Toward Realizing the Potential of Latin America’s Women Entrepreneurs: An Analysis of Barriers and Challenges

Abstract

The purpose of this study is to develop an overview of the Latin American women-owned business environment. Documentary research was conducted based on the factors of the Integrated Framework Assessment for an Enabling Environment for Women-Owned Businesses developed by the International Labor Organization, including access to credit and financial services, institutionalism, associations and women entrepreneurs’ networks, legal and regulatory framework, the distribution of the use of time, citizen security and gender-based violence, and promotion of entrepreneurship. The study concludes that even though there have been important initiatives related to these factors in Latin America and these issues have become important in political agendas, there has been uneven progress in different countries.

Full text

Avolio Alecchi, Beatrice. 2020. Toward Realizing the Potential of Latin America’s
Women Entrepreneurs: An Analysis of Barriers and Challenges.
Latin American
Research Review
55(3), pp. 496–514. DOI: https://doi.org/10.25222/larr.108
ECONOMICS
Toward Realizing the Potential of Latin America’s
Women Entrepreneurs: An Analysis of Barriers and
Challenges
Beatrice Avolio Alecchi1,2
1 CENTRUM Católica Graduate Business School, Lima, PE
2PonticiaUniversidadCatólicadelPerú,Lima,PE
bavolio@pucp.pe
The purpose of this study is to develop an overview of the Latin American women-owned
business environment. Documentary research was conducted based on the factors of the
Integrated Framework Assessment for an Enabling Environment for Women-Owned Businesses
developed by the International Labor Organization, including access to credit and nancial
services, institutionalism, associations and women entrepreneurs’ networks, legal and regulatory
framework, the distribution of the use of time, citizen security and gender-based violence,
and promotion of entrepreneurship. The study concludes that even though there have been
important initiatives related to these factors in Latin America and these issues have become
important in political agendas, there has been uneven progress in dierent countries.
El propósito de este estudio es desarrollar una visión general del entorno empresarial de las
mujeres latinoamericanas. Se realizó una investigación documental basada en los factores de
la Evaluación del Marco Integrado para un Entorno Habilitante para las Empresas Propiedad
de Mujeres, desarrollada por la Organización Internacional del Trabajo, que incluye: acceso a
servicios nancieros y de crédito; institucionalismo; asociaciones y redes de mujeres empresarias;
marco legal y regulatorio; la distribución del uso del tiempo; seguridad ciudadana y violencia de
género; y promoción del emprendimiento. El estudio concluyó que aunque ha habido iniciativas
importantes relacionadas con estos factores en los países latinoamericanos, y éstas se han
convertido en un tema importante en las agendas políticas, el progreso ha variado mucho en los
diferentes países.
Recent years have been characterized by women’s increased participation in economic activity. The
International Labor Organization (ILO 2016) estimated that the global rate of female participation in the
labor force is 49.6%. In Latin America and the Caribbean, the female labor force increased from 48.5% in
2006 to 49.6% in 2015, while male participation decreased in the same period (75.5% in 2006 to 75.1% in
2015). Female business activities and contributions have also increased in recent years (Minniti 2010). It is
estimated that, globally, women own and manage more than one-third of companies, including independent
workers (or the self-employed) and micro, small, medium, and large-sized enterprises (ILO 2015).
Women’s barriers to participating in business activities are related to the lack of access to financing
sources, stereotypes, negative perceptions about women as entrepreneurs, and challenges of balancing work
and family life, among others problems (SELA 2010). Several studies stated that the start-up, development,
and growth of women-owned businesses are influenced by social, cultural, and institutional environments
(networks, information, legal, and political framework barriers); therefore, these businesses can’t achieve the
same performance as men-owned businesses (Aidis 2006; Baughn, Chu, and Neupert 2006; Aidis, Weeks,
and Anacker 2015; Jennings and Brush 2013; Griffiths, Gundry, and Kickul 2013; Terjesen and Amorós 2010;
Bernat, Lambardi, and Palacios 2017; Dixit and Moid 2017; Segnestam 2017; Davis 2018; Boitano 2017; Cowan
2017) because the context limits opportunities, individual actions, and business initiatives (Welter 2011).

Avolio Alecchi: Realizing the Potential of Women Entrepreneurs 497
The purpose of this study is to develop an overview of the Latin American women-owned businesses
environment in order to analyze the challenges that women entrepreneurs face. Since there is no database
providing complete data for this study, the data was collected from several sources that included information
of women-owned businesses in Latin American countries from 2010 to 2016. This work is based on
documentary research, scientific papers, and secondary sources.
This study is important for several reasons. Women entrepreneurs contribute to higher levels of autonomy,
empowerment, and reduction of income inequality (Heller 2010). In addition, women’s entrepreneurship
favors economic development, employment creation, family support, and the reduction of poverty (ILO 2014a,
Kantor 1999). Nevertheless, legal, institutional, and cultural barriers constitute a set of disadvantages to women-
owned businesses (ILO 2014a). Therefore, it is necessary to study the environment surrounding women-owned
businesses in the region in order to empower their companies and benefit them, their families, and the
countries. The few available studies on the influence of business environment in women-owned businesses are
country-specific. This study focuses on analyzing various business environment factors in Latin America.
Women Entrepreneurship in Latin America
Women-owned businesses are one of the entrepreneurial populations with the highest growth in the
world. These companies significantly contribute to innovation, employment, and economic growth (Brush
and Cooper 2012; Lawton 2010), but men-owned businesses are still more prominent. Latin America and
the Caribbean have the highest total entrepreneurial activity (TEA) in all regions of the world (19.9%),
followed by Africa (Kelley, Singer, and Herrington 2016) (Table 1). It is important to note that in Latin
America and the Caribbean, except for Peru, the male TEA is higher than the female TEA (Table 2).1
Concerning female work activity in Latin America, the percentage of women who own a business is 2.8%,
which represents less than half the percentage of male business owners (ILO 2014b). Self-employed women
represent 18.5% of the population. The segmentation of the labor market shows that the majority of women
are employed (62%), although this percentage is lower than for their male peers. Similarly, few women
are employers (2.8%), while men almost double this percentage, and 18.5% are self-employed. Conversely,
household service work (14.2%) and contributing family workers (2.2%) are represented by women (ILO
2014b). These data show the low female participation in the business world in Latin America (Figure 1).
Women entrepreneurs in Latin America are usually married or cohabitants and generally own micro, small,
or medium-sized businesses (ILO 2014b; World Bank 2010) related to the service and trade sector in rural
areas (Heller 2010) (Figure 2). In many cases, the region’s entrepreneurial and self-employment alternatives
become a part of a survival strategy for women who find no other way to earn income (Heller 2010).
The International Bank for Reconstruction and Development and the World Bank (IBRD and World Bank
2010) point out the barriers that women entrepreneurs face in Latin America: a feeling of being less prepared
to perform complex activities in relation to the standards and procedures of the companies rules, access
to networks and markets, fewer possibilities to get training and business development services, greater
risk aversion or fear to get a loan, assets of less value and size, and gender roles force them to have more
responsibilities at home. The Economic Commission for Latin America and the Caribbean (ECLAC) state that
1 “Total Entrepreneurial Activity (TEA) represents the percentage of the adult working-age population (18–64 years old) who are
either nascent or new entrepreneurs. Nascent entrepreneurs are currently in the process of starting a business and have not paid
salaries or wages for more than three months. Those in the new phase of activity are running a business older than three months
but not older than 42 months. Combined, these two phases represent TEA, the percentage of adults who are starting or running
new businesses” (Kelley et al. 2017, 16).
Table 1: Ranking of entrepreneurial activity by region (adapted from Kelley, Singer, and Herrington 2016).
Total early-stage entre-
preneurial activity (TEA)
Male TEA (% of adult
male population)
Female TEA (% of adult
female population)
Africa 19.8 22.7 17. 0
Asia and Oceania 13.1 14.6 11.7
Latin America and the Caribbean 19.9 22.1 17. 8
Europe 7.8 10.1 5.4
North America 13.3 15.3 11. 3

