The Performance of Women Entrepreneurs: Human and Financial Capital

Trtiple A Research Journal of Social Science and Humanity (TARJSSH) | Vol.2 No.1 | June 2018
Triple A Research Journal of Social Science and Humanity (ISSN: 2636-5472)
Vol.2(1): 030 - 037, June 2018
Available online: http://www.triplearesjournal.org/jssh
Article Id: JSSH.2018.113
Copyright ©2018 Triple A Research Journal
Full Length Research Paper
The Performance of Women Entrepreneurs:
Human and Financial Capital
Dr. Eniola Anthony Abiodun* and Dr. Dada Duro Amos
Achievers University Owo, Ondo State, Nigeria
*Corresponding author:
Dr. Eniola Anthony Abiodun
Achievers University Owo, Ondo State,
Nigeria
Email-address:
tony42003@yahoo.co.uk
ABSTRACT
This paper examined the impact of human and financial
capital on the performance of women entrepreneurs in
Small and Medium Enterprises (SMEs). The study used
quantitative method. The analyse data results indicated
that on the negative value, human capital has an impact
on the business performance while financial capital on
the positive value makes a major impact on business
performance. The overall contribution is that women
entrepreneurs have a vital role in a country’s economic
growth and development.
Keywords: Women Entrepreneurs, Human Capital, Financial
Capital, SMEs
INTRODUCTION
Women entrepreneurship targets both the situation of
women in society and their role in the overall
entrepreneurial phenomenon. Women represent about
half of the total population in Nigeria, NBS (2016), as
they not only contribute to their family , but also
significant to the economic development of the country,
both in job creation, and revenue generation (Mahajar
and Yunus, 2012). The women social and economic
advancement has been deterred in developing countries
due to marginalization (Ghiat, 2016). However, women
participation in entrepreneurship showed an
improvement in business and economic development
(Adema et al., 2014). The study has given several
contributions on different stakeholders such as women
entrepreneurs, governments, private organizations and
relevant social institutions that can facilitate and enhance
the desired achievement in economic development. The
Previous study found out that women are often more
prepared to deal with customers with a relatively more
patient and careful approach to managing the business
(Moses & Amalu, 2010). Women are in business for the
more reason, to pursue intrinsic goals: flexibility to run a
business and domestic lives, and their independence
(Namusonge, 2006).
Ceptureanu and Ceptureanu (2016), separated
women entrepreneur for two reasons. Despite the fact
that women entrepreneurship is a minority in
entrepreneurial phenomena, they manage to create new
jobs, both for them and for others, in a different way than
men, providing new solutions in terms of management
and organization, and to exploit economic opportunities
differently. This bothers down to the fact that women
entrepreneur is an important source of economic growth.
Another reason adduced by the researchers is that
women entrepreneurship has received increased
attention in society and the social sciences. Not only they
have a different level of involvement in the
entrepreneurial environment as men, but they choose
different opportunities than men. However, while the
impact of women on the economy is substantial, there is
still lack a reliable picture describing in detail the specific
impact. Women entrepreneurs are increasing their share
of the business population and business receipts rapidly,
but a sizeable gap remains between men and women
business owners (Sandberg, 2003). Hemalatha, Mohan,
and Jasim (2013) posited that the number of women’s
participation is relatively small as compared to
businesses owned by men , and they are concentrated in
a limited array of industries; mostly in retails and
services. The issue of unemployment was becoming
more complex and serious social crisis that impact
negatively on nation’s economic growth (Levine, 2013).
Consequently, the situation encourages women to
become aggressively involved to become entrepreneurs

Triple A Res. J. Soc. Sci. Human. 031
by creating job opportunities in various business cycles.
The capability of the women in business should be
developed to encourage them to perform better, while the
government and other institutions have to take up the
responsibility of empowering them to achieve their set
targets successfully (Singh & Manisha, 2013). The
previous study conducted by (Fatoki, 2011) on human,
social and financial capital showed that there is a
significant positive relationship between human, social
and financial capital and the performance of SME in
South Africa. However, the results do not adopt a
gender-neutral view. Kirkwood (2009) (2009) viewed that
most research carried out both in developed and
developing countries on entrepreneurship literature has
not adopted a gender-neutral perspective. Moreover, the
previous study had looked into the factor of the level of
education, previous occupational experience, and prior
business expertise and management skills toward the
success of women entrepreneurs (Huarng, Mas-Tur, &
Yu, 2012). However, this study is keen on adopting
gender-neutral to understanding deeply the importance
of human and financial capital towards improving the
performance of women entrepreneurs in business.
