FEMALE ENTREPRENEURSHIP IN DENMARK The increasing of the number of female entrepreneurs around the world is happening lately and it gets a lot of attention by the policy makers and researchers. In Denmark, female entrepreneurs get increased attention because it has a great business potential and entrepreneurs conditions and it has the best ranking among the countries around the world. However, the number of female entrepreneurs still in a small number compared to the male entrepreneurs. This inspired the present study to find what motivates women in Denmark to become entrepreneurs. Six women, both Danes and internationals, were invited to participate and share their experiences for the purpose of the study. During of the interviews, the talked about their personal and professional motivations, experiences, and practices as entrepreneurs. Entrepreneurial activity is a result of human actions. Consequently entrepreneurship cannot be discussed outside the context of the human factor. Personal motivations, perceptions and characteristics play a critical role in the decision to act entrepreneurially. A Graphical Model of Entrepreneurial Motivation Based on the discussion of the seven main variables influencing the decision for new venture creation, Naffziger et al. (1994) present the following graphical model of entrepreneurial motivation:

A Graphical model of human motivations and their influence over the entrepreneurial process Based on the discussion presented in their paper, Shane, Locke and Collins suggest a graphical model of human motivations and their influence over the entrepreneurial process:

It is focused on women who already have started a business. The aim is to find why the became entrepreneurs. In the process of establishing and developing business, women employ holistic approach to it, and try to combine it with the other aspects of their lives. Women prefer to start small and give a try to their business ideas in order to see if they will develop further. This is why they usually establish their businesses with own financial capital instead of using bank credits. Starting small and growing with small scales makes the female owned companies stable and risk-free, which can be beneficial for the economy. Furthermore, women often establish their businesses with the desire to contribute to the world and to add value to peoples’ lives through the products and services they offer. Consequently, the female owned companies have a great value for the society. Last, but not least, this study shows the importance of the international business owners in Denmark. They arrive to the country with solid background, education and experience, which can be turned into a valuable asset for the Danish society. The policy makers should pay more attention to these women, motivate them to become entrepreneurs, and guide them through the process. Mentoring programs can be a very beneficial to encourage and help them. This is a topic, which could be of interest for a separate research