Avolio Alecchi: Realizing the Potential of Women Entrepreneurs498
Table 2: Gender distribution of TEA in Latin America (adapted from Kelley, Singer, and Herrington 2016).
Countries Total
TEA
Male TEA (%
of adult male
population)
Female TEA (%
of adult female
population)
Difference Male TEA
Opportunity (%
of TEA male)
Female TEA
opportunity (%
of TEA females)
Difference Male TEA
necessity
(% of TEA males)
Female TEA
necessity (% of
TEA females)
Difference
Argentina 17. 7 19.9 15.8 4.1 73.2 60.7 12.5 23.3 37.3 –14
Barbados 21 22.4 19.8 2.6 84.6 76.7 7.9 11.2 19.5 –8.3
Brazil 21 21.6 20.3 1.3 67.2 45.3 21.9 32 54.2 –22.2
Chile 25.9 29.7 22.1 7.6 75 57.2 17.8 18.8 34 –15.2
Colombia 22.7 27.1 18.5 8.6 66.5 64.3 2.2 32.1 34.9 –2.8
Ecuador 33.6 34.3 32.8 1.5 71.7 65.8 5.9 27.7 33.5 –5.8
Guatemala 17. 7 21.9 13.9 860.5 43.4 17.1 38.7 56.0 –17.3
Mexico 21 23 19.2 3.8 82.4 75 7.4 15.6 22.5 –6.9
Panama 12.8 13.5 12.1 1. 4 52.6 51.2 1.4 44.4 46.3 –1.9
Peru 22.2 21.9 22.5 –0.6 78.6 67.6 11 20.6 29.6 –9
Puerto Rico 8.5 10 7.1 2.9 75.9 71 4.9 23.1 27.6 –4.5
Uruguay 14.3 20.1 9.1 11 82.4 77.1 5.3 15.8 22.9 –7.1
Average 19.9 22.1 17.8 4.3 72.6 62.9 9.7 25.3 34.9 –9.6

Avolio Alecchi: Realizing the Potential of Women Entrepreneurs 499
one of the main problems women face is the imbalance between productive work and family responsibilities
(Daeren 2000). Heller (2010) states that the main problems Latin American women entrepreneurs have
are the lack of business and trade experience; insufficient business education; barriers to accessing credit,
financing, and trade networks; and the excessive procedures and paperwork to start a business.
Some authors have studied the causes of entrepreneurship based on personal aspects. Bengtsson,
Sanandaji, and Johannesson (2012); Caliendo, Fossen, and Kritikos (2014); and Boënte and Piegeler (2013)
point out that personality traits influence the decision to become an entrepreneur. Boënte and Piegeler
(2013) find that competitiveness is related to personality. Risk aversion is another element taken into
account. Kihlstrom and Laffont (1979) state that risk-averse people become employees, while people who
are more tolerant of risk become entrepreneurs. Several studies indicate that some risk measures relate to
personality and entrepreneurship traits (Boënte and Piegeler 2013; Bengtsson, Sanandaji, and Johannesson
2012; Verheul et al. 2012). Other research indicates that women are more risk-averse (Llussa 2010; Caliendo,
Fossen, and Kritikos 2014; Bengtsson, Sanandaji, and Johannesson 2012). However, Bernat, Lambardi, and
Palacios (2017) state that personality traits do not have a significant impact on entrepreneurial activity
except for the need for achievement and, to a lesser extent, autonomy. Similarly, Kuzilwa (2005) points out
that, in spite of personal business characteristics—such as education, attitudes, motivation, and experience—
the environment may impede business development.
Figure 1: Work category by gender in Latin America (ILO 2014b).
Figure 2: Percentage of women-owned businesses by company size (World Bank 2010).

Avolio Alecchi: Realizing the Potential of Women Entrepreneurs500
Other studies specify that it is insufficient to review only individual aspects to explain entrepreneurship,
and we need to understand the problems influenced by the environment rather than by individual aspects.
Aldrich, Rosen, and Woodward (1987) state that social structures affect the entrance of women into the
business sector. Business environment factors can be economic, financial, legal, political, and sociocultural,
and these are beyond the company’s control (Kuzilwa 2005). Different studies point out that the cultural,
social, and institutional environment influences the entrance, growth, and development of women-owned
businesses (Aidis 2006; Baughn, Chu, and Neupert 2006; Aidis, Weeks, and Anacker 2015; Jennings y Brush
2013; Griffiths, Gundry, and Kickul 2013). The extent to which these structural dimensions affect women
entrepreneurs depends on cultural norms in a given society (Kyalo and Kiganane 2016).
Conceptual Framework
The analysis of the environment in Latin American women-owned businesses has used some components
of the Integrated Framework Assessment for an Enabling Environment for Women-Owned Businesses
developed by the ILO (2014a). It is a tool that supports the identification of the most effective mechanisms
to create a more equitable and favorable environment for women-owned businesses’ development and
growth (ILO 2007).
This study will use the following components of the framework: access to credit and financial services,
institutionalism, associations and women entrepreneurs’ networks, legal and regulatory framework, citizen
security and gender-based violence, and promotion of women entrepreneurship. The factors were selected
based on the available information. This study includes the use of time, since this is considered an important
element in the environment of women (Figure 3).
Access to Credit and Financial Services
A fundamental aspect for business development is access to financing, which can influence the success of
new and growing women-owned businesses (Okoth, Nambuswa, and Namusonge 2016). In the financial
system, the role of institutions is to capture resources from family savings and then, through credit, allocate
Figure 3: The conceptual framework (ILO 2014a).
Access to credit and
financial services
Instuonalism
Associaons and
women
entrepreneurs’
networks
Legal and regulatory
framework
Cizen security and
gender-based
violence
Promoon of
women
entrepreneurship
Distribuon of the
use of me

Avolio Alecchi: Realizing the Potential of Women Entrepreneurs 501
them to investment projects and business and family initiatives. In this sense, the financial system is related
to the economic progress of developing countries because it stimulates savings, capital accumulation, and
a better allocation of resources or productive efficiency (CAF 2011).
There is a lot of evidence about the positive impact of credit in business performance (in Nigeria, Nicaragua,
Canada, and Croatia) (Ojo 2009). However, this success is not the same for men and women. Scherr, Sugrue,
and Ward (1993) point out that lenders could discriminate due to negative social beliefs about women.
In Latin America, Heller (2010) notes that this is one of the main difficulties women entrepreneurs have.
For this reason, women mainly use their personal savings for entrepreneurship and women progressively
participate more in informal investments (Romani, Atienza, and Amorós 2012).
Hisrich and O’Brien (1981) suggest that lenders could discriminate due to negative social beliefs about
women or to uncertainty with regard to the payment of debts. Nevertheless, Ormazabal (2014) states that
women have a lower credit default in comparison with men. D’Espallier, Guérin, and Mersland (2011)
developed a literature review and found arguments that explained the origin of the gender differences
in credit default rates and reimbursement. One of them is related to women’s conservative and prudent
investment strategies, which leads them to maintain the best credit reimbursement rates to conserve their
access to funding. The follow-up and collection of the debt is active for women because they communicate
more with the financing institution.
In Latin America, more than half of women (52%) don’t have a bank account (the global average is 43%),
even though the proportion of women with bank accounts increased from 35% in 2011 to 48.5% in 2014.
This represented the highest regional growth in that period. The progress mainly occurred in Brazil, Costa
Rica, Jamaica, Mexico, and the Dominican Republic (Olloqui, Andrade, and Herrera 2015). In addition,
according to the Global Financial Inclusion (Global Findex) Database, women in developing economies are
20% less likely than their male peers to have an account at a formal financial institution (bank, credit union,
cooperative, post office, or microfinance institution) and are 17% less likely to have taken out a formal
loan (Demirguc-Kunt, Klapper, and Singer 2013). In the region, according to the Global Findex Database,
the main reason for men and women not having an account is the lack of enough money. The second most
important reason for women is that another family member already has an account.
With regard to formal savings, one of the most important tools to improve the productivity and
empowerment of women is to give more control and privacy to manage their resources. Only 11.4% of
women save in a financial institution, which is less than half of the world average of 25% (Olloqui, Andrade,
and Herrera, 2015). Only 10% of women have received formal credit from a financial institution, compared
to 9.6% of the world average (Olloqui, Andrade, and Herrera, 2015). In addition, Latin American women have
specific characteristics in regard to the access to credit: women use credit less often; women apply for smaller
loans (loans to men entrepreneurs are approximately 2.2 to 2.5 times higher than women entrepreneurs);
women rely on informal financing sources, personal savings, or family loans; women’s assets are consistently
of lower value than those owned by men; and men and women invest in different assets (World Bank 2010).
Likewise, the main barriers that make it hard for women microentrepreneurs to access financial credit
are high financial cost; low level of operational and financial self-sufficiency increasing the financial cost;
requirement of securities that women do not have; strict deadlines for paying a loan; complex bureaucratic
procedures that women do not understand and have no time to process, since they are responsible for the
household and children; and legal problems, since the property titles and land rights that may be considered
as guarantees traditionally are in men’s name (Zuñiga 2004).
In summary, in Latin America, the low financial inclusion level of women entrepreneurs impedes growth.
According to the available information, women-owned businesses have problems with credit guarantees
and mainly finance their businesses with personal or family savings, which limits their growth. In addition,
credit evaluation and financial products do not reflect the specific characteristics of women entrepreneurs.
On the other hand, crowdfunding could be an alternative for women entrepreneurs, since it represents a
single category of fund-raising based microfinance and crowdsourcing (Mollick 2013). Greenberg and Mollick
(2017) pointed out that, at least in part, crowdfunding reduces the importance of traditional geographic
constraints even as it potentially imposes new ones. Crowdfunding represents a novel way for founders to
raise capital for a wide variety of projects.
Institutionalism
The institutional context, along with political-economic aspects, influences entrepreneurship because
it includes the formal, regulatory, and policy frameworks within companies and the entrepreneurship
intention (DiMaggio and Powell 1983; Lecuna, Cohen, and Chavez 2017; Van de Ven 1993; Birley and

