Factors influencing the performance of women entrepreneurial ventures in Kongowea market, Mombasa county, Kenya

Abstract

This study was designed to assess the determinants success of women entrepreneurial ventures in small and medium enterprises in Kongowea market Mombasa. In particular the study explored how business networking, domestic chores, entrepreneurial training and financial accessibility affect women entrepreneurs in small businesses. The researcher relied on both direct observation and questionnaires to collect data. The study is deemed beneficial to different stakeholders since it provides pertinent information useful in hypothesis formulation. The study provides relevant literature for future researchers on other related topics; it would also of help to scholars who undertake research on the same topic. A sample of 200 women entrepreneurs was chosen for the study by means of stratified and simple random sampling. The design for the study was descriptive survey. Information from the participants was analyzed and translated into important information with the help of percentages and statistical package for social sciences (SPSS). Both tables and frequency distributions and were utilized to draw valid conclusions. From the study, the major economic factors affecting women small and medium enterprises are inadequate financial accessibility, elevated interest and insufficient savings. It was found out that many women entrepreneurs did not member themselves professional organizations or other networks hence often found it complex to access information. Educational training is seen as major variable influencing the performance of women entrepreneurial ventures where women lacked entrepreneurial training and management skills. Domestic commitment was a major challenge where women on average spent more than five hours in household chores only at the expense of their businesses. Many women lacked house helps to assist at home and only few women had supportive spouses who could assist at home. Based on the key results, the researcher recommends that financial service providers should come up with products and services tailor made for women to bridge the gap of financial accessibility among women entrepreneurs. There is also a need to boast our technical and vocational training institutes so that they are able to equip women with relevant skills and professional entrepreneurship. The researcher also recommended on the need to boast women networks through creation of women trade association, women groups, mentorship programmes and integrating women in the existing male dominated networks.