlation with the dependent variable, with behavioral factors showing the highest correlation. Accordingly, this study’s findings are of immense value in formulating government policies to enhance women’s entrepreneurship in Sri Lanka.