Avolio Alecchi: Realizing the Potential of Women Entrepreneurs502
Westhead 1993; Kouriloff 2000). Governments have tried to stimulate entrepreneurship in their economies
because they have acknowledged its importance (Biglaiser and McGauvran 2018; Drucker 1985; Reynolds
Storey and Westhead 1994). It is progressively recognized that gender is an issue in entrepreneurship and
that entrepreneurial development is different between the sexes (Aidis and Weeks 2016).
Several studies stated that institutions play an important role in the facilitation of female entrepreneurship
(Allen et al. 2008; Elam and Terjesen 2010; Terjesen, Elam, and Brush 2011). Aidis, Weeks, and Anacker (2013)
indicate that this may be reflected in equal legal rights, access to education, networking, technology, and
capital. Institutional support is related to financing, governmental regulation, market opportunities, skilled
labor, and connections to resource holders (Davidsson 1991). Institutionality is a critical element to improve
the business environment, which includes the mainstreaming of gender perspective in the government,
the institutionality of the executive power to support women-owned businesses, and the participation of
women entrepreneurs in business development policies (ILO 2014a).
The political context and the visibility of women in politics also influence the business field. Women
in political positions can be an example of leadership; some research revealed that there is a relationship
between women’s political power and the rates of female entrepreneurship (Goltz, Buche, and Pathak
2015). Conversely, women’s political empowerment and entrepreneurship support may be disconnected
or be less evident for women. This would have a lesser impact on female business behaviors (Brush et al.
2017).
At the Fourth World Conference on Women in Beijing (1995), the platform for action with respect to
women’s equality and empowerment was defined. It changed the legal frameworks and created institutions
oriented to develop and promote gender equality in several countries. (SELA 2010).
While all the countries in the region have introduced gender-related topics in their agendas, these are
insufficient in certain areas. There is a deficit of policies and programs that foster the development of small
and mid-sized enterprises (SMEs) and promote gender equity. There are cases where governments have
generated specific programs and projects for small women-owned businesses, but they are not articulated
to productive policies because they are not included in the economic agenda (SELA 2010).
Latin America is still in the conformation and consolidation process of the institutions and tools that
support the work and economic development of women. Some countries have ministries or departments
responsible for promoting gender equality and female employment. In March 2014, Chile created the
Ministry of Women and Gender Equity; Paraguay has the Ministry of Women; Peru, the Ministry of Women
and Vulnerable Populations; Venezuela, the Ministry of Popular Power for Women and Gender Equality,
ex-Ministry of the Family, etc. Ecuador, Colombia, Uruguay and Argentina do not have these initiatives, but
they deal with the problems of this population in a different way. Ecuador has the National Council for
Gender Equality; Colombia has the Presidential Office for Women’s Equality; Uruguay, the National Institute
for Women, and so forth (Table 3).
In summary, although there are initiatives to consider the mainstreaming of gender perspective in the
government and the institutionality of the executive power to support the development of women-owned
businesses, the impact of these initiatives on women entrepreneurship is unclear and the gender perspective
is not mainstreamed in all areas.
Table 3: Gender equality policies and plans in Latin America.
Country Gender equality plans
Argentina Plan for equal opportunities between men and women in the workplace
Bolivia National plan for equal opportunities
Chile Plan for equal opportunities for men and women 2011–2020
Costa Rica National policy for gender equality and equity 2007–2017
Ecuador Plan for equal opportunities for Ecuadorian women
Guatemala National Policy for the Promotion and Integral Development of Women and Equal Opportunities
Plan 2008–2023
Peru National Plan for Gender Equality 2012–2017
Uruguay First national plan for equal opportunities and rights: Public policies for women 2007–2011
Venezuela Plan for Gender Equity and Equality “Mamá Rosa” 2013–2019

Avolio Alecchi: Realizing the Potential of Women Entrepreneurs 503
Women Entrepreneurs’ Associations and Networks
The associations and networks of women entrepreneurs, as voluntary cooperation mechanisms to obtain
individual benefits through joint actions, play a fundamental role to develop entrepreneurship. World Bank
(2010) states that networks are important resources for enterprise growth because market information and
suppliers and investors contacts are shared. Women’s networks provide various services (meetings, forums,
seminars, events, discussions, etc.), training, workshops, and personalized advice. They connect their partners
with other professionals and influence the policies and laws to reduce the gender gap within the business
and economic system. Networks also maintain a sense of partnering and interconnection and democratically
manage the commitments and networks (Corporación Santiago Innova, n.d.). Therefore, business networks are
an important source of knowledge, growth and development for women-owned businesses (ILO 2014a).
Women have smaller networks than men, which limits their scope and choice of sector (Aldrich, Rosen,
and Woodward 1987; Brush et al. 2004). This is related to the small capital stock they have (Romani, Atienza,
and Amorós 2012). Some studies suggested that personal networks are more important for women than
commercial networks, mentoring, and coaching (Bogren et al. 2013).
Latin American women entrepreneurs have problems accessing networks and markets for their products
and they are less likely to get training and business development services. The available networks focus on the
traditional roles and exclude women from the productive and higher growth sectors. However, although for
many years the networks were occupied by men, today women are involved and have important leadership
roles in this environment; these associations are flourishing throughout the region (World Bank 2010).
There are different networks and associations in the region that empower women and support the
development of women entrepreneurs. For instance, the Associação de Mulheres Empreendedoras (Women
Entrepreneurs Association) in Brazil values the participation of women entrepreneurs in order to promote
business opportunities and give professional training to that specific population. In Chile, Mujeres
Emprendedoras (Women Entrepreneurs) is an institution that guides women to accomplish business goals
through consultancies and networking and to develop business ideas, in addition to promoting agreements
with companies and among members.
In summary, Latin American women-owned businesses have heterogeneous structures in size, needs,
and/or services. The promotion of women entrepreneurs’ networks and associations is one of the most
widely used public and private tools to support the development of women-owned businesses. Nevertheless,
these are isolated projects that are not clearly articulated; hence, their effectiveness is relatively low (ILO
2014a).
Legal and Regulatory Framework
Several studies affirm that there is an intimate relationship between elements of the political context and
entrepreneurship (Murdock 2012; Kim and Li 2014; Weeks and Seiler 2001) which can strongly influence
genders (Ardagna and Lusardi 2010). According to the International Finance Corporation (IFC) and the Global
Reporting Initiative (2009) reports, even a gender-impartial legal and regulatory environment can have
gender-differentiated results; this is evident in regard to the access to credit, assets, training, and information.
The legal and regulatory framework influences the start, formalization, and growth of women-owned
businesses (ILO 2014a). There is clear progress in all Latin American countries; however, some countries
emphasize more the maternity or gender-specific legal frameworks than the others do (Avolio and Di Laura
2016). There is noticeable progress in the creation and adaptation of national and international regulations
and governmental agreements with respect to nondiscrimination and promotion of gender equality in the
region. Some of the international standards are implemented in the agreements made among the countries,
and these guide the policies to achieve gender equality within the work environment. These are the Equal
Remuneration Convention (1950), the Discrimination (Employment and Occupation) Convention, the
Workers with Family Responsibilities Convention (1981), and the Maternity Protection Convention (1952
and 2000). Several of these conventions have been ratified by the majority of countries, while the latter is
ratified only by Belize and Cuba (ILO 2013).
A study conducted in Latin American countries recognized that in Bolivia, Brazil, Colombia, Ecuador,
Paraguay, Peru, and Venezuela there is a clause for nondiscrimination in the constitution, while in Argentina,
Chile, and Uruguay there is no such clause. In spite of this, in all the countries the constitution guarantees
equality before the law. In regard to labor protections, in Chile, Colombia, Peru, and Venezuela the law
does not require establishing fair wages for men and women in similar job positions. In Argentina, Brazil,
Ecuador, Uruguay, and Venezuela there are laws that prohibit gender-based discrimination (Avolio and Di
Laura 2016). (See Table 4).

