Make it or leave it?– An exploration of post-foundation dynamics among female entrepreneurs

Uebbing, Lina; Wehne , Ma ius Claus; A ánega, Alba Yela; Guai a Ma ínez, José
Manuel
A icle — Published Ve sion
Make i o lea e i ?– An explo a ion o pos - ounda ion
dynamics among emale en ep eneu s
In e na ional En ep eneu ship and Managemen Jou nal
P o ided in Coope a ion wi h:
Sp inge Na u e
Sugges ed Ci a ion: Uebbing, Lina; Wehne , Ma ius Claus; A ánega, Alba Yela; Guai a Ma ínez, José
Manuel (2025) : Make i o lea e i ?– An explo a ion o pos - ounda ion dynamics among emale
en ep eneu s, In e na ional En ep eneu ship and Managemen Jou nal, ISSN 1555-1938, Sp inge
US, New Yo k, NY, Vol. 21, Iss. 1,
h ps://doi.o g/10.1007/s11365-024-01065-2
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In e na ional En ep eneu ship and Managemen Jou nal (2025) 21:52
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Abs ac
Female en ep eneu s encoun e se e al ba ie s be o e s a ing a business. The
p e alen associa ion o en ep eneu ship wi h masculine s e eo ypes in many coun-
ies is a con ibu ing ac o as o why ewe women pu sue en ep eneu ial en-
u es. Ye ou unde s anding o whe he hese ba ie s anish once emales ha e
ounded a new business emains limi ed. To shed mo e ligh on women’s expe i-
ences, we conduc ed 32 semi-s uc u ed in e iews o in es iga e Ge man emale
en ep eneu s’ pe cep ions o challenges pos - ounda ion. Ou indings show ha
emale en ep eneu s a e s ill a ec ed by s e eo ypes o hei p i a e and p o es-
sional su oundings a e hei business has launched. The main easons o exi ing
hei businesses a e expe ienced ole con lic s ha may esul in men al heal h is-
sues. Based on hese indings, we de eloped a amewo k illus a ing how women
na iga e h ough he en ep eneu ial li ecycle, encoun e ing inc eased ole incon-
g ui y as hey become mo e deeply imme sed in he en ep eneu ial en i onmen .
Unde s anding he ac o s h ough which women decide abou hei u u e pa hs is
impo an o esea che s and p ac i ione s o suppo emale en ep eneu s a e
new business s a up. We conclude ha sus ained p i a e and p o essional as well
as ins umen al and non-ins umen al suppo du ing he ea ly s ages a e s a ing
a new en u e may help sus ain he sha e o emale en ep eneu s and educe he
sha e o emales esigning and going in o o he labo .
Keywo ds Female en ep eneu ship · En ep eneu ial li ecycle · Pos - ounda ion ·
Gende s e eo ypes · Social ole · Role cong ui y
Accep ed: 18 Decembe 2024
© The Au ho (s) 2025
Make i o lea e i ? – An explo a ion o pos - ounda ion
dynamics among emale en ep eneu s
LinaUebbing1· Ma ius ClausWehne 2· Alba YelaA ánega3·
José ManuelGuai a Ma ínez4
Ex ended au ho in o ma ion a ailable on he las page o he a icle
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In e na ional En ep eneu ship and Managemen Jou nal (2025) 21:52
In oduc ion
Female en ep eneu ship has a signi ican impac on economic de elopmen , bu he
majo i y o women s ill hesi a e o s a hei own businesses (Elam e al., 2019;
S e nbe g e al., 2023). While ela i ely ew women choose o s a hei own busi-
nesses, he e a e some who ake his s ep. Ye s udies also indica e ha women a e
mo e likely o olun a ily exi hei en u es compa ed o men (Jus o e al., 2015).
This unde ep esen a ion o women in en ep eneu ship esul s in a missed oppo u-
ni y o economic g ow h, making emale en ep eneu ship an highly ele an a ea o
in e es o esea che s (Ca della e al., 2020; Hossain e al., 2023) and p ac i ione s,
who ha e al eady in en ed suppo in e ms o inancing, educa ion, as well as child-
ca e (G eene & B ush, 2023).
The me a-analysis by Haus e al. (2013) and i s ecen upda e by S einme z e
al. (2021) e eals ha he e is only a small di e ence be ween women’s and men’s
in en ions o s a a new business and become en ep eneu s. Howe e , compa ed o
women, men a e much mo e likely o ac on hei en ep eneu ial in en ion and s a
hei own businesses (Liñán e al., 2024). I is common knowledge ha emale en e-
p eneu s encoun e o he o e en mo e ba ie s be o e s a ing hei own business
han male en ep eneu s (Balachand a e al., 2019; B ush e al., 2019; De And és e
al., 2021; Shinna e al., 2012; Soom o e al., 2024; Wu e al., 2019). While much o
he exis ing li e a u e ocuses on he ime be o e s a ing a en u e, he e is g owing
need o explo e wha happens a e he business is es ablished, including he ba ie s
women ace in managing and g owing hei en u es. Ou esea ch add esses his
gap by ocusing on he pos - ounda ion phase and, in pa icula , he ac o s leading
o hei con inued success o exi . We seek o ex end he cu en unde s anding by
examining no only he ba ie s women encoun e du ing he s a up phase bu also
how hey na iga e he en ep eneu ial landscape a e he business has been ounded.
Al hough he numbe o women ini ia ing hei own en u es emains low compa ed
o men, hey a e ising (Elam e al., 2019). Howe e , esea ch sugges s ha women
a e also mo e likely o olun a ily lea e hei businesses (Jus o e al., 2015), high-
ligh ing he p esence o gende -speci ic challenges in he en ep eneu ial jou ney.
One impo an key aspec o unde s anding hese ba ie s is he in luence o social
oles and s e eo ypes assigned o each gende (Ca della e al., 2020; Ga ewood e al.,
2009; Ma low & McAdam, 2013). Social ole heo y (SRT) emphasizes ha gen-
de labo di ision s ems p ima ily om socie al expec a ions a he han biological
dispa i ies (Ma ison e al., 2023; Wood & Eagly, 2012) and e e s o widely held
belie s abou app op ia e beha io s o women and men (Gup a e al., 2009; Hamil-
on, 2013; Tabassum & Nayak, 2021). Women, who a e o en associa ed wi h ai s
such as being nice, iendly, and socially sensi i e (Eagly e al., 1991; Vaillancou e
al., 2024), may encoun e di icul ies secu ing posi ions adi ionally associa ed wi h
masculini y, such as co po a e execu i e oles (Eagly & Ka au, 2002; Mkha shwa
& Genc, 2022). Consequen ly, when a ole is adi ionally linked o men, women
may be deemed unsui able due o a pe cei ed lack o equisi e skills (Agu e al.,
2023; Hossain e al., 2024; Hoy & Mu phy, 2016). Hence, he en ep eneu ial en i-
onmen is mainly cha ac e ized by masculine s e eo ypes (Ach enhagen & Wel e ,
2011; Adamus e al., 2021; Hamil on, 2013; Laguía e al., 2019; Sulli an & Meek,
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In e na ional En ep eneu ship and Managemen Jou nal…
2012), which seems o be incompa ible wi h eminine quali ies and s e eo ypes (Ahl,
2006) and leading o a lowe p opo ion o emale en ep eneu s (Liñán e al., 2024).
