The effect of psychological, market, economic, socio-cultural, entrepreneurial orientation and educational and skills factors on empowering women for new venture creation

This study analyses the impact of a number of factors on women’s empowerment to start a new business in Saudi Arabia. The research focuses on various factors, such as psychological, market conditions, economic, socio-cultural, entrepreneurial orientation, and education and skills factors, to understand the influence of these factors on women entrepreneurs in Saudi Arabia. Thus, the study includes 311 women entrepreneurs who live in Saudi Arabia. The data collection instrument consists of a five-point Likert scale questionnaire, which participants accessed through online platforms. The study hypothesis stated that these factors create a substantial effect on women’s empowerment in entrepreneurship in Saudi Arabia. SPSS version 25.0 was used to analyse the respondent characteristics and demographic information, while PLS/SEM was used to analyse the interrelationship that exists between the postulated variables. The results show that psychological, economic, entrepreneurial orientation, and education and skills factors are the most important factors that can help women to become successful in business ventures in Saudi Arabia. On the contrary, market conditions and the sociocultural factor were found to have no effect on women’s empowerment in entrepreneurship. Hence, it is recommended that strategies be developed to address these factors in order to enhance the effectiveness of women entrepreneurs in Saudi Arabia. The research offers additional insight by highlighting that these findings differ from previous studies, particularly regarding the minimal influence of market conditions and the sociocultural factor. The study results offer important information to policymakers and stakeholders who need to create appropriate interventions for women entrepreneurs that support the sustainable development goals of Saudi Arabian Vision 2030. This research addresses this gap by providing substantial knowledge about the factors influencing the Saudi Arabian entrepreneurial environment.