Revista de economía mundial 69, 2025, 25-49
ISSN: 1576-0162
DOI: http://dx.doi.org/10.33776/rem.v0i69.8309
Born UneqUal: overcome Barriers and
TraiTs of female enTrepreneUrs
Nacidas desiguales: superacióN de barreras y
características de las mujeres empreNdedoras
Beatriz Rosas-Rodríguez
beatriz.rosas@uaq.mx
Universidad Autónoma de Querétaro
Enrique Kato-Vidal
enriquekato@uaq.mx
Universidad Autónoma de Querétaro
Recibido: junio 2024; aceptado: enero 2025
aBsTracT
Female entrepreneurship has not been sufficiently studied. This article uses
a Mexican survey to provide evidence for the rate of women-owned businesses,
factors that promote female entrepreneurship, and intergenerational mobility
as a metric of success. It was found that women-owned enterprises are
successful in generating upward mobility, despite facing greater obstacles than
male-owned businesses. Therefore, more studies with adequate representation
of women are required. Finally, to advance toward parity in entrepreneurship,
it is necessary to recognize women entrepreneurs as capable leaders, visionary
employers, and provide them with unrestricted support within their social
circles.
Keywords: Social mobility, social environment, self-employed, resilience,
subjective wellbeing.
resUmen
Los emprendimientos de mujeres no han sido suficientemente estudiados.
Este artículo usa una encuesta mexicana para documentar la tasa de negocios
de mujeres, factores que promueven el emprendimiento y la movilidad
intergeneracional como indicador de éxito. Se encontró que las empresas de
mujeres son exitosas en generar movilidad ascendente, a pesar de enfrentar
mayores obstáculos que los negocios de hombres. Por ello, se requieren más
estudios con suficiente representación de mujeres. Finalmente, para avanzar
hacia la paridad de emprendimientos es necesario reconocer a las mujeres
empresarias como líderes capaces, empleadoras visionarias y brindarles un
apoyo irrestricto en sus círculos sociales.
Palabras clave: Movilidad social, ambiente social, trabajador independiente,
Resiliencia, bienestar subjetivo.
JEL Classification/ Clasificación JEL: J16, L26, E24, E71.
Revista de economía mundial 69, 2025, 25-49
They say, she’s gone too far this time
T. Swift
1. inTrodUcTion
In recent decades, research on women entrepreneurs has grown significantly.
Women now make up about one-third of all entrepreneurs globally (Cardella
et al., 2020). However, there is still a pressing need to explore the challenges
faced by women entrepreneurs, especially in developing countries. Studies
indicate that entrepreneurship can be particularly tough for women in these
regions due to various external factors that are often beyond their control
(Panda, 2018).
For economies to be dynamic and innovative, the continuous emergence of
new firms is required. This can be partially achieved by closing the gender gap
in entrepreneurship (OECD, 2019). Moreover, evidence suggests that greater
economic participation of women positively impacts resilience in the face of
crises (Meuner et al., 2017).
To encourage more entrepreneurship among women, we need to recognize
the importance of understanding gender differences (Brindley, 2015). A single
measure of success is insufficient because industries and cultural conditions
vary widely. Research on women entrepreneurs shows that, besides financial
success, they also value autonomy, personal growth, and recognition (Cabrera
and Mauricio, 2017; Poggesi, 2016).
Innovation is another domain where scholars must contribute more to
correct the perception that women-owned businesses are low-performing
enterprises (Dabić et al., 2023). A more equitable assessment should cover
a greater diversity of sectors and firm sizes, as well as integrate the different
forms in which innovations occur. Notable, in industries dominated by
women, technological innovation is less frequent, compared to organizational,
environmental, or social innovations (Dabić et al., 2023).
To contribute to a broader and more substantiated discussion on women
entrepreneurs, this paper conducted a quantitative analysis using an official
nationally representative survey for Mexico. According to Fareed et al. (2017)
note that Mexico has a larger share of women entrepreneurs compared to
OECD countries, making it an interesting place to study the driving factors
behind their businesses. The survey, conducted in 2021 to study subjective
well-being, includes a chapter on the working conditions of men and women,
28 Beatriz Rosas-Rodríguez · Enrique Kato-Vidal
distinguishing between those who are self-employed and those who are
employers. The number of observations is very high (n = 20,870; 35% women)
and constitutes a robust sample that surpasses the studies reported in the
literature (fewer than 5,000 individuals, see Discussion). Additionally, a variety
of items were available that are not typically analyzed in quantitative research
on women entrepreneurs.
Our purpose is to provide new evidence on female entrepreneurship in
the context of a Latin American country and developing countries in general.
The goal of this paper is to empirically evaluate the traits and factors that
increase the likelihood of women becoming self-employed entrepreneurs or
employers, comparing them to women employees, and identifying the adverse
factors that prevent more entrepreneurship among females. To accomplish
this, we estimated a multinomial logit model, and for comparative purposes,
we also report results for the group of male entrepreneurs. We aimed to answer
two research questions: What differences do female entrepreneurs have in
comparison to women employees? What are the adverse factors that prevent
more entrepreneurship among females?
