‘Fear of failure’ is a psychological phenomenon that limits women’s entrepreneurial intentions. According to Global Entrepreneurship Monitor (2022), 62.6% of females reported that fear of failure prevented them from pursuing their entrepreneurial passions. The fear of failure was comparatively reported lower among men.

This self-sabotaging limiting belief results from various external conditions that women have been exposed to. In my experience working with women entrepreneurs from Northern Sri Lanka, many reported how their families were against their entrepreneurial goals. As many women entrepreneurs express, women could only start their businesses after constant battles with their family members.

From a global perspective, many cultures expect women to work in feminine industries. The term ‘entrepreneurship’ itself symbolises the trait of risk-taking. A lot of people still perceive that risk-taking is not for women. Such external stereotypes have been forced upon the system belief system of women, which affects how women perceive their entrepreneurial abilities.

The women entrepreneurs I have worked with in different stages often express mixed feelings about their entrepreneurial intentions. Even after launching businesses, many feel reluctant to expand. The expansion intention usually comes with a sense of insecurity and unfair clarity. The expansion comes with a ‘perceived breaching of comfort zone’. When attempting to expand or boldly pursue their passions, the unfamiliar and uncomfortable zone starts to manifest, which stimulates a feeling of fear of the unknown.

As a counter-intuitive fact, women also seem to worry more about the fear of success. Surprisingly, many women entrepreneurs expressed feelings regarding fear of success.

‘Even when I achieve something in my business, I don’t feel excited. The excitement brings chills to my stomach because I need to prepare myself for the next success, which I don’t know will happen. Society is keen on your next immediate success. When you celebrate your first success, be ready to achieve the next sooner or if not, you will face more criticism. I am terrified of celebrating success’, said an entrepreneur from Jaffna.

Another woman expressed a perspective of how she fears her fate. She feels that something terrible might happen if one good thing happens.

‘I mostly fear something bad might happen if I get so happy with one success’.

The above perspectives align with fears of what success will look like, the number of unknown or unfamiliar zones, the fear of not achieving continuous success and inner sabotaging, such as the fear that something terrible might happen if one good thing happens.

While these inner fears seem to shape the entrepreneurial actions of women entrepreneurs, these perceptions are often rooted in the belief systems bypassed by their families and communities.

Single women frequently express how their parents sabotage their dreams. They quote their parents to fear what failure for their daughters is like. Similarly, married women regard their spouses and mothers-in-law as controlling them. In many cultures, jobs requiring frequent travelling are considered disrespectful to women. As entrepreneurship requires strong networking and active marketing, this is not something families like. Many women tend to internalise social stereotypes, which affect how they make their career decisions.

Still, the astonishing part is that despite the resistance, the number of women entrepreneurs is rising. Women who make bold decisions, stand up for themselves and are fearless about what society or anyone talks about tend to achieve the most.

To conclude, the biggest takeaway from existing successful women entrepreneurs is their inner strength to overlook social criticisms to pursue their goals without any hesitation. Also, there is progression of social values that gives an optimistic light. Regardless of the external conditions, inner strength is the biggest asset for women to invest in their career.

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