DOI: 10.28934/jwee23.12.pp167-187 JEL: L26, C54 ORIGINAL SCIENTIFIC PAPER Using Structural Equation Modeling in the Analysis of the Relationship Between Internal and External Factors and Women Entrepreneurs’ Success Sunčica Stanković 1 Slađana Vujičić 2 Faculty of Business Economics and Entrepreneurship, Belgrade, Serbia Mirjana Radović-Marković 3 Faculty of Economics and Engineering Management, University Business Academy, Novi Sad, Serbia A B S T R A C T 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 1 Corresponding author, e-mail: suncica.stankovic@vspep.edu.rs 2 E-mail: sladjana.vujicic@vspep.edu.rs 3 E-mail: mradovic@gmail.com