Historically, Malagasy women have always been eager to engage in income-generating activities to support their families. The majority of them start their business in the informal sector, and some of them go to legal path even if working with nonformal employees and partners. Because of limited government support programs to encourage these female entrepreneurs, various local and foreign nongovernmental organizations have decided to provide support in capacity building to promote such a female entrepreneurship. This study analyzes capacity building in women entrepreneurship through the journey of four women running small businesses ranging from consulting to grocery stores. Three axes of capacity building have been identified: financing strategies, business, and social networking and training.