**Abstract**

Women play a major role in the family, community, and even the state, and hence, require major attention in their development. During the COVID-19 pandemic where the economy throughout the world—specifically in Indonesia—is declining, Micro, Small, and Medium Enterprises (MSMEs) play an important role. This indicates that women are empowered and play a very significant role in the economy of themselves, their families, and even the state. According to the MSME actors' perspective on development, their personal capacity, which is psychological capacity, has become the main factor as it is the driving factor of other resources that encourage superior entrepreneurial behaviors, through entrepreneurial orientation as mediator. Psychological capital is psychological fuel in the form of optimism, self-efficacy, resilience, and hope. It will affect entrepreneur orientation, as well as women's entrepreneurial performance, which are measures of success in entrepreneurship. Development of this model of women entrepreneurship will improve gender equality that supports women to be more empowered and better able to participate in revitalizing the Indonesian economy.

**Keywords:** psychological capital, entrepreneurial orientation, entrepreneurial performance, micro, small, and medium entrerprise (MSME), women entrepreneurship