To he bes o ou knowledge, howe e , esea ch is s ill lacking on whe he hese
ba ie s and masculine s e eo ypes s ill p e ail o emale en ep eneu s a e he suc-
cess ul incep ion o hei own businesses. While ha ing a “p oo -o -concep ” o a
unc ioning en u e migh sugges ha emale en ep eneu s managed o o e come
hese masculine s e eo ypes and a e able o cope wi h well-known ba ie s, such as
socie al p ejudices and s e eo ypes, he eali y migh di e . Gi en he as amoun
o go e nmen al in es men s in en ep eneu ship in gene al and he c ea ion o new
businesses by emales un il he ounda ion phase (A nimelech & Rech e , 2023;
Elam & Te jesen, 2010; Hill e al., 2024), he e is a need o in es iga e wha ba ie s
women ace a each s ep o he ounda ion p ocess a e mon hs o yea s o success-
ul incep ion o encou age high-g ow h ac i i ies (Elam e al., 2022; Ză eanu, 2023).
In addi ion, unde s anding hese p ocesses is c ucial, as hey can p o ide aluable
insigh s in o he long- e m success and challenges women ace in main aining o
ansi ioning ou o hei businesses.
In ligh o his, we conduc ed 32 semi-s uc u ed in e iews wi h emale en ep e-
neu s in Ge many who we e ei he s ill unning hei businesses o had exi ed hei
own companies. By ocusing on and explo ing he di e si y among emale en e-
p eneu s, we con ibu e o a mo e comp ehensi e unde s anding o he unique chal-
lenges and oppo uni ies ha hese women encoun e du ing he de elopmen and
exi phase (e.g. Dehlen e al., 2014; DeTienne, 2010; Jennings & B ush, 2013; Jus o
e al., 2015) o hei en ep eneu ial jou ney wi hou he a he adi ional compa ison
be ween emale and male en ep eneu s. This dis inc ocus on he pos - ounda ion
phase o emale en ep eneu ship se s ou s udy apa and ensu es ha he sample
is well-sui ed o add essing ou esea ch ques ions. P e ious esea ch has al eady
shown ha male en ep eneu s con o m o gende ole belie s and masculine s e-
eo ypes by ounding a new business, acing ewe challenges, and ge ing suppo
o become ‘se ial en ep eneu s’. The e o e, we aise he ollowing ques ions: Wha
a e he pe cep ions o emale en ep eneu s a e s a ing a business p ojec and he
challenges hey ace? Wha a e he endencies and easons o emale en ep eneu s
o con inue o abandon hei business p ojec s? Can iden i ying gende ed occupa-
ional s e eo ypes imp o e he unde s anding o gende pe cep ions among en ep e-
neu s? To answe hese ques ions, we examine and compa e he dynamics o emales
who a e s ill unning, exi ed, o e-s a ed a new business a he han jus compa ing
emales and males. Hence, his s udy o e s new insigh s in o gende s e eo ypes and
emale en ep eneu ship, especially in he pos - ounda ion li e a u e and exi deba e.
By ex ending and ans e ing he ole cong ui y heo y (RCT) (Eagly & Ka au, 2002)
o he pos - ounda ion phase o emales, ou indings e eal ha ole incong ui y does
no anish a e success ul es ablishmen o a new business bu o en in ensi ies, pa -
icula ly as emales p og ess in o he a he masculine en ep eneu ial en i onmen
(e.g. Adamus e al., 2021). This no el pe spec i e add esses an impo an gap in he
li e a u e because p io esea ch p edominan ly ocused on he p e- ounda ion ba i-
e s ha women encoun e (e.g. B ush e al., 2019; Soom o e al., 2024), bu neglec ed
he pos - ounda ion dynamics in emale en ep eneu ship.
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In e na ional En ep eneu ship and Managemen Jou nal (2025) 21:52
The pape p oceeds as ollows. Fi s , we p o ide he esea ch con ex . The second
sec ion deals wi h he li e a u e e iew and concep ualiza ion o he ole o emale
en ep eneu ship. In he hi d sec ion, he s udy me hodology is explained, going
in-dep h in o he esea ch app oach, da a collec ion, and da a analysis. The ob ained
esul s a e p esen ed in he ou h sec ion, which is di ided in o se e al smalle sec-
ions. This is ollowed by a gene al discussion, he heo e ical and p ac ical impli-
ca ions o hese indings as well as he limi a ions o ou s udy, and u u e esea ch
implica ions. Finally, he conclusions o he esea ch a e p esen ed.
Concep ual and heo e ical backg ound
Applying social ole heo y and ole cong ui y heo y o emale en ep eneu ship
Ou esea ch no only explo es he expe iences o emales in en ep eneu ship bu
also con ibu es o he ongoing explo a ion o occupa ional sex- ole s e eo yping,
aiming o enhance ou unde s anding o he commonly held gende pe cep ions
a ibu ed o en ep eneu s (Jennings & B ush, 2013; Lin e al., 2021).
The concep o “occupa ional seg ega ion” conce ns he gende -biased selec ion o
di ec ion o indi iduals in o s e eo ypical p o essions (e.g., nu se s. doc o ) (Goldin,
2021). As a esul and based on hei gende , unique skills and pe sonali y ai s a e
associa ed wi h hose indi iduals who ake on hese s e eo ypical p o essions, ein-
o cing gende -speci ic beha io s wi hin socie y (Elleme s, 2018; Heilman e al.,
2024; Wood & Eagly, 2012). No only do hese s e eo ypes de ine he ypical ai s o
women and men (desc ip i e s e eo ypes), bu also ou line he expec a ions placed on
hem (p esc ip i e s e eo ypes) (Shinna e al., 2018). These gende -speci ic s e eo-
ypes also apply o en ep eneu ship, which is equen ly associa ed wi h masculini y
(Ach enhagen & Wel e , 2011; Adamus e al., 2021; Hamil on, 2013; Laguía e al.,
2019; Sulli an & Meek, 2012), and a e seen hus as incompa ible wi h eminine
quali ies (Ahl, 2006; Powell & Eddles on, 2013). Fu he mo e, inancial o economic
me ics a e equen ly used o concep ualize and assess en ep eneu ial alue (Bau-
mol e al., 2007), and high-g ow h “gazelles” (i.e., high a e o g ow h in a e y sho
ime) end o be dis inc ly “male- yped”. In con as , as women equen ly con ibu e
alue ha goes beyond inancial me ics (Wel e , 2011), low-g ow h en ep eneu -
ship is o en associa ed wi h women, accen ua ing gende di e en ia ion wi hin he
en ep eneu ial landscape (Lewis, 2006; Tang e al., 2024). Tha hese gende di e -
ences ega ding labo di ision p ima ily esul om socie al expec a ions a he han
biological dispa i ies is unde sco ed by he SRT (Wood & Eagly, 2012).
This aises ou i s ques ion: How do s e eo ypes se e as he main ba ie s o
emale en ep eneu ship? By ocusing on he unde esea ched pos - ounda ion
phase o emale en ep eneu s, we o e new insigh s and a heo e ical ex ension o
unde s and whe he gende ole belie s and socie al s e eo ypes abou emales pe -
sis o change a e he ounda ion phase, he eby a ec ing he s esso s, esou ces,
and emale en ep eneu s’ decision-making du ing and a e he ounda ion o a new
business. Ne e heless, ou indings ex end he scope o ba ie s a e incep ion, such
as men al heal h issues, which migh be a ac o in he discon inua ion o en ep e-
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In e na ional En ep eneu ship and Managemen Jou nal…
neu ial endea o s (Johansson Se ä e al., 2016). This shi in ocus adds dep h o ou
unde s anding o he nuanced expe iences o emale en ep eneu s h oughou hei
en ep eneu ial jou ney ega ding hei decision o pe sis ence, exi , o e-en y (Jay-
awa na e al., 2021). Especially he la e is impo an o unde s and he o ma ion o
emale se ial en ep eneu s.
Indi iduals a e assigned o ce ain oles and social g oups, which can in luence he
ai s o he s pe cei e as ep esen a i e o ha social g oup (Eagly & Wood, 2012).
