Entrepreneurial Experiences of Female Entrepreneurs in the Maldives: From Concept to Implementation and Beyond

Abstract

ABSTRACT Objective: the number of women-owned SMEs in the Maldives has increased as a result of the recent popularity of e-commerce and the Covid-19 pandemic. Thus, the purpose of this study was to describe the entrepreneurial experiences of female entrepreneurs in the Maldives in order to gain an understanding of the various stages of entrepreneurial process. Theoretical approach: the conceptual framework of this research was based theoretically on values derived from entrepreneurial theories and the components and features derived from the existing entrepreneurial process models. Method: this study employed a qualitative methodology, with semi-structured interviews conducted with five established female entrepreneurs. Purposive sampling technique was used to select participants. The data collected were analyzed using thematic analysis method. Results: the study’s findings revealed that the conception of the entrepreneurial idea, the first stage of the entrepreneurial process, was primarily inspired by the entrepreneur’s passion and hobby. In the second stage, it was discovered that no proper business planning had been completed, and the business was initially self-financed. In the third stage, it was discovered that the majority of entrepreneurs launched their businesses through social media and managed day-to-day operations as a small team. When it came to fourth stage, most of female entrepreneurs preferred both image and financial growth, with the majority of them relying on government funds for further business growth. Conclusion: this research will assist policymakers to gain insight into female entrepreneurs’ entrepreneurial experiences and, as a result, in developing effective policies and programs to help them expand their business.