The concept of women entrepreneurs and business
performance
SMEs and entrepreneurs have on many events been
utilised correspondently (Eniola, 2018) that is, each of
this concept has been used evenly. SMEs in Nigeria may
in a roundabout way mirror the present advancement of
business in the nation. In this review, the expression
“entrepreneur and SME” utilised as a common term for
the person who settles on developing firms. The
entrepreneur is the one who has the ability to organize,
manage and assume risk in the course of starting a
business. Women are fast becoming crucial to the
growing economic cluster, which ensures a rapid
achievement in the economic development. Women
entrepreneurs contribute to the modernization of the
developing countries and facilitate enterprise
development in transition economies (Lerner, Brush, &
Hisrich, 1997). However, women enterprise speaks to an
immense undiscovered wellspring of innovation, work
creation and economic growth in the developing world
(Niethammer, 2013). Vinesh (2014) characterized
women entrepreneurs as a gathering of women who
start, compose and work a business endeavour. The
quantity of women entrepreneurs in Nigeria expanded
over the most recent three decades because of the
accentuation on industrialization, and a developing
enthusiasm for privatization, independent work and
business-arranged business. The performance of women
entrepreneurs has become an important agenda in
recent policy and academic debates, especially in
Nigeria. Business performance is evaluated based on
different concepts (Srinivasan, Woo, and Cooper, 1994).
The performance also characterized as a mind-
boggling marvel of various measurements that are hard
to control without utilizing a blend of objective and
subjective measures (Dharmaratne, 2012). According to
Eniola and Entebang (2015), measuring firm
performance, a company can identify its strengths and
weaknesses. Accurate performance measurement is vital
to understanding firm success and failure. Performance
is the strategic outcomes that organizations use to
realize its goals, success or not. According to Terziovski
and Samson (2000), there are three levels of
performance within organizations. They are distinguished
as financial performance, business (firm) performance
and organization effectiveness. Many empirical studies
tend to employ tangible variables in measuring firm
performance because they are easier to operationalize
(Brown and Caylor, 2009; Watts, 2003). This may be due
to the fact that the financial indicator such as profitability
and revenue seems to cover the overall objective of
many firms in which small and medium firms are not left
out or it can be individually measured and verified.
Likewise, Within the theme of business management,
small firms and entrepreneurship development,
researchers argued that financial measures of small firms
seem to be commonly and widely used. Murphy, Trailer,
and Hill (1996); Watts (2003) argued that in the academic
field of entrepreneurship, financial indicators seem to
gain the upper hand when discussing performance. This
may be due to the ease with which it can be used in
positioning and judging how a firm is performing in its
business operations or activities. Indeed, the financial
measure is the primary measure of a firm performance.
Thus, there is a requisite to take into account in this
study financial performance measurement.
Human Capital and Performance
Ganotakis (2012) as cited in Eniola, Entebang, and
Sakariyau (2015) applied the resource-based theory
(RBT) to develop the value of human capital to
entrepreneurship. Accordingly, human capital is
examined to be an important source of competitive
advantage for entrepreneurial organizations.
Entrepreneurs with higher general and specific human
capital can be expected to show higher levels of
performance than those with lower levels of general and
specific human capital (Eniola et al., 2015). Hence,
entrepreneurial human capital is substantial and
consequential to entrepreneurial growth.
Rastogi (2000) stated that human capital is an
important input for organizations especially for firm
employees continuous improvement mainly on
knowledge, skills, competencies and attributes embodied
in individuals that facilitate the creation of personal,
social and economic well-being. SMEs performance
success induces competitive advantage through human
capital development, that is constructive for acquiring
further learning, and it will be helpful to gather fresh
knowledge, training and skills (Unger, Rauch, Frese, and
Rosenbusch, 2011). Increasing the stockpile of
knowledge and skills of an organisation, helps to its
existence and finally in turn, positively impact success,
owners with higher human capital ought
to be productive and systemic in running their business
than firm owners with less human capital.