Avolio Alecchi: Realizing the Potential of Women Entrepreneurs504
Table 4: Legal framework supporting the access of women to productive activities.
Argentina Bolivia Brazil Chile Colombia Ecuador Paraguay Peru Uruguay Venezuela
Existence of a nondiscrimination clause in the constitution No Yes Yes No Ye s Yes Yes Yes No Yes
Is this clause gender-explicit? Not applicable Yes Yes Not applicable Ye s Yes No Yes Not applicable Ye s
Does the constitution guarantee equality before the law? Yes Yes Ye s Yes Ye s Yes Yes Yes Yes Yes
What are the legal shares of women in the boards of directors? No No No No No No No No No No
What are the legal shares of women in the parliament? No No No No No No No No No No
What are the legal shares of women in the local government? No No No No 30% No No No No No
Can unmarried women get a job in the same way that men can? Yes Yes Ye s Ye s Yes Yes Yes Yes Yes Yes
Can married women get a job in the same way that men can? Yes No Ye s Ye s Yes Ye s Ye s Ye s Ye s Yes
Can unmarried women incorporate an enterprise in the same
way that men can?
Yes Yes Ye s Ye s Yes Yes Yes Yes Yes Yes
Can married women incorporate an enterprise in the same
way that men can?
Yes Yes Ye s Ye s Yes Yes Yes Yes Yes Yes
Does the law provide for paid or unpaid maternity leave? Ye s Yes Yes Yes Ye s Yes Yes Yes Yes Yes
Does the law provide for paid or unpaid paternity leave? Yes Yes Ye s Ye s Yes Yes Yes Yes Yes Yes
As set forth by law, what is the minimum number of days for
a paid maternity leave?
90 84 120 126 98 84 63 90 84 182
As set forth by law, what is the minimum number of days for
a paid paternity leave?
2 3 5 5 10 12 2 4 3 14
What percentage of the salary is paid during the paternity leave? 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Does the law require establishing equitable salaries for men
and women in similar positions?
Yes Yes Yes No No Yes Ye s No Ye s No
Are there laws against gender discrimination? Yes NA Yes No No Ye s No No Ye s Yes
Is it illegal for an employer to ask the family status during a
job interview?
No No No No No No No No No No
Do employees with young children have the right to a flexible
schedule?
No No No No No No No No No No
Source: International Finance Corporation and World Bank 2014.

Avolio Alecchi: Realizing the Potential of Women Entrepreneurs 505
In summary, there has been significant progress in the Latin American regulatory framework with regard
to gender equality, work conditions, and nondiscrimination in compliance with international standards. The
countries in the region have repealed almost all the discriminatory regulations against women in aspects
related to work conditions (access to employment, performance, termination, and type of available jobs).
Distribution of the Use of Time
Terjesen, Elam, and Brush (2011) state that the role of Latin American women entrepreneurs is increasingly
important; however, their participation in the economy is limited due to family responsibilities.
Entrepreneurship can offer a flexible option to earn profits for women who have household duties and
a solution to increase the household income (Brush et al. 2017). Work has been traditionally considered
a source of income or economic support; however, in many cases, unpaid productive work (household
chores, parenting, and community, or volunteer work), which is mainly performed by women, has been
disregarded (ECLAC 2013). The double burden shows the structural problems that the societies of Latin
America have. “Despite the fact that women have been incorporated massively to the economically active
population and also participate in paid work, there is no family shared responsibility because the household
chores are not redistributed. These chores remain assigned to women due to the cultural mandate” (INEI
2011, 18).
In Latin America, on average, the sum of paid and unpaid work hours is higher for women than for men
and unpaid work is mainly performed by women. Mexico has the highest rate, where the sum of paid work
hours (847.4) plus unpaid work hours (847.5) totals 94.9 hours per week. Other countries with a high level
of unpaid work are Uruguay (44.2, plus the time of paid work totals 82.7 hours per week), and Peru, where
unpaid work consists of 39.4 hours per week. The countries where women perform less unpaid work are
Brazil (25.2) and Costa Rica (31.6) (ECLAC 2014).
The unequal distribution of the use of time has an adverse effect on the workforce of this population. The
equitable distribution of household and childcare chores between men and women influences the integration
of women in the labor market in decent and equal conditions (Aspiazu and Seltzer 2011). When women
are overrepresented in unpaid work, this becomes an obstacle that negatively impacts their employment
opportunities, financial compensation, and psychosocial development (Aguirre and Ferrari 2014).
The imbalance of the total work load categorically disadvantages Latin American women in different
aspects. The lack of assistance and support to Latin American women in regard to the care of children
and dependent persons within and outside their family space becomes a problem because, although these
activities are productive and necessary for the harmony and development of societies, they do not generate
financial compensation and, on the contrary, cause the physical and emotional fatigue of women.
Citizen Security and Gender-Based Violence
Violence against women extends globally (World Health Organization 2013), and it has been recognized
internationally that it threatens public health, violates human rights, and creates a barrier to economic
development (Bott et al. 2014). Violence can be manifested physically through the use of force; it can
be sexual if there is any kind of forced sexual contact; psychological if the self-esteem and personality
are attacked; and economic if there is human trafficking and financial resources are withdrawn (Brendel
and Schwitalla 2011). Globally, about 30% of women who have been in a relationship reported that they
have experienced some form of physical and/or sexual violence. A comparison report developed in twelve
countries of Latin America and the Caribbean showed that the number of women that have been physically
or sexually abused by their partners in their lifetime is 53.3% in Bolivia, 39.7% in Colombia, and 17% in
the Dominican Republic (Bott et al. 2014).
Violence against women has different facets and levels of impact, such as socioeconomic, family, social, and
individual. The economic and social costs of violence against women are significant for society, businesses,
families, and individuals (Brendel and Schwitalla 2011). In regard to employed women in a company, it
is found that although violence may not originate in the company, it affects business productivity. This
problem causes corporate financial losses due to the decrease of labor productivity and to the staff turnover
(Valera and Brendel 2015). In the region, violence against women causes severe economic problems. In
Peru, the business cost of partner violence ranges from 3.7% to 3.9% of the 2012 GDP, due to absenteeism
and presenteeism, which represents an annual loss of approximately US$6,744 million—an equivalent
of 70 million working days (Vara 2013a). In Bolivia, the estimated economic loss of violence against
women is US$2,000 million per year, equivalent to 6.5% of the GDP (Vara 2015). In Ecuador, a study on
microentrepreneurs conducted in 2013 found that they have annual losses of US$8.7 million—an equivalent

Avolio Alecchi: Realizing the Potential of Women Entrepreneurs506
of 6.7 million working days—due to violence (Vara 2013b). Finally, in medium- and large-sized enterprises in
Paraguay, the loss of labor productivity is US$734.8 million per year—equivalent to 2.39% of the GDP and
21 million working days (González 2015). One of the factors contributing to this problem is low economic
empowerment, since an economically empowered woman has less risk of being a victim of domestic violence
(Anderson 1997). Violence against women has far-reaching consequences, since it “impoverishes women,
their families, communities and nations. It lowers the economic production, drains resources from public
services and employers, and reduces human capital formation” (United Nations 2006, 4). Therefore, violence
against women is not only a personal problem because it goes beyond the socioeconomic level, which
means that the companies have to cover the costs (Brendel and Schwitalla 2011).
There are few studies on how factors external to companies, such as citizen insecurity, affect their economic
dynamics. Victimization in the public and commercial sectors is generally more difficult to count than crimes
committed against individuals or households (Brand and Price 2000). Moreover, there are no studies on
how insecurity can specifically affect women-owned businesses. However, Figueroa and colleagues (1997)
pointed out that insecurity has a high social and economic cost not only for governments and citizens but
also for companies because it affects business operations. Figueroa and colleagues (1997, 68) stated in their
study in Central America (Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua) that “insecurity
increases the costs of companies, decreases the production and productivity, affects sales revenues and has
a high opportunity cost of the resources used to combat it, as well as the investments that are not made due
to the increased risk perceived by this problem.”
In conclusion, there is a need for greater and better institutional relations between public institutions
and private companies to deal with gender-based violence and insecurity in relation with women-owned
businesses. It should be noted, however, that there are different initiatives to fight violence against women,
and these are included in policies, standards, action plans, and campaigns (Alméras and Calderón 2012).
Promotion of Women Entrepreneurship
The public instruments to support entrepreneurship in Latin America are heterogeneous and characterized
by distinct paths and progresses. Due to the absence of a solid governmental role, private initiatives are
more prominent. Nevertheless, the majority of the countries of the region have begun to take firm steps
to provide support instruments and are working on an articulated entrepreneurship policy (Hidalgo,
Kamiya, and Reyes 2014). Latin America needs public intervention to promote entrepreneurship in order
to improve the quality of life and, in the long term, to make viable the possibilities of growth and economic
and social development (CAF 2013).
Lopez-Acevedo and Tan (2010) show that some entrepreneurship programs in Latin America, in countries
such as Peru, Colombia, Mexico, and Chile, had good, positive results in business productivity and growth.
The study found that participants in public programs had increases in sales, production per worker, wages,
and employment in their companies.
In relation to women entrepreneurship programs in several Latin American countries, there are public
initiatives based on the policies in the region. The most used instruments are lines of financing, management
and administration training, networks, access to credit, technical assistance to improve production, trade
shows, seminars, meetings, and conferences, among others (SELA 2010). Some of the programs to promote
gender equity in women-owned businesses are shown in Table 5 (SELA 2010).
Similarly, entrepreneurship initiatives in Latin America are relevant. For example, municipalities and the
national government agencies are implementing more projects to disseminate entrepreneurial culture
(Angelelli and Prats 2005). Another example is the Development Committee for Women Entrepreneurs of the
Lima Chamber of Commerce in Peru, which promotes the “International Forum of Women Entrepreneurs:
New Challenges in the World” in order to raise awareness and train women entrepreneurs in leadership,
ethics, entrepreneurship, and marketing, among other skills.
The promotion of entrepreneurship in Latin America is increasingly relevant. The municipalities and
the national government agencies implement more projects to disseminate the entrepreneurial culture
(Angelelli and Prats 2005).
Discussion
In recent years, the empowerment of women in Latin America has been increasing. Specifically, the gender
gap in the labor market has been reduced, which is reflected in the progressive and steady increase in the
female labor force (ILO 2012). Likewise, women’s total entrepreneurial activity is the highest in the region
(Kelley, Singer, and Herrington 2016). However, in comparison with their male peers, there are still several

