Success from the perspective of female entrepreneurs

Abstract

The research in the field of entrepreneurial activity is increasing. In addition to classical economic definitions, researchers are trying to capture this phenomenon in subjective terms. Some research focuses on the fact that female entrepreneurs cannot be examined purely on the basis of economic factors, since subjective factors are in many cases more important for women. Within the framework of this study, we are trying to define how female entrepreneurs in Slovakia interpret the concept of success, as well as explore the relationship between subjective and objective success factors. We used a combined research method to answer all these questions, so we conducted a questionnaire survey and in-depth interviews were applied as a qualitative part of the research. Our results confirmed the conclusions of previous research focusing on subjective, so-called non-economic goals. It has been confirmed from both quantitative and qualitative perspective that independence gives female entrepreneurs the opportunity to have free time and therefore can perform their family responsibilities more flexibly, which results in being satisfied with their private life. In addition to independence, female entrepreneurs are also proved to be satisfied if they are successful in meeting the objectives they set to achieve by the business they lead. Thus, independence and achievement of goals contribute to personal and corporate satisfaction Together with the achievement of company goals, female entrepreneurs feel successful when their business is constantly evolving. Our research analyses shows that the subjective factors we measured, the factors that do not directly contribute to the entrepreneur's internal satisfaction are economic and objective factors.

Startup success from the founder's perspective

“…Studies focusing on female entrepreneurship emphasise the importance of subjective factors, arguing that they seem to be even more important than economic indicators, in the case of women (Gódány -Mura 2021). However, studies show that the motivations, goals and aspirations of entrepreneurs, regardless of gender, tend to extend beyond monetary returns.…”

Enterprise risk analysis in an engineering company with a focus on custom manufacturing

“…It is necessary to realize that without knowing the risks, it is not possible to develop a strategic plan (Wallis 2020). Analysis of strategic risks works only if it is supported by strategic management; a properly performed analysis improves management of corporate processes and minimizes negative effects on labor efficiency and other corporate activities (Walaszczyk 2016;Virglerova et al 2020;Godany, Mura 2021). Man, Radu and Tabor (2015) and Pour et al (2019) state that there are many factors affecting strategic risk analysis, and they believe that factors associated with the highest risk include particularly human resources.…”

Women Entrepreneurship: Challenges and Perspectives of an Emerging Economy

“…Meanwhile, the study of Godany and Mura (2021) showed that, besides objective factors directly related to economic ones, subjective factors, such as non-economic goals, are important factors in the success of entrepreneurial activities led by women. According to this study, the independence gives female entrepreneurs the opportunity to have free time and therefore be able to perform their family responsibilities more flexibly (Godany and Mura 2021).…”