The findings of this research highlight that female entrepreneurs face greater
obstacles than men when trying to establish their businesses and improve
their socioeconomic status. Women are more likely to be self-employed than
men entrepreneurs. Some of the obstacles they face include lower levels of
education, younger age, higher anxiety and stress, and limited intergenerational
mobility. Studies show that these barriers contribute to women being more
likely to be self-employed rather than entrepreneurs. While the evidence
shows that women entrepreneurs encounter more challenges, it is important to
recognize that they may have the same potential for entrepreneurship as men.
To increase the low percentage of female entrepreneurs in Mexico and around
the world, we need to reduce barriers, provide equal opportunities, and give
equal recognition to both men and women as entrepreneurs and creators of
wealth.
The results were reported using the predicted values from the multinomial
logit estimation. Six distinct traits or factors affecting the probability of being
an entrepreneur were analyzed separately. The probability was reported for
different age groups when feasible. The discussion of the results was guided by
statistically significant differences. Our paper contributes to the literature by
utilizing intergenerational mobility of entrepreneurs as a performance metric.
The analysis is limited by the cross-sectional design of the data, which
precludes a more in-depth exploration of causal mechanisms. Furthermore,
financial data of firms, their industrial affiliations, and the year of their founding
were not available. These data would have enabled a more comprehensive
understanding of the success and contributions of female entrepreneurs. The
structure of the remainder of the document is as follows: The next section
reviews the literature related to female entrepreneurship, resilience, and
innovation. The third section explains the method used to obtain the data and
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Born UneqUal: overcome Barriers and TraiTs of female enTrepreneUrs
revisTa de economía mUndial 69, 2025, 25-49
the type of estimation employed. Subsequently, the final two sections report
the results and present the conclusions.
2. liTeraTUre review
This literature review focuses on three interrelated domains: female
entrepreneurship, resilience, and innovation. First, it explores the unique
characteristics and challenges faced by female entrepreneurs, highlighting
differences compared to their male counterparts and disparities in the
motivations driving their entrepreneurial endeavors. Next, it examines
how personal and organizational resilience influences women’s ability to
adapt and overcome obstacles in their entrepreneurial journey. Finally, it
analyzes the relationship between entrepreneurship and innovation, and
how gender differences and social and economic barriers impact women’s
capacity to innovate in their businesses. Together, these three areas
provide a comprehensive understanding of the factors influencing female
entrepreneurship and underscore the importance of resilience and innovation
in overcoming entrepreneurial challenges.
2.1. female enTrepreneUrship
Unlike their male counterparts, women who show high levels of commitment
and responsibility receive some recognition. However, they face significant
challenges in balancing family responsibilities with their entrepreneurial
activities. Research has shown that the entrepreneurship of self-employed
workers is determined by prior entrepreneurial spirit, which was influenced by
having a father who was an entrepreneur and not necessarily by the individual’s
initial wealth or educational level (Velez Grajales and Velez Grajales, 2014).
Research also shows women have different motivations for starting businesses.
Some women identify market opportunities and aim for profit, while others
focus on addressing unmet social needs (Solesvik et al., 2019)
In low-income countries, there tends to be a lower percentage of formal
entrepreneurial activity among women, according to the Entrepreneurship
Database -business registries and national statistical agencies- (Meunier et al.,
2017). For women, self-employment is often linked to negative factors such
as poor health or occupational disability. Additionally, certain socio-economic
traits are common among women in self-employment, including being childless
or divorced and having a high level of education (Roche, 2014).
Women are less likely to move from individual entrepreneurship to hiring
employees. If they do hire, it usually happens within the first three years of
starting their business. After this three-year mark, only a small percentage of
businesses go on to hire their first employee (Fairlie and Miranda, 2017).
In high-income countries, conditions tend to become more equitable.
Whether due to heightened awareness or legal mandates, there are reduced
asymmetries, decreased discrimination, and comparable access to financing.
30 Beatriz Rosas-Rodríguez · Enrique Kato-Vidal
Consequently, only marginal differences persist between men and women
regarding their propensity for autonomy or risk-taking behavior (Solesvik et al.,
2018; Poggesi et al., 2016).
Ideally, there should be no additional barriers to entrepreneurship. In
practice, it is documented that women encounter greater obstacles in securing
sufficient resources to start a business. Even with high managerial acumen that
favors them as entrepreneurs, they may face resistance from family members
when seeking financial support. Consequently, rather than embarking on a
family business venture, they may be compelled to pursue entrepreneurship
independently (Welsh et al., 2017).
A woman’s age also reveals whether she will become an entrepreneur.
Female entrepreneurs aged 40 or older exhibit greater resilience, possess
better tools to navigate challenging environments, encounter fewer difficulties
in obtaining financing compared to their younger counterparts, and if they do
not have young children, they may face fewer challenges in balancing family
and work life (Welsh et al., 2018).
Discrimination is a negative experience encountered in many social
situations (Shepherd et al., 2020), including those against women in the
business world (Shafique et al., 2019). Stereotypes about masculine traits lead
to significant discrimination and stress for women in high-level management
roles (Ayala and Manzano, 2014; Gatrell and Cooper, 2007). As businesses
grow, women’s professional roles often clash with their traditional social roles.
To handle these conflicts and remain committed to their entrepreneurial roles,
women rely on optimism, self-efficacy, and resilience (Hundera et al., 2019).