Avolio Alecchi: Realizing the Potential of Women Entrepreneurs 507
challenges. Despite the fact that women-owned businesses favor economic development, job creation,
family support, and poverty reduction, they still face environmental, legal, institutional, and cultural
barriers (ILO 2014a).
In relation to access to credit, in many Latin American countries, the lack of access to financial services is
an obstacle to the growth of women-owned businesses (ILO 2014a). The study states that Latin American
women entrepreneurs have specific characteristics with respect to access to credit and savings. In spite of
the increase of women in the credit system, there are still few women with a bank account. The reasons for
this are linked to the lack of money or the fact that another member of the family has an account. However,
there are also external factors, such as the institutional, financial, and social factors that affect the relation
between women entrepreneurs and the banking system. Credit and financial services have characteristics
based on men’s needs. The specific characteristics of women-owned businesses are not taken into account;
thus, women entrepreneurs have less access to these services. The particular characteristics of women-
owned businesses in the region should be considered, especially in relation to bank loan guarantees. It is
also essential to develop an economic and financial literacy strategy so that the resources can be correctly
allocated and used. One way to improve women-owned businesses is to increase the access to credit through
rates, terms, and guarantees.
In relation to institutionalism, there are international agreements to promote equity in different economic
aspects; in spite of this, women entrepreneurs are not included in the agendas of Latin American countries.
In this region, the process is still in progress; nevertheless, there are important achievements, such as the
constitution of ministries of women, although at present not all countries in the region have ministries for
women. In addition, there are various initiatives of plans or policies that address women entrepreneurship.
However, it should be noted that these are scarce, and productive policies for women entrepreneurs are not
adequately interconnected with the productive policies of their countries (SELA 2010). One recommendation
is to coordinate work concerning women-owned businesses at a governmental level, because this might be
fundamental to developing women’s families and the economy in general. It is also necessary to continue
fostering a gender perspective in public institutions so as to support women entrepreneurs. These public
policies must consider the cultural characteristics of each country and the statistical data, still scarce, about
the situation of women entrepreneurs. Likewise, the country policies should recognize and simplify the entry
of women into the business sector and consider them key actors of economic development. It is necessary
to define specific guidelines in public policies that respond to the needs of this population, recognizing the
particular reality they face.
In regard to associations, women entrepreneurs are at a disadvantage compared to their male counterparts,
since they have less access to associations, information sources, and business formalization. While women
do not have lesser entrepreneurial skills than men, they do have less chance of getting the necessary training
to develop their companies. In addition, it should be noted that networks structure are different for men
Table 5: Programs in Latin America to support women and their companies.
Country Program/project
Argentina National Program for Women, Equality, and Work
Program to promote the strengthening of the family and social capital
Estado Plurinacional de Bolivia Engendering budgets
Brazil Program for work, crafts, tourism, and autonomy of women
Program to promote gender equality
Access to microcredit: Strategic project to increase female clients
Chile Improve the employability and the labor conditions of women heads
of households
ProChile: Support to women entrepreneurs who want to export
Colombia Women heads of household program
Microentrepreneurs: Strata 1 and 2, urban and rural sector
Ecuador Trust to support women
Peru Made by Peruvian Women program
Bolivarian Republic of Venezuela Special Fund of Solidarity; Women’s Development Bank (BANMUJER)

Avolio Alecchi: Realizing the Potential of Women Entrepreneurs508
and women; women have small networks and these are mainly homogeneous social and family relationships
(Heller 2010). However, associations and networks, which for many years were managed by men, are currently
focused on the performance of female leadership roles and participation of the female population.
In regard to the legal and regulatory framework, Latin America has made significant progress in the promotion
of gender equity, and there has been steady progress in institutional reforms toward equity. Nevertheless, in
relation to the rights related to women’s economic opportunities, the results are varied (World Bank 2010).
In the region, there are laws that support nondiscrimination, workplace protections, and pregnant women’s
rights, among others; however, these are not yet adequate. Despite the fact that there are various laws that
protect women in these areas, there are still cultural practices that undermine these rights. It is recommended
to conduct research and report the legal work to give greater security and development to women.
In regard to the use of time, traditional gender roles disproportionately assign household and family
responsibilities to women, which impedes their development in paid or business activities. In regard to
the use of time between paid and unpaid work, women in the region are disadvantaged, since the sum
of their paid and unpaid work is higher than men’s (ECLAC 2014). Recommendations include increasing
social awareness about shared responsibility and improving the distribution of the time within the family
structure, so that women have better conditions in which to lead their companies. In addition, reconciling
the family and the company based on policies and programs provides flexibility in work and family life.
In relation to violence, no data have been found about the relationship between violence and women
entrepreneurs. However, there are alarming figures in some countries of the region and it might be assumed
that violence also affects women entrepreneurs and their leadership. Another factor of business environment
is citizen insecurity. Further studies on gender-based violence are recommended to measure the impact that
this could have on women entrepreneurs.
In regard to the promotion of entrepreneurship, even though programs and projects are not necessarily
articulated with the policies, it is found that some of the programs are getting good results. The recommendation
is to define appropriate programs to enhance women entrepreneurs’ skills and include them in policies and
plans for greater impact.
Contributions and Recommendations for Future Research
This research has contributed to the knowledge of women entrepreneurship. It examined the environmental
factors that influence women-owned businesses, because this subject is not studied enough at present.
Furthermore, it contributes to regional studies since studies on the environment of women entrepreneurs
in Latin America are scarce. The conclusions include recommendations that should be adjusted for each
country and its level of development. The study has some limitations that can be considered as a basis for
improving subsequent studies on the environment of women entrepreneurs. Data should be collected in
greater detail and future studies planned with greater scope. The results only reflect the reality of Latin
America and not another region. Also, the study only focuses on women entrepreneurs and does not make
a comparison with male entrepreneurs. The recommendation is to conduct future research with firsthand
data and include the eleven factors of the Enabling Environment for Women-Owned Businesses developed
by the ILO. Quantitative research based on analysis of these factors should be conducted to generalize the
results by country and to make comparisons between women’s and men’s business environments.
Author Information
Beatrice Avolio Alecchi is director of the Women’s Centre, senior professor and researcher, and head of
the Departamento Académico de Posgrado en Negocios of CENTRUM PUCP, the business center of the
Pontificia Universidad Católica del Perú.
References
Aguirre, Rosario, and Fernanda Ferrari. 2014. Las encuestas sobre el uso del tiempo y trabajo no remunerado
en América Latina: Caminos recorridos y desafíos hacia el futuro. Serie Asuntos de Género No. 122.
Santiago de Chile: Economic Commission for Latin America and the Caribbean. http://repositorio
.cepal.org/bitstream/handle/11362/5851/S1420397_es.pdf?sequence=9.
Aidis, Ruta. 2006. Laws and Customs: Entrepreneurship, Institutions and Gender during Economic Transition.
SSEES Occasional Book Series. London: University College London.
Aidis, Ruta, and Julie Weeks. 2016. Mapping the Gendered Ecosystem: The Evolution of Measurement Tools
for Comparative High-Impact Female Entrepreneur Development. International Journal of Gender and
Entrepreneurship 8 (4): 330–352. DOI: https://doi.org/10.1108/IJGE-12-2015-0044

