Investigating the success strategies of women entrepreneurs in the Vaal Triangle

Abstract

The growing number of women entrepreneurs entering into the economic sector is one of the most significant social and economic developments globally. Women entrepreneurship is widely acknowledged as a precondition for sustainable economic growth and development in any country. There is however, very little known about women entrepreneurial activities, perceptions surrounding their entrepreneurial endeavours, including their business subsistence and growth strategies. This research study proposes to address this concern by interviewing 15 successful women entrepreneurs, specifically in the Vaal Triangle area. Based on the Schumpeter's framework, the purpose of this phenomenological study is to explore strategies employed by women entrepreneurs in the Vaal Triangle to navigate towards business success beyond 3.5 years. The study explores the strategies women entrepreneurs use to overcome barriers to business and entrepreneurial intricacies. The study further uses practical theory to enquire into the strategies these women entrepreneurs recommend for new business start-ups and for women wanting to pursue their career in entrepreneurship. Fifteen themes emerged from the phenomenological research methodology design. The themes include motivation, innovation, education, commitment, religion, business challenges, planning and research, customer focus, financial strategy, required resources, change and adapt, growth and sustainability, networking, gender roles and information sharing. The significance of these factors contributes to women entrepreneurial growth and sustainable business practice. The study follows a qualitative approach derived from the practical theory approach to investigate this phenomenon. This phenomenological study could in future influence women entrepreneurial success and provide information to support women owned businesses beyond the 3.5 years of business success.