2.2. resilience and enTrepreneUrship
Resilience manifests as the ability to transform and adapt in the face
of adversity (Korber and McNaughton, 2017). Particularly within the
entrepreneurial context, resilience is linked to characteristics such as
optimism, strength, and self-efficacy (Poggesi et al., 2016; Shepherd et al.,
2020). Resilient individuals understand that failures are part of the complexity
of the world and that confronting and overcoming them is implicit in the path
of learning (Shafique et al, 2019). Thus, resilient individuals begin to fortify
themselves as failure becomes a familiar terrain (Monllor and Murphy, 2017;
Block and Block, 1980; Brodsky et al., 2011).
Resilience is a determining factor in the decision to become an
entrepreneur (Korber and McNaughton, 2017). Given the close link between
personal resilience and organizational resilience, resilient individuals positively
contribute to their ventures (van der Vegt et al., 2015; Branicki et al., 2018;
Bullough and Renko, 2013). For instance, owners and managers demonstrate
personal balance in adverse external conditions (Hadjielias et al., 2022).
Furthermore, drawing on their resourcefulness, optimism, and self-esteem,
resilient entrepreneurs achieve higher business performance (Ayala and
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revisTa de economía mUndial 69, 2025, 25-49
Manzano, 2014) and foster resilience through leadership, enhancing their
organizations’ adaptability (Jaskiewicz et al., 2015; Hadjielias et al., 2022).
Resilience fosters adaptability in adverse circumstances by creating
awareness of what is happening, enabling reflection on what needs to be
done, and acknowledging the activities required for survival (Shafique et al.,
2019; Sabatino, 2016). A series of steps have been described to promote
adaptability (Brodsky et al., 2011); we will only highlight step four, where
the entrepreneur uses conflict as a motivator, namely: appreciating and
acknowledging resources, as well as reframing conflicts and stressors to use
them as a driving force (p. 227-228).
In difficult situations, such as those caused by a natural disaster, resilient
entrepreneurs manage to set aside their fear of failure, allowing them to focus
on thriving (Monllor and Murphy, 2017). A notable example of resilience in
leadership was seen during the COVID-19 crisis. By staying optimistic about
the future, leaders fostered communication and provided support, which
helped businesses make the necessary changes for survival (Hadjielias et al.,
2022). Even in the face of ongoing challenges, optimism can shine through. For
instance, Palestinian refugees in Lebanon have used proactive problem-solving
and entrepreneurial activities to seek integration, achieve self-sufficiency, and
boost their morale (Shepherd et al., 2020).
Resilience can create serial entrepreneurs. Those who have faced situations
in which they became resilient, know the path as entrepreneurs, can start over,
and give rise to new entrepreneurial ventures. When starting over in more
familiar territory, their performance is greater than those starting for the first
time (Dabić et al., 2023). In the long run, this translates into an improvement
in the quality of life for entrepreneurs. In the United States, and using cross-
sectional data, Qian (2020) found a relationship between entrepreneurship
and upward intergenerational mobility. Entrepreneurs in Sweden with legally
constituted enterprises experience greater upward mobility compared to wage
earners, while those without legally constituted enterprises face downward
mobility (Lindquist and Vladasel, 2023).
2.3. enTrepreneUrship and innovaTion
In the Schumpeterian tradition, the innovative role of entrepreneurs is
highlighted because of their willingness to take risks and their ability to create
value (Autio et al., 2014). As a result, entrepreneurial activity plays a key role
in economic growth, innovation, and job creation. Especially during times of
crisis, the skills of innovative organizations can be crucial for survival. They help
identify market opportunities, create new products or services, and provide
fresh insights into existing offerings (Lopez Muñoz et al., 2023). This article
defines entrepreneurs as individuals who identify themselves as self-employed
or employers (Kato-Vidal and Martínez, 2019). However, it is important to
note that other forms of entrepreneurship may also exist within organizations
(Davidsson, 2004).
32 Beatriz Rosas-Rodríguez · Enrique Kato-Vidal
In a sample of 16 high-income countries, the gender of the entrepreneur was
not a determining characteristic of innovation; the lack of statistical significance
was justified by the presence of contextual conditions (Lopez Muñoz et al.,
2023). Another possible explanation is the low number of female observations
in the GEM data, which reduced the power of the tests and did not allow the
true effect size to be detected. In regions marked by discrimination, female-
owned businesses often face greater deficiencies in resources compared to
male-owned enterprises, which consequently affect their innovation standards
(Mari, 2024; López Muñoz et al., 2023). Among these gender biases are
disparities in educational attainment and access to financing (Castellaneta et
al., 2020; Hundera et al., 2019; Welsh et al., 2017; Ahuja, 2000), as well as
disparities in business networks (Lopez Muñoz et al., 2023; Ahuja, 2000).
The link between entrepreneurship and innovation may not be so conclusive
and may not be seen directly. For this reason, women could be considered less
innovative (Dabić et al., 2023). To determine whether there is more innovation
in firms owned by men or women, various criteria must be considered. Among
these, the method used to measure innovation is crucial. In most studies, the
indicator employed is either product innovation or investment in Research
and Development (R&D). Both metrics could be distorted when making inter-
industry comparisons, an aspect that needs to be carefully addressed given
that a significant proportion of women participate in economic activities within
the service sector (Mari, 2024). Moreover, some argue that innovation might
actually be greater in firms owned by women (Jensen, 2014). The argument
posits that judgments based on stereotypes trigger performance that surpasses
the standard.