Oforegbunam, Ebiringa, and Okorafor (2010) studied
the effects of human capital development on the

Eniola and Dada 32
performance of small and medium scaled enterprises in
the south-eastern region of Nigeria. The study shows that
significant improvements in the human capital
development lead to the SMEs performance of a firm
through three-prong strategies of on-the-job training,
formal education, and participation in seminars,
conferences, and workshops. Gadi, Tende, and Barde
(2014) corroborated the research of (Oforegbunam et al.,
2010) on the study effect of human capital development
on the performance of small and medium family
enterprises in Nigeria. This is to conclude that human
capital development and its effects on SMEs
performance can be associated with training; formal
education; experience, as strategies for accessing
financing provision. Finally, human capital development
may be helpful to compensate lack of financial capital
this is a constraint for many entrepreneurial firms
(Chandler & Hanks, 1998).
Financial Capital and Performance
One of the theories that emphasized the manners in
which firms use their resources to gain performance is
the resource-based view (RBV). The RBV has been
applied by researchers to demonstrate the importance of
financial capital to the performance of SMEs (Eniola and
Entebang, 2017). Eisenhardt and Martin (2000) applied
the resource-based theory to show the significance of
financial capital to the sustainability and continuity of the
SMEs. Wernerfelt (1984) posited that resources (financial
and non-financial resources) are something that might be
thought of as a strength or weakness of a given firm,
comprising tangible and intangible assets (Eniola and
Entebang, 2017). Various studies uncover that lack of
financial capital can be a noteworthy boundary to
entrepreneur and small business achievement, and that
clarifies why women entrepreneur were more worried
about access to capital than some other business issue
(Orser, Hogarth-Scott, and Riding Allan, 2000).
Rosenbusch, Rauch, Parker, and Unger (2009),
indicated that women also make less use of external
financing capital than male. Caliendo and Kritikos (2010)
supported this, that because female entrepreneurs are
faced with limited resources, they deliberately adopt a
lower growth expectation. Firms that can't secure
external capital might be more defenceless against
changes looked by small firms by and large. The
availability of financial capital can expand a firm’s
capacity to take up its innovative activities, whereas the
lack of financial funds and sources may limit
entrepreneur innovation activities and firm-level
performance growth. While Brush, Carter, Gatewood,
Greene, and Hart (2004) showed that there is a positive
connection between financial capital and profitability. On
a dire note, inadequate financial capital restricts the firm's
ability to perform and succeed; increase in size or
compete in the international market, hire employees, or
introduce new products and services (Okpara, 2011;
Okpara and Wynn, 2007; Terungwa, 2012). While
showed that there is a positive connection between
financial capital and profitability.
METHODOLOGY
The study was conducted among the women
entrepreneurs within Ekiti state located in South-West
Nigeria with the adopted questionnaire survey
methodology. The questionnaire content was self-
designed (Rashid et al., 2015). A total of 630 women
entrepreneurs were contacted. In all, 404 women
entrepreneurs replied, representing a response rate of
64.1.6%. While in a conform with the SMEDAN definition
of SME, the study looks at enterprises that have been in
existence for up to five years. Primary sources were
accurately used as an appropriate medium to get the
best material which gained directly from the participants
without any modification. It has been practically adopted
by several researchers (Wube, 2010; Zhouqiaoqin et al.,
2013), who have successfully gained the information
directly from the roots. The secondary was used to
support the previous and future data for understanding
more clearly about the research such as reference
books, journals, and websites. Using Simple Random
Sampling techniques, the sample was selected. Data
were collected to evaluate the reliability of dependent
and independent variables from the women
entrepreneurs in the trade and commerce, agriculture,
ICT, manufacturing, and service sectors. These sectors
were seen as sectors where women are mostly found.
The data preparation processes involve the data entry
into a database, data filtering and finding any missing
responses.
Variables Measurement
This study under the examination surveyed incorporate;
business nature, employment size, age, the structure of
the business, marital status, etc. as some of the
demographic variables. The questionnaire was used to
obtain the variables. Survey as an instrument for data
accumulation was picked on the grounds that it can
assist respondents to be more exact and objectives in
reacting to the research questions. The questionnaire
was designed in a simple manner to be respondent-
friendly. In order to draw out information on the women’s
profiles, the questions were structured and defined. To
be able to test the relationship of this study, Pearson
correlation coefficient was utilised. This empowered the
researcher to examine the connection between the
independent variables on the dependent variable.
Entrepreneurial human and financial capital variables
and the performance of the business in respect to
women entrepreneurs were obtained from the survey
instrument. The questionnaire covers all aspects of the
study and consists of mainly closed-ended questions with
the majority of items measured on a five-point Likert
scale. The questions were structured into five sections
which include these variables; precursory, precipitate and
supporting elements, for example, independence desire,
extra income drive, autonomy drive, dissatisfaction with
the job, paid occupation loss, marital separation,
education, want of advancement of individual skills, et
cetera (table 1).

