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IJGE
8,4
402
Received 25 December 2015
Revised 29 August 2016
Accepted 17 September 2016
International Journal of Gender
and Entrepreneurship
Vol. 8 No. 4, 2016
pp. 402-423
© Emerald Group Publishing Limited
1756-6266
DOI 10.1108/IJGE-12-2015-0048
An evaluation of human
capital theory and female
entrepreneurship in
sub-Sahara Africa
Some evidence from Ghana
Kwame Adom
Department of Marketing and Entrepreneurship,
University of Ghana, Accra, Ghana, and
Irene Tiwaa Asare-Yeboa
Department of Marketing and Entrepreneurship,
University of Ghana Business School, Accra, Ghana
Abstract
Purpose – The study aims to evaluate critically how the elements of human capital theory such as
level of education, area of education, training and prior work experience influence female
entrepreneurship in sub-Saharan Africa, with focus on Ghana. Though it is very critical that the
elements of human capital are known and assessed, there is currently very little known about the
elements of human capital as pertains to female entrepreneurship in Ghana. This situation has called for
a study such as this one.
Design/methodology/approach – A phenomenological paradigm was adopted for the study. This
includes in-depth interview, documentation and observation. Unlike narrative research that reports on
lived experiences of an individual, phenomenological study focuses on describing the lived experiences
of several individuals. It is mainly a descriptive account of shared experiences of those individuals
located near universal lived experience(s).
Findings – Reporting data from a 2014 qualitative in-depth interview of 25 women entrepreneurs in
Accra who work in service delivery, manufacturing and trading, it was revealed that level of education,
business training and knowledge gained during the course of their work were crucial factors for their
success. As a consequence, this study calls for effective policies that will encourage education and
training of women entrepreneurs, especially those with low levels of education, on a sustainable basis.
Research limitations/implications – The study focused on some of the elements of human capital
and women’s entrepreneurship in Ghana. However, there exist other issues that are critical to the
development of female entrepreneurship in the sub-Saharan region that can be explored to provide more
insight on this subject or different context.
Practical implications – The human capital dimensions which were evaluated for this study
included level of education, area of education, business training and experience gained from prior
employment. The outcome is that these elements are crucial for the success of women entrepreneurs in
Ghana, but there is the need for wider research in other global regions on women entrepreneurs and
human capital factors and whether similar variations prevail.
The journal editor is grateful to Dr Alessendra Micozzi for her editorial work on this paper. This
article was originally submitted to a special issue managed by Dr Micozzi, and she has kindly
allowed it to be published in this issue.
Originality/value – Evidence from the literature reveals that little is known until now to evaluate the Human capital
elements of the human capital of female entrepreneurs in Ghana, and this study seeks to bridge this gap.
Results are examined comparing what is pertaining in other international communities, thus avoiding
theory
a merely national viewpoint.
Keywords Gender theory, Ghana, Business performance, Women’s entrepreneurship,
Human capital, Women entrepreneurs, Sub-Sahara Africa
Paper type Research paper
403