Wi hin he con ines o socie al expec a ions, women a e likely o assume oles ha
highligh p ima ily communal, domes ic, o subo dina e beha io s o success ul
execu ion, whe eas men a e likely o embody agen ic, esou ce-ga he ing, and domi-
nan beha io (Eagly & Wood, 2016). Women, who a e o en associa ed wi h ai s
such as being nice and socially sensi i e (Agu e al., 2023; Eagly e al., 1991), may
encoun e di icul ies secu ing posi ions ha a e adi ionally associa ed wi h mascu-
lini y, such as co po a e execu i e oles (Akanji e al., 2024; Eagly & Ka au, 2002).
Indi iduals who de ia e om accep ed social no ms o beha io s may ace p eju-
dice and social consequences (B ooks & Good, 2001). As a complemen o he SRT,
RCT asse s ha gende s e eo ypes impac he pe cei ed i be ween indi iduals
and ce ain oles and explains how esis ance a ises when indi iduals de ia e om
assigned s e eo ypes (T iana e al., 2024), leading o pe cep ions o women as “pushy,
unquali ied, and undese ing” (Eagly & Diekman, 2012, p. 431). Especially indi-
iduals ope a ing in mul iple oles (e.g., a emale who uns he own business bu is
also a mo he ) may encoun e ole con lic s whe e expec a ions abou beha io based
on social no ms a e unclea (Powell & G eenhaus, 2010). Acco ding o RCT, nega-
i e e alua ions may esul when expec a ions abou wo social oles ha a pe son
simul aneously holds a e ou o sync (T iana e al., 2024). Pa icula ly women who
a e unable o mee hei amily esponsibili ies a e o en ega ded as socially uncon-
en ional (I ani e al., 2011).
As ou second ques ion, we ask: To wha ex en is addi ional social suppo neces-
sa y o emale en ep eneu s o econcile wo k and amily li e, and how do suppo
needs a y ac oss di e en s ages o hei en ep eneu ial jou ney? By acknowledg-
ing “en y and exi as ela ed issues” (Jayawa na e al., 2021, p. 1421), we ex end he
RCT (Eagly & Ka au, 2002) and sugges explana ions o “ emale en ep eneu ship
dynamics” o hose emale en ep eneu s who a e (a) s ill unning hei own busi-
ness, (b) exi ed hei old business and ounded a new business, o (c) exi ed hei
business and commi ed o o he labo . Hence, we iden i y di e en s esso s ha play
a c ucial ole a di e en poin s in ime o emale en ep eneu s.
These heo ies con e ge in elucida ing how socie al no ms shape expec a ions,
a ec ing bo h he assignmen o oles based on gende and he e alua ion o indi-
iduals wi hin hose oles. The RCT u he ex ends he STR by emphasizing he
impo ance o alignmen be ween gende oles and socie al expec a ions, shedding
ligh on he nuanced in e play be ween social pe cep ions and occupa ional dynam-
ics. Ou esea ch seeks o explo e hese complexi ies in he en ep eneu ial landscape
and hei implica ion o emale en ep eneu s.
Finally, ou hi d esea ch ques ion: Wha a e he occupa ional gende s e eo ypes
commonly associa ed wi h en ep eneu s, and how do hese s e eo ypes shape he
gende pe cep ions o emale en ep eneu s? Ou esea ch adds o he ongoing explo-
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In e na ional En ep eneu ship and Managemen Jou nal (2025) 21:52
a ion o occupa ional sex- ole s e eo yping, aiming o enhance ou unde s anding
o he commonly held gende pe cep ions a ibu ed o en ep eneu s (Jayawa na e
al., 2021; Jennings & B ush, 2013). Thus, ou esul s ha e impo an implica ions
o esea ch and p ac ices, in pa icula , o he go e nmen al in es men in emale
en ep eneu s a e he incep ion o a new business.
Me hodology
Resea ch app oach
To explo e whe he he pe cei ed obs acles o emale en ep eneu s diminish o an-
ish a e he incep ion o a new business, we u ilized a quali a i e esea ch app oach
by conduc ing in-dep h semi-s uc u ed in e iews. Ou s udy ocuses on women,
who had al eady s a ed hei own businesses and.
(a) s ill un hei en u e o .
(b) decided o lea e, sell, o close hei en u e.
We adop ed an induc i e app oach, gi en he sca ci y o ocusing on emale en ep e-
neu ship beha io (Ca della e al., 2020) and hei di e se pe cep ions (De B uin e
al., 2006) a e i m ounda ion. This is due o a p e alen occu ence whe ein women
ei he achie e success o anish om he sample as hey may ind i challenging o
a icula e hei exi . Using semi-s uc u ed in e iews allows us o ask open-ended
ques ions while concu en ly enabling he explo a ion and u he in es iga ion o
aised subjec s h oughou he in e iew p ocess (Maxwell, 2005), con ibu ing o a
mo e nuanced iew o emale en ep eneu s du ing he di e en s ages o ounda ion.
A e wa ds, applying he s eps ou lined in he Gioia me hodology ensu es quali a i e
igo and me hodological obus ness (Magnani & Gioia, 2023) and allows o a un-
damen al unde s anding o he gi en heme g ounded on he da a (Gioia e al., 2013;
S auss & Co bin, 1998). Hence, we employed i s -o de codes (di ec quo es),
second-o de hemes (summa izing he di ec s a emen s), and agg ega e dimensions
(summa izing second-o de hemes o highe -le el dimensions) wi hin a anspa en
and comp ehensible da a o ganiza ion p ocess (Gioia e al., 2013).
To acili a e an open dialogue wi h he in e iewees, he in e iew guidelines com-
p ised a se ies o open-ended ques ions (see Appendix 1), bu also in ol ed a espon-
si e in e iewing app oach, adap ing o ollow-up ques ions o ob ain de ailed and
in-dep h insigh s (Rubin & Rubin, 2011). The in e iew ques ions co e ed he busi-
ness model, he s eps du ing ounda ion, expec a ions o and ela ionships wi h hei
own amily and iends as well as ins i u ions, and expe iences wi h ex e nal inanc-
ing. Finally, we con inued collec ing da a un il heo e ical sa u a ion was eached,
meaning no u he in e iews we e likely o p o ide new insigh s (Glase & S auss,
1967; S auss & Co bin, 1998).
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In e na ional En ep eneu ship and Managemen Jou nal…
Da a collec ion
To ensu e eplicabili y, we ollowed a s uc u ed app oach o ec ui ou pa icipan s.
U ilizing he pu pose ul sampling app oach (Pa on, 2015), we iden i ied and pu sued
pa icula a ibu es o connec wi h possible pa icipan s. Fi s , since we we e in e -
es ed in he pe cep ions and expe iences o cu en and o me emale en ep eneu s,
we only app oached women who al eady o icially s a ed hei businesses. Second,
ano he p e equisi e o pa icipa ion in ou s udy was ha pa icipan s had o be
he d i ing o ce behind he es ablished company (i.e., ini ia ing he s a up om i s
incep ion). Thi d, pa icipan s should ep esen emale en ep eneu s om di e en
indus ies in Ge many. We, he e o e, eached ou o po en ial emale en ep eneu s
a emale ounde s’ e en s and ia accele a o p og ams as well as based on hei
LinkedIn p o iles in Ge many. While cu en emale en ep eneu s we e mo e will-
ing o pa icipa e in ou s udy, i was challenging o ind o me emale en ep eneu s
who exi ed hei businesses and we e willing o sha e hei expe iences wi h us a he
same ime. Gi en he sensi i e na u e o business exi , especially in Ge many, we
used snowball echnique o his pa o he sample. In hese cases, we made ini ial
connec ions oge he wi h ou al eady pa icipa ing en ep eneu s o signal us in
ou esea ch, ollowed by an e-mail explaining ou esea ch in en ion and assu ing
con iden iali y.