3. meThod
The goal was to study the personal traits that promote entrepreneurial
activity among men and women. We conducted a literature review to identify
the barriers faced by women seeking to engage in entrepreneurial endeavors.
3.1. model specificaTion
To estimate the probability of belonging to a class of worker (entrepreneurs
and employers), which depends on certain characteristics, the logit model
specified in equation 1 is employed.
(1)
Three outcomes are possible: if the individual is a
subordinate employee if the individual is an employer
and if the individual is self-employed.
, our variable of interest, was used to address the research
question regarding the differences between female entrepreneurs and female
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revisTa de economía mUndial 69, 2025, 25-49
employees. The results reveal the estimated probability of a woman being an
employer or self-employed worker, compared to an employee.
is male or female, denotes a set of sociodemographic variables
(, , , ) and denotes the parameters of the
estimation. is equal to 1 when the individual is less than 20 years old, 2
when is 20-30 years old, 3 when is 30-40, 4 when is 40-50, 5 when is 50-60,
and 6 when they are 60 or over. , is equal to zero if the individual is
uneducated, is equal to 1 if the individual has medium education and is equal
to 2 if the individual has higher education, = 1 when the individual is
married, is the state of residence.
denotes a set of control variables ( , , , ) and
denotes the parameters. These binary control variables were constructed
as described in Table 2. if the individual evaluates that in five years,
they will be between steps 8-10, , if the individual frequently has
social group meetings. if the individual has been discriminated
against. , if the individual has anxiety or worry more than half of
the day. if there is intergenerational mobility. Finally,
and are sets of interactions between the gender variable and
independent variables.
In addition, from the interaction of , with the socio-demographic
and control variables, we can identify the adverse factors that prevent more
entrepreneurship among females.
According to Cameron and Trivedi (2022) results are interpreted using
relative risk ratios (RRR). Relative risk ratios are the relative probability of the
possible outcomes compared to the baseline group. As in
the equations 2 and 3, the base category is employee
(2)
(3)
In the estimates where , a
relative risk equal to 1 means that the relative probability of being an employer
is the same as that of being an employee. A relative risk (RRR) equal to 1.5
means that the relative probability of being an employer is 0.5 times greater
than being an employee or that the probability of being an employer increases
by 50%. Finally, a relative risk of 0.5 means that the probability of being an
employer is reduced to 0.5 times compared to being an employee.
The estimation does not include an income variable, as the survey did not
collect this information. During the article review process, it was noted that
omitting income could impact the estimated coefficients, and we appreciate
this observation. To address this, two income proxies were used: (a) We used
the questionnaire question “In your opinion, what would be a sufficient income
to cover all the needs of your household for one month?” and (b) Locality Size,
34 Beatriz Rosas-Rodríguez · Enrique Kato-Vidal
which consists of four strata. The first proxy, the Income-Sufficient variable’s
coefficient, did not influence the likelihood of being an entrepreneur (RRR ≈
1), and the coefficients of the other variables remained relatively unchanged.
For Locality Size, it was found that outside large cities (populations under
100,000), the probability of being an entrepreneur increases, likely due
to fewer job opportunities in medium or small cities. These results are not
reported in the present paper.
3.2. daTa
Our analysis was based on microdata from the Mexican Survey of Self-
Reported Well-being (ENBIARE, for its initials in Spanish) collected by the
National Statistical and Geography Institute (INEGI, 2021). The survey
measures all positive or negative evaluations that people make of their lives
and the affective reactions of people to their experiences. In accordance with
OECD Guidelines on Measuring Subjective Well-being, the survey contains
information on different dimensions of well-being measurement: a) Subjective
well-being, b) Trust and support networks, c) Time use in activities and
networks, d) Health, e) Job, f) Events, g) Social and community participation, h)
Biography, and i) Intergenerational mobility. The ENBIARE survey complements
the Global Entrepreneurship Monitor (https://www.gemconsortium.org/data).
Although ENBIARE is not specialized in entrepreneurship, it has national
representativeness and a high percentage of women surveyed.
The survey was conducted in 2021 among 31,166 individuals (men and
women) aged 18 years or over who are literate in Spanish. Our sample was reduced
when it was determined that 10,296 respondents were unemployed. The final
sample consisted of 1,423 employers, 5,899 self-employed workers, and 13,548
subordinate employees. The literature review established that age, educational
attainment, and marital status affect entrepreneurship. Other factors are:
· Optimism: Entrepreneurs are ingenious and optimistic, exhibiting a
prevalent sense of optimism. The survey is based on the Cantril ladder
measure, where 0 represents the worst possible life, and 10 represents
the best possible life, capturing a measure of prosperity and optimism.
Respondents classified as thriving are those who evaluate their future state
as 8 or higher (OECD, 2013).
· Resilience, is defined as the ability to overcome adversity, and discrimination
could be considered an adverse situation.
· Social circle: Entrepreneurs have entrepreneurial connections. The survey
captures those individuals who frequently connect with people in their
environment, whether family members or not, and
· Risk and responsibility, can be proxied by anxiety and stress.