Introduction
In sub-Saharan Africa (SSA), where the majority of economies are either developing or
underdeveloped, entrepreneurship has become a vital means of enhancing economic
growth and development. Governments, international organizations and policy makers
have acknowledged increase in entrepreneurship as having a positive impact on the
economic and social well-being of citizens and have also observed that one solution to
the threats and challenges associated with shifts in demographics, technological
changes and fluctuating economies is an emphasis on the increase in entrepreneurship
(Buame, 2012; GEM, 2015; Vossenberg, 2013).
The SSA region has been identified as having the greatest proportion of
entrepreneurs globally (GEM, 2015). The Total Early-Stage Entrepreneurial Activity
(TEA) index is a primary measure used by the Global Entrepreneurship Monitor (GEM)
to gauge the level of dynamic entrepreneurial activity in an economy by considering the
incidence of startup of businesses (nascent entrepreneurs) and new firms (up to
3.5-years-old) in the adult population. According to GEM (2015), the highest rates of
TEA are recorded in sub-Saharan African countries, with, for example, Senegal
measuring 39 per cent compared to India with a rate of 11 per cent, Malaysia with
3 per cent and Ecuador with 34 per cent. In general, according to GEM (2015):
Africa also exhibits a high level of variation within the region; Senegal registers the highest
TEA rate in the entire sample 39 per cent, while Morocco reports one of the lowest overall TEA
rates 4 per cent (GEM, 2015, p. 18).
The main motivation for this study is that Ghana falls under this region where GEM has
observed increased entrepreneurial activities, especially among women.
The contribution of women to the growth and development of this region through
entrepreneurial activities cannot be ignored. Women own and manage various micro,
small and medium enterprises (MSMEs) that not only provide goods and services but
also employment, as well as financial and social support, for their families, communities
and countries at large (GEM, 2015; Vossenberg, 2013). However, women-owned and
women-managed businesses have been identified as growing at a slower rate than their
male counterparts’ businesses (Morris et al., 2006). Foss et al. (2013) believe that women’s
ideas are less frequently implemented as opposed to men’s, and this may well be part of
the low productivity perceptions of women entrepreneurs. Notwithstanding the very
high percentage of women entrepreneurs residing in this region, De Vita et al. (2014)
claim that the factors that affect the development of women entrepreneurs emerge in this
region. Consequently, Amine and Staub (2009) argue that to understand women’s
entrepreneurship in this region, one must also understand the socioeconomic context
within which they work and live. SSA has one of the fastest growing populations in the
IJGE world (Amine and Staub, 2009). It is also important to note that in this region, the
8,4 primary role of a woman is still seen as family and childcare (Adom, 2015).
This region is also one of the poorest in the world, and Todaro and Smith (2009)
believe that 41.1 per cent of the poorest people in the world living on less than $1 per day
reside in this region. UNIDO (2003) states that 60 per cent of the world’s poorest people
are women and girls, and a majority of them live in this region. However, they are
404 marginalized (Adom, 2014; Adom and Williams, 2012), and their ideas are often not
considered (Foss et al., 2013) As Tambunan (2009) claims, the highest rates of gender
inequality can be found in developing countries. This assertion is very true, especially in
SSA (ECA, 2011). The patriarchal system which is evident in the socio-cultural practices
in the region has always made women subordinate to men (Foss et al., 2013; Mumuni
et al., 2013). Women are therefore accorded a lower social recognition. The outcome is
that women do not have the same opportunities as men, and this limits the political and
economic opportunities of women (Woldie and Adersua, 2004). According to Singh et al.
(2001), a large number of men in this area believe that successful and independent
women do not deserve to be treated as chaste and respectful; hence, they view them as
unsuitable to play the roles of wife and mother. As a result, women struggle to find
acceptance in their markets and from customers who exacerbate their marginalization.
The weak infrastructure in this region creates a burden for women, especially women
entrepreneurs. The poor road networks and unreliable transportation system make it
difficult for women to run their businesses effectively. The supply of basic social
amenities such as potable water and electricity are inadequate, especially to rural
people, making it difficult to run a business (Lincoln, 2012). Amid these challenges,
women entrepreneurs in this region pursue their business ventures with the marked
determination to succeed.
Barringer and Ireland (2012, p. 6) posit that entrepreneurship is a “process by which
individuals persue opportunities without regards to resources they currently control”.
Earlier in the 1990s, Hisrich explained that an entrepreneur is someone who
demonstrates initiative and creative thinking, is able to organize social and economic
mechanisms to turn resources to practical account and accepts risk and failure (Hisrich,
1990). Entrepreneurs seem to have organizational skills, innovative, creative and
opportunity identification qualities that give them the drive to start and manage a
business venture. As a unique subset in the field of entrepreneurship, other scholars
have also tried to define a woman entrepreneur in relation to the identified skills and
qualities above. However, for the purposes of this paper, women entrepreneurs are
women who initiate, organize and run a business venture, as defined by Sharma (2013).
Some previous studies have used quantitative analysis to explain the relationship
between human capital and an entrepreneur’s success (Davidsson and Honig, 2003;
Manolova et al., 2007).
This paper focuses on the human capital resource of women entrepreneurs in Ghana
and explores how it influences their day-to-day business operations. Hence, the aim of
the study was to determine the role of formal education in women entrepreneurs with
respect to their levels and areas of education, the effects of the business training
acquired on their business performance and the influence of experiences gained from
previous employment. The paper follows with a literature review the methodology
adopted for the study, research findings and results and concludes with a discussion,
conclusion and research implications and limitations.
Literature review Human capital
Overview of women’s entrepreneurship theory
Businesses owned and managed by women have surged worldwide since the turn of the
millennium (Brush et al., 2009; Woldie and Adersua, 2004). Women’s entrepreneurship
influences economic growth of a nation. In 2012, an estimated 126 million women were
starting or running businesses in 67 economies worldwide (GEM, 2012). Therefore, it is
not surprising that women have been identified as a unique subset in entrepreneurship 405
whose potential can be harnessed for global growth and prosperity. Women’s
entrepreneurial activity can be found in almost all sectors of the economy; however,
evidence from the literature argues that such activity is more dominant in the service
and agricultural sectors compared to other sectors, such as manufacturing and
construction (Adom, 2014; Adom and Williams, 2012; Dzisi, 2008). Smith (2014)
highlights that literature on gendered aspects of entrepreneurship is growing. For Bruni
et al. (2004), the three arguments that have been mobilized for explaining why women
are concentrated in the service sector are women are more knowledgeable and have
experience in the services sector; women usually lack the technical skills that are needed
in manufacturing and high-tech sectors, hence discouraging them from entering such
sectors; and the challenges women encounter when obtaining financial resources induce
them to choose low capital-intensive activities such as those in the service sector.
Women’s businesses have, therefore, been identified as growing at a lower rate
compared to that of their male counterparts, despite the high rate of participation of
women in entrepreneurship globally (Carter, 2000; Tambunan, 2009). Women generally
face challenges in all aspects of their lives because of their position in society, and, thus,
their ideas are seldom executed (Foss et al., 2013). Dolphyne (2005) argues that women
have been kept under subjugation, feeling inferior and incapable of ranking their
shoulders with men because of customs, traditions and beliefs practiced by society. As
a consequence, regardless of their status in society, women have always been seen as
subordinate to men. In many African and Asian developing countries such as
Bangladesh, Mali, Pakistan, Ethiopia, Ghana and Uganda, weak economic conditions,
poor infrastructure, gender inequality, religious and other traditional practices increase
the plight of women entrepreneurs (Tambunan, 2009; UNIDO, 2003; Vossenberg, 2013).
It is, therefore, important to acknowledge that a woman’s ability to participate and have
influence on her society through entrepreneurship largely depends on the way women
are perceived in that society and the extent of their human capital. Empowering them
and reducing the gender gap that exists between them and their male counterparts, as
emphasized by Sustainable Development Goal 5, achieve gender equality and empower
all women and girls, achieve this. In Ghana, for instance, Buame et al. (2013) note that an
annual economic growth rate of 2.5 per cent will be achieved through a significant
improvement in gender equity either through human capital accumulation or economic
participation among women.