Table 1: Participant’s Demographic Information
Age (Years) Frequency Percentage
< 30 30 7.4
31- 40 160 39.6
41-50 155 38.4
51 and above 59 14.6
Marital Status
Married 280 69.3
Single 42 10.4
Divorced/Widowed/separated 82 20.3
Education
Primary 0 0.0
Secondary 239 59.2
Diploma/NCE 104 25.7
Degree/HND 59 14.6
Masters 2 0.5
How did you start your
Business with? (N Million)
below 500,000 198 49.0
500,000 to 49M 156 38.6
50M to 100M 29 7.2
100M and Above 21 5.2
Employment Size
1-9 338 83.7
10-49 55 13.6
50-199 11 2.7
What is your Revenue per Monthly?
(N Million)
below than 500,000 221 54.7
500,000 to 10M 135 33.4
11M to 49M 41 10.2
50 and above 7 1.7
What is your business Monthly Profit?
(N Million)
less than 500,000 231 57.2
500, 000 to10M 127 31.4
10M and Above 46 11.4
Management experience
1-5 years 305 75.5
6- 10 years 61 15.1
11 - 15 years 11 2.7
16 - 20 years 19 4.7
21years and Above 8 2.0
RESULTS
Descriptive Analysis
The results show that most women between the ages of
31 and 40 were actively involved in business with an
estimated 39.6 per cent, 38.4 per cent of women found to
be of intermediate groups between 41 and 50 years, 14.6
per cent for those aged 51 years old and above classified
as the senior in business that has more experiences to
explore the business and improve the performance.
However, 7.4 per cent of respondents under 30 years old
start to involve in business. The finding also shows that
69.3 per cent of married couples, mostly involved in
businesses. 10.4 per cent of them are still single, some
of them are going to take risks to start a business from
doing part time until succeeded as full-time business
entrepreneurs. The remaining of 20.3 per cent found to
be divorced, separated or widowed. The majority of
respondents in the study indicated other’s certification of
skills. The results shows that about 59.2 per cent of
women entrepreneurs have higher education at least
senior secondary education. The finding also shows that
only 14.6 per cent of them have a degree or HND and

Eniola and Dada 34
Table 2: The correlation between human capital on revenue and profitability
Revenue Profitability
Pearson
Correlation
Sign. N Pearson
Correlation
Sign. N
Human Capital -0.100 0.037** 404 -0.130 0.007** 404
Financial Capital 0.174 0.003** 404 0.164 0.012** 404
Table 3: The regression results of the impact of human capital on revenue and profitability
Revenue Profitability
SE Β T Sign. SE Β T Sign.
Human
Capital
0.115 -0.139 -2.905 0.004** 0.108 -0.185 -3.412 0.001***
Financial
Capital
0.089 0.134 2.582 0.010** 0.083 0.124 2.189 0.039**
Dependent Variable: Monthly Revenue (N) and Monthly Profit (N)
a. ***, ** and * denote Correlation is significant at the 0.01, 0.05 and 0.1 level (1-tailed).
very rare, about 0.5 per cent, holds Master degree. 25.7
per cent only have Diploma or national certificate of
education (NCE) and the rest of them have primary
education. This study indicated that 54.7 per cent of
women entrepreneurs in Ekiti having monthly revenue
below N500,000 and 33.4 per cent have monthly revenue
between N500,000 to N10million. Meanwhile, 10.2 per
cent of them can reach up until N11million to N49 million
and 1.7 per cent of them can get monthly revenue
between N50 million and above even though it is very
rare to achieve but it is not impossible to get with a
strong effort. The survey shows that 57.2 per cent of the
respondents have a monthly profit less than N500,000
followed by 31.4 per cent of women entrepreneurs who
have a profit from between N500,000 to N10million.
Among them, only 11.4 per cent recorded monthly
business profit N10million and above. The research
found that the number of employees shows gradually
affect the performance of the business as 83.7 per cent
have less than 9 employees in Microbusiness, However,
13.6 percent have employee between 10 and 49 persons
and 2.7 percent have workers between 50 and 199
persons. The survey also showed that majority of the
women entrepreneurs, 49 per cent starts their business
with a capital below N500,000. 38.6 per cent of the
respondents having a start-up capital between N500,000
to N49 million, followed by 7.2 per cent with N50 million
to N100million and 5.2 per cent with capital more than
N100million. The experience can be measured by the
number of years a person had managed a business.