The dimensions utilized in the survey are presented in Table 1.
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TaBle 1. operaTionalizaTion of key-concepTs
Variable Question Description
Sex Sex 1 Female
0 Male
Age Age
1 Less than 20 years old, 2 for 20-30 years old,
3 for 30-40, 4 for 40-50, 5 for 50-60, and 6 for
60 or over
Marital status Marital status
1 married or living with a partner,
0 singled, widowed, divorced or separated
0 Basic Education (preschool, primary and
secondary school),
Educat Highest approved level
1 Normal school (teacher college), high school or
technical career in high school
2 Bachelor’s, Graduate certificate (‘especialidad’),
master’s or doctorate
State State of Mexico Codes 1 to 32
Expectations
(Optimism)
As your best guess, overall, how satisfied
do you expect to feel with your life in 5
years’ time?
1 evaluate their future state as 8, 9 or 10,
0 otherwise.
Anxiety and
Stress
Overall, how anxious, worried, or stressed
did you feel yesterday?
During the past two weeks, how often
have you felt bothered by not being able
to stop worrying or control your worry?
1 very anxious or have experienced more than
half of the days with worry discomfort (if scales
8-10)
0 otherwise.
Social
How often do you have social gatherings
with... neighbors, classmates, people from
your church, coworkers, teammates?
1 very frequently or frequently
0 otherwise.
Class of worker Do you have a job or own a business?
Do you have employees?
0 subordinate employee,
1 self-employed
2 employer-entrepreneur
Discrimination
Have you ever had any experience where
you feel you were treated differently
because of your skin tone, your gender,
age, sexual preference, religious beliefs,
language or accent, weight, disability,
ethnic origin?
1 Yes.
0 otherwise.
Inter-generational
mobility
Have your opportunities to increase
wealth been…
1 greater than that of your parents?
0 otherwise.
Note. The response variable in the model was Class of worker. The predictor variables are difficult to
classify under Traits or Barriers; in some cases, a variable might be categorized as either, depending
on the perspective taken. We define Traits as personal characteristics or demographic factors that
may influence an individual’s approach to starting and managing a business (variables: sex, age,
marital status, expectations-optimism). We consider Barriers to entrepreneurship to be factors or
conditions that hinder individuals from starting or sustaining a business (variables: anxiety and stress,
social networking, discrimination, and intergenerational mobility). Finally, State was treated as a
contextual variable, given that in regions with strong business ecosystems, entrepreneurs benefit
from a more supportive environment.
Source: Data INEGI-ENBIARE, 2021.
4. resUlTs
Table 2 shows the descriptive statistics for the selected variables at the
national level, categorized by worker type: employer, self-employed worker,
and employee. The age variable indicates that male employers are generally
36 Beatriz Rosas-Rodríguez · Enrique Kato-Vidal
older than female employers. In our sample, female employers have an average
age of 43 years, with ages ranging from 19 to 81. In contrast, men can be
employers at older ages.
Additionally, women tend to be less sociable, more optimistic, and face
greater stress and discrimination compared to male employers. It is also
noted that self-employed individuals are generally less sociable, less optimistic
about the future, and experience less discrimination than employers. The last
column of the table shows that these differences between men and women are
statistically significant.
As shown in Table 2, the sample includes both men and women across
three occupational categories, encompassing a range of situations to mitigate
selection bias. Our methodology did not employ a matching approach; however,
the data in Table 2 demonstrate balance in most predictor variables, except
for the finding that female entrepreneurs tend to be older, married, and report
experiencing social mobility relative to their parents. The mean differences
between groups for these three variables are less than one standard deviation,
suggesting that the imbalance might not be a significant issue.
TaBle 2. descripTive sTaTisTics By sex and class of worker
Gender Males Females
Variable Mean SD Mean SD Min Max Test
p-value
a) Employer
Age 44.8293 14.6905 -- -- 18 94 0.005
-- -- 43.1607 12.7299 19 81
Educat 0.9104 0.8677 0.9601 0.8588 0 2 0.992
Married 0.7617 0.4261 0.6257 0.4839 0 1 <0.001
Expect 0.6527 0.4760 0.7808 0.4137 0 1 <0.001
Discrim 0.2829 0.4504 0.3180 0.4657 0 1 0.124
Social 0.4592 0.4983 0.3841 0.4864 0 1 <0.001
Anxiety 0.2248 0.4175 0.3605 0.4801 0 1 <0.001
InterG Mob. 0.5100 0.4999 0.5241 0.4994 0 1 0.612
b) Self-employed
Age 46.4538 15.6103 -- -- 18 96 <0.001
-- -- 42.3084 14.1171 18 91
Educat 0.5808 0.7824 0.5824 0.7675 0 2 <0.001
Married 0.7171 0.4504 0.6185 0.4857 0 1 <0.001
Expect 0.5871 0.4923 0.6783 0.4671 0 1 <0.001
Discrim 0.2260 0.4182 0.3030 0.4596 0 1 <0.001
Social 0.3572 0.4792 0.2434 0.4291 0 1 <0.001
Anxiety 0.2503 0.4332 0.3320 0.4709 0 1 <0.001
InterG Mob. 0.4254 0.4944 0.4201 0.4936 0 1 0.921
c) Subordinate employee
Age 37.3139 13.2217 36.8199 11.9053 18 87 0.126
Educat 0.7907 0.8261 0.9379 0.8539 0 2 <0.001
Married 0.6204 0.4853 0.4744 0.4993 0 1 <0.001
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Gender Males Females
Variable Mean SD Mean SD Min Max Test
p-value
Expect 0.6994 0.4585 0.7472 0.4345 0 1 <0.001
Discrim 0.2243 0.4171 0.3230 0.4676 0 1 <0.001
Social 0.4114 0.4921 0.3253 0.4685 0 1 <0.001
Anxiety 0.2293 0.4204 0.3297 0.4701 0 1 <0.001
InterG Mob. 0.4019 0.4903 0.3752 0.4842 0 1 <0.001
The final four variables (Discrim, Social, Anxiety, InterG Mob.) are considered Barriers. See the
footnote in Table 1 for further details. Authors’ calculations. Employer: Males, N = 2,658,882
(71.1%) Females: N = 1 077 881. (28.9%) Self-employed: Males N = 8,143,439 (51.14%),
Females: N = 7,781,440 (49.86%). Employees: Males N = 21,700,000 (58.81%), Females: N =
15,200,000 (41.2%).