Explaining women’s entrepreneurship in Ghana

Women’s entrepreneurship, as indicated by Brush et al. (2009), is a gendered landscape
(Foss et al., 2013). Constituting 51 per cent of the entire population (GSS, 2012), women
in Ghana continually play an exceptional role in enhancing the growth and development
of the country’s economy. With respect to regional ratios of males and females, there is
a predominance of females in all ten regions in the country, with the exception of the
IJGE Western Region, where the number of males is approximately equal to that of females.
8,4 Although the traditional economic activities of Ghanaian women have centred on child
caring, cooking, processing food and managing household resources (Adom, 2015), in
recent times, the influence of women in the areas of politics, religion, education and
entrepreneurship cannot be under estimated, as women are impacting their knowledge,
skills and capabilities in these fields. Women in Ghana constitute about 50 per cent of the
406 labour force in the country (IFC, 2007). Similar to their counterparts in other SSA
countries, Ghanaian women face a lot of constraints in the pursuit of economic activities
to contribute to the growth and development of the country’s economy. According to
Amu (2005), these challenges stem from two main sources, i.e. social and economic
impediments. For Lofstrom et al. (2014), these challenges are structural and strategic in
nature. In the field of entrepreneurship, for instance, women own, manage and operate a
huge number of entrepreneurial enterprises in the country. Dzisi (2008) explains that in
Ghana, women’s businesses are notably found in trading (26 per cent), servicing
(21 per cent), agro-processing (16 per cent), manufacturing (12 per cent), textiles and
fabrics (12 per cent), agricultural (5 per cent) and construction (4 per cent). Nevertheless,
the majority of these enterprises operate informally and are MSMEs (Adom and
Williams, 2012; Buame, 2012; Dzisi, 2008).
Another area of interest with regards to female entrepreneurship in Ghana is the
motivation for engaging in entrepreneurship. A bulk of literature in the field of
entrepreneurship has labelled women entrepreneurs as more necessity-driven than
opportunity-driven entrepreneurs. Women entrepreneurs in Ghana are not exempt from
the factors that inhibit the full development of female entrepreneurship in the
sub-Saharan region. Amu (2005) argues that these challenges stem from two main
sources, which are social and economic impediments. To understand the nature of
women’s composition in the labour force in Ghana, Table I depicts a cross-tabulation of
the working population by age and gender.
The table illustrates the proportion of women and men within the working age
group. Women in Ghana have always lagged behind in education compared to their
male counterparts. Despite much effort by successive governments and other
agencies to reduce the gender gap, more men than women pursue higher education.
This has been a major challenge to the development of female entrepreneurship in

Age group Male (%) Female (%) Total (%)

15-19 5.3 5.3 10.6

20-24 4.5 5 9.5
25-29 3.8 4.5 8.3
30-34 3.2 3.6 6.8
35-39 2.7 3 5.7
40-44 2.3 2.5 4.8
45-49 1.8 2 3.8
50-54 1.6 1.8 3.4
Table I. 55-59 1 1.1 2.1
Cross-tabulation of 60-64 0.9 1 1.9
working population Total 27.1 29.8 56.9
by age and gender
(15-64) Source: Adopted from Adom (2015, p. 10)
this country as compared to men, as more women possess lower human capital; the Human capital
skills that are needed to run businesses. Access to capital for starting and running a theory
business venture is also a major hurdle to female entrepreneurship in Ghana.
Women generally have limited access to few resources; hence, they can only afford
to start small businesses that are not capital-intensive. However, women in Ghana
contribute immensely to the country’s economy through their quest to be successful
entrepreneurs. To understand women’s entrepreneurship, this study adopts the 407
human capital theory to explain its importance in relation to women’s businesses.
This is discussed in the next section.

Explaining the theory of human capital

Economically, the term capital relates to factors of production that are used in the
process of production to produce goods and services. According to Unger et al.
(2011), literature on human capital remains fragmented. They believe that the
concept initially was designed to reward employees based on their human capital. In
recent times, the concept of human capital, as Daeboug (2009) explains, is based on
“something like knowledge and skills” acquired by an individual through learning
activities. For Blundel et al. (1999), the concept can be categorized into two main
components with strong complementarity. First, the early abilities of an individual
which are either acquired or innate, and second, skills acquired through formal
education and training on the job. Rastogi (2002) conceptualizes human capital as
“knowledge, competence, attitudes and behaviour embedded in an individual”.
Albeit human capital at times seems to be linked with the number of years of a
person’s education (Becker, 2009), it also includes experiences that are obtained
from practical learning that takes place on the job and any other non-traditional
technical training regimens that augment skill development (Davidsson and Honig,
2003). Evidence also supports the preposition that human capital and success are
positively correlated (Cassar, 2006; Unger et al., 2011). The concept of human capital
and its relationship with success has been a subject of interest for many researchers
in the field of entrepreneurship (Unger et al., 2011). As suggested by Kwon (2009),
human is the economic variable charged with the responsibility of overseeing
economic activities involving production, consumption and transaction. It can,
therefore, be inferred that human capital is a factor of production that can be made
more efficient once investments are made in it (Kwon, 2009).
Hereafter, it can be deduced that the concept of human capital is closely linked to
the experiences and exposures that are available to an individual and which also
enhance the individual’s productivity. Human capital, therefore, seems to have a
direct relationship with the skills, education, knowledge and abilities of an
individual (Fairle and Robb, 2008). Consequently, drawing inferences from the
scholars above, the three main sources of human capital for an individual are the
early innate and acquired abilities which are either genetic or gained through
the socialization process, schooling and training, which are investments into human
capital. Human capital again has been recognized as a good competitive gain that
increases performance and success. As a result of this perception of human capital,
entrepreneurship researchers have been concerned about the relationship between
human capital and business success (Marimuthu et al., 2009; Ployhart and
Moliterno, 2011). The human capital theory according to Pena (2002) suggests that
IJGE business performance is influenced by an individual’s intellectual capital. However,
8,4 Ployhart and Moliterno (2011) also believe that the level of education, area of
education, previous entrepreneurial experience, business experience and business
skills are key success factors. There are several studies that argue that formal
education and business experience are vital factors that determine the success or
failure of a business (Wanigasekara et al., 2010). The human capital differences may
408 be attributed to factors such as innate ability, schooling and the quality of school,
training and experience. The innate ability is crucial to entrepreneurship, especially
female entrepreneurship. In Ghana, as asserted by the Kwahu’s from the Eastern
Region, entrepreneurs are born not made (Adom and Williams, 2012). For them,
innate ability is a differentiator, i.e. what separates successful entrepreneurs from
unsuccessful ones. We now turn to the specific characteristics that define people’s
human capital, which is the focus of this study.

