Abstract
Risk aversion is one of the major impediments to entrepreneurship, and the survival and growth of startups in the developing world. Female entrepreneurs portray even a higher risk averse attitude regarding starting new businesses or introducing new business lines in their existing businesses. The intention of this study is to explore strategies that can be employed to reduce risk aversion among female entrepreneurs. A qualitative research methodology was utilized to carry out the research, with the interview technique being used as the main data collection tool. Snowballing and convenience sampling techniques were utilized to select 8 organizations and 21 female entrepreneurs who participated in the study. The study found out that entrepreneurial literacy significantly reduces risk aversion among female entrepreneurs by providing them with quality education and training on financial and income generation skills and competencies. Risk aversion can also be reduced among female entrepreneurs by assigning them to reputable business mentors to inspire them and also assist them to break cultural and societal barriers. The ‘do not do it alone’ principle and motivation through the creation of entrepreneurship forums and stakeholder interventions and schemes that support female entrepreneurship also help to minimize risk aversion.
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