Factors Influencing Entrepreneurial Motivation of Women Entrepreneurs

The field of entrepreneurship is characterized by competition, financial gain & independence and the socio-economic setting provides a base for individuals to venture into entrepreneurship. Women constitute the family, which leads to society and nation. Social and economic development of women is necessary for overall economic development of any society or a country. Entrepreneurship is the state of mind in which every woman has in her but has not been capitalized in India in way in which it should be. In the current scenario this study focuses on examining the demographic profile of women entrepreneurs and tries to analyze the various motivational factors responsible for women entrepreneurs to start up their own enterprise in the Lucknow District of Uttar Pradesh. The data for the study was collected from the respondents belonging to the Lucknow district of Uttar Pradesh. As the population to be covered for the study was large, so a representative sample of 120 respondents were taken. The research was conducted to determine the factors that could motivate the women entrepreneurs to establish an enterprise in Lucknow district of Uttar Pradesh. Five-point Likert scale was used to measure the satisfaction level of the women entrepreneurs. Reliability of the scale by Cronbach’s Alpha was found satisfactory (0.75). Structural Equation Modeling using SPSS AMOS software was applied to the data. It was concluded that financial institutions and banks should come forward to support and motivate women entrepreneurs to start their business. Financial help should be provided to women entrepreneurs by government as well as non-government financial agencies as it removes their difficulty in procuring loans. Education is a positive booster in motivating women to venture into entrepreneurship. With higher education, women experience an increase in self-confidence and become more capable of recognizing their strengths. Women’s family obligations also bar them from becoming successful entrepreneurs in both developed and developing nation. So a women entrepreneur should be provided support from the family as it is a very important motivating factor for them. Women entrepreneurs should be provided with special training and development programs for developing their innovative instincts.