Schooling
One of the key elements of the human capital theory is education, as it is considered as a
means of acquiring knowledge and skills. Universally, it is acknowledged that formal
schooling is one of several significant contributors to the skills and knowledge of an
individual. Schooling is viewed as an investment in human capital (Marvel and Lumpkin,
2007). Through formal education, human capital is developed to meet the needs of every
society. The formal educational system of every society therefore provides the skills and
knowledge to build its human capital for development (Loomis, 2000). Adedeji and Campell
(2013) argue that when individuals are highly educated through schooling, it gives them a
competitive edge in adopting the knowledge and skills that make them highly productive
and innovative in performing a given task. Becker (2009) identifies that a school is a place
where people are educated in either one specialized area (e.g. barbering school) or a diverse
set of areas individuals can choose from (e.g. universities). As Robeyns (2006) asserts,
education is considered key in the development of human capital as a result of its ability to
imbibe skills and knowledge relevant for productive activities. In essence, education is a
human capital investment, because it tends to increase an individual’s productivity levels,
thereby improving their earning level (Robeyns, 2006). As Olaniyan and Okemakinde (2008)
hints, it increases the cognitive levels of individuals, thereby making them more efficient and
productive in the work place. Not only does the level of education matter but also the area of
education. Area of education is crucial to the entrepreneurial orientation of individuals. It is
believed that people with business backgrounds often pursue entrepreneurship in most
cases. However, in this internet era, people with science and technology have demonstrated
entrepreneurial orientation.

Training
It has been recognized that training is fundamental to the development of human capital in
any country. According to Zigon (2002), training is the overall process through which an
individual’s behaviour is modified to conform to pre-determined or specific patterns. It,
therefore, provides a process or procedure through which skills, talents and knowledge of an
individual are enhanced to improve productivity (Industrial Training Fund, 2006). It is also
crucial to note that the technological advancement of any nation depends largely on the
investment made in training its human resources to meet continual changes in technology
(Oforegbunam and Okorafor, 2010). Training provides a means of improving upon the
capabilities of human capital for firm performance in every business venture. Training is Human capital
targeted at ensuring that an individual’s skills, behaviour and performance are improved theory
significantly, usually for a specific job or purpose (Hirsh and Carter, 2002). According to
Filius et al. (2000), knowledge moves through an organization through trainers. As explained
by Stowers and Barker (2010), training is a collaborative relationship in which the person
being trained (trainee) is trained by an experienced person who is an active inquirer and
instrument for change. The more experienced person trains the less experienced person by 409
identifying his/her training needs. Skills and knowledge obtained from general training are
also usually transferable across various industries and jobs. These skills may include
language or computer literacy skills (De Grip and Sauermann, 2013).

Conceptual framework
This study uses human capital elements to understand the variations in performance
and profitability among women entrepreneurs in Ghana. The framework explains that
one’s level of education, area of education, business training and experience from
previous employment predict the performance and/or profitability of the business.
Therefore, an entrepreneur with a high level of education in business studies coupled
with training and work experience, for instance, is expected to perform better than those
who are bankrupt in these areas. Figure 1 illustrates the conceptual framework for the
study, which is also used to analyse the data.

Methodology
A phenomenological paradigm was adopted for the study and analysis of this paper.
Unlike narrative research that reports on lived experiences of an individual, a
phenomenological study focuses on describing the lived experiences of several
individuals. It is mainly a descriptive account of shared experiences of those
individuals to locate near universal lived experience(s). This provides an ideal
sample for qualitative study. According to Creswell (1998), for phenomenological
studies, 5-25 participants are appropriate, whereas Morse (1994) recommends at
least 6. In qualitative research, there are no specific rules when determining an
appropriate sample size. Patton (1990) suggests that the sample size for qualitative

Figure 1.
Human capital
conceptual
framework
IJGE work should be determined by the objectives of the study, time and other resources
8,4 available to the researcher. A phenomenologist views the world to be socially
constructed and subjective (Giorgi, 2009). As the concept of female entrepreneurship
still remains at an explorative stage, a qualitative approach was laudable. Creswell
(1998) explains that a qualitative study is appropriate for the study of an issue where
little is known or the issue needs to be explored. A purposive sampling technique
410 was adopted, and in all, 25 women who own and manage businesses were
interviewed. The study was carried out in Greater Accra (the capital of Ghana). This
was mainly because of the fact that the Greater Accra region has the highest
proportion of urban population at 90.5 per cent, the highest proportion of migrants
from the other regions of the country and a high rate of self-employed females at a
69.3 per cent rate, which is higher than males at 60.0 per cent (GSS, 2012).
To provide a clear picture of women’s entrepreneurship from the Ghanaian
perspective, the researchers ensured that the women selected were not from only a
particular sector but were drawn from varied sectors of the economy ranging from
service, trading and wholesale to manufacturing. For this study, face-to-face
semi-structured interviews were conducted both in English and Twi (native
language for more than 60 per cent of Ghanaians), depending largely on
the convenience of the participants. Every interview was recorded upon a social
agreement with the participants. Each interview was then translated and
transcribed. Data were transcribed mainly verbatim, and just the gist where
appropriate, because of the difficulty associated with word(s) in local dialect that
have no direct translation in English. To ensure credibility, transcriptions of
the interviews were sent to each participant for cross-checking to ensure that the
transcriptions reflected what they described during the interviews. However, some
participants made minor changes in the transcriptions, which further enhanced
the validity of the interview data. Codes were used to identify each participant to
keep his/her identity confidential. The interpretative phenomenological analysis
approach (Smith, 2004) was used to analyze the data. This approach considers a
detailed examination of each participant’s responses and how his/her personal lived
experience addresses the questions being asked about the phenomenon under study.
The data were collected in 2014.

