3.2. The motivational factors of the female entrepreneurs

As illustrated in Table 2, five pull factors were found to motivate the entrepreneurs interviewed. Three factors–money, interest in the work and achievement were the most frequently indicated reasons for starting the business.

"I wanted to establish a better future for my children, which motivated me to look for opportunities", and "I wanted to have a better income."

Such were some of the statements elicited in interview and which indicated strong identifier of money as a motivation for starting enterprises. However, none of the respondents mentioned money as the sole motivation. Some indicated an interest and love of the work, whereas others indicated a striving for achievement, seizing an opportunity, flexibility and a desire to have their own business.

Three respondents were in the second generation active in a family business, but who had broken away to separate a particular area of the operation or who had added a new arena to the existing business. These breaks represented independent enterprises and reflected a concrete measure of success and failure of the new business. One of the respondents had had a conflict with her brother and then had left the family patisserie business. After some hard times, she decided to open her own patisserie shop. She described her decision as follows:

"Then I decided that the best business is, what you do best."

"I realised that I didn't want to work as a teacher."

Table 3. Push motivators.

Table 2. Pull motivators.

3.3. The personality traits of female entrepreneurs

there cannot be any obstacles in front of your success".

Another important push factor indicated was dissatisfaction with her previous job:

Push factors Number % Job dissatisfaction 3 30 Family business 3 30

Pull Factors Number % Money 2 20 Interest in the business 2 20 Independence 1 10 Opportunity 1 10 Achievement 2 20 To have flexible hours 2 20

Women Entrepreneurs as Employers http://dx.doi.org/10.5772/intechopen.80309 147

Note: In most participants more than one motivating factor was indicated by the respondents.

Note: In most participants more than one motivating factor was indicated by the respondents.

"I struggled with the classic civil servant mentality in this country for three months."

All the respondents exhibited more than one clear personality trait in their reasoning. The most shared characteristic was a strong orientation towards achievement in their personalities.

"You have to put goals and you have to be determined to achieve them. When this is the case,

Responses as follows confirm their determination to achieve better in their businesses:

"I had a passion for clothing which motivated me to open a small clothing shop."

"I always set goals to help me achieve and be successful."

"We focused on the weaknesses and incompetence of our competitors in the packaging and display sector."

"I worked for 15 years in the private sector, and I realised that I wanted to be my own boss, setting my own goals and schedule."

Even though having flexible working hours was indicated by few of the respondents, this did not mean that they work less than 8 hours a day. Ironically, despite wanting to set the pace of their own lives, they ended up working even harder. Those who indicated a great passion for their work, pointed out that the key to their success was, "opening the doors of their businesses every morning and locking them at the end of the day", and not missing even 1 day of work, even if they were sick.

As illustrated in Table 3, we identified two push factors as motivators in starting a business of their own, and more importantly, all the subjects indicated an additional pull factor in their reasoning for opening their ventures.

#### Women Entrepreneurs as Employers http://dx.doi.org/10.5772/intechopen.80309 147


Note: In most participants more than one motivating factor was indicated by the respondents.

Table 2. Pull motivators.

30% of the female entrepreneurs interviewed were in service businesses such as boutique hotels, car rentals and insurance. 20% were in trading businesses covering the importation of fruit and vegetables or textiles. The majority of this group had both production and service functions within their concerns. Some had had operations in both areas since opening their businesses as they were active both in the production and distribution of their goods. Many of them had added a function when expanding their businesses. 30% of the entrepreneurs had the minimum 5 employees necessary for inclusion in this study, and 2 entrepreneurs had staffs of 70 and 125,

As illustrated in Table 2, five pull factors were found to motivate the entrepreneurs interviewed. Three factors–money, interest in the work and achievement were the most frequently indicated

"I wanted to establish a better future for my children, which motivated me to look for

Such were some of the statements elicited in interview and which indicated strong identifier of money as a motivation for starting enterprises. However, none of the respondents mentioned money as the sole motivation. Some indicated an interest and love of the work, whereas others indicated a striving for achievement, seizing an opportunity, flexibility and a desire to have

"We focused on the weaknesses and incompetence of our competitors in the packaging and

"I worked for 15 years in the private sector, and I realised that I wanted to be my own boss,

Even though having flexible working hours was indicated by few of the respondents, this did not mean that they work less than 8 hours a day. Ironically, despite wanting to set the pace of their own lives, they ended up working even harder. Those who indicated a great passion for their work, pointed out that the key to their success was, "opening the doors of their businesses every morning and locking them at the end of the day", and not missing even 1 day of work, even if

As illustrated in Table 3, we identified two push factors as motivators in starting a business of their own, and more importantly, all the subjects indicated an additional pull factor in their

"I had a passion for clothing which motivated me to open a small clothing shop."

respectively, and both are involved in large-scale production and service businesses.

