Performance of women owned microenterprises is a function of many factors including, but not limited, size of capital, access to credit, demographic factors and also a number of business characteristics. However, the aim of this paper is to show how the performance of those microenterprises related to selected business and individual owners‟ characteristics in Tanzania. The paper relied on data collected from 400 women owners of microenterprises selected randomly from three major cities including 200 from Dar es Salaam, 100 from Mwanza and other 100 from Arusha. Business performance was measures using three indicators namely sales revenue, net profit and business net worth. Findings revealed that business net worth differed significantly across those three types of businesses. The findings revealed that sales of businesses operating in the city centres (in shops) and of those businesses operating around the industrial areas were significantly higher than those of businesses operating at home, in markets, on the road sides and of the mobile businesses. Also, it was revealed that microenterprises‟ owners with higher level of formal training performed better than those with little or without formal training. Furthermore, the findings showed that net profit and net worth of manufacturing enterprises were higher than for retain and service businesses. The study made the following recommendations. First, Local Government Authorities should designate spaces in towns where women owners of microenterprises can operate their business. Second, Regional Trade Offices should design short training programs that can equip women owners of microenterprises with simple but comprehensive understanding of the dynamics of their businesses.