o:5530 Using Structural Equation Modeling in the Analysis of the Relationship Between Internal and External Factors and Women Entrepreneurs’ Success en Abstract: 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. Taking into account the significant contribution of female entrepreneurship to economic development and, on the other hand, its contribution to the empowerment of women, the paper examines the factors that influence the success of female entrepreneurs in the Republic of Serbia. The effects of many factors on the success of women entrepreneurs have been the subject of numerous studies, but this study focused on internal and external factors, which are still largely unexplored, particularly in the Republic of Serbia. In this sense, the aim of this work is to determine whether internal and external factors have direct, positive, and significant effects on women entrepreneurs' success. The specific research aims are: 1) determining whether internal factors have a positive effect on women entrepreneurs’ success and 2) determining whether external factors have a positive effect on women entrepreneurs’ success. The causal relationships between observed variables were assessed using the Structural Equation Modeling method. The obtained results showed that both internal and external factors 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. KEYWORDS:women’s entrepreneurship, need for achievement, self-confidence, risk-taking, economic factors, sociocultural factors, Republic of Serbia, SEM 1552099 10.28934/jwee23.12 2024-10-01T10:33:35.562Z 44 yes 46 Sunčica Stanković Slađana Vujičić person Mirjana Radović Marković Fakultet za ekonomiju i inženjerski menadžment u Novom Sadu person 0000-0003-2002-8732 2023 application/pdf 645540 https://unilib.phaidrabg.rs/o:5530 no yes 16 70 92000001 2023 JOURNAL WOMEN'S ENTREPRENEURSHIP AND EDUCATION 1-2 167 187 2023