Impact of social capital development and use in the growth process of women-owned firms

Drawing upon the Churchill and Lewis stage growth model of enterprises, this study explains the role of social capital possessed by women entrepreneurs in different stages of growth within their firms. Friends and family as well as women-only networks in the start-up stage; customers, staff, and suppliers in the survival stage; mixed networks as well as business and professional advisers in the success and take-off stages; and suppliers and/or distributors in the maturity stage have been found to be the main sources of women entrepreneurs' social capital. In particular, the study highlights industry differences as well as norms of behavior based on trust and obligation through which they successfully transform their contacts into useful resources. The availability of these resources as well as access to information, advice, and ideas act as a catalyst in developing and growing their businesses.