Main Article Content


The challenge for MSMEs in the digital era is the emergence of Volatility, Uncertainty, Complexity, and Ambiguity or VUCA, so that the role of socio-cultural support systems and relevant financing is needed for MSMEs, especially those based on women's entrepreneurship. This study aims to analyze how the role of the socio-cultural support system and financing in the development of women entrepreneurship-based MSMEs. This research is quantitative with survey method. Research data were collected through interviews; focus group discussions (FGDs); and surveys of respondents of women entrepreneurship-based MSMEs. Based on the research results, it is known that women entrepreneurship MSMEs can face the VUCA era through the role of the socio-cultural support system, especially dimension_a and dimension_b in developing their business. Then, there is also the role of the financing support system, namely dimension_a and dimension_b. The existence of MSME development supported by the role of the socio-cultural support system and financing will improve the economic conditions of MSME actors in a sustainable manner, even in the VUCA era.


Women Entrepreneurship Socio-cultural Support System Financing VUCA

Article Details

How to Cite
Welly, Y., Silaen, M. F., Putri, D. E., & Sianipar, M. Y. (2023). The Existence of Women’s Entrepreneurship in the VUCA Era: Analyzing The Role of Socio-Cultural Support System and Financing on MSMEs. Ilomata International Journal of Management, 4(4), 419-435.