Results and discussion

Table II depicts the profile of women entrepreneurs surveyed in Accra. The table
highlights the coded names of the enterprises, age of the respondent and the sector from
which the business is operated. This provides some important information about the
respondents, which also give credence to the cases and/or quotations in the paper. These
women have diverse backgrounds and operate in three key sectors (service,
manufacturing and retail) of the economy. However, service is the dominant activity,
registering 48 per cent, compared to retail, at 36 per cent, whereas manufacturing is the
lowest at 16 per cent. This evidence suggests that there is a need to encourage some of
these women into manufacturing to enhance fast economic growth in an emerging
economy such as Ghana’s.
Table III depicts the level of education of respondents. Based on arguments from the
literature review on the role a woman’s formal education plays in her ability to
successfully manage an enterprise, the women in this study were questioned about their
Name of Age of
Human capital
business (coded) respondent Level of education Sector of business theory
AGPS 53 Degree (bachelor/post-graduate) Service
SNTC 50 Degree (bachelor/post-graduate) Service
EFS 40 Degree (bachelor/post-graduate) Service
NG 45 Degree (bachelor/post-graduate) Service
CLPS 55 Degree (bachelor/post-graduate) Service
411
OTS 42 Senior high school Service
MBC 35 Senior high school Service
SFH 44 Vocational/technical Service
OD 43 Polytechnic Service
ETH 56 Senior high school Service
SB 25 Basic Service
UBS 49 Degree (bachelor/post-graduate) Service
KDF 44 Senior high school Manufacturing
ESC 45 Basic Trade and wholesale
FDP 38 Degree (bachelor/post-graduate) Trade and wholesale
OTC 50 Vocational/technical Trade and wholesale
WF 30 Basic Trade and wholesale
MCA 46 Vocational/technical Trade and wholesale
HBS 58 Vocational/technical Trade and wholesale
RS 27 Degree (bachelor/post-graduate) Trade and wholesale
GTC 51 Basic Trade and wholesale
ACS 53 Polytechnic Trade and wholesale
YHS 47 Basic Manufacturing
EY 42 Degree (bachelor/post-graduate) Manufacturing Table II.
MB 23 Basic Manufacturing Profile of women
entrepreneurs
Note: Field data, 2014 surveyed

Level of education (%)

Basic level (primary and JHS) 24

Senior high school 20
Vocational/technical 12
Polytechnic 8
Degree (bachelor and post-graduate) 36
Table III.
Note: Field data, 2014 Levels of education

educational histories. In all, 24 per cent of the women had only basic education (primary
and JHS), 20 per cent had up to secondary education, 12 per cent had attended a
vocational school after secondary school, 8 per cent of the women had attended the
polytechnic and, finally, women with a university degree (bachelor and post graduate)
were 36 per cent. Probing further to find out whether their level of education had any
influence on their day-to-day business operations, it was revealed that irrespective of the
level of education, all women commented that their formal education played a key role in
IJGE their ability to manage their businesses. This is what one woman with just basic
8,4 education had to say:
As for me I can say that even though I completed school at JHS, I believe my education has
helped me a lot. I can read, write and speak some English to my customers who come to this
boutique and do not understand my language. I do not need anybody to keep my money for me
or draw a small budget for my expenses and revenue. “For me, sukuu ye” (literally means
412 education is good).
The majority of the women who had acquired university degrees also mentioned that
beyond the ability to write, read and communicate with customers, having a higher level
of education gave them a competitive edge over women in the same kind of business,
and this is what one woman with a bachelor degree who owns a floral and interior
decoration company had to say:
Having a degree gives me a lot of advantage in this business over other women without such
an educational background. I can make critical analysis of issues, I have varied ideas on how
to manage this business, I can write a business proposal/plan, I read a lot from the newspapers
so I know what is new, I use the internet and interact with people all around the world with
respect to this business.
Not only is level of education important but also the particular area of education has a
huge impact on how the women run their businesses. Table IV highlights the main areas
of education of the respondents of this study. Apart from the women who just had basic
education (24 per cent) – hence, they did not have a specialized area of study – the
education of the remaining 86 per cent ranged from business, humanities, vocational
and science. The majority of these women could easily relate knowledge gained from
their specific area of education to their day-to-day business operations. Two women
with backgrounds in the humanities commented:
I have a bachelor’s degree in sociology. With this I learnt how to adapt to different cultures and
relate to people. I also learnt a few languages so I can speak and write German, Spanish, Hausa,
French and Ga. It will amaze you the number of clients I manage because of these languages.
After my degree I did a bit of journalism and I continued with public relations. I can boldly tell
you that these areas have helped me a lot with respect to areas such as communicating with
clients and staff, customer service and how to brand myself and business very well.

Social work is about meeting the social needs of people and business is also about meeting
people needs. I have learnt to identify the essential needs of my customers and try my possible
best to meet such needs since people in my community need my services (supermarket) to
survive.

