Exploring challenges and opportunities that women entrepreneurs encounter in Sri Lanka

Abstract

The concept of women entrepreneurship is globally considered as a substantial element in fostering the economic development of a nation. In Sri Lanka, women entrepreneurship has noted a considerable upturn in the last two decades, with an increasing number of women entering the workforce, regardless of the challenges encountered. This thesis commissioned by DM Associates, intends to explore and analyze multifaceted challenges and opportunities that women entrepreneurs encounter in Sri Lanka, focusing on recognizing the dynamics of societal and cultural barriers, limited financial access, gender bias, digitalization impact, training and entrepreneurship education, and institutional policy reforms that influence woman’s entrepreneurial decisions in an optimistic or pessimistic way. This research employs a qualitative research method based on inductive approach by conducting in-depth interviews with different group of women entrepreneurs as well as working women across various sectors to gather more profound insights on the topic. The research findings emphasize that financial constraints, work life balance and deep rooted social and cultural norms are the most significant challengers that leads to women being underrepresented in entrepreneurship. Nevertheless, digital entrepreneurship, micro loan facilities and training and mentorship programs have encouraged greater female representation in entrepreneurship. Based on the key research findings, for a more inclusive women entrepreneurial eco system, it is essential to reform polices focusing on equal financial access despite the gender, expansion of entrepreneurial education and support system, and challenge established societal and cultural norms to alter traditional Sri Lankan attitude.