The estimation results are presented in Table 3. Column 1 shows the relative
risks of being an employer, and Column 2 shows the relative risks of being
a self-employed worker, with both probabilities interpreted relative to the
base category: subordinate employee. The results for the variable of interest,
gender, indicate that women have lower probabilities of being employers (RRR
= 0.72) compared to subordinate employees.
Age becomes a relevant factor that, primarily at age 40 or older, triples the
probability of being an employer compared to being a subordinate employee
(RRR = 3.60). For being self-employed with respect to being a subordinate
employee, it doubles after 50 years (2.26). Higher education increases the
probabilities of being an employer relative to being an employee (1.57), while
higher education reduces the probabilities of being self-employed relative
to being an employee (0.56). Marriage and social connections increase the
probabilities of being an employer relative to being a subordinate employee
(1.41 and 1.39). Discrimination appears to be a determining factor that
increases the probability of being an employer and self-employed worker
relative to being a subordinate employee (1.54 and 1.19, respectively).
From the interactions of Gender, with expectations and discrimination,
we can identify the characteristics that reduce or increase the probability
of a woman of being an employer relative to being an employee and the
probabilities of being self-employed relative to being an employee.
Women with low expectations or without optimism about the future (who
evaluate their future state as 7 or less) have a lower probability of being
self-employed [RRR = 0.62], and non-discriminated women have a higher
probability of being employers (1.5). Specifically, the Relative Risk Ratio of
0.62 indicates that these women are 38% less likely (= 1 – 0.62) to be self-
employed compared to being employees. Next, the results of the probabilities
of being an employer and self-employed worker are analyzed when interacting
with the control variables presented in Figure 1.
Based on the research objective, significant factors that increase the
likelihood of women becoming entrepreneurs or self-employed, compared
38 Beatriz Rosas-Rodríguez · Enrique Kato-Vidal
to being employees, were analyzed. Figures 1, 2, and 3 present the results
and illustrate the probability of women being employers and self-employed
workers.
4.1. enTrepreneUr TraiTs and Barriers
This section shows the results of the probabilities of women being
entrepreneurs with respect to the traits and barriers in Figure 1: age,
discrimination, and social groups. The estimates show that there is a higher
probability of being an employer at an older age if one is resilient or participates
in social groups. Both men and women have a higher probability of becoming
entrepreneurs at an older age. However, at any age, women are more likely to
be self-employed workers than employers.
TaBle 3. mUlTinomial logiT regression resUlTs: relaTive risk raTios
Variables Employer
RRR
Self-employed
RRR
Female (Male = base) 0.722 1.569 **
(0.187) (0.245)
Age (Less than 20 = base)
20-30 1.679 1.096
(0.702) (0.167)
30-39 2.805 * 1.351
(1.151) (0.210)
40-49 3.602 ** 1.672 **
(1.480) (0.259)
50-59 4.476 ** 2.261 **
(1.843) (0.357)
60 and over 11.124 ** 6.676 **
(4.681) (1.109)
Edu (Lower education = base)
Medium education 1.330 ** 0.804 **
(0.140) (0.051)
Higher education 1.571 ** 0.569 **
(0.156) (0.038)
Married (Single = base) 1.425 ** 1.094
(0.164) (0.084)
Expectations (Future state 8-10= base) 0.945 0.891
(0.102) (0.064)
Discrimination (Discriminated against = base) 1.542 ** 1.191 *
(0.172) (0.093)
Social group (Very frequent social gatherings = base) 1.398 ** 0.932
(0.140) (0.065)
Anxiety & stress (very anxious= base) 0.949 1.055
(0.107) (0.082)
1.238 * 0.907
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revisTa de economía mUndial 69, 2025, 25-49
Variables Employer
RRR
Self-employed
RRR
InterGenerational Mobility (IGM) (0.124) (0.062)
Single x Female 0.848 0.635 **
(0.167) (0.067)
Low expectation x Female 0.626 * 0.803 *
(0.131) (0.086)
No discrimination x Female 1.542 * 1.111
(0.304) (0.123)
No social group x Female 1.065 1.234 *
(0.206) (0.130)
No anxiety x Female 0.765 1.095
(0.151) (0.120)
No IGM x Female 0.864 0.929
(0.159) (0.093)
Intercept 0.014 ** 0.157 **
(0.006) (0.031)
State effects Yes Yes
Number of observations 20863
Log pseudolikelihood -42347528
Pseudo R2 0.0811
Prob > chi2 0.0000
Note. ** p<.01, * p<.05. Robust standard errors in parenthesis. Base Category: Subordinate
employee.