While quali a i e esea ch o en in ol es smalle samples o gain in-dep h
insigh s, a ypical sample size o quali a i e in e iews anges om 15 o 30 pa ici-
pan s, which is conside ed su icien o cap u ing a b oad spec um o insigh while
eaching da a sa u a ion (Ma shall e al., 2013). Ma shall (1996) also emphasizes
ha quali a i e s udies do no aim o p obabilis ic sampling and gene alizabili y
bu a he o an in-dep h unde s anding o complex human beha io . The e o e, ou
sample size o 32 esponden s is conside ed adequa e gi en ha we eached heo e i-
cal sa u a ion, a c i ical benchma k in quali a i e esea ch ha ensu es comp ehen-
si e da a ep esen a ion.
We used a emale-only sample o in es iga e women’s he e ogenei y wi hin hei
g oup. Fu he mo e, apa om di e ing ac oss cul u al ca ego ies, gende expe i-
ences a e o en in con lic wi h an indi idual’s own expe iences (e.g., being a mo he
and leading a business). When women a e collec i ely examined as a compa a i e
ca ego y o subg oup, he e is a isk o neglec ing con ex ual ac o s, po en ially
yielding di e gen ou comes (De B uin e al., 2006). This becomes e iden h ough
a s aigh o wa d example: A woman who ini ia es en ep eneu ship ou o necessi y
as a single mo he may ha e ewe esou ces a he disposal han a woman who s a s
a business oppo unis ically (Minni i e al., 2005).
The in e iews we e conduc ed be ween May 2023 and Augus 2024 by using he
digi al con e encing ool WebEx. The inal da ase consis s o 32 in e iews, las ing
be ween 23 and 70 min wi h an a e age leng h o 43 min. All in e iews we e con-
duc ed in Ge man (wi h one excep ion in English), eco ded, and ansc ibed, esul -
ing in 7251 pages o in e iew ansc ip s. Ou pa icipan s a ied in age, pa en al
s a us, and whe he hey s a ed hei businesses as indi iduals o as pa o a eam.
1 Times New Roman, 12p , double line spacing.
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In e na ional En ep eneu ship and Managemen Jou nal (2025) 21:52
To gua an ee adequa e di e si y o pe spec i es and expe iences (Pa on, 2015), pa -
icipan s spanned a ious indus ies (e.g., heal hca e, coaching, inance, and e ail),
wi h di e en ypes o inancing. The s a ups o 14 pa icipan s we e al eady closed
due o a ious easons including he lack o ollow-up unding, men al heal h issues,
and ex e nal ci cums ances, namely he COVID-19 pandemic. To pe o m empi i-
cal iangula ion, documen a y sou ces o in o ma ion we e also accessed (e.g., pa -
icipan s’ websi es and social media p o iles). Table 1 p o ides an o e iew o ou
pa icipan s. The a e age age was 37 yea s (SD = 9). Se en een pa icipan s we e
solo ounde s, 13 had a leas one co- ounde , and wo we e looking o ano he co-
ounde . The esul s epo ed in Table 1 highligh he excep ionally high educa ional
a ainmen le el o he pa icipan s: 19 pa icipan s held a mas e ’s deg ee, eigh
had a bachelo ’s deg ee, one had comple ed an app en iceship, and ou held a PhD.
When s a ing hei companies, 25 esponden s had no child en, six had child en and
one was p egnan . A he ime o ou in e iews, 11 women had child en.
Da a analysis
To ob ain a p elimina y unde s anding o he di e en ounding phases o emale
en ep eneu s and hei pe cep ions o ba ie s a e incep ion, we i s conduc ed
in e iews and s a ed an i e a i e da a analysis. Using his me hod, we we e able o
de e mine heo e ical sa u a ion and imp o e he ollow-up ques ions (Gioia e al.,
2013). To classi y and de ine codes, we employed he so wa e MAXQDA. In he
i s s ep, we di ided he da a in o ini ial codes be o e looking o di e ences be ween
he in e iewees and wi hou e e ence o ea lie heo e ical unde s anding (S auss &
Co bin, 1998). This open coding p ocess o he unde lying da a was used o iden i y
he ini ial codes–while adhe ing o pa icipan s’ e ms–leading o a lis o i s -o de
concep s (Gioia e al., 2013). To compile ela ed ideas in o a use ul da a s uc u e o
second-o de hemes and agg ega ed ca ego ies, we i e a i ely con as ed and com-
pa ed he eme ging hemes (Gioia e al., 2013; S auss & Co bin, 1998). Once we
had a se o hemes and concep s d i ing us owa d heo e ical sa u a ion, we dis illed
hem in o agg ega e dimensions. Fo example, as he i s -o de code “They’ e ne e
old me ‘don’ do i ’ bu my mo he said ‘you need o spend mo e ime wi h you
child en’” (P12) e e s o he c i icism om he ou side ( ela i es) ega ding he lack
o ime. In con as , he i s -o de code “a pa ne ship would no ha e been possible”
(P18) e e s o he inside pe cep ion o one pa icipan abou balancing amily and
business li e. We g ouped hese i s -o de s a emen s in o one second-o de heme,
“lacking ime o husband/ pa ne and child en”, be o e agg ega ing hem in o one
dimension wi h he emaining lack o ime o pe sonal ela ionships. Following
he ini ial phases o analysis, we consul ed ele an li e a u e on SRT and RCT o
con i m he de i ed hemes and dimensions and explo e he po en ial disco e y o
addi ional concep s (Gioia e al., 2013). Th oughou his p ocess, he examina ion
o exis ing li e a u e and heo ies ela ed o ole cong ui y (Eagly & Ka au, 2002)
and social oles (Eagly, 1987) p o ided a heo e ical amewo k o analyzing he
da a. Mo eo e , ca ego izing he s ages in o p e- ounda ion, ounda ion, and pos -
ounda ion en iched ou u he analysis. I acili a ed a discussion on he heo e ical
con ibu ions and implica ions o exis ing li e a u e in he ield.
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In e na ional En ep eneu ship and Managemen Jou nal…
and he p ac ical hu dles hey ace. While employed mo he s ecei e s a e suppo
and sala y compensa ion du ing and a e p egnancy, sel -employed women o en
s uggle due o luc ua ing income du ing he p e-bi h phase, making i di icul o
access compa able bene i s. Se e al pa icipan s exp essed us a ion wi h balancing
en ep eneu ship and mo he hood, ci ing inancial p essu es and sys ema ic sho -
comings. This necessi a es a s ong inancial sa e y ne , which is di icul o es ablish
in he ini ial ounda ion phase.
“You ha e o calcula e you income p e y small a yea be o e you plan o ha e
a child. Bu especially in he i s ew yea s o sel -employmen , you end o
ha e li le money anyway. […] So how a e you going o make en ep eneu -
ship appealing o young women? […] I you ha e a child as an en ep eneu in
Ge many, you’ e sc ewed.” (P7).
Se e al in e iewees con i med his s a emen , eeling o ced “ o choose be ween
ha ing child en and pu suing a ca ee ” (P1), wi h some acing o e disc imina ion
om in es o s o combining bo h oles, such as being denied unding while p eg-
nan (P15) o being h ea ened ha i he ounde akes pa en al lea e, he in es o
will lea e he company (P25).
Lacking ime o pe sonal ela ionships
Lacking ime o amily (pa en s, ela i es) and iends in he b oade sense
Despi e ecei ing suppo , pa icipan s el unhea d by hei iends and e en los
some o hem du ing he ime hey we e leading he company. Being a ounde and a
good iend seems o be wo sepa a e and incompa ible oles ha canno be managed
and ul illed a he same ime.
“I always had he imp ession om my p i a e en i onmen ha e e yone had
no idea wha I was doing. […] Simila ly, hey couldn’ unde s and when I had
o wo k in he e ening while hey we e mee ing up.” (P11).
