Entrepreneurship is an important driver of economic growth in most developing countries and most of the studies conducted on this topic have been done on male entrepreneurs. In the past decades more females are being motivated to start their own businesses. This research examined the effect of factors affecting the performance of 152 female entrepreneurs in micro and small businesses in Honduras by using Partial Least Square SEM. A quantitative approach was used in this study. Based on the existing literature, a self-report questionnaire was designed and composed of six sections. Results indicate that of the motivational factors, economic and personal motivation have a positive effect on performance, while of the human capital factors, business skills and the influence of the area of education. Regarding the use of networks, only the perceived support from mentors had a positive effect on performance. None of the environmental factors had a significant influence on the performance of these female entrepreneurs. Of the demographics only the business sector had significant influence on performance.

Entrepreneurship is an important driver of economic growth in most developing countries and most of the studies conducted on this topic have been done on male entrepreneurs. In the past decades more females are being motivated to start their own businesses. This research examined the effect of factors affecting the performance of 152 female entrepreneurs in micro and small businesses in Honduras by using Partial Least Square SEM. A quantitative approach was used in this study. Based on the existing literature, a self-report questionnaire was designed and composed of six sections. Results indicate that of the motivational factors, economic and personal motivation have a positive effect on performance, while of the human capital factors, business skills and the influence of the area of education. Regarding the use of networks, only the perceived support from mentors had a positive effect on performance. None of the environmental factors had a significant influence on the performance of these female entrepreneurs. Of the demographics only the business sector had significant influence on performance.

REFERENCES
Abimbola, T. (2001). Branding as a competitive strategy for demand management in SMEs. Journal of Research in Marketing and Entrepreneurship, 3(2), 97-106. Retrieved from: http://www.emeraldinsight.com/journals.htm?articleid=1846328&show=abstract
Alam, S. S., Jani, M. F. M., & Omar, N. A. (2011). An empirical study of success factors of women entrepreneurs in Southern Region in Malaysia. International Journal of Economics and Finance, 3(2), p166. Retrieved from http://search.proquest.com/docview/865655706?accountid=14228
Allen, I. E., Langowitz, N., & Minniti, M. (2007). . GEM 2006 Report on Women and Entrepreneurship. Global Entrepreneurship Monitor. Babson College & London Business School. Babson Park, MA. Retrieved from: http://155.48.10.202/Academics/centers/blank-center/global-research/gem/Documents/gem-2007-women-entrepreneurship-report.pdf
Arasti, Z., Panahi, S. M. S., Zarei, B., & Rezaee, S. O. (2012). A qualitative study on individual factors affecting Iranian women entrepreneurs’ growth orientation. International Business Research, 5(3), 81-90. doi: 10.5539/ibr.v5n3p81
Bennet, R., & Dann, S. (2000). The changing experience of Australian female entrepreneurs. Gender, Work and Organization, 7(2), 75-83. doi: 10.1111/1468-0432.00095
Benzing, C., Chu, H. M., & Callanan, G. (2005). A regional comparison of the motivation and problems of Vietnamese entrepreneurs. Journal of Developmental Entrepreneurship, 10(01), 3-27. doi: 10.1142/S1084946705000033
Benzing, C., Chu, H. M., & Kara, O. (2008). Entrepreneurs in Turkey: A factor analysis of motivations, success factors, and problems. Journal of Small Business Management, 47(1), 58-91. doi: 10.1111/j.1540-627X.2008.00262.x
Biggs, T., & Shah, M. K. (2006). African SMES, networks, and manufacturing performance. Journal of Banking & Finance, 30(11), 3043-3066. Retrieved from: http://www.sciencedirect.com/science/article/pii/S0378426606000975
Botha, M., Nieman, G., & Van Vuuren, J. J. (2007). Measuring the effectiveness of the Women Entrepreneurship Programme on potential, start-up and established women entrepreneurs in South Africa. Retrieved from: http://repository.up.ac.za/handle/2263/3281
Brandsma, J. & Hart, L. (2002.). Making Microfinance Work Better in the Middle East and North Africa. http://info.worldbank.org/etools/docs/library/128758/Making%20microfinance%20work%20better%20in%20MENA.pdf
Bruhn, M. (2009). Female-Owned Firms in Latin America: Characteristics, Performance and Obstacles to Growth. World Bank Policy Research Working Paper Series. Available at SSRN: http://ssrn.com/abstract=1503816
Brush, C.G., & Cooper, S.Y. (2012). Female entrepreneurship and economic development: an international perspective. Entrepreneurship and Regional Development. 24(1-2), 1-6. doi: 10.1080/08985626.2012.637340
Bull, I., & Willard, G.E. (1993). Towards a theory of entrepreneurship. Journal of Business Venturing, 8(3), 183-195. Retrieved from http://webkuliah.unimedia.ac.id/ebook/files/entre%20theory%201.pdf
Callejas, C.C. & Yeh, C.R. (2013). Factors affecting female entrepreneur performance in micro, small and medium enterprises: a qualitative perspective from Honduras. Proceedings of the 2013 Symposium on Global Business Operation and Management, Taiwan, 700-713.