Area of education (%)

Business/management 47
Humanities 26
Vocational/technical 16
Science 11
Table IV.
Area of education Note: Field data, 2014
Although respondents for the study were purposively selected, their area of education Human capital
was not a selection criterion. Although most of the women interviewed had educational theory
backgrounds in business, over 70 per cent of them explained that they did not pursue the
course with the aim of starting a business; however, they could not deny the fact that this
area of education aided them a lot in their business. One woman who owns a hotel
commented:
Relating my business background to managing my hotel, I can say a lot. With a degree in 413
business administration, I have a lot of skills that give me a competitive edge above other
women entrepreneurs. This is because I learnt entrepreneurship as a course so when it comes
to owning a business I have both the knowledge and the experience. I read about human
relations and this enlightens me about how to relate to different people from different aspects
of life and still get the best out of them. I can even continue to explain how strategic
management has helped me in my planning. I know the different seasons and how customers
react to them hence I can always plan on how to satisfy customers’ needs ahead of time.
Another woman with a consultancy firm explained:
As an entrepreneur, I am blessed to have accounting skills. The ability of a business to grow
depends on its financial strength. I manage my finances on my own, prepare and keep my own
records and even file my income tax myself.
Another area of education that is crucial in the field of entrepreneurship is vocational
education. In Ghana, it is believed that people who acquire such education are provided
with skills and training to set up their own firms rather than working for others. That is,
they are expected to be “job creators and not job seekers”. Hence, it was not surprising
that one woman with a vocational background commented:
In secondary school I was in the vocational skills class. I learnt a lot of vocations but
specialized in catering. After my secondary school, I continued with catering at the
polytechnic. Due to my educational knowledge on catering for people, I am able to manage my
business better and satisfy my customers better especially when I compare myself with other
women in this industry.
However, as demonstrated below, two women with a science background offered
conflicting comments with regard to the influence of education:
I have a postgraduate degree in science, but I cannot link this area to anything in my transport
business.

I learnt nursing in school and have been a nurse for so many years. I have learnt how to relate
to people and advise people on their eating habits. Although I own this grocery shop, it will
surprise you that I still give advice to people on what they should eat and buy from here.
Table V reveals that the majority of the women interviewed had attended training
sessions related to their area of operations, which came in the form of workshops,

Business training (%)

Trained 83
Non-trained 17
Table V.
Note: Field data, 2014 Business training
IJGE seminars and meetings. Only a few (17 per cent) had never attended any such training.
8,4 Although some explained that they were unaware of such training, others admitted that
some training was available but they were unable to attend because of difficulties
balancing their work and family life. As one woman explained:
I have a large family – two sons and three daughters. The eldest is in secondary school and the
youngest is an infant. I spend any other time I have away from this depot with my children. I
414 take them to school and pick them up from school, help them with their school assignments,
cook and clean for them. I therefore have very little time to do any other activity.
Nevertheless, those who attended training indicated that they were organized by their
associations, churches, civil society organizations and non-governmental organizations
(NGOs), and that the training was in the area of book keeping, customer care, branding,
human relations, employee management, new trends in business, computer skills and
the use of the internet. Two women had this to say:
I have a diploma in floral design from the USA, but when I moved to Ghana, I joined a couple
of women for some local training and it helped me a lot. I have identified the local materials
used for floral business, learnt local techniques in designing and also about what makes a
Ghanaian customer satisfied since my studies was from a different culture.

I have been attending training sessions organized by the association of hairdressers in this
town. I have learnt a lot in areas of new products, new hairstyles, how to keep your salon neat,
how to deal with your employees and most importantly how to treat customers. Although
there are lots of hair salons in this area my salon is always full of customers and I know this is
because I always learn something new and implement in my business.
These women explained that not only did training provide a means to acquire skills and
knowledge but also created a platform for networking. They met other women not only
from their own business sector but also often from other sectors, which were also crucial
to their business growth.
In terms of experience gained from prior employment, Table VI shows that
63 per cent of the women interviewed have been employees in varied industries and
organizations before venturing into entrepreneurship. However, over one-third
(37 per cent) of these women have never been paid employees, with their businesses as
their only working experience.
The researchers further probed into the issues to obtain more details as to why this
was so. First of all, with respect to those who had never been paid employees, some
argued that they had to do what they are doing, because they had no formal education;
hence, entrepreneurship became their only avenue to gain employment, as they did not
possess the necessary qualifications for formal jobs. One woman had this to say:

Experience gained in prior employment (%)

With work experience 63

Table VI. No work experience 37
Experience gained Total 100
from prior
employment Note: Field data, 2014
 My husband has a good job and is financially sound to take care of the entire family. But we Human capital
thought that I should also have something to do. But since all I have is a middle school
certificate, I could not apply for any job due to the competition in the job market. So we opened theory
this supermarket so that I can also do something because at least I can read and write.
In terms of why the majority of these women exited their paid employment, several
reasons were identified. Some women explained that they needed a job that could help
them balance both work and family life; others also identified an opportunity and 415
decided to pursue it, whereas others wanted to build something of their own. As a
woman explained:
When my late father left this flat for me I did not really know what to do with it because I have
my own house. But then, I noticed that there were a number of tertiary institutions around this
area with just a few hostels. I also realized that these few hostels were not providing better
services for these students such as easy access to water, electricity and transportation.
Therefore I decided to use this flat for a hostel and make a difference among the hostels around
here. Afterwards I developed more interest in this enterprise and have since acquired other
properties for the same purpose. Revenue from this is much more stable, as every year students
will occupy the rooms.
However, with respect to the issue of how their prior experiences in their previous
employment had influenced their business now, all the women agreed that they learnt a
lot, which aided them in what they do now:
I used to work as a customer care officer for a financial institution and learnt a lot. It gave me
the exposure to what I do now and created a cliental base for me in this new enterprise because
of how I used to relate to these clients at my previous job.

