Investigating female entrepreneurs in STEM: Experiences of risk related to venture creation and the process to access early-stage capital

Abstract

This study examines how female entrepreneurs navigate risk through different phases of the business cycle, with a particular focus on the relationship between risk-taking and entrepreneurial success. Women often face gender bias and structural barriers that uniquely impact their entrepreneurial journey. The purpose of this study is to uncover the strategies female entrepreneurs use to minimize risk and to understand how cultural, social, and economic contexts influence their risk management. The research employs a comparative analysis of female entrepreneurs in Norway and South Africa, conducted through in-depth interviews with a carefully selected group of entrepreneurs from both countries. The findings reveal that female entrepreneurs exhibit a high degree of gender awareness throughout the entire process of business development. They consistently encounter social risks, particularly in male-dominated environments, which pose significant challenges to the authority and legitimacy of their entrepreneurial ventures. Despite these challenges, the strategies employed by these women to navigate and mitigate risk are adaptive to their respective cultural and economic contexts.