  1. Aimar, C., & Smith, D. K. (2021). VUCA: A MANAGEMENT TOOL FOR DEALING WITH CHALLENGES IN CHANGING ENVIRONMENTS. Global Journal of Entrepreneurship (GJE), 5(1).
  2. Al-Shami, S., Mamun, A. Al, Sidek, S., & Rashid, N. (2020). Causes of failure among Malaysian female entrepreneurs: A qualitative case study of Malaysian microcredit borrowers. Qualitative Research in Financial Markets, 12(1), 43–71.
  3. Antonacopoulou, E. (2018). Organisational Learning for and with VUCA: Learning Leadership Revisited. In Teoria e Prática em Administração (Vol. 8, Issue 2, pp. 10–32).
  4. Badan Pusat Statistika. (2018). Population of Indonesia.
  5. Baran, B. E., & Woznyj, H. M. (2020). Managing VUCA: The human dynamics of agility. In Organizational Dynamics.
  6. Bari, F., Ali, C., & Haque, E. (2005). SME Development in Pakistan: Analyzing the constrait on Growth (3; Pakistan Resident Mission Working Paper Series).
  7. Barnes, S. (2021). Radical Knowledge Management: Using Lessons Learned From Artists to Create Sustainable Workplaces. Frontiers in Artificial Intelligence, 4, 598807.
  8. Beck, T., & Cull, R. (2014). SME Finance in Africa. Journal of African Economies, 23(5), 583–613.
  9. Bratianu, C., Stanescu, D. F., & Mocanu, R. (2021). Exploring the Knowledge Management Impact on Business Education. Sustainability 2021, Vol. 13, Page 2313, 13(4), 2313.
  10. Cousins, B. (2018). Design thinking: Organizational learning in VUCA environments. Academy of Strategic Management Journal, 17(2).
  11. Daud, W. N. W., Fakhrul Anwar Zainol, & Segumpan, R. G. (2021). Knowledge Management, Human Capital and Organizational Innovation as Drivers of Quality Higher Education in Malaysia: Lessons for Gulf Countries. International Journal of Management, 11(12).
  12. Dean, H., & Ford, J. (2017). Discourses of entrepreneurial leadership: Exposing myths and exploring new approaches. Http://Dx.Doi.Org/10.1177/0266242616668389, 35(2), 178–196.
  13. Dutta, S. (2016). Entrepreneurship and Sociocultural Factors. Http://Dx.Doi.Org/10.1177/0262728015615484, 36(1), 41–60.
  14. Gouveia, L. B. (2019). Emerging alternatives to leadership and governance in a digital ecosystem. ECMLG – 15th European Conference on Management Leadership and Governance.
  15. Hadar, L. L., Ergas, O., Alpert, B., & Ariav, T. (2020). Rethinking teacher education in a VUCA world: student teachers’ social-emotional competencies during the Covid-19 crisis. Https://Doi.Org/10.1080/02619768.2020.1807513, 43(4), 573–586.
  16. Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2014). Multivariat Data Analysis (7th Editio ed.). Harlow: Pearson Education Limited.
  17. Hughes, K. D., Jennings, J. E., Brush, C., Carter, S., & Welter, F. (2012). Extending Women’s Entrepreneurship Research in New Directions. Https://Doi.Org/10.1111/j.1540-6520.2012.00504.x, 36(3), 429–442.
  18. Islam, N. (2019). Socioeconomic Factors of Women Entrepreneurship Development in Bangladesh. SSRN Electronic Journal.
  19. Kerr, W. R., & Nanda, R. (2011). Financing Constraints and Entrepreneurship. In Handbook of Research on Innovation and Entrepreneurship (pp. 88–103). Edward Elgar Publishing Ltd.
  20. Khalatur, S., Velychko, L., Pavlenko, O., Karamushka, O., & Huba, M. (2021). A model for analyzing the financial stability of banks in the VUCA-world conditions. Banks and Bank Systems, 16(1), 182–194.
  21. Kumar, S., & Rao, P. (2015). A conceptual framework for identifying financing preferences of SMEs. Https://Doi.Org/10.1080/13215906.2015.1036504, 22(1), 99–112.
  22. Kuncoro, M. (2013). Metode Riset Untuk Bisnis dan Ekonomi (Edisi 4). Penerbit Erlangga.
  23. Lepeley, M. T., & Nicholas Beutell. (2021). Soft Skills for Human Centered Management and Global Sustainability: Soft Skills The Lingua Franca of Human Centered Management in the Global VUCA Environment. In Routledge (1st ed.). Routledge.
  24. Millar, C. C. J. M., Groth, O., & Mahon, J. F. (2018). Management Innovation in a VUCA World: Challenges and Recommendations. Https://Doi.Org/10.1177/0008125618805111, 61(1), 5–14.
  25. Moktan, S. (2007). Development of Small and Medium Enterprises in Bhutan. Http://Dx.Doi.Org/10.1177/097152310701400205, 14(2), 251–282.
  26. Noguera, M., Alvarez, C., & Urbano, D. (2013). Socio-cultural factors and female entrepreneurship. International Entrepreneurship and Management Journal, 9(2), 183–197.
  27. Nowacka, A., & Rzemieniak, M. (2021). The Impact of the VUCA Environment on the Digital Competences of Managers in the Power Industry. Energies 2022, Vol. 15, Page 185, 15(1), 185.
  28. Pati, P., & Das, A. (2018). Capability Development in Dynamic Business Environment: A Framework for Practitioners. IIMS Journal of Management Science, 9(1), 14.
  29. Pearse, N. J. (2017). Change Management in a VUCA World. Visionary Leadership in a Turbulent World: Thriving in the New VUCA Context, 81–105.
  30. Perikanan, K. K. dan. (2021). Data Jumlah Pulau di Indonesia.
  31. Rahman, M. A. (2016). An assessment of the factors affecting performance of women entrepreneurs in SMEs of Bangladesh.
  32. Robu, D., & Lazar, J. B. (2021). Digital Transformation Designed to Succeed: Fit the Change into the Business Strategy and People. Electronic Journal of Knowledge Management, 19(2), pp133-149.
  33. Rocha, R. G., Kragulj, F., & Pinheiro, P. (2022). Practical wisdom, the (not so) secret ingredient for responsible knowledge management. VINE Journal of Information and Knowledge Management Systems, 52(3), 426–447.
  34. Rupeika-Apoga, R. (2014). Financing in SMEs: Case of the Baltic States. Procedia - Social and Behavioral Sciences, 150, 116–125.
  35. Saksa, N. (2021). The role of entrepreneurial leadership in business performance : a study on innovation in the VUCA world.
  36. Sallah, C. A., & Caesar, L. D. (2020). Intangible resources and the growth of women businesses: Empirical evidence from an emerging market economy. Journal of Entrepreneurship in Emerging Economies, 12(3), 329–355.
  37. Schwienbacher, A., & Larralde, B. (2010). Crowdfunding of Small Entrepreneurial Ventures. SSRN Electronic Journal.
  38. Statistics Indonesia. (2021). Hasil Sensus Penduduk 2020. Berita Resmi Statistik.
  39. Troise, C., Corvello, V., Ghobadian, A., & O’Regan, N. (2022). How can SMEs successfully navigate VUCA environment: The role of agility in the digital transformation era. Technological Forecasting and Social Change, 174(April 2021), 121227.