There was one variable (discrimination) for which we could not estimate
the respective effect on women. In the survey, there are not enough cases
of female employers who reported having been discriminated against (n =
140). This limited number of cases prevents conducting representative
statistical tests for women. Our alternative approach was to report the effect
of discrimination without differentiating between men and women (Figure 1b).
By pooling a larger number of cases, it was possible to detect that individuals
(men and women) with one or more episodes of discrimination have a higher
probability of being employers. Additionally, social life increases the likelihood
of becoming an employer for both men and women, but male employers
benefit more from their social networks. For self-employed men and women, a
common characteristic is low social activity (Figure c.2).
These results from Figure 1 show that: a) Older men face fewer obstacles
to becoming employers, while women still encounter barriers (Figure a.1); b)
Discrimination fosters resilience in both employers and self-employed workers
(Figures b.1 and b.2); and c) Women who want to be employers often have
limited social lives and may lack credibility as successful entrepreneurs
compared to men within their social circles (Figure c.1).
40 Beatriz Rosas-Rodríguez · Enrique Kato-Vidal
4.2. BUsiness oUTcomes
Figure 2 illustrates the probability of women being entrepreneur and self-
employed, compared to employee, while considering the influence of other
relevant characteristics identified in the literature as education, expectations,
anxiety and stress, and intergenerational mobility. For women and men, higher
educational attainment and higher risk (and anxiety-stress) are associated with
a greater probability of being an employer and a lower probability of being a
self-employed worker.
We found that if a woman exhibits traits of optimism and high educational
attainment, the probability of being an employer increases by four percentage
points (Figure 2a).
When it comes to success, evidence shows that the current generation of
male and female employers is innovating and achieving higher living standards
than their parents (intergenerational mobility). Being an employer typically
leads to significantly higher income compared to self-employment or being an
employee. Additionally, their socioeconomic status may be better than that of
their parents.
Given the uncertainty of businesses and financial risks, anxiety and stress
tend to be present in all entrepreneurs. However, for women, additional
pressures arise from social roles, gender biases, and family commitments.
The evidence from Figure 2b shows a spike in anxiety and stress in female
employers around the age of 50, indicating a significant barrier. We did not
detect any such spike in men (Figure 3b).
In Figure 2c, we see that those who report having more opportunities and
fewer barriers than their parents to acquire assets (indicating intergenerational
mobility) are also more likely to become employers compared to those who do
not feel they have experienced intergenerational mobility.
figUre 1. TraiTs and Barriers: proBaBiliTies of Being employer enTrepreneUr and self-employed
41
Born UneqUal: overcome Barriers and TraiTs of female enTrepreneUrs
revisTa de economía mUndial 69, 2025, 25-49
figUre 2. BUsiness oUTcomes: proBaBiliTies of Being employer enTrepreneUr and self-employed
42 Beatriz Rosas-Rodríguez · Enrique Kato-Vidal
figUre 3. proBaBiliTies of Being male employer and self-employed
43
Born UneqUal: overcome Barriers and TraiTs of female enTrepreneUrs
revisTa de economía mUndial 69, 2025, 25-49
5. discUssion and conclUsions
This paper aimed to analyze the personal traits that promote
entrepreneurial activity among women and men. To achieve this, a national
survey from Mexico was utilized, containing self-reported information from
employers, self-employed individuals, and employees. The literature suggests
that there are differences when comparing entrepreneurial endeavors between
men and women, such as the support they receive from their social circles or
the credibility they project as entrepreneurs (Panda, 2018). Consequently, it
is acknowledged that most women entrepreneurs start their businesses in a
disadvantageous situation.
When assessing the performance of businesses owned by women,
research often reports lower performance outcomes. This finding emerges
when using traditional financial indicators (Cabrera and Mauricio, 2017;
Poggesi et al., 2016). Similarly, studies comparing innovation levels in women-
owned businesses suggest that broad comparisons are necessary and that
is important to prioritize the industries where the representation of women-
owned businesses is most prevalent, as well as their strategic priorities,
which may be socially or financially driven (Dabić et al, 2023). The data were
collected from a cross-sectional survey, which impedes the capacity to analyze
respondents’ career trajectories. Nevertheless, the results may hold validity
beyond the sample, given the availability of over 20 000 questionnaires and
national representativeness, which allows for more robust estimates that
minimize biases and better reflect the diversity among both entrepreneurs
and employees. Additionally, we observed that the variables in the model
were significant and that the coefficients remained consistent across various
specifications. This evidence suggests that relevant factors were included in
44 Beatriz Rosas-Rodríguez · Enrique Kato-Vidal
the decision to become an entrepreneur, potentially reducing selection bias to
some extent.
We found a higher probability of being a female employer when the
respondents reported having intergenerational mobility relative to their parents.
