EMPOWERING WOMEN THROUGH ENTREPRENEURSHIP: OPPORTUNITIES, CHALLENGES AND STRATEGIES FOR SUCCESS

Abstract

Women entrepreneurship has become an important driver of economic development, employment, innovation and social change. Women's empowerment in entrepreneurship can offer women the means to be financially independent, have confidence in themselves, develop their leadership abilities, and increase their engagement in economic activities. Despite the above-mentioned progress, however, women entrepreneurs still encounter certain difficulties, such as access to finance, lack of entrepreneurial skills, limited market access, technological barriers, lack of business networks and family business balancing problems. The present paper reviews the key opportunities, challenges and strategies of women entrepreneurship development. It underlines the need for entrepreneurship education, skill development, digital technologies, financial support, mentoring and networking and institutional support to reinforce women entrepreneurs. The research further highlights the importance of the government programmes, financial institutions, educational institutions and business support organisations in establishing an entrepreneurial environment that is conducive to women's entrepreneurship. The authors propose that concerted action can be taken to increase women's access to resources, markets, technology, training and mentorship to improve the sustainability and growth of women entrepreneurs. Inclusive and sustainable economic development is not only achieved by empowering individual and household economic outcomes, but also by enabling women entrepreneurs.