Campbell, C.A. (1992). A decision theory model for entrepreneurial acts. Entrepreneurship, Theory and Practice, 17(1), 21-27. Retrieved from http://ehis.ebscohost.com/ehost/pdfviewer/pdfviewer?sid=324ac9fa-6e4a-49dd-99ff-4675df8c936f%40sessionmgr15&vid=2&hid=4
Cantillon, R. (1952). Essai Sur la Nature du Commerce en General, INEd.
Carland, J. W., Hoy, F., Boulton, W. R., & Carland, J. A. C. (1984). Differentiating entrepreneurs from small business owners: A conceptualization. Academy of Management Review, 9(2), 354-359. Retrieved from http://www.jstor.org/stable/10.2307/258448
Carsrud, A. and Brännback, M. (2011), Entrepreneurial Motivations: What Do We Still Need to Know? Journal of Small Business Management, 49(1), 9–26. doi: 10.1111/j.1540-627X.2010.00312.x
Chu, H. M., Kara, O., Zhu, X., & Gok, K. (2011). Chinese entrepreneurs: Motivations, success factors, problems, and business-related stress. Journal of Chinese Entrepreneurship, 3(2), 84-111.doi: 10.1108/17561391111144546
Coleman, S. (2007). The role of human and financial capital in the profitability and growth of women‐owned small firms. Journal of Small Business Management, 45(3), 303-319. Doi: 10.1111/j.1540-627X.2007.00214.x
Cortina, J.M. (1993). What is coefficient alpha? An examination of theory and applications. Journal of Applied Psychology, 78(1), 98-104.
Cunningham, W. A., Preacher, K. J., & Banaji, M. R. (2001). Implicit attitude measures: Consistency, stability, and convergent validity. Psychological science, 12(2), 163-170.
Diario LaPrensa (2012, May 24). Inseguridad el mayor problema que aqueja a Honduras. Retrieved from : http://www.laprensa.hn/Secciones-Principales/Honduras/Apertura/Inseguridad-el-mayor-problema-que-aqueja-a-Honduras#.UJkmo8XA8SU on November 6, 2012
Dawson, C., & Henley, A. (2012). “Push” versus “pull” entrepreneurship: an ambiguous distinction? International Journal of Entrepreneurial Behaviour & Research, 18(6), 697-719. doi: 10.1108/13552551211268139
Drucker, P. F. (1985). Innovation and entrepreneurship. New York: Harper and Row.
Dzisi, S. (2008). Women entrepreneurs in small and medium enterprises (SME’s) in Ghana (Unpublished doctoral dissertation). Swinburne University of Technology, Australia. Retrieved from http://scholar.googleusercontent.com/scholar?q=cache:o00vSSb_hgEJ:scholar.google.com/+Women+entrepreneurs+in+small+and+medium+enterprises+(SMEs)+in+Ghana&hl=en&as_sdt=0,5
Fenwick, C., Howe, J., Marshall, S., & Landau, I. (2008). Labour and labour-related laws in micro and small enterprises: Innovative regulatory approaches. University of Melbourne Legal Studies Research Paper, (322). Retrieved from: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1123305
Fornell, C., & Larcker, D. F. (1981). Structural equation models with unobservable variables and measurement error: Algebra and statistics. Journal of marketing research, 18(3), 382-388. Retrieved from http://www.cob.unt.edu/slides/Paswan/BUSI6280/fornell_L_1981.pdf
Gefen, D., Straub, D.W., & Boudreau,M.C. (2000). Structural equation modeling and regression: Guidelines for research practice. Journal of Communications of the Association for Information Systems, 4(1), 1-79.
Greve, A., & Salaff, J. W. (2003). Social networks and entrepreneurship. Entrepreneurship Theory and Practice, 28(1), 1-22. doi: 10.1111/1540-8520.00029
Haber, S., & Reichel, A. (2005). Identifying performance measures of small ventures—the case of the tourism industry. Journal of Small Business Management, 43(3), 257-286. doi: 10.1111/j.1540-627X.2005.00137.x
Hair, J.F. Jr, Anderson, R.E., Tatham, & R.L., Black, W.C. (1998). Multivariate data analysis (5th edition). Upper Saddle River, NJ: Prentice-Hall.
