Breaking the myth: How an affirmative social environment and financial motivation shape women’s entrepreneurial success

Persistent myths, specifically the belief that women underperform in entrepreneurial activities compared to men, shape academic debate and societal perceptions. The research investigates how societal acceptance of women’s entrepreneurial activities and financial motivations relates to business success in financial terms. Utilizing institutional theory and a gender lens, the study examines social norms and gendered expectations that influence women’s entrepreneurial motivations and results. Structural equation modeling was applied to data from 300 female entrepreneurs in the Serbian manufacturing sector. Results indicate that an affirmative social environment significantly influences women’s financial motives for entrepreneurship, their perception of business success, and their self-reported financial achievements. Financial motives mediate the relationship between social environment affirmativeness and business success, while women’s perceptions of success affect their realized entrepreneurial outcomes. The findings highlight the critical role of social context in shaping entrepreneurial aspirations and performance, providing evidence to challenge persistent gender-based myths. Originality: The study’s insights contribute to the ongoing debate on women’s entrepreneurship, challenging stereotyped narratives and advocating for a more inclusive entrepreneurial ecosystem.