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Key Success Factors and Challenges Faced by the Female Entrepreneurs – with Special Reference to the Confectionery Industry in Sri Lanka
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Key Success Factors and Challenges Faced by the Female Entrepreneurs – with Special Reference to the Confectionery Industry in Sri Lanka
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Journal Article
Key Success Factors and Challenges Faced by the Female Entrepreneurs – with Special Reference to the Confectionery Industry in Sri Lanka
2022
Overview
Around the world there are initiatives for encouraging women to become entrepreneurs. Although these initiatives are minor, the number of businesses by women is unlikely to grow in the long run. The study aims to investigate the key success factors and challenges that contribute to female entrepreneurs' motivation to participate in economic development. This study is conducted among the female entrepreneurs in the confectionery industry in Sri Lanka using the in-depth interviews. The sample of the study consists of eight female entrepreneurs who are actively engaged in business activities in the confectionery industry, with more than three years of successful business operations and active presence in social media platforms, Facebook and Instagram. The qualitative data gathered was analyzed using thematic analysis. The findings of the study show that the most significant factors contributing to the success of female entrepreneurs in the confectionery industry are the personality traits, psychological characteristics, and external support. The challenges faced by women entrepreneurs are the cultural barriers and the work-life balancing issues. It is expected that policymakers and support organizations will be able to make effective use of these findings to reduce the economically inactive population in Sri Lanka and thereby improve the economy in general.
Publisher
AMDISA Secretariat