Hair, J.F., Anderson, R.E., Tatham, R.L., & Black,W.C. (2006). Multivariate data analysis, 6th edition.Upper Saddle River, New Jersey: Pearson Prentice Hall

Haenlein, M., & Kaplan, A. M. (2004). A beginner's guide to partial least squares analysis. Understanding Statistics, 3(4), 283-297.
Hair, J. F., Ringle, C. M., & Sarstedt, M. (2011). PLS-SEM: Indeed a silver bullet. The Journal of Marketing Theory and Practice, 19(2), 139-152.
Hinkin, T.R. (1998). A brief tutorial on the development o measures for use in survey questionnaires. Journal if Organizational Research Methods, 1(1), 104-121.
Hisrich, R. D., & Sevgi, A. O. (1999). Women entrepreneurs in a developing economy. The Journal of Management Development, 18(2), 114-125. Retrieved from http://search.proquest.com/docview/216367326?accountid=14228
Holmén, M., Min, T.T., & Saarelainen, E. (2011). Female Entrepreneurship in Afghanistan. Journal of Developmental Entrepreneurship, 16(03), 307-331. doi: 10.1142/S1084946711001860
ILO .(2008).Women Entrepreneurs in Kenya. Factors affecting Women Entrepreneurs in Micro and Small Enterprises in Kenya. Geneva International labor Organization.
Instituto Nacional de Estadistica. (2011). Género (Indicadores de genero). Retirved from http://www.ine.gob.hn/drupal/node/214
Jalbert, S.E. (2000). Women entrepreneurs in the global economy. Paper presented at the Center for International Private Enterprise conference, Women: The Emerging Economic Force. Washington, DC. Retrieved from http://www.numerons.in/files/documents/17Women-Entrepreneurs-in-the-Global-Economy.pdf
Kalleberg, A. L., & Leicht, K. T. (1991). Gender and organizational performance: Determinants of small business survival and success. Academy of management journal, 34(1), 136-161.

Kalyani, B., Kumar, D. (2011). Motivational factors, entrepreneurship and education: Study with reference to women in SMEs. Far East Journal of Psychology and Business, 3(2), 14-35. Retrieve from: http://www.fareastjournals.com/files/fejpbv3n3p2.pdf
Kao, R.W. (1993). Defining entrepreneurship: past, present and ?Creativity and Innovation Management, 2(1), 69-70. Doi: 10.1111/j.1467-8691.1993.tb00073.x
Kim, P. H., Aldrich, H. E., & Keister, L. A. (2003). If I were rich? The impact of financial and human capital on becoming a nascent entrepreneur. In Annual Meeting of the American Sociological Association, Atlanta. Retrieved from http://scholar.googleusercontent.com/scholar?q=cache:Uq4Y3gDBBGIJ:scholar.google.com/+if+I+were+rich%3F&hl=en&as_sdt=0,5
Kinnear, P.R., & Gray, C.D. (2001). SPSS for windows made simple release 10. London, UK: Psychology Press, Taylor & Francis Group.
Kirzner, I.M., (1979). Perception, opportunity and profit. Chicago: University of Chicago Press.
Knight, G. (1998). Entrepreneurship and marketing strategy: The SME under globalization. Journal of International Marketing, 8(2), 12-32. Retrieved from: http://www.jstor.org/discover/10.2307/25048805?uid=3739216&uid=2&uid=4&sid=21101556828827
Kushnir, K. (2010). How Do Economies Define Micro, Small and Medium Enterprises (MSMEs)? Companion Note for the MSME Country Indicators. http://www.ifc.org/ifcext/gfm.nsf/AttachmentsByTitle/MSME-CI-Note/$FILE/MSME-CI-Note.pdf
Kwaku A.A., & Satyendra, S. (1998). Customer orientation and performance: a study of SMEs. Journal of Management Decision, 36(6), 385-394.
