Motivational Factors Governing the Growth of Women Entrepreneurs in Uttar Pradesh: Using Principal Component Analysis

Abstract

In this twenty-first century, the role of women entrepreneurs is critical and important for fostering the growth and development of the Indian economy and society. Women are the most untapped resource in the economy. Hence, it is imperative to explore the motivational factors behind the substantial growth of women entrepreneurs despite the strong societal expectations, gender biases and deep-rooted gender-defined roles of women in Indian society, in general, and Uttar Pradesh, in particular. This article aims to examine the motivational factors influencing women’s decisions to become entrepreneurs and help them become economically independent in three districts of Uttar Pradesh, the most populous state in India. The study is based on primary data using a sample of 135 women entrepreneurs from Lucknow, Varanasi and Agra, cities of Uttar Pradesh, to meet the research objective. The data have been recorded using structured questionnaires, and responses have been quantified using a five-point Likert scale. This study used principal component analysis with varimax rotation to reduce the variables to only five components. The study findings revealed that the five components could explain 63.48% of the variation on the motivational scale and the major motivational factors for women entrepreneurs are ‘entrepreneurial attributes’, ‘personal recognition’, ‘economic upliftment’, ‘limited opportunities’ and ‘subsistence’, which motivate and govern the growth of women entrepreneurs. These findings will help policymakers strengthen their policies and schemes that motivate women entrepreneurs to start their ventures.