Towards the vision that is bringing Malaysia as a developed country in the year 2020, the Malaysian government taking incentive by a continuous encouragement to entrepreneurs by increasing incentive programme and intervention strategies in various sectors to obliterate the poverty while fostering the high growth towards GDP. By increasing the number of women entrepreneurs which is one of the current government initiatives, this will help Malaysia to fulfill its vision of becoming a well-developed country with an economy that is fully competitive and prosperity. Recently, many researchers had conducted studies on relationships between Entrepreneurial Competencies (EC) and Entrepreneurial Orientation (EO) towards women-owned SMEs business performance and overlooked the measurement of ranking which is the most important factor or effective criteria that contribute to their performance and this is the crucial gap to be studied. Thus, this conceptual paper aims to evaluate the effective criteria that contribute most towards women-owned SMEs by using Analytical Hierarchy Process (AHP) method. This study will contribute to the existing body of knowledge in the area of women entrepreneurs’ study and entrepreneurship literature towards improving overall business performance. The theoretical contributions and practical implications will contribute to the better findings for women owners/managers of SMEs and women entrepreneurial development in this country.