In he wo s case, he pa icipan s equen ly ci ed he lack o ime as a eason o
b oken ela ionships. Bu e en i ela ionships we e s able enough, he “p i a e si u-
a ion has su e ed” (P2).
Lacking ime o husband/ pa ne and child en
One pa icipan who exi ed he company epo ed ha “a pa ne ship would no ha e
been possible.” (P18), which co obo a es he inding ha women a e 27% mo e
likely han men o epo exi ing o amily easons (Elam e al., 2022). Fu he -
mo e, he p essu e on emale en ep eneu s o ul il a ious oles (e.g., being a good
iend, a good mo he , and a p o essional CEO) emained o e en in ensi ied a e
hey s a ed hei businesses. Balancing oles as a business owne and amily mem-
be o en esul ed in a eeling o inadequacy in bo h domains. The c i icism aced by
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In e na ional En ep eneu ship and Managemen Jou nal (2025) 21:52
he pa icipan s, especially ega ding mo he hood, was mainly men ioned by o he
emales (i.e., g andmo he and mo he ) wi hin hei own amilies.
“My mo he said, ‘[…] You ha e li le child en, and you should spend a bi
mo e ime wi h hem’. And I eplied, ‘So wha ? The e’s a a he he e, who
some imes wo ks ab oad o ou s aigh weeks’.” (P12).
To sum up, gende plays a majo ole in he dea h o inancial and human suppo
expe ienced by emale en ep eneu s, which is consis en wi h ecen s udies ha
claim ha a pe son’s gende a ec s he expec a ions placed on hem o hei beha -
io and he co esponding socie al esponses (Bodding on, 2024; Tabassum & Nayak,
2021).
Masculine s e eo yping
Mos ly male ac o s
Beyond o e disc imina ion, women equen ly ind hemsel es unde ep esen ed
in he ques o inancial unding and ace gende dispa i y and homophily, whe e
indi iduals end o align wi h hose simila o hemsel es hus leading o economic
consequences (Ke s & Sand oni, 2019). This unde ep esen a ion was e iden bo h
wi hin he ounding eams hemsel es and among ins i u ional ep esen a i es,
including economic de elopmen agencies and in es o s. Gi en ha he majo i y o
in es o s a e male, i is unsu p ising ha 87% o en u e capi al in 2023 was allo-
ca ed o exclusi ely male s a up eams (E ns & Young, 2024). Many emale en e-
p eneu s epo ed eeling uncom o able in p edominan ly male en i onmen s, wi h
some expe iencing anxie y and p essu e o adap hei beha io o i in. Bu ins ead
o he sys em, as i clea ly needs o change, women a e adap ing hei beha io o
a oid uncom o able in e ac ions, as illus a ed by one pa icipan who sha ed:
“F om bo h sides, om clien s and con ac o s, i was unpleasan . Tha ’s why I
s a ed o wea a wedding ing, e en hough I wasn’ ma ied.” (P29).
In o he cases, pa icipan s pe cei ed wo king p edominan ly wi h men as a chal-
lenge and ound i highly sa is ying o change c i ical oices and enjoyed he chal-
lenge o pe suading o he s who we e skep ical a i s .
Pa icipan s’ opinions on he e ms “ emale en ep eneu ship” and “women en e-
p eneu ship” we e di ided. While some we e dedica ed o p omo ing he e m and
associa ed igh s, o he s opposed such labeling, a guing ha i solidi ied he pe cep-
ion o women as a mino i y, which equi es special assis ance. In his case, hey
desi e he no maliza ion o he e m, away om sepa a ion. Addi ionally, some
pa icipan s exp essed ese a ions abou i in he long e m, bu acknowledged he
e m’s necessi y in he sho e m, especially in jus i ying gende -speci ic p og ams.
Un o una ely, ecen s udies sugges ha exclusi ely emale en i onmen s and oo
much embeddedness can limi access o di e se in o ma ion and esou ces, ul ima ely
leading o disad an ages (Bacq e al., 2022; Snellman & Solal, 2023).
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In e na ional En ep eneu ship and Managemen Jou nal…
No aken se iously as a ounde by socie y
Despi e he gende equali y wi hin hei eams o he expe ise o he ounde , pa ici-
pan s s uggled o ha e hei businesses aken se iously by socie y, cus ome s, and
in es o s. Many el unde es ima ed, as emale en ep eneu s we e o en pe cei ed as
less capable, as Pa icipan 20 de ailed:
“Wi h he in es o s, I el ha hey ended o lis en mo e o my co- ounde .
E en i he didn’ answe he ques ion qui e as well, i seemed o be less o a
p oblem o him han o me; I was mo e likely picked on han he was.” (P20).
As a consequence, his ounde wi hd ew om in es o - ela ed ma e s. Pa icipan
8 added ha he idea ha women canno handle inances and ha o he women also
hold his belie suppo s he idea ha socially gende ed subjec i i ies exe angible
e ec s on en ep eneu ial p ac ices in he eal wo ld (Bodding on, 2024).
Howe e , s e eo ypical oles we e no only adop ed wi hin he in es o commu-
ni y bu also by cus ome s who mis ook he in e iewee’s husband o he ounde , as
in he case o Pa icipan 10:
“Whe he man o woman, ega dless o age, cus ome s o en asked my husband
how he came up wi h he idea, bu he doesn’ e en wo k in my company.”
(P10).
This expe ience indica es ha , o socie y, de ia ing om he no m is almos incon-
cei able and a pe son is only conside ed legi ima e as an en ep eneu when he o
she con o ms o speci ic p ede e mined en ep eneu ial ai s (Ma low & McAdam,
2013), oo ed in he p io alignmen o en ep eneu ship wi h a masculine discou se
(Ahl & Ma low, 2012; De B uin e al., 2006). Gende and en ep eneu ship a e inex-
icably linked and con adic o y, wi h s uc u al ac o s impeding speci ic gende ed
p ac ices and indi iduals s i ing o claim hei iden i ies (Bodding on, 2024).
Men make women eel ha hey a e no pa o he pee g oup
Al hough pa icipan s epo ed ha a ious demog aphics did no ake hei endea -
o s se iously, wi h some expe iencing mocke y and doub abou hei compe ence
due o gende and age. Some epo ed being laughed a by male ounde s, causing
hem o ques ion hei capabili ies. Fo many male ounde s, i may seem inconcei -
able o pu sue goals o he han inancial ones, while many women consciously make
he decision no o expand and p io i ize o he commi men s o al e na i e o ms o
alue c ea ion (Bodding on, 2024). Pa icipan 11 el exhaus ed by de ending he
ole as a emale ounde . She epo ed ha du ing pi ches, she had o answe di e en
ques ions han hose posed o he male co- ounde and el ha she needed o demon-
s a e he knowledge and con ic ion in he p ojec a hand.
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In e na ional En ep eneu ship and Managemen Jou nal (2025) 21:52
“When he wo o us wen somewhe e, I always had o jus i y my ole. I was
always mis aken o an in e n, my co- ounde ’s assis an o gi l iend. Like his
was he only legi imiza ion ha I could be pa o his ounding eam.” (P11).
These expe iences illus a e he pe sis en gende bias wi hin he en ep eneu ial
communi y.
P ejudices agains solo emale en ep eneu s
P ejudices agains single emale en ep eneu s p esen ano he obs acle o emale
en ep eneu s main aining hei posi ion in he business wo ld. Many pa icipan s
epo ed being “pigeonholed” (P8) by in es o s and banks due o hei solo ounde
s a us, despi e unde s anding he a ionale o sha ed en ep eneu ship esponsibili-
ies. While some women acknowledged he bene i s o ha ing a co- ounde , hey also
exp essed di icul y in inding us wo hy and compa ible pa ne s.
