Determinants of Success for Women Entrepreneurs: An Examination of Small and Medium‐Sized Women‐Led Businesses in India's Emerging Market

ABSTRACT Women entrepreneurs play a crucial role in the economic development of nations, particularly in developing countries where their contribution becomes even more significant. This underscores the importance of women‐owned small and medium enterprises (SMEs) and their achievements as entrepreneurs. Consequently, this study aims to expand the entrepreneurship literature by investigating the impact of factors such as personality traits (PT), motivation and commitment (MC), the availability of financial resources (AFR), and economic factors (EC) on the entrepreneurial success (ES) of women‐led SMEs. Data was collected from 255 women‐owned SMEs using a stratified sampling technique, and a multi‐SEM approach was applied to analyze the data. The results from structural equation modeling (SEM) revealed that PT, MC, AFR, and EC directly influence ES. Notably, PT and EC emerged as the most significant factors associated with ES. These findings can serve as valuable guidance for business practitioners and policymakers when formulating strategies to promote and support women entrepreneurs, who, in turn, can contribute significantly to sustainable economic growth in their respective countries.