I worked as an editor, a telephonist and a sales executive at different places. These

different experiences gave me great exposure. I learnt about telephone etiquette, acquired
my computer skills, customer relations, planning skills, record keeping and how to
prepare memos. Today I can easily do all of these with no assistance, and these are helping
my new endeavour.
Finally, these women were asked, which of the human capital dimensions have had
the greatest influence on your business performance? As seen from Table VII,
57 per cent indicated that their levels of education have had the greatest impact on
their business. Apart from the ability to read, write, communicate and keep financial
records, they indicated that their educational background has given them a high
status in society, which also makes it possible to compete with their male
counterparts in similar businesses. Educational background was followed by
business training attended (25 per cent). To these women, the training sessions they

Comparing all dimensions (%)

Level of education 57
Area of education 12
Business training 25 Table VII.
Experience gained from prior employment 6 Comparing all
human capital
Note: Field data, 2014 dimensions
IJGE attended were of great value to them in managing their business. This was because
8,4 they provided those contemporary skills and knowledge for their business which
served as a learning platform to improve upon their performance, especially for
those with very low educational backgrounds. Also, 12 per cent believed that their
areas of education, especially those with a business background, had contributed to
their managerial abilities as business owners. However, fewer women (6 per cent)
416 said that their experience gained from prior employment aided them more when
compared to all the above factors.
Table VIII measures the elements of human capital and how they influence
women entrepreneurs’ motivation, business performance and income. Evidence
from the study shows that women with a basic level of education are mostly
necessity-driven, have low business performance and have low incomes. However,
the evidence against level of education beyond senior high school to university level
is not positively correlated. It is not always the case that entrepreneurs with degrees
are freewill, perform better and have higher incomes than those with vocational or
polytechnic backgrounds. However, in this study, the evidence suggests otherwise.
That is, degree-holding entrepreneurs are opportunity-driven, perform better than
their peers without degrees and earn high incomes. Area of education, training and
prior experience are relevant to being either a freewill or determinism entrepreneur.
On the one hand, in this study, women entrepreneurs with business backgrounds,
who have attended training and have prior experience tend to be freewill, perform
high and earn higher incomes. On the other hand, those with a humanities and
vocational background are initially determinism and with time become freewill.
Their performance is moderate-to-high and they have medium-to-high incomes.

Business
Human capital elements Motivation performance Income

Level of education
1. Basic (primary and junior high school) Determinism Low Low
2. Senior high school Determinism but later freewill Moderate to high Medium-high
3. Vocational/technical Determinism but later freewill Moderate to high Medium-high
4. Polytechnic Determinism but later freewill Moderate to high Medium-high
5. Degree (bachelor and postgraduate Mainly opportunity/freewill High High
Area of education
1. Business/management Freewill High High
2. Humanities Determinism-freewill Moderate to high Medium-high
3. Vocational/technical Determinism-freewill Moderate to high Medium-high
4. Science Freewill High High

Table VIII. Business training

Measuring human 1. Trained Freewill High High
capital elements 2. Non-trained Determinism Low Low
against women Previous experience
entrepreneurs’ 1. With work experience Freewill High High
motives, business 2. No work experience Determinism Low Low
performance and
income Note: Authors’ own construction (2016)
Finally, other entrepreneurs who have not attended training and have no previous Human capital
experience tend to be determinism, low performance and have low incomes. theory
How do these women measure their business success and how different
is it from men-owned business?
Some previous arguments in the literature suggest that women are less concerned with
financial rewards compared to their male counterparts and are more focused on personal 417
achievement and self-fulfilment (Butner and Moore, 1997; Dzisi, 2008; Stills and Timms,
2000). For this reason, the researchers inquired about the women’s specific business
performance indicators. The responses revealed that although some of the women were
interested in financial performance, they were in the minority (30 per cent), and those
who were more focused on non-financial performance were in the majority (70 per cent).
It is not surprising that these women claim to be social entrepreneurs. Although the
minority indicated success factors such as profits, sales turnover and income, the
remaining 70 per cent also indicated that factors such as the number of clients, quality
family life, customer satisfaction, self-fulfilment and number of outlets were key
indicators of how well their businesses were doing. Here are some of the claims made
regarding why financial rewards were key:
Financial empowerment gives a woman security in this country. Women have been
marginalized for a long time now because of their low access to funds to manage their own
affairs. Hence, every woman wants to have control over her own life, and if she has money she
can manage her own affairs. When a woman is financially sound it trickles down to her family
and to society at large. Everybody benefits. So we are more concerned about making money
because we want to have an influence on our family and society.

In Africa women face lots of challenges and money is one of them. So if I have this business
why would I not be concerned about money? If I get lots of money most of my problems will be
solved.
However, some believed otherwise:
You know what, when I left my paid job to start something on my own I noticed that I have a
better quality of family life. The time I have for my children has increased. The children know
me better, talk to me a lot about their challenges and they are even doing better in school
because I spend lots of quality time with them going over their school work. I see this as
success.
From this study, it is evident that not all women entrepreneurs are primarily motivated
by financial reward. Indeed, it is inappropriate to put women and men entrepreneurs
into an “either/or” portrayal, but rather see them as existing on a continuum where, at
one end, there are financially motivated entrepreneurs and, on the other, socially minded
entrepreneurs. However, there are also those who may have combined motivations for
owning and running a business.