Wi h he ecen s udy, Bodding on (2024) complemen s he ad oca ed shi in he
pe spec i e o en ep eneu ship (Ahl, 2006; Jennings & B ush, 2013) by indica ing
ha collec i ism exhibi s e icacy. This also suppo s he concep ualiza ion o gende
wi hin a pos eminis amewo k, whe ein women’s oles a e no iewed as de ia-
ions om a p e ailing masculine s anda d (Lewis, 2014). This pape highligh s how
indi iduals can enable mo e di e se gende ed p ac ices h ough collec i e ac ion
(e.g., wo ke s’ collec i es, i ual communi ies and ways o o ganizing esou ces).
Men al heal h p oblems
Men al heal h issues we e he mos commonly ci ed eason o gi ing up a business,
wi h h ee ounde s speci ically a ibu ing hei closu es o he p essu es o sel -
employmen . Two emale en ep eneu s wo ked in he sus ainabili y indus y, and
one in e iewee was a coach. The semi-s uc u ed in e iews showed ha men al
heal h p oblems s emmed om a ious ci cums ances, mainly wo kload and di i-
cul y in ul illing he oles o en ep eneu and amily membe o iend. In addi-
ion, some o hei own complexes ocused on doub s in hei capabili ies. F om he
women’s s a emen s, i became e iden ha many o hem engaged in cons an and
igo ous sel - e lec ion. They desc ibed eelings o “no being able o do i alone” o
expe iencing ea o ailu e.
Physical symp oms
Mo eo e , pa icipan s epo ed physical symp oms due o an immense wo kload.
“I became sligh ly ill, bu con inued o wo k and hen go a eally bad onsilli is,
so I had o s ay in he hospi al o a week.” (P28)
The high wo kload—o en pe cei ed o as insu moun able—pai ed wi h he high
deg ee o esponsibili y esul ed in men al s ess, as Pa icipan 18 desc ibed:
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In e na ional En ep eneu ship and Managemen Jou nal…
“I had a momen […], whe e I couldn’ do any hing anymo e. I had al eady
no iced mon hs be o e ha I couldn’ wo k wi h p ope concen a ion anymo e,
couldn’ answe emails, and ook an inc edibly long ime o do hings. I had
headaches, a igue, I was i i a ed […] [which ended wi h] a comple e b eak-
down.” (P18)
Discom o can also impac men al heal h. Acco ding o he pa icipan s, his discom-
o a ose om he “elbow men ali y” and en y ha can exis e en among women.
Fu he mo e, he discom o was exace ba ed by male-domina ed pi ch ju ies ha
posed inapp op ia e ques ions, pa icula ly in male-domina ed indus ies. Addi ion-
ally, he pa icipan s no ed ha indi iduals in hei pe sonal en i onmen s also con-
ibu ed o hei discom o . This occu ed when people in hei su oundings lacked
unde s anding o showed li le suppo o hei endea o s.
Psychological symp oms
The physically and men ally exhaus ing expe iences o quickly occu ing momen s
o de ea and success— ha is an emo ional olle coas e —along wi h he lack o
b eaks, lead physical a igue. Balancing wo k and amily esponsibili ies is ecog-
nized as a majo challenge in he ealm o en ep eneu ship (Elam e al., 2022). The
ex en o he high pe sonal expec a ions held by emale en ep eneu s, which can
some imes each una ainable le els, has no been p e iously explo ed. This ole
incong ui y can lead o se ious men al heal h p oblems, po en ially o cing women o
abandon hei businesses. Acco ding o Eagly and Ka au (2002), he assessmen o
ole (in)cong ui y a ises when an indi idual simul aneously assumes wo social oles.
Indeed, pa icipan s epo ed eeling p essu e o econcile hei en ep eneu ial iden-
i ies wi h hei eminine iden i ies, pa icula ly in hei oles as mo he s o iends,
which had o be managed somehow, as Pa icipan 14 explained:
“I wo ked mysel o he bone o my clien s, I also wo ked mysel o he bone
o my amily. A some poin , my ba e y an ou and hen I became ill. I had no
s eng h o con inue wo king.” (P14)
This s a emen emphasizes how women end o p io i ize he needs o o he people.
This is consis en wi h esea ch om Mazei e al. (2015), which shows ha women
ba gain mo e asse i ely o o he indi iduals, such as hei employees, han hey do
o hemsel es. Because he p esence o emale en ep eneu ship con adic s s uc-
u al no ms, emale en ep eneu s commonly expe ience iden i y misalignmen wi h
he sociocul u al con ex (Ba ilana e al., 2009; Faucha & G ube , 2011; Rao e al.,
2003).
In he con ex o men al heal h, an imbalance in hei o e all li e was also epo ed.
In o he wo ds, pa icipan s who had adjus ed hei pe sonal li e ci cums ances o
accommoda e hei en ep eneu ial endea o s (e.g., mo ing back in wi h hei pa -
en s due o inancial cons ain s) o had neglec ed o comple ely cu ailed hei leisu e
ime, epo ed expe iencing men al heal h p oblems.
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In e na ional En ep eneu ship and Managemen Jou nal (2025) 21:52
Business exi e sus con inua ion
Fou een ou o 32 o ou pa icipan s exi ed hei businesses. The ounde s we e
o ced o close hei businesses in se en cases, wi h i e o hose closu es a ibu ed
o ex e nal ac o s. Speci ically, one en ep eneu had o close he es au an due o
he COVID-19 lockdowns. Ano he business was in he o ganic ood indus y, which
su e ed om he Russian in asion o Uk aine and he ensuing p ice in la ion. Sales
o o ganic p oduc s ell by 60% du ing his ime. Two companies ailed o secu e
a second ound o inancing. One business was inancially unsus ainable, and he
ounde admi ed o dis ega ding ex e nal ad ice, ul ima ely leading o he closing
o he business. In ano he case, he co- ounde ’s wish o exi led o he closing o
he business, and one business had o close because hei business model go cop-
ied. Among he emaining se en businesses, closu e was olun a y. In one case, he
ounde le due o in e nal con lic , while ano he en ep eneu ci ed sel -doub . One
pa icipan sough highe pe sonal de elopmen , and ano he one wan ed o ha e a
mo e secu e income again. Th ee o he ounde s a ibu ed hei closu es o men al
heal h issues caused by he p essu e ha eme ged om being sel -employed. None
o hese en ep eneu s emba ked on new business en u es; ins ead, hey accep ed an
employmen posi ion wi h a secu e income. Fi e o he 14 pa icipan s who closed
hei businesses launched new ones la e .
Indus y
In ou s udy, mos pa icipan s had es ablished coaching businesses. O hese, only one
o he se en women doing so le he company. In businesses es ablished in he ield
o sus ainabili y we obse ed he opposi e ou come. He e, i e o he eigh women
le he company, wo o hem due o men al heal h issues. Because sus ainable busi-
nesses we e associa ed wi h he p oduc ion o p oduc s, he emale en ep eneu s had
o aise capi al, which posed a ba ie . To do so, pa icipan s epo ed ha e en a e
he success ully ounding hei businesses, hey had o epea edly de end and p o e
hemsel es in on o ju ies and in es o s du ing pi ch sessions. Con e sely, coach-
ing is se ice-based and ypically does no equi e signi ican s a up cos s, which
migh explain why mo e pa icipan s exi ed hei sus ainable businesses compa ed o
hose in he coaching indus y. Thus, due o he need o unding, he indus y plays
an impo an ole o wo easons. Fi s , while seeking unding, women may expe i-
ence many ba ie s and male-domina ed su oundings, which can cause discom o .
Ou esul s showed ha women who ounded sus ainable businesses i s needed o
de end hei oles in on o ju ies. On he o he hand, women who s a ed coaching
businesses did no need high amoun s o unding o s a hei businesses. The e o e,
inancial p essu e was lowe o hese women compa ed o hose women who we e
ounded by in es o s o a bank loan.
Su oundings
The pa icipan s esponded o he p edominan ly male en i onmen in a ious ways.
Fo some o hem, he p edominance o men in he s a up scene caused discom o ,
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In e na ional En ep eneu ship and Managemen Jou nal…
which in u n a ec ed hei men al heal h, leading o exi . Bu no only male-domi-
na ed ne wo ks caused discom o . Pa icipan 2, o example, also expe ienced e y
compe i i e g oups o women wo king agains each o he :
“Women a e some imes a bi mo e jealous o each o he . Su ounded by men, I
ind his a bi mo e pleasan .” (P2)
This inding could sugges ha emale en ep eneu s who a e be e able o na i-
ga e a male-domina ed en i onmen a e mo e likely o succeed in sus aining hei
businesses.
F amewo k o emale en ep eneu ship dynamics
By analyzing obs acles a di e en s ages o he en ep eneu ial li ecycle, we iden i ied
speci ic ba ie s conside ed impo an o emale en ep eneu s. We paid pa icula
a en ion o pos - ounda ion e en s and he di e ences among emale en ep eneu s
who ha e exi ed hei en u es o he sake o employmen , hose who exi ed and
s a ed new businesses, and hose who kep leading hei businesses, he eby emain-
ing wi hin he male-domina ed ealm o en ep eneu ship. Ou indings esul ed in
an eme ging heo e ical amewo k ha inco po a es he s ages o an en ep eneu ial
li ecycle. Figu e 2 depic s he p oposed amewo k o s esso s and esou ces be o e,
du ing, and a e he ounda ion o emale en ep eneu s and highligh s he c ucial
ba ie s (in bold ype) and he mo emen s o emales owa d highe ole incong ui y
o owa d highe ole cong ui y (i.e., exi and o he labo ) o each phase.
Fig. 2 F amewo k o Female En ep eneu ship Dynamics. No e: *Mos c i ical s esso a ha ime
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In e na ional En ep eneu ship and Managemen Jou nal (2025) 21:52
P e- ounda ion phase
In he p e- ounda ion phase, pa icipan s en e he en ep eneu ial su oundings o
he i s ime and, he e o e, especially su e om masculine s e eo yping. S e eo-
ypical pe cep ions inhe i ed om p e ious gene a ions and he su ounding en i on-
men a e in e nalized. Consequen ly, women o en ace challenges in es ablishing
hemsel es when hei en i onmen does no align wi h hese s e eo ypes (Eagly &
Ka au, 2002). Fu he mo e, in he p e- ounda ion phase and ounda ion phase, social
ba ie s eme ge du ing he cou se o ac ual en ep eneu ial beha io , pa icula ly
a e he in en ion, because his is he ime when s akeholde s’ (e.g., unde s, sup-
plie s, po en ial pa ne s, and cus ome s) engagemen begins (Shinna e al., 2018).
Founda ion phase
S udies ha e shown ha a numbe o ac o s, such as ma ke (Yoon & Be nell,
2013) and inancial (Dahl e al., 2010) unce ain y, cause s ess o en ep eneu s
as hei business endea o s g ow. Pa icula ly in he beginning, he ea nings o sel -
employed wo ke s a e equen ly low and uns able (Pa el & Rie eld, 2020). In o de
o ha e a inancial sa e y ne du ing his ime, ou pa icipan s epo ed ha hey
ini ially decided o pu sue pa - ime en ep eneu ship. Pa el and Rie eld (2020) con-
i med simila esul s by demons a ing how he possibili y o losing one’s job and
income unce ain y a ec ed especially emale en ep eneu s’ psychological dis ess.
Al hough a s able men ali y is c ucial, pa icula ly in he unce ain imes o s a ing
a business, li le esea ch has ocused on emale en ep eneu s’ heal h p oblems (Jia
e al., 2021). When hose h ea s a ise, indi iduals espond in di e en ways and
de elop coping s a egies. Fo ins ance, some pa icipan s s a ed ha hey enjoyed
he challenge and he chance o succeed. These eac ions a e in line wi h exis ing li -
e a u e which no es ha when acing he p ospec o ailing hei g oups, indi iduals
may become e en mo e d i en o e u e un a o able s e eo ypes (S eele & A onson,
1995). O he s choose o igno e uncom o able eelings as a coping mechanism (Johns
e al., 2008). Consequen ly, pe o mance de iciencies in he s e eo yped domain a e
no always he consequence o s e eo ype h ea . Theo e ically, a pe son expe iencing
s e eo ype h ea is capable o pe o ming on pa wi h a pe son who is no in dange ,
bu doing so would equi e mo e wo k and ene gy (Inzlich e al., 2006).
Pos - ounda ion phase
Du ing he pos - ounda ion phase, di e en s esso s, especially he lack o ime o
pe sonal ela ionships, become mo e p ominen . The sus ained high wo kload o a
new business may also lead o amilial con lic s because women p edominan ly pe -
o m and a e associa ed wi h ca egi ing esponsibili ies (Jus o e al., 2015). Fu he -
mo e, socie al p essu e emains as pa icipan s epo ed ha hey el limi ed by hei
“own complexes” (P19); as women, hey o en el in e io . Such expe iences ma ch
hose in exis ing li e a u e dealing wi h he phenomenon o s e eo ype h ea , a si ua-
ional ci cums ance in which people ea hei ac ions could be e alua ed based mo e
on un a o able pe cep ions o hei g oup han on hei own me i s (Inzlich & Kang,
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In e na ional En ep eneu ship and Managemen Jou nal…
2010), and which can be seen in he b oade con ex o s ess and coping models
(Laza us & Folkmann, 1987). The h ea o nega i e s e eo ypes also a ec s emale
en ep eneu s because hey de y he expec a ions o wha i means o be women in
socie y (Inzlich & Kang, 2010; Ma low & McAdam, 2015). An in olun a y s ess
esponse cascade begins as soon as an iden i y h ea app aisal is made. Fea o ail-
ing one’s g oup igge s a physiological s ess esponse because i aises a ousal le -
els and causes dis ac ing hough s ha ake up limi ed wo king memo y (Ben-Zee
e al., 2005). Addi ionally, in he pos - ounda ion phase, en ep eneu s o en en e he
nex unding ound. Female en ep eneu s ha e al eady demons a ed hei capabil-
i y o lead and g ow a business. Howe e , s e eo yping pe sis s, no only agains he
emale ounde s bu also agains hei p io emale in es o s, leading o addi ional
cos s associa ed wi h homophily. A ecen s udy by Snellman and Solal (2023) shows
ha emale en ep eneu s who ecei ed unding om emales in he i s ound ace
g ea e challenges in aising addi ional unds. To be p ecise, he s igma o incompe-
ence in inance leads emale en ep eneu s wi h emale in es o s o be “ wo imes
less likely o aise addi ional inancing” (Snellman & Solal, 2023, p. 689).
Some o hese s esso s can lead o men al heal h p oblems ha o ce a ounde
o exi he business. Psychological dis ess is a ansien s a e o emo ional su e ing
caused by insu icien coping mechanisms o handle s esso s and demands. I is a
dis inc concep wi hin he nomological ne o men al heal h (Gulli e e al., 2012).
Well-being in sel -employmen is de ined as “ he expe ience o sa is ac ion, posi i e
a ec , in equen nega i e a ec , and psychological unc ioning in ela ion o de el-
oping, s a ing, g owing, and unning an en ep eneu ial en u e” (Wiklund e al.,
2019, p. 1). Due o ce ain occupa ional cha ac e is ics, en ep eneu s a e mo e likely
o encoun e speci ic psychological dis ess ha nega i ely a ec s hei well-being
(Reid e al., 2018). Fu he mo e, Reid e al. (2018) disco e ed ha sel -employed
pe sons epo ela i ely high le els o psychological dis ess. Hence, hese s esso s
de i ed om he da a lead o ole incong ui y, which can cause men al heal h p ob-
lems, and lead en ep eneu s o exi hei businesses and een e he labo ma ke
again.