Lee, S. S., & Stearns, T. M. (2012). Critical success factors in the performance of female-owned businesses: A study of female entrepreneurs in Korea. International Journal of Management, 29(1), 3-18. Retrieved from http://search.proquest.com/docview/925800841?accountid=14228
Lerner, M. & Almor, T. (2002). Relationships among strategic capabilities and the performance of women-owned small venture. Journal of Small Business Management, 40(2), 109–125. doi: 10.1111/1540-627X.00044
Lerner, M., Brush.C, & Hirsrich. R. (1997). Israeli women entrepreneurs: An examination of factors affecting performance. Journal of Business Venture, 12(4), 315-339. Retrieved from http://www.sciencedirect.com/science/article/pii/S0883902696000614
Majumdar, S. (2008). Modeling growth strategy in small entrepreneurial business organizations. Journal of Entrepreneurship, 17(2), 157-168. Retrieved from: http://joe.sagepub.com/content/17/2/157.full.pdf+html
McClelland, D.C. (1961). The achieving society. Van Nostrand, Princeton.
McClelland, E., Swail, J., Bell, J., & Ibbotson, P. (2005). Following the pathway of female entrepreneurs: A six-country investigation. International Journal of Entrepreneurial Behaviour & Research, 11(2), 84-107. doi: 10.1108/13552550510590527
McMahon, R. G. (2002). Business growth and performance and the financial reporting practices of Australian manufacturing SMEs. Journal of Small Business Management, 39(2), 152-164. doi: 10.1111/1540-627X.00014
Moore, D. D. P., & Buttner, E. H. (1997). Women entrepreneurs. Thousand Oaks, California: Sage Publications.
Moore, D.S., McCabe, G.P., Duckworth, W.M., & Alwan, L.C. (2009). The practice of business statistics. Using data for decisions. New York, New York: W.H. Freeman and Company.
Morris, M. H., Miyasaki, N. N., Watters, C. E., & Coombes, S. M. (2006). The dilemma of growth: Understanding venture size choices of women entrepreneurs. Journal of Small Business Management, 44(2), 221-244. doi: 10.1111/j.1540-627X.2006.00165.x
Morrison, A., Breen, J., & Ali, S. (2003). Small business growth: intention, ability, and opportunity. Journal of Small Business Management, 41(4), 417-425. doi: 10.1111/1540-627X.00092
Naser, K., Mohammed, W.R., & Nuseibeh, R. (2009). Factors that affect women entrepreneurs: Evidence from an emerging economy. International Journal of Organizational Analysis, 17(3), 225-247. doi: 10.1108/19348830910974932
Nordin, N.A.M., Hamid, A.H.A.., & Woon, C.C. (2011). Factors affecting profitability of women entrepreneurs business in Malaysia. Proceedings of the Annual Summit on Business and Entrepreneurial Studies, Sarawak, Malaysia, 972-985. Retrieved from :http://www.internationalconference.com.my/proceeding/asbes2011_proceeding/054_194_ASBES2011_Proceeding_PG0972_0985.pdf
Nunnally, J. C. 1978. Psychomtietric theory, (2nd ed.) New York, New York: McGraw-Hill.
Orhan, M., & Scott, D. (2001). Why women enter into entrepreneurship: an explanatory model. Women in Management Review, 16(5), 232-247. doi:10.1108/09649420110395719
Orser, B. J., Hogarth-Scott, S., and Riding, A. L. (2000). Performance, firm size and management problem solving. Journal of Small Business Management, 38(4), 42–58.
Ployhart, R. E., & Moliterno, T. P. (2011). Emergence of the human capital resource: A multilevel model. Academy of Management Review, 36(1), 127-150. Retrieved from: http://amr.aom.org/content/36/1/127.short
Portal de Microfinanzas Retrieved from http://www.portalmicrofinanzas.org/p/site/s/template.rc/Honduras_perfil/
Powers, J., & Magnoni, B. (2010). A Business to Call Her Own: Identifying, Analyzing and Overcoming Constraints to Women's Small Businesses in Latin America and the Caribbean. Multilateral Investment Fund. Retrieved from: http://www.microfinancegateway.org/gm/document-1.9.45595/Final_A%20Business%20toCall%20Her%20Own_ENG.pdf
Proceso Digital (2011). Extorsiones e” impuesto de guerra”, modalidades del crimen en auge en Honduras. Retrieved on November 6, 2012 from : http://www.proceso.hn/2011/08/10/Reportajes/Extorsiones.e.E/40917.html
Reynolds, P. D., W. D. Bygrave, E. Autio, L. Cox, and M. Hay (2002). Global Entrepreneurship Monitor: 2002, Executive Report. Kansas City, MO: Kauffman Center for Entrepreneurial Leadership.
Robinson, S. (2001). An examination of entrepreneurial motives and their influence on the way rural women small business owners manage their employees. Journal of Developmental Entrepreneurship, 6(2), 151-167. Retrieved from http://search.proