As women across the globe continue to reshape entrepreneurship, their businesses are increasingly driving innovation and social impact. Yet, despite growing recognition, women entrepreneurs still face distinct challenges that influence their journeys, leadership styles, and opportunities for long-term growth and success.
To get more insights on the topic, International Finance got in touch with Dr Albena Pergelova, a professor at MacEwan University School of Business. Albena’s research is interdisciplinary (entrepreneurship and marketing) with a focus on social and emancipatory aspects in entrepreneurship, consumer well-being, and digital technologies. Her research has been published in leading international journals across different fields, and earned numerous international awards.
In an exclusive interview, Dr Albena Pergelova discussed the factors motivating women to pursue entrepreneurship, the systemic barriers faced by women entrepreneurs, and the social changes they contribute to society.
What factors most commonly inspire women to pursue entrepreneurship, and how do these motivations differ from those of men?
Along with the autonomy and financial motivation factors that are common to many entrepreneurs, women entrepreneurs are more likely than men to have social or community-related objectives for their businesses as well. Women are also more likely to have the goal of balancing multiple responsibilities, such as taking care of children or other family members, while building a business.
How does the entrepreneurial journey contribute to self-discovery and identity-building among women entrepreneurs?
In my interviews with women entrepreneurs, I oftentimes hear how women take on new tasks or projects that they did not initially anticipate and the strength and resilience they build along the way. Identity aspects are very salient as well. Women entrepreneurs wear many hats and, therefore, have intertwined identities as business owners, mothers, community members, and change-makers. Unfortunately, many stereotypes persist about the fit women have in certain industries, and this can affect the entrepreneurial identity of women.
What patterns have you observed in how women approach risk and decision-making when starting or scaling their businesses?
Women tend to have a more holistic approach to decision-making that is grounded in their multiple roles in their family, community, and society in general.
What systemic barriers do women entrepreneurs face in accessing funding, mentorship, and networks, and how can institutions better address these gaps?
Men dominate many networks (including VCs and mentorship groups). This leads to fewer opportunities to be exposed to role models and mentors who understand women’s reality. The persistent funding gap for women entrepreneurs is also critical. In my research, I hear stories about women being asked to take a male co-founder for legitimacy and funding purposes, as well as how the goals of investors can interfere with the mission of the businesses women have started. Addressing those barriers would require systemic change and a shift in mindset, along with institutional support.
How do women-led enterprises contribute to community development and social change differently, or uniquely?
Women often have a clear motivation to contribute to community development with their businesses, and I have seen many examples of social change as a result of women’s businesses. Those can range from education and training for other women in the community, fair wages and consumer education to systemic changes at the meso or macro level, such as addressing poverty alleviation and changing government policies.