Acco ding o Bodding on (2024), wo social phenomena a e obse ed, bo h o
which we e ound in ou s udy: Indi iduals seeking o engage in ac i i ies pe cei ed
as ou side hei gende ole ace mo e challenges, and educed le els o pa icipa ion
a e ound among indi iduals belonging o socially s igma ized gende ca ego ies.
Consequen ly, he sys em de elops habi s ha suppo i s con inua ion. Ac i i ies a e
hinde ed by gende no ms, which se e o ein o ce hem.
Discussion
We se ou o in es iga e whe he he well- esea ched gende - ela ed ba ie s anish
once emales ha e ounded a new business. The indings o ou s udy p o ide alu-
able insigh s in o he pe sis en challenges aced by emale en ep eneu s, ex ending
ou unde s anding o how gende -speci ic ba ie s con inue o exis o e en in ensi y
a e he ounda ion o a business. The main easons o exi ing hei businesses a e
expe ienced ole con lic s ha may esul in men al heal h issues. The e o e, his
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In e na ional En ep eneu ship and Managemen Jou nal (2025) 21:52
s udy con ibu es o he exis ing li e a u e on emale en ep eneu ship, including hei
well-being, gende s e eo ypes and he b oade managemen li e a u e.
While a lo o s udies in es iga ed ba ie s, emale en ep eneu s encoun e be o e
s a ing a business (e.g. Balachand a e al., 2019; B ush e al., 2019; De And és e al.,
2021; Soom o e al., 2024; Wu e al., 2019) and e o s ha e been made o add ess
hese ba ie s du ing he p e- ounda ion phase (G eene & B ush, 2023), he dis inc
ocus on he pos - ounda ion phase o emale en ep eneu ship se s ou s udy apa .
This s udy con ibu es o he li e a u e on emale en ep eneu ship, especially he
pos - ounda ion and exi deba e, by highligh ing ha he challenges aced by women
do no end wi h he es ablishmen o a business bu emain. Despi e policy measu es,
such as unds o women-led en u es, ou indings show ha emale en ep eneu s
pe cei e disc epancies be ween heo y and p ac ice. Based on hese indings, we
de eloped a amewo k illus a ing how women na iga e h ough he en ep eneu -
ial li ecycle, encoun e ing inc eased ole incong ui y as hey become mo e deeply
imme sed in he en ep eneu ial en i onmen .
Fu he mo e, o be e unde s and he gende s e eo ypes associa ed wi h en e-
p eneu s, ou esea ch con ibu es o he con inuing in es iga ion o occupa ional
sex- ole s e eo yping (Jayawa na e al., 2021; Jennings & B ush, 2013) om he
emale en ep eneu ’s pe spec i e. SRT emphasizes ha indi iduals ind i easie i
hey adap o he expec ed social ole. In pa , ou esea ch demons a ed he opposi e
because women who ac i ely comba ed hei social oles had a be e sense o well-
being, which could be due o he ac ha hey emained loyal o hemsel es. Addi-
ionally, hey enjoyed he challenge o pe suading o he s who we e ini ially skep ical,
illus a ing ha ole incong ui y may be nega i e in mos cases bu no exclusi ely
(T iana e al., 2024). We concu wi h Tabassum and Nayak (2021) ha gende s e eo-
ypes emain p e alen e en a e he ounda ion o a business. Howe e , o some,
hey se e as a mo i a ional ac o ha can posi i ely in luence hei ca ee . By con-
cen a ing on he expe iences o emale en ep eneu s du ing bo h ac i e business
owne ship and pos -exi phases—a opic ha is s ill unde -examined in he con ex
o gende and en ep eneu ship (Elam e al., 2022; Ză eanu, 2023)—ou new ame-
wo k o emale en ep eneu ship dynamics makes a dis inc i e con ibu ion o he
pos - ounda ion li e a u e. By looking a he di e en s ages a e incep ion, we o e
a deepe comp ehension o he ins i u ional and sociopsychological obs acles ha
s ill in luence women’s en ep eneu ial pa hs.
Addi ionally, ou esul s demons a e ha gende plays a majo ole in he lack
o ins umen al and non-ins umen al suppo expe ienced by emale en ep eneu s
e en a e hey ha e es ablished hei economic abili y. This is consis en wi h ecen
s udies showing ha a pe son’s gende a ec s he expec a ions placed on he /him o
a pe son’s beha io and he co esponding socie al esponses (Bodding on, 2024;
Tabassum & Nayak, 2021).
In he inancial con ex , we iden i ied a dual challenge. On he one hand, he
majo i y o in es o s a e male, which o en esul s in homophily-d i en p e e ences
o in es men s in male en ep eneu s (Ke s & Sand oni, 2019), con ibu ing o ewe
in es men s in emale-owned s a -ups. On he o he hand, homophily wi hin emale
ne wo ks may cause addi ional challenges (Bacq e al., 2022). Acco ding o ecen
s udies, emale-owned businesses ha ecei ed ini ial unding om emale in es o s
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In e na ional En ep eneu ship and Managemen Jou nal…
6. Did you eel unde s ood by and able o con ide in amily membe s, iends/
acquain ances, and people you ca e abou ?
7. Has you pe sonal li e si ua ion in luenced you s a up beha io ?
Pe sonal pe cep ion o ba ie s and ein o ce s in he ounda ion p ocess (pe sonal
sui abili y)
8. Please assess you pe sonal knowledge and skills wi h ega d o s a ing a
business.
9. Please assess you pe sonal cha ac e ai s wi h ega d o s a ing a business.
Oppo uni ies and Risks
10. Do you see gende di e ences be ween men and women in he s a up p ocess?
11. To wha ex en do you conside lending/g an ing o be objec i e wi h espec o
he gende o he pe son s a ing a business?
Concluding ques ions:
12. Looking ahead: Can you hink o a eas ha could make being a sel -employed
( emale) pe son easie ?
13. Would you s a up again?
Closing ques ion:
14. Finally, do you ha e any ques ions o commen s in ega ds o he subjec ma e
o he in e iew?
Funding Open Access unding enabled and o ganized by P ojek DEAL. We a e g a e ul o he inancial
suppo p o ided by he schola ship awa d o he Mancho G adua e School a he Hein ich Heine Uni e -
si y Düsseldo (Ge many).
Decla a ions
Con lic o in e es The au ho s decla e ha hey ha e no known compe ing inancial in e es s o pe sonal
ela ionships ha could ha e appea ed o in luence he wo k epo ed in his pape .
Open Access This a icle is licensed unde a C ea i e Commons A ibu ion 4.0 In e na ional License,
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Publishe ’s no e Sp inge Na u e emains neu al wi h ega d o ju isdic ional claims in published maps
and ins i u ional a ilia ions.
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In e na ional En ep eneu ship and Managemen Jou nal (2025) 21:52
Au ho s and A ilia ions
LinaUebbing1· Ma ius ClausWehne 2· Alba YelaA ánega3· José
ManuelGuai a Ma ínez4
Lina Uebbing
[email p o ec ed]
Ma ius Claus Wehne
[email p o ec ed]
Alba Yela A ánega
[email p o ec ed]
José Manuel Guai a Ma ínez
[email p o ec ed].es
1 Digi al Managemen & Digi al Wo k, Mancho G adua e School, Hein ich Heine
Uni e si y, Düsseldo , Ge many
2 Digi al Managemen & Digi al Wo k, Hein ich Heine Uni e si y, Düsseldo , Ge many
3 Depa men o Business and Economics, Uni e si y o Alcala, Mad id, Spain
4 Depa men o Economics and Social Sciences, Uni e si a Poli ècnica de València,
Valencia, Spain
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