Using Structural Equation Modeling in the Analysis of the Relationship Between Internal and External Factors and Women Entrepreneurs’ Success

In modern business conditions, entrepreneurship, as a significant driver of economic growth and development, is also an important facilitator of women's empowerment in developed and developing countries. In this sense, the aim of this research is to determine whether internal and external factors have direct, positive, and significant effects on women entrepreneurs' success. The research, including the pilot test, was carried out in the period July - October 2022, whereby a convenient sample included 514 female entrepreneurs, whose enterprises operate on the territory of the Republic of Serbia. The causal relationships between observed variables were assessed using the Structural Equation Modeling method. The obtained results showed that both internal (self-confidence, need for achievement, and risk-taking) and external factors (economic and socio-cultural) are significant determinants of women entrepreneurs' success. The results emphasize the need to motivate women to start their own businesses, by organizing various educational courses and workshops and women's support programs by the government.