Women entrepreneurs are important in the foundation, development, and continuity of any family business. This chapter explores entrepreneurial leadership by women in the context of family business in a developing Latin American country. The concept of entrepreneurial leadership challenges traditional approaches to research in both entrepreneurship and family business. Both fields have been critiqued for a focus on individualistic or gender-neutral perspectives, and furthermore with limited exploration outside developed economies. To address this challenge, this chapter presents an illustration of the entrepreneurial leadership of women in Honduras, a Latin American country where their involvement has been largely hidden or invisible in research to date. Findings reveal that a close examination of narratives of families in business can challenge socially embedded gendered assumptions of entrepreneurial leadership by women in developing economies.