WOMEN ’S ENTREPRENEURSHIP IN SERBIA

1. WOMEN’S ENTREPRENEURSHIP IN SERBIA Workshop on Enhancing Women’s Entrepreneurship in SEE Sarajevo, 1st October 2009 The Women’s Entrepreneurship Academy

2. WOMEN’S ENTREPRENEURSHIP IN SERBIA • Female entrepreneurship advanced in the post – communist period • Entrepreneurship as a way of life • 20% SMEs (16.000) registered by women (official data) • Only 6.700 SMEs own and managed by women (real picture) • 88% micro business • 10 % of small enterprises • 2% of medium sized companies • 0,5% of large sized business units

3. THE WOMEN’S ENTREPRENEURSHIP ACADEMY • Non – governmental organization, actively working in the area of economic empowerment of women since 2006 • Developed training program for female entrepreneurs in business management, marketing, finances, motivation and personal capacity building called “Step by step to your business” • Assisting local governments in Vojvodina in fostering women’s entrepreneurship in their communities (e.g. Business Incubator in Backi Petrovac 2009) • Model of the Academy implemented within Bihac Chamber of Commerce in 2007 • Co-author of the program of guarantees of the Guarantee fund of the Autonomous Province of Vojvodina • Initiated establishing the women’s entrepreneurship section within Serbian Chamber of Commerce in 2006

4. PROFILE OF SUCCESSFUL WOMEN’S ENTREPRENEUR IN SERBIA • Mini five years of experience in business • Higher level of education • Married with two children • earlier employed in state/ public company • Motive for starting own business: • Better living conditions • Independence and freedom • Services, retail • Initial capital: savings, financial support from family members, friends • Competence – key aspect when starting business • Dedicated to work, min 12 hours at work • Aactive search for new information • Satisfied with incomes although could be more • Success in business depends on work, persistence and personal involvement • Successful female entrepreneur is recognized by close environment

5. WOMEN’S ENTREPRENEURS – PERSONAL AND PROFESSIONAL CHARACTERISTICS • Qualification • Highly qualified women with university degree or higher education (50% of respondents) • Age • Older (39 – 49 years old) so called “new women’s entrepreneurs • Younger (38 years old and younger) from families with tradition in entrepreneurship • Type of business • traditional female jobs (retail, services, booking and financial services, foreign language schools etc) • Size of business • Small, low profitable business (bakery, meet processing, production of cement, sugar stick packaging, car wash services etc.)

6. WOMEN’S ENTREPRENEURS – MOTIVES FOR STARTING A BUSINESS To earn money, to support their families To prove their own abilities, to have independence and freedom in decision - making, in choosing collaborators, To harmonize work and family commitments more easily

7. WOMEN’S ENTREPRENEURS – KEY BUSINESS OBSTACLE • family responsibilities • lack of initial capital • stereotypes in attitude of local community • lack of courage to enlarge existing businesses • access to information on loans and other forms of support for entrepreneurs

8. EXCHANGE OF EXPERIENCE • REGIONAL NETWORKING • First International Conference of Women in Business – “Business Powered by Women”, held in Novi Sad, in June 2007 • ACCESS TO FINANCING • Guarantee fund of the Autonomous Province of Vojvodina • CAPACITY BUILDING • The Women’s Entrepreneurship Academy