Avolio Alecchi: Realizing the Potential of Women Entrepreneurs 509
Aidis, Ruta, Julie Weeks, and Katrin Anacker. 2015. The Global Women Entrepreneur Leaders Scorecard 2015:
From Awareness to Action. Executive Report. www.dell.com/learn/us/en/vn/corporate_secure_en/
documents_2015-gwel-scorecard-executive-summary.pdf.
Aldrich, Howard, Benson Rosen, and Woody Woodward. 1987. “The Impact of Social Networks on Business
Founding and Profit: A Longitudinal Study.” In Frontiers of Entrepreneurship Research, edited by N. C.
Churchill, J. A. Hornaday, B. A. Kirchhoff, O. J. Krasner, and K. H, Vesper, 154–168. Wellesley, MA: Babson
College.
Allen, Elaine, Amanda Elam, Nan Langowitz, and Monica Dean. 2008. Global Entrepreneurship Monitor
2007: Report on Women and Entrepreneurship. Babson Park, MA: Babson College and London Business
School.
Alméras, Diane, and Coral Calderón Magaña, eds. 2012. Si no se cuenta, no cuenta: Información sobre la
violencia contra las mujeres. Santiago de Chile: CEPAL.
Anderson, Kristin 1997. “Gender, Status, and Domestic Violence: An Integration of Feminist and Family
Violence Approaches.” Journal of Marriage and Family 59 (3): 655–669. DOI: https://doi.org/10.2307/
353952
Angelelli, Pablo, and Julia Prats. 2005. Fomento de la actividad emprendedora en América Latina y el
Caribe. Sugerencias para la formulación de proyectos. Washington, DC: Inter-American Development
Bank. http://www.iadb.org/wmsfiles/products/publications/documents/684622.pdf.
Ardagna, Silvia, and Annamaria Lusardi. 2010. “Heterogeneity in the Effect of Regulation on Entrepreneurship
and Entry Size.” Journal of the European Economic Association 8 (2–3): 594–560. DOI: https://doi.org/
10.1111/j.1542-4774.2010.tb00529.x
Aspiazu, Eliana, and Sabrina Seltzer. 2011. “El uso del tiempo desde una perspectiva de género. Encuesta a
varones y mujeres de una ONG de Mar de Plata.” Revista FACES 17 (36–37): 33–48. http://nulan.mdp
.edu.ar/1597/1/FACES_n36-37_33-48.pdf.
Avolio, Beatrice, and Giovanna Di Laura. 2016. “Igualdad de género en el ámbito laboral: Análisis y
perspectivas.” In Empresas responsables y competitivas, el desafío de hoy, edited by Percy Marquina, 197–
239. Lima: Pearson.
Baughn, Christopher, Bee-Leng Chua, and Kent Neupert. 2006. “The Normative Context for Women’s
Participation in Entrepreneurship: A Multicountry Study.” Entrepreneurship Theory and Practice 30 (5):
687–708. DOI: https://doi.org/10.1111/j.1540-6520.2006.00142.x
Bengtsson, Ola, Tino Sanandaji, and Magnus Johannesson. 2012. “The Psychology of the Entrepreneur
and the Gender Gap in Entrepreneurship.” IFN Working Paper 944. Stockholm: Institute of Industrial
Economics.
Bernat, Luisa F., German Lambardi, and Paola Palacios. 2017. “Determinants of the Entrepreneurial Gender
Gap in Latin America.” Small Business Economics 48 (3): 727–752. DOI: https://doi.org/10.1007/s11187-
016-9789-7
Biglaiser, Glen, and Ronald J. McGauvran. 2018. “Political Mandate and Clarity of Responsibility: Economic
Policies under Rightist Governments in Latin America.” Latin American Research Review 53 (2): 250–272.
DOI: https://doi.org/10.25222/larr.327
Birley, Sue, and Paul Westhead. 1993. “New Venture Environments: The Owner-Manager’s View.” In
Entrepreneurship Research: Global Perspectives, edited by S. Birley and I. C. MacMillan, 207–247.
Amsterdam: Elsevier.
Boënte, Werner, and Monica Piegeler. 2013. “Gender Gap in Latent and Nascent Entrepreneurship: Driven
by Competitiveness.” Small Business Economics 41 (4): 961–987. DOI: https://doi.org/10.1007/s11187-
012-9459-3
Bogren, Maria, Yvonne Friedrichs, Øystein Rennemo, and Øystein Widding. 2013. “Networking Women
Entrepreneurs: Fruitful for Business Growth?” International Journal of Gender and Entrepreneurship 5
(1): 60–77. DOI: https://doi.org/10.1108/17566261311305210
Boitano, Angela. 2017. “La etnia y el género en relatos de mujeres profesionales e intelectuales mapuche:
Tradición y emancipación.” Latin American Research Review 52 (5): 735–748. DOI: https://doi.org/
10.25222/larr.239
Bott, Sarah, Alessandra Guedes, Mary Goodwin, and Jennifer Adams. 2014. Violencia contra la mujer en
América Latina y el Caribe: análisis comparativo de datos poblacionales de 12 países. Washington, DC:
Organización Panamericana de la Salud.
Brand, Sam, and Richard Price. 2000. The Economic and Social Costs of Crime. Home Office Research
Study 217. London: Home Office. DOI: https://doi.org/10.1037/e452672008-001

Avolio Alecchi: Realizing the Potential of Women Entrepreneurs510
Brendel, Christine, and Gunhild Schwitalla. 2011. ¡Combatir la violencia contra las mujeres es también
un asunto empresarial! Lima: USMP, GIZ. http://www.unfpa.org.pe/WebEspeciales/2013/Nov2013/
25NOV/USMP-GIZ-Combatir-la-Violencia-Asunto-Empresarial.pdf.
Brush, Candida, Abdul Ali, Donna Kelley, and Patricia Greene. 2017. “The Influence of Human Capital
Factors and Context on Women’s Entrepreneurship: Which Matters More?” Journal of Business Venturing
Insights 8: 105–113. DOI: https://doi.org/10.1016/j.jbvi.2017.08.001
Brush, Candida, Nancy M. Carter, Elizabeth J. Gatewood, Patricia G. Greene, and Myra M. Hart. 2004.
“Gatekeepers of Venture Growth: A Diana Project Report on the Role and Participation of Women in the
Venture Capital Industry.” Report Series, Ewing Marion Kauffman Foundation, Kansas City, MO, October
2004. DOI: https://doi.org/10.2139/ssrn.1260385
Brush, Candida, and Sarah Y. Cooper. 2012. “Female Entrepreneurship and Economic Development: An
International Perspective.” Entrepreneurship and Regional Development 24 (1–2): 1–6. DOI: https://doi
.org/10.1080/08985626.2012.637340
CAF (Corporación Andina de Fomento). 2011. Servicios nancieros para el desarrollo: Promoviendo el acceso
en América Latina. Bogotá: CAF.
CAF (Corporación Andina de Fomento). 2013. Emprendimientos en América Latina: Desde la subsistencia
hacia la transformación productiva. Caracas: CAF.
Caliendo, Marco, Frank Fossen, and Alexander Kritikos. 2014. “Personality Characteristics and the Decisions
to Become and Stay Self-Employed.” Small Business Economics 42 (4): 787–814. DOI: https://doi.org/
10.1007/s11187-013-9514-8
Cowan, Benjamin Arthur. 2017. “How Machismo Got Its Spurs—in English: Social Science, Cold War
Imperialism, and the Ethnicization of Hypermasculinity.” Latin American Research Review 52 (4): 606–
622. DOI: https://doi.org/10.25222/larr.100
Daeren, Lieve. 2000. “Mujeres empresarias en América Latina: El difícil equilibrio entre dos mundos de
trabajo. Desafíos para el futuro.” Primer Seminario Internacional de la Mujer Empresaria (SIME),
Universidad de Santiago de Chile. https://www.cepal.org/mujer/proyectos/gtz/publicaciones/word_
doc/empresarias.pdf.
Davidsson, Per. 1991. “Continued Entrepreneurship: Ability, Need, and Opportunity as Determinants of
Small Firm Growth.” Journal of Business Venturing 6: 405–429. DOI: https://doi.org/10.1016/0883-
9026(91)90028-C
Davis, Diane E. 2018. “The Routinization of Violence in Latin America: Ethnographic Revelations.” Latin
American Research Review 53 (1): 211–216. DOI: https://doi.org/10.25222/larr.425
Demirguc-Kunt, Asli, Leora Klapper, and Dorothe Singer. 2013. “Financial Inclusion and Legal Discrimination
against Women: Evidence from Developing Countries.” Policy Research Working Paper No. 6416.
Washington, DC: World Bank. DOI: https://doi.org/10.1596/1813-9450-6416
D’Espallier, Bert, Isabelle Guérin, and Roy Mersland. 2011. “Women and Repayment in Microfinance: A Global
Analysis.” World Development 39 (5): 758–772. DOI: https://doi.org/10.1016/j.worlddev.2010.10.008
DiMaggio, Paul, and Walter Powell. 1983. “The Iron Cage Revisited: Collective Rationality and Institutional
Isomorphism in Organizational Fields.” American Sociological Review 48 (2): 147–160. DOI: https://doi
.org/10.2307/2095101
Dixit, Shailja, and Sana Moid. 2017. “Mapping the Credit Gap in Women Owned SMEs in India.” Rajagiri
Management Journal 11 (1): 3–18.
Drucker, Peter. 1985. Innovation and Entrepreneurship. New York: Harper and Row.
Elam, Amanda, and Siri Terjesen. 2010. “Gendered Institutions and Cross-National Patterns of Business
Creation for Men and Women.” European Journal of Development Research 22 (3): 331–348. DOI: https://
doi.org/10.1057/ejdr.2010.19
Figueroa, Luis, Rocío Montes, Luis Rivera, Roberto Artavia, and Lucía Marshall. 1997. “Impacto de la
inseguridad pública sobre el clima de negocios e inversión de Centroamérica.” Working Paper, INCAE
Business School.
Goltz, Sonia, Mari W. Buche, and Sauray Pathak. 2015. “Political Empowerment, Rule of Law, and Women’s
Entry into Entrepreneurship.” Journal of Small Business Management 53 (3): 605–626. DOI: https://doi
.org/10.1111/jsbm.12177
González, Cynthia. 2015. “Los costos empresariales de la violencia contra las mujeres en Paraguay.” Resumen
ejecutivo. Asunción, Paraguay: Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH,
Red del Pacto Global Paraguay. https://info.comvomujer.org.pe/catalogocomvo/productoscatalogos_
3_2015/ComVoMujer_EstudiodeCostos_PY_2015.pdf.

