In Tanzania, tourism is one of the most important sectors in terms of its contribution to the nation’s GDP, employment and investment. Women entrepreneurs play a substantial role in the tourism sector. This research contributes to the growing literature on their position in tourism. The study aims at investigating the role of women entrepreneurs in tourism in Tanzania. To find out what drives the women, their socio-economic background (mother education, role models and family support), social capital and economic capital, goal setting (perceptions and aspirations) and the business growth of their firms are studied. Using a survey questionnaire with closed and open questions, data on 120 small tourism firms are assembled. The Structural Equations Modelling method is applied. The research findings provide ample evidence that the capital of the women entrepreneurs drives their goal setting and ultimately their firm’s business growth. By strengthening the capital of the Tanzanian women entrepreneurs in tourism, professional organizations and government policies can help and encourage them to become more beneficial to the society.