Discussion and conclusions

The study sought to evaluate how the concept of human capital influences women’s
entrepreneurship in Ghana. In all, the concept was divided into four dimensions that
influence an entrepreneur’s business performance. These dimensions were “level of
education”, “area of education”, “business training” and “prior experience gained in
employment”.
IJGE Ghanaian women entrepreneurs believe that among the four dimensions indicated in
8,4 the study, their level of education plays an important role in their ability to manage their
businesses. Most of these women believe that their ability to write, read, keep records,
draw up a budget, communicate with customers and relate to their employees have been
a result of the education they have acquired in school. Women with higher educational
levels, such as bachelor and postgraduate degrees, further stated that they can critically
418 analyze, have a wide spectrum of ideas, understand their business environment,
introduce their business to the global village via internet and can even draw up business
proposals because of their educational level, all of which gives them a competitive edge
over other (less-educated) women entrepreneurs in similar businesses to theirs. This is
in contrast to a study conducted by Davidsson and Honig (2003) in Sweden, in which
human capital element did not appear to be a factor in determining success. Rather, they
found social capital variables to be very strong and consistent predictors of success. The
finding therefore suggests that human capital elements may have different impacts on
different contexts in terms of business success. The study also revealed that education
was a means of improving their status in society and also enabling them to compete with
their male counterparts in similar businesses.
Women entrepreneurs in Ghana have varied educational backgrounds. The data
indicated that the area of education ranges from business, which was for the majority, to
humanities, vocational and science. The majority of the women indicated that their specific
area of education has played a major role in their day-to-day business. Relating to specific
courses such as accounting, entrepreneurship, sociology, business management, human
relations and public health to managing their businesses, it was revealed that these areas
have aided these women in areas such as customer service, employee relations, branding,
preparing financial accounts, budgeting, business development and opportunity
identification. However, only one respondent explained that her particular area of
education – science – could not be linked to anything she does in her business.
Business training was another important factor identified by the majority of the women
in our study as having an influence on their ability to manage their day-to-day business
affairs. The data indicated that 83 per cent of these women had attended business training
sessions and stated the benefits of these training. First of all, business training gave them
ideas about new business trends, educated them on how to use new products, branding and
how to relate to customers and employees. Second, training sessions provided a platform for
networking with other women entrepreneurs in and outside of their area of specialization.
The results also showed that more women had past working experience either in a
related field to what they are doing now or in a non-related field. However, all the women
explained that they learnt a lot in their past experience which influenced their business
in different ways. These benefits were exposure to the business and its environment and
built clients for them; some of them explained that they learnt about business ethics,
computer skills and how to relate with both customers and employees.
Comparing all the dimensions and their impact on their businesses, more women believed
that their levels of education had the greatest impact on their business (57 per cent), followed
by business training attended (25 per cent), their areas of education (12 per cent) and their
experience gained from prior employment (6 per cent). Some “freewill” women entrepreneurs
have contributed to the discrediting of out-dated social rules. For example, Adom (2015)
acknowledged that there are some business activities that are naturally the preserve of men.
However, this study challenged this taken-for-granted reality, because previously, women
rarely ventured into businesses outside of the agricultural sector, especially in rural areas. Human capital
However, in recent times, things have changed. Women own and manage businesses in theory
varied sectors, making them breadwinners, property owners and community builders
occupying positions and taking on responsibilities that were previously ascribed to only
men. Entrepreneurship has, therefore, provided a platform to empower women in Ghana and
is gradually dismantling the stereotype of the role of a woman being home carer; it is giving
them a pathway to develop themselves. 419
Contribution
The study sought to analyze the various human capital elements and their impact on
women’s entrepreneurship. The study contributed to the literature on women’s
entrepreneurship and human capital. The study highlighted the strong relationship between
and among human capital elements, such as level of education, area of education, business
training and experience from previous employment and motivation, business performance
and income of the women entrepreneurs in Accra. To our knowledge, this is the first study in
Ghana to establish this link between particular human capital elements and women
entrepreneurs’ motivation towards entrepreneurship and between performance and income
earning capabilities. From the study (Table VIII), successful women entrepreneurs have
high levels of education, are opportunity-driven, perform better than their industry peers and
have high levels of income.

Research implications for policy

Ghanaian women through entrepreneurship contribute immensely to the socioeconomic
well-being of this country. Their businesses do not only meet the business needs of
consumers but also address certain social needs. Hence, there is a need to invest in the
development of the human capital of these women, which in the long run will enhance
the nation’s economy.
From the above findings, there is no doubt that formal education is an important factor
that affects the ability of women to manage businesses successfully. The government,
international agencies and NGOs must continue to encourage the education of young
women. Such initiatives should not only seek to encourage basic education but also aid these
young women to pursue higher education, as human capital investment in terms of
education can never be under estimated. As most women entrepreneurs have lower human
capital, public policy must be directed at ensuring that more avenues are created for
developing and/or shaping their human capital. Training for women entrepreneurs must be
made available to all women entrepreneurs in all sectors and regions of the country – with
the help of government and other agencies – to provide women with the skills needed to
manage their firms. In this regard, agencies such as the National Vocational Training
Institute, Polytechnics and Enterprise Development Service at the University of Ghana
Business School could assist in the skills development of these women. The outcome will be
that they will be better equipped with the requisite skills to handle the challenges they face
as they grow their businesses.
Other additional support services must be made available to women entrepreneurs
on regional and national levels. Public policy must address the specific need(s) of women
entrepreneurs, as they will often be diverse. A one-size-fit-all policy may not achieve the
required impact. The profile of the women in this study clearly shows this diversity, for
example, in terms of the kinds of businesses they own and their level of education. For
IJGE this reason, any public policy initiative must first recognise this diversity to be able to
8,4 formulate policies that will promote women’s entrepreneurship.

Research limitations and directions for future research

The following limitations should be noted with respect to this study. First, the study
focused entirely on the elements of human capital and women’s entrepreneurship in
420 Ghana. However, other issues that are critical to the development of female
entrepreneurship in the sub-Saharan Region should also be explored to provide more
insights in this context. Further study on human capital in this field could also be
extended to reveal specific business success criteria and human capital dimensions that
have direct impact on such success criteria.
Second, a quantitative or mixed methods approach in a future study on this issue
would provide a statistical perspective on data analysis and aid in revealing further
knowledge as far as human capital and female entrepreneurship is concerned.
Last, the study area was limited to women in only the Greater Accra region. Other
studies from different regions in the country will provide more details with respect to
female entrepreneurship in the Ghanaian context.

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Corresponding author
Kwame Adom can be contacted at: kadom@ug.edu.gh

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