3.2. The motivational factors of the female entrepreneurs

opportunities", and "I wanted to have a better income."

"I always set goals to help me achieve and be successful."

reasons for starting the business.

146 Active Learning - Beyond the Future

their own business.

display sector."

they were sick.

setting my own goals and schedule."

reasoning for opening their ventures.


Note: In most participants more than one motivating factor was indicated by the respondents.

Table 3. Push motivators.

Three respondents were in the second generation active in a family business, but who had broken away to separate a particular area of the operation or who had added a new arena to the existing business. These breaks represented independent enterprises and reflected a concrete measure of success and failure of the new business. One of the respondents had had a conflict with her brother and then had left the family patisserie business. After some hard times, she decided to open her own patisserie shop. She described her decision as follows:

"Then I decided that the best business is, what you do best."

Another important push factor indicated was dissatisfaction with her previous job:

"I struggled with the classic civil servant mentality in this country for three months."

"I realised that I didn't want to work as a teacher."

#### 3.3. The personality traits of female entrepreneurs

All the respondents exhibited more than one clear personality trait in their reasoning. The most shared characteristic was a strong orientation towards achievement in their personalities. Responses as follows confirm their determination to achieve better in their businesses:

"You have to put goals and you have to be determined to achieve them. When this is the case, there cannot be any obstacles in front of your success".

"I never say, I am the best and that's it! It's been 21 years and I still have goals to achieve". "I always set measurable goals to ensure that I achieve them".

"Managing to survive within this competitive environment and keeping the vision to achieve your goals are the main elements of my business success".

"If you set goals and try to achieve them and put further goals instead of thinking you are done, that's how you improve and develop yourself".

The setting of measurable goals was a trait indicated by majority of subjects, and this was generally combined with honesty and reliability both in their personal and business lives.

"One of the most important things my father had taught me in my early ages was honesty".

"My principle in life is to have a good name and to establish trust and being acknowledged as a trustworthy and reliable person in this small community".

3.4. The challenges facing female entrepreneurs

Table 4. Personality traits.

ments regarding to these challenges were as follows:

continue to move forward with caution".

4. Discussions, conclusion and implications

The most important constraint that respondents indicated was the on-going Cyprus conflict, which has affected their decision-making concerning further investment in particular. The instability in the currency market was another key factor challenging our entrepreneurs as well as lack of proper government planning in some sectors. Two of the respondents' state-

Personality traits Number % Achievement oriented (setting goals) 8 80 Honest (reliable) 6 60 Innovativeness (creating differentiation) 4 40 Risk taking 5 50 Self-efficacy (determination) 6 60

Women Entrepreneurs as Employers http://dx.doi.org/10.5772/intechopen.80309 149

Note: In most participants more than one personality traits were indicated by the respondents.

"I have so many things I plan for my work. But we decided to postpone our investments because of the ongoing instability in politics and economy. We import our products in Euros and our current debts are in British pounds. The Turkish Lira keeps depreciating and I sell my products in Turkish Lira. We decided to close our debts before going into further investments".

"I have fears for the tourism sector. The uncertainty of the country and its negative impact on the economy due to international embargos are my main concerns. Another problem is the growing number of competition since government continuously gives permission to the openings of new rental car businesses. As a summary, we don't have a clear picture for the future but we will

Despite the fact that two of the respondents had utilised grants provided to entrepreneurs, one from the European Union and the other from the Turkish Embassy, they had also needed to access additional financial sources. Gaining access to those financial sources and hiring competent staff were the other two more challenges these women had faced in their careers.