Avolio Alecchi: Realizing the Potential of Women Entrepreneurs 511
Greenberg, Jason, and Ethan Mollick. 2017. “Activist Choice: Homophily and the Crowdfunding of Female
Founders.” Administrative Science Quarterly 6 (2): 341–374. http://journals.sagepub.com/doi/pdf/
10.1177/0001839216678847. DOI: https://doi.org/10.1177/0001839216678847
Griffiths, Mark, Lisa Gundry, and Jill Kickul. 2013. “The Socio-Political, Economic and Cultural Determinants
of Social Entrepreneurship Activity: An Empirical Examination.” Journal of Small Business and Enterprise
Development 20 (2): 341–357. DOI: https://doi.org/10.1108/14626001311326761
Heller, Lidia. 2010. Mujeres emprendedoras en América Latina y el Caribe: Realidades obstáculos y desafíos.
Serie Mujer y Desarrollo No. 93. Santiago de Chile: Naciones Unidas, Comisión Económica para América
Latina y el Caribe. http://www.cepal.org/es/publicaciones/5818-mujeres-emprendedoras-america-
latina-caribe-realidades-obstaculos-desafios.
Hidalgo, Gabriel, Marco Kamiya, and Mario Reyes. 2014. Emprendimientos dinámicos en América Latina:
Avances en prácticas y políticas. Serie Políticas Públicas y Transformación Productiva 16. Caracas: CAF.
http://publicaciones.caf.com/media/41597/emprendimientos_dinamicos_america_latina.pdf.
Hisrich, Robert, and Marie O’Brien. 1981. “The Woman Entrepreneur from a Business and Sociological
Perspective.” In Frontiers of Entrepreneurial Research, edited by K. H. Vesper, 21–39. Boston: Babson
College.
IBRD (International Bank for Reconstruction and Development) and World Bank. 2010. Mujeres empresarias:
Barreras y oportunidades en el sector privado formal en América Latina. Washington DC: World Bank.
ILO (International Labour Organization). 2007. Assessing the Enabling Environment for Women in Growth
Enterprises. Geneva: International Labour Organization.
ILO (International Labour Organization). 2012. Global Employment Trends for Women. Geneva: International
Labour Organization.
ILO (International Labour Organization). 2013. Trabajo decente e igualdad de género: Políticas para mejorar
el acceso y la calidad del empleo de las mujeres en América Latina y el Caribe. Chile: International Labour
Organization. http://www.ilo.org/wcmsp5/groups/public/@americas/@ro-lima/@sro-santiago/documents/
publication/wcms_233161.pdf
ILO (International Labour Organization). 2014a. Marco integrado de evaluación de un entorno favorable para
el desarrollo de empresas de mujeres. San José: Organización Internacional del Trabajo. https://ecampus
.itcilo.org/pluginfile.php/14063/mod_page/content/13/Marco.pdf.
ILO (International Labour Organization). 2014b. Panorama laboral 2014: América Latina y el Caribe. Lima:
International Labour Organization. http://www.ilo.org/americas/publicaciones/panorama-laboral/
WCMS_325664/lang--es/index.htm.
ILO (International Labour Organization). 2015. La mujer en la gestión empresarial: Cobrando impulso. Informe
mundial. Geneva: Organización Internacional del Trabajo. http://www.ilo.org/wcmsp5/groups/public/--
-dgreports/---dcomm/---publ/documents/publication/wcms_356969.pdf.
ILO (International Labour Organization). 2016. Panorama laboral 2016: América Latina y el Caribe. Lima:
International Labour Organization. http://ilo.org/wcmsp5/groups/public/---americas/---ro-lima/
documents/publication/wcms_537803.pdf.
INEI (Instituto Nacional de Estadística e Informática). 2011. “Encuesta nacional del uso del tiempo 2011:
Principales resultados.” Lima: INEI. http://www.unfpa.org.pe/publicaciones/publicacionesperu/
MIMDES-INEI-Encuesta-Nacional-Uso-Tiempo.pdf.
International Finance Corporation (IFC) and Global Reporting Initiative. 2009. Embedding Gender
in Sustainability Reporting, A Practitioner’s Guide. www.ifc.org/ifcext/sustainability.nsf/Content/
Publications_Report_GenderSustainabilityReporting
International Finance Corporation and World Bank. 2014. Women, Business and the Law: Creating Economic
Opportunity for Women. Washington, DC: World Bank.
Jennings, Jennifer E., and Candida Brush. 2013. “Research on Women Entrepreneurs: Challenges to (and
from) the Broader Entrepreneurship Literature?” Academy of Management Annals 7 (1): 663–715. DOI:
https://doi.org/10.1080/19416520.2013.782190
Kantor, Paula. 1999. “Promoting Women’s Entrepreneurship Development based on Good Practice
Programmes: Some Experiences form the North to South.” SEED Working Paper No. 9, Series on Women’s
Entrepreneurship Development and Gender in Enterprises (WEDGE). Geneva: International Labour
Organization.
Kelley, Donna J., Benjamin S. Baumer, Candida Brush, Patricia G. Greene, Mahnaz Mahdavi, Mahdi Majbouri,
Marcia Cole, Monica Dean, and René Heavlow. 2017. Global Entrepreneurship Monitor GEM. Women’s