This finding aligns with Qian (2020), who demonstrates that entrepreneurs
can improve their standard of living in the long run. Our results show that the
relationship between being an employer and having intergenerational mobility
is more favorable for men than for women. When analyzing self-employed
female entrepreneurs, we did not find a statistical difference between those
who reported having intergenerational mobility and those who did not. This
would imply that women aspiring to improve their socioeconomic status may
struggle to achieve it as self-employed individuals; the evidence suggests that it
is women with businesses that create jobs who report being in a better position
than their parents’ generation.
The available information reveals that few women succeed in becoming
entrepreneurs and employers. An underexplored explanatory factor is the age
of the female entrepreneur (Welsh et al., 2018). Data from Mexico shows that
women aged 40 and above has an increased probability of becoming owners
of their own businesses. This is likely because, at that stage of life, household
responsibilities may have decreased, and sufficient work experience may have
been attained.
The sample used in the survey shows few cases of women employers who
reported having been discriminated against at some point in their lives. We
believe there is an underreporting of cases of business-owning women who
have faced discrimination. The most frequent causes of discrimination reported
by employers are skin color, age, gender, and political ideology. The resilience
hypothesis helps explain the apparent paradox that a negative event, such
as discrimination, can result in a positive outcome, such as becoming an
entrepreneur (van der Vegt et al., 2015; Branicki et al., 2018; Bullough and
Renko, 2013).
The conventional view is that women participate more widely in social
circles with groups of coworkers, sports, etc. In our analysis, we found that it
is not women but men who report simultaneously having social activity with
friends or acquaintances and also being entrepreneurs. We believe that a lack
of credibility towards women results in a lack of confidence in their abilities
as entrepreneurs. Another possible explanation is that women have less time
available, which reduces their participation in social circles (Hundera et al.,
2019).
In our exploration of factors that increase the probability of women
becoming entrepreneurs, we integrated two strands that remain separate
in the literature. On the one hand, it is known that education encourages
entrepreneurial activity among women (Roche, 2014). On the other hand,
it has also been documented that an optimistic attitude is linked with
entrepreneurship (Ayala and Manzano, 2014; Hadjielias et al, 2022; Hundera
et al., 2019). We analyzed the intersection to determine what happens when
45
Born UneqUal: overcome Barriers and TraiTs of female enTrepreneUrs
revisTa de economía mUndial 69, 2025, 25-49
women have higher education and simultaneously possess confidence and
optimism. We found that this group of women has a higher probability of
becoming entrepreneurs. This effect is exclusive to women. In men, greater
optimism does not translate into a positive statistical effect that increases the
probability of being an entrepreneur.
Women in business also differ from men in how they handle financial risk
(Brindley, 2005). The data showed that women business owners with employees
reported higher levels of anxiety and stress, which were not observed in male
employers. This finding emphasizes that women entrepreneurs face greater
demands than men. Our findings are generally consistent with existing
literature. They indicate that social networks, resilience, and intergenerational
mobility are key factors distinguishing between being employers or self-
employed, as opposed to being employees, and also compared to men.
Furthermore, since women are still predominantly self-employed, our
contribution identifies the adverse factors that prevent them from becoming
employers. These factors include young age, lower educational levels, high levels
of anxiety that increase with age, and lack of intergenerational mobility. These
barriers are significant for women aspiring to become employers. Additionally,
we tested the explanatory power of two further indicators: (i) intergenerational
mobility, which assesses the success of women’s entrepreneurial ventures, and
(ii) the resilience hypothesis, which highlights a history of discrimination among
many who eventually became entrepreneurs.
Another contribution was providing evidence for a Latin American country
using a sample with thousands of individuals (n = 20,870; 35% women). In
our review of the literature, we detected analyses with small samples in Spain
(n = 534; 34.5% women [Ayala and Manzano, 2014]) and Morocco (n = 116;
28% women [Welsh et al., 2018]). In some cases, there were large samples in
Asia (n = 1 039; 41% women [Jensen, 2014]) and in industrialized countries
(n = 4 430; 35% women [Lopez Muñoz et al., 2023]).
We encountered data limitations in conducting the study. The survey did
not collect financial information about the businesses, so the analysis was
primarily constructed on qualitative aspects (yes/no). Additionally, we also
lacked information about the entrepreneurs’ experience or trajectory. We
believe this limitation is partially mitigated by reporting the results using age
groups.
Our findings highlight specific barriers that hinder true equality between
male and female entrepreneurs. Given these barriers, it is important to
increase the visibility and recognition of women who have successfully become
entrepreneurs. The next step is to identify what types of policies could help
reduce these obstacles. Possible interventions include creating mentorship
programs tailored for young female entrepreneurs, where experienced
businesswomen provide guidance and inspiration to those starting out. Another
policy to reduce barriers for women could involve strengthening women’s
business networks, enabling them to benefit from these social groups similarly
to male entrepreneurs. Future research might adopt new methodologies suited
46 Beatriz Rosas-Rodríguez · Enrique Kato-Vidal
to the unique characteristics of women-owned businesses, such as conducting
in-depth analyses of microcredit programs for young female entrepreneurs,
comparing different age groups and incorporating regional economic indicators
(e.g., economic specialization, unemployment).
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