Among the male small business entrepreneur, 75.5 per
cent had experience and had been managing a business
for a period of 1-5 years, 15.1 per cent had 6-10 years’
experience in running a business, 2.7 per cent had 11-
15years experience, 4.7 percent had 16-20years
experience while 2 per cent had 21 and above years’
experience.
FINDINGS AND DISCUSSION
The data were analyzed by using Statistical Package
software for Social Science (SPSS) of Pearson
Correlation and Multiple Regression Analysis were used
to test the relationship. The results of the analysis are
mentioned below.
Table 2 explained that human capital has a nagative
relationship with significant value at 0.05 for the revenue
and profitability with Pearson correlation at -0.1 and -
0.13. At the other side, financial capital has a positive
relationship with the performance of women
entrepreneurs in business at the sign value of 0.05 with
Pearson correlation value at 0.16 for each on revenue
and profitability. Based on the results with above value, it
showed that the both of the relationships are supported.
It could be considered that the performance of women
entrepreneurs had been impacted by financial capital and
human capital. Table 3 found that human capital has an
impact on the performance of women entrepreneurs in
business at significant negative value at 0.05 for revenue
and 0.01 for profitability (t=-2.905, and t=-3.412).
Meanwhile, financial capital also has significant impact
on the performance at sign.value of 0.05 (t = 2.582) for
revenue and profitability (t = 2.189).
The results found that there is a correlation between
human capital and the performance of women
entrepreneurs in business, which is consisting previous
entrepreneurial experience, level of education as well as
skill and knowledge. Human capital contributes a lot
when it comes to performance. However, the findings
did not show there is a strong relationship between
human capital and the performance of women
entrepreneurs in business. The level education did not
affect too much on performance as it is not a requirement
to be an entrepreneur, but only an advantage to increase
the individual capabilities and the potential to diversify
the field and knowledge. The important thing in business
is the knowledge of the products and the best marketing
and services you give to others. The majority respondent
will hold internal meeting commonly and build a good
strategy to plan and manage the company better to
improve the business performance.
Financial capital plays a vital role in the economy and
is consistently an important factor to encourage the
business development in women, whether in starting up

the business and expanding it effectively. The finding
indicates that financial capital is very significant with the
revenue and profitability, also affect positively on the
performance of women entrepreneurs in business. The
establishment of the various financial assistance through
a number of stakeholders such as government agencies,
the SMEDAN, Commercial Banks, and some others
private sectors can provide funding to help women
entrepreneurs developing business in order to achieve
the mission of government to promote economic growth.
Without enough financial capital, it’s hard for women to
start up and expand the business in order to achieve the
objective successfully.
CONCLUSION
This research paper has made its contribution to the
impacts of human capital and financial capital on the
performance of women entrepreneurs in small and
medium enterprises, in Ekiti State, Nigeria. The findings
of the study have gained an in-depth understanding of
the explanations about the impact of human and financial
capital on the performance of women entrepreneurs in
business. The results indicated the evidence that there
is a significant relationship between human capital and
financial capital on the performance among women
entrepreneurs in business. Therefore, the explanation of
respondents can help researchers to know the needs of
women entrepreneurs and other institutions need to find
various programs and support to improve the
performance of women entrepreneurs. This study is
expected to give useful insight and guidance on
knowledge of entrepreneurship and the priority factors on
women entrepreneurs in improving their business
performance. It will also be able to create a good culture
and healthy competition. In conclusion, this study
contributes to the theoretical and practical aspects of the
factors that affect the performance of women
entrepreneurs. If we can achieve a better understanding
of the key factors that affect the performance of women
entrepreneurs, this will encourage women entrepreneurs
and investors to grow their business successfully in this
global environment.
The paper studies the effects of human capital and
financial capital toward the performance of women
entrepreneurs which is a broad topic. This study is
limited, which covers the Ekiti State only due to time
constraint. The number of respondents selected using
probability sampling. From the research paper, it is
recommended that future research should cover a
broader geographical scope in terms of more states in
Nigeria as this will increase the numbers of samples that
will represent the women entrepreneurs throughout the
country. It’s recommended to focus the improvement of
women entrepreneurs on the economic growth and
development of the nation in the future research. It will
also be interesting to investigate the innovation in human
capital that affects the performance of women
entrepreneurs using a comprehensive framework that
has been developed.
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