Avolio Alecchi: Realizing the Potential of Women Entrepreneurs512
Entrepreneurship 2016/2017 Report. https://www.gem-spain.com/wp-content/uploads/2015/03/gem-
womens-2016-2017.pdf.
Kelley, Donna, Slavica Singer, and Mike Herrington. 2016. GEM 2015/16 Global Report. Global Entrepre-
neurship Monitor. http://www.gemconsortium.org/report/49480.
Kihlstrom, Richard E. and Jean-Jacques Laffont. 1979. “A General Equilibrium Entrepreneurial Theory of
Firm Formation Based on Risk Aversion.” Journal of Political Economy 87 (4): 719–748. http://www.jstor
.org/stable/1831005. DOI: https://doi.org/10.1086/260790
Kim, Phillip H., and Mingxiang Li. 2014. “Seeking Assurances When Taking Action: Legal Systems, Social
Trust, and Starting Businesses in Emerging Economies.” Organization Studies 35 (3): 359–391. DOI:
https://doi.org/10.1177/0170840613499566
Kouriloff, Michail. 2000. “Exploring Perceptions of A Priori Barriers to Entrepreneurship: A Multidisciplinary
Approach.” Entrepreneurship: Theory and Practice 25: 59–80. DOI: https://doi.org/10.1177/1042258
70002500204
Kuzilwa, Joseph. 2005. “The Role of Credit for Small Business Success: A Study of the National
Entrepreneurship.” Journal of Entrepreneurship 14 (2): 131–161. DOI: https://doi.org/10.1177/09713
5570501400204
Kyalo, Teresia, and Lucy Kiganane. 2016. “An Analysis of Social Networks as a Determinant of Women
Entrepreneurs Starting Enterprises in Male-Dominated Sectors in Kenya.” United States Association for
Small Business and Entrepreneurship, Conference Proceedings, Boca Raton, EW1-EW16.
Lawton, Sue. 2010. “Connecting with Women Entrepreneurs: Equality or Business Imperative?”
International Journal of Gender and Entrepreneurship 2 (3): 291–294. DOI: https://doi.org/10.1108/
17566261011079260
Lecuna, Antonio, Boyd Cohen, and Roberto Chavez. 2017. “Characteristics of High-Growth Entrepreneurs
in Latin America.” International Entrepreneurship and Management Journal 13 (1): 141–159. DOI:
https://doi.org/10.1007/s11365-016-0402-y
Llussa, Fernanda. 2010. “Determinants of Entrepreneurship: Are Women Different?” FEUNL Working Paper
Series No. 555. https://ssrn.com/abstract=1799334. DOI: https://doi.org/10.2139/ssrn.1799334
Lopez-Acevedo, Gladys, and Hong W. Tan. 2010. “Impact Evaluation of SME Programs in Latin America and
Caribbean: Evaluación de impacto de los programas para PyME Latinoamerica y el Caribe (Spanish).”
Working Paper 52668. Washington, DC: World Bank. http://documents.worldbank.org/curated/
en/495651468176944025/Evaluacion-de-impacto-de-los-programas-para-pyME-Latinoamerica-y-el-
Caribe.
Minniti, María. 2010. “Female Entrepreneurship and Economic Activity.” European Journal of Development
Research 22 (3): 294–312. DOI: https://doi.org/10.1057/ejdr.2010.18
Mollick, Ethan R. 2013. “The Dynamics of Crowdfunding: An Exploratory Study.” Journal of Business Venturing
29 (1): 1–16. DOI: https://doi.org/10.1016/j.jbusvent.2013.06.005
Murdock, Karen 2012. “Entrepreneurship Policy: Tradeoffs and Impact in the EU.” Entrepreneurship and
Regional Development 24 (9–10): 879–893. DOI: https://doi.org/10.1080/08985626.2012.742324
Ojo, Olu. 2009. “Impact of Microfinance on Entrepreneurial Development: The Case of Nigeria.” Faculty of
Administration and Business, University of Bucharest, Romania.
Okoth, Daniel, Elizabeth Nambuswa, and Gregory Namusonge. 2016. “Determinants of Effective Women
Entrepreneurship in Kenya: A Survey of Trans Nzoia County.” European Journal of Business and
Management 8 (30): 174–182.
Olloqui, Fernando, Gabriela Andrade, and Diego Herrera. 2015. “Inclusión financiera en América Latina y el
Caribe: Coyuntura actual y desafíos para los próximos años.” Documento para Discusión No. IDB-DP-385.
Washington, DC: Banco Interamericano de Desarrollo. https://publications.iadb.org/bitstream/handle/
11319/6990/CMF_DP_Inclusion_financiera_en_ALC.pdf.
Ormazabal, Francisco. 2014. “Variables que afectan la tasa de incumplimiento de créditos chilenos.” Revista
de Análisis Económico 29 (1): 3–16. DOI: https://doi.org/10.4067/S0718-88702014000100001
Reynolds, Paul, David J. Storey, and Paul Westhead. 1994. “Cross-National Comparisons of the Variation in
New Firm Formation Rates.” Regional Studies 28: 443–456. DOI: https://doi.org/10.1080/0034340941
2331348386
Romani, Gianni, Miguel Atienza, and José Amorós. 2012. “Informal Investors in Chile: An Exploratory Study
from a Gender Perspective.” Journal of Business Economics and Management 13 (1): 111–131. DOI: https://
doi.org/10.3846/16111699.2011.620141

Avolio Alecchi: Realizing the Potential of Women Entrepreneurs 513
Scherr, Frederick C., Timothy F. Sugrue, and Janice B. Ward. 1993. “Financing the Small Firm Start-up:
Determinants of Debt Use: Financing the Small Firm Start-up: Determinants of Debt Use.” Journal of
Entrepreneurial Finance 3 (1): 17–36.
Segnestam, Lisa. 2017. “Gendered Experiences of Adaptation to Drought: Patterns of Change in El Sauce,
Nicaragua.” Latin American Research Review 52 (5): 807–823. DOI: https://doi.org/10.25222/larr.220
SELA (Sistema Económico Latinoamericano y del Caribe). 2010. “Desarrollando mujeres empresarias: La
necesidad de replantear políticas y programas de género en el desarrollo de PYMES.” Caracas, Venezuela:
Secretaría Permanente del SELA.
Terjesen, Siri, Amanda Elam, and Candida Brush. 2011. “Gender and New Venture Creation.” In Handbook
of Research on New Venture Creation, edited by Kevin Hindle and Kim Klyver, 85–98. Northampton, MA:
Edward Elgar.
Terjesen, Siri, and José Amorós. 2010. “Female Entrepreneurship in Latin America and the Caribbean:
Characteristics, Drivers and Relationship to Economic Development.” European Journal of Development
Research 22 (3): 313–330. DOI: https://doi.org/10.1057/ejdr.2010.13
United Nations. 2006. Ending Violence against Women: From Words to Action. New York: United Nations.
http://www2.unwomen.org/~/media/headquarters/media/publications/un/en/englishstudy
.pdf?v=1&d=20140917T100954.
Valera, Daniel, and Christine Brendel. 2015. Marco conceptual ilustrado: Combatir la violencia contra
las mujeres es también un asunto empresarial. Lima: Universidad San Martín de Porres. http://info
.comvomujer.org.pe/catalogocomvo/productoscatalogos_3_2015/ComVoMujer_Marco_conceptual_
Ilustrado_REG_2015.pdf
Van de Ven, Andrew H. 1993. “The Development of an Infrastructure for Entrepreneurship.” Journal of
Business Venturing 8: 211–230. DOI: https://doi.org/10.1016/0883-9026(93)90028-4
Vara, Arístides. 2013a. Los costos empresariales de la violencia contra las mujeres en el Perú. Lima: Universidad
San Martín de Porres. http://www.mujereslibresdeviolencia.usmp.edu.pe/wpcontent/uploads/2014/09/
CostosEmpresarialesEmpresasPeru.pdf.
Vara, Arístides. 2013b. Los costos invisibles de la violencia contra las mujeres para las microempresas ecua-
torianas. Quito: GIZ. https://oig.cepal.org/sites/default/files/giz-2013-estudio-costos-microempresas
.pdf
Vara, Arístides. 2015. Los costos empresariales de la violencia contra las mujeres en Bolivia. La Paz: GIZ,
Cámara de Comercio e Industria Boliviano-Alemana.
Verheul, Ingrid, Roy Thurik, Isabel Grilo, and Peter van der Zwan. 2012. “Explaining Preferences and Actual
Involvement in Self-Employment: Gender and the Entrepreneurial Personality.” Journal of Economic
Psychology 33 (2): 325–341. DOI: https://doi.org/10.1016/j.joep.2011.02.009
Weeks, Julie R., and Danielle Seiler. 2001. “Women’s Entrepreneurship in Latin America: An Exploration of
Current Knowledge.” Sustainable Development Dept. Technical Papers Series MSM-111. Washington, DC:
Inter-American Development Bank.
Welter, Friederike. 2011. “Contextualizing Entrepreneurship: Conceptual Challenges and Ways Forward.”
Entrepreneurship Theory and Practice 35 (1): 165–184. DOI: https://doi.org/10.1111/j.1540-6520
.2010.00427.x
World Bank. 2010. “Women’s Economic Opportunities in the Formal Private Sector in Latin America and the
Caribbean.” Women in Development and Gender Study No. 63870. Washington, DC: World Bank. http://
documents.worldbank.org/curated/en/195131468331181089/Womens-economic-opportunities-in-
the-formal-private-sector-in-Latin-America-and-the-Caribbean-a-focus-on-entrepreneurship.
World Health Organization. 2013. Global and Regional Estimates of Violence against Women: Prevalence
and Health Effects of Intimate Partner Violence and Non-partner Sexual Violence. Geneva: World Health
Organization. http://apps.who.int/iris/bitstream/10665/85239/1/9789241564625_eng.pdf.
Zuñiga, Muriel. 2004. “Acceso al crédito de las mujeres en América Latina.” Proyecto CEPAL/GTZ “Políticas
laborales con enfoque de género.” http://www.cepal.org/mujer/proyectos/gtz/publicaciones/word_
doc/Muriel_Zuniga.pdf.

Avolio Alecchi: Realizing the Potential of Women Entrepreneurs514
How to cite this article: Avolio Alecchi, Beatrice. 2020. Toward Realizing the Potential of Latin America’s Women
Entrepreneurs: An Analysis of Barriers and Challenges.
Latin American Research Review
55(3), pp. 496–514. DOI:
https://doi.org/10.25222/larr.108
Submitted: 23 May 2017 Accepted: 14 October 2018 Published: 08 September 2020
Copyright: © 2020 The Author(s). This is an open-access article distributed under the terms of the Creative
Commons Attribution 4.0 International License (CC-BY 4.0), which permits unrestricted use, distribution, and
reproduction in any medium, provided the original author and source are credited. See http://creativecommons.org/
licenses/by/4.0/.
OPEN ACCESS
Latin American Research Review
is a peer-reviewed open access
journal published by the Latin American Studies Association.