The Role of Women Entrepreneurs in Establishing Sustainable Development in Developing Nations – A Comprehensive Study

Abstract

Introduction: The woman plays a significant role in the economic development of any country, a factor of great emphasis in any developing scenario. Women contribute and support the economy extensively in different ways by being employed in many different sectors, and many successful businesses are run by women skilled in entrepreneurial activities. Women entrepreneurs in both developed and developing countries are socially powerful in terms of education and making a positive impact on society. It is important to study how women in business and their skills can be utilized to achieve a sustainable economy in a developing nation.

Methodology: A descriptive research methodology has been used for this study and administered to a selected sample from a specific population that includes women in businesses and executives who represent both private and public sectors of selected developing countries. Sixty women entrepreneurs representing four developing countries — Sri Lanka, India, Maldives and Nigeria — and forty executives representing private and public sector companies were selected. An empirical survey was designed with two sets to study the views and experiences of women entrepreneurs through Facebook, email and Google+ sites using the snowball sampling method, and informal interviews were conducted with some women entrepreneurs. The convenience sampling method was used in the second set, with executives selected from India, Sri Lanka and Maldives. Research data analysis was conducted using univariate analysis such as frequency tables, diagrams, correlation and measures of dispersion.

Results & Discussion: Data were obtained from 100 participants, of whom 20 were subjected to interviews designed to collect unstructured facts. More than 50% of women entrepreneurs agreed that they run their businesses in ways that minimize negative effects on the environment, with garbage disposal and waste management as key areas, and more than 50% have adopted green applications in production and services. The correlation between promoting green activities and employing environment-friendly practices yields y = 0.7564x + 2.9231 with R² = 0.8264, while the correlation between becoming philanthropists and being icons to educate the young generation yields y = 2.0513x − 12.615 with R² = 0.8592. More than 60% of women entrepreneurs and more than 50% of executives agree that women entrepreneurs are suitable icons to educate the younger generation about good business practices. The majority agreed that women entrepreneurs contribute to eliminating poverty, and the correlation between eliminating poverty and providing employment opportunities gives y = 0.9396x + 0.7253 with R² = 0.8346. The t-test returns a t statistic of 8.013876853 with a two-tail p-value of 0.015216441.

Conclusion: In recent decades there is an increasing interest in women entrepreneurship development, and governments, policy makers and academics have paid special attention towards developing this area, particularly in developing countries. Socially responsible, economically concerned and environment friendly activities in these enterprises carried out by women reach their own business goals while supporting national goals. Developing nations must focus further attention towards women entrepreneurs and consider avenues to build their capacity in business development. From an academic perspective, this supports the Triple-Bottom-Line concept introduced by Elkington in 1994 and his 3P formulation of people, planet and profit. The relationship between women entrepreneurs and sustainability is affirmed by this study.