This study aims to understand the motivational factors, personality traits and the challenges facing female entrepreneurs, employing at least five personnel, and who, within the scale of North Cyprus, can be considered extrinsically successful. The results show that the majority of these successful female entrepreneurs' key motivational drives are pull factors rather than push factors and that even those who prioritised a push factor as their dominant reason for

"Since at the beginning of my business life, the main principle of my business has been honesty and sincere business ethics. Our high business ethics has given us an edge and put us one step ahead of our competitors".

"My dedication, hard-work and especially my reliability are the most important reasons of my growing business".

Such were some of the statements pointed out in interview and which indicated strong identifier of the importance of trustworthiness in their business successes.

Self-efficacy was another important characteristic in respondents, which was supported by their levels of determination in business. Half of the respondents pointed out the considerable risks they have taken to develop their businesses, especially those who have undertaken significant expansion in the scales of their businesses. Some of the responses were as follows:

"Life itself is a risk. You can never know the end from its beginning. I always take reasonable risks".

"Taking all the necessary risks and challenges to make changes and innovations is what I do to develop my business".

"The key to success is self confidence and capturing the opportunities by confronting risks to a certain extend. Following and adapting the changes and especially using the technology in the best way. Open to the advices of experts of the field is another important personality trait I have".

It is these women who are the ones most willing to take bigger risks. They closely follow innovations in their sectors and strive to keep their competitive positions by taking greater risks in adapting and developing their enterprises (Table 4).


Note: In most participants more than one personality traits were indicated by the respondents.

Table 4. Personality traits.

"I never say, I am the best and that's it! It's been 21 years and I still have goals to achieve".

"Managing to survive within this competitive environment and keeping the vision to achieve

"If you set goals and try to achieve them and put further goals instead of thinking you are

The setting of measurable goals was a trait indicated by majority of subjects, and this was generally combined with honesty and reliability both in their personal and business lives.

"One of the most important things my father had taught me in my early ages was honesty".

"My principle in life is to have a good name and to establish trust and being acknowledged as a

"Since at the beginning of my business life, the main principle of my business has been honesty and sincere business ethics. Our high business ethics has given us an edge and put

"My dedication, hard-work and especially my reliability are the most important reasons of my

Such were some of the statements pointed out in interview and which indicated strong

Self-efficacy was another important characteristic in respondents, which was supported by their levels of determination in business. Half of the respondents pointed out the considerable risks they have taken to develop their businesses, especially those who have undertaken significant expansion in the scales of their businesses. Some of the responses were as follows: "Life itself is a risk. You can never know the end from its beginning. I always take reasonable

"Taking all the necessary risks and challenges to make changes and innovations is what I do to

"The key to success is self confidence and capturing the opportunities by confronting risks to a certain extend. Following and adapting the changes and especially using the technology in the best way. Open to the advices of experts of the field is another important personality trait I

It is these women who are the ones most willing to take bigger risks. They closely follow innovations in their sectors and strive to keep their competitive positions by taking greater

risks in adapting and developing their enterprises (Table 4).

identifier of the importance of trustworthiness in their business successes.

"I always set measurable goals to ensure that I achieve them".

your goals are the main elements of my business success".

trustworthy and reliable person in this small community".

us one step ahead of our competitors".

growing business".

148 Active Learning - Beyond the Future

risks".

have".

develop my business".

done, that's how you improve and develop yourself".

#### 3.4. The challenges facing female entrepreneurs

The most important constraint that respondents indicated was the on-going Cyprus conflict, which has affected their decision-making concerning further investment in particular. The instability in the currency market was another key factor challenging our entrepreneurs as well as lack of proper government planning in some sectors. Two of the respondents' statements regarding to these challenges were as follows:

"I have so many things I plan for my work. But we decided to postpone our investments because of the ongoing instability in politics and economy. We import our products in Euros and our current debts are in British pounds. The Turkish Lira keeps depreciating and I sell my products in Turkish Lira. We decided to close our debts before going into further investments".

"I have fears for the tourism sector. The uncertainty of the country and its negative impact on the economy due to international embargos are my main concerns. Another problem is the growing number of competition since government continuously gives permission to the openings of new rental car businesses. As a summary, we don't have a clear picture for the future but we will continue to move forward with caution".

Despite the fact that two of the respondents had utilised grants provided to entrepreneurs, one from the European Union and the other from the Turkish Embassy, they had also needed to access additional financial sources. Gaining access to those financial sources and hiring competent staff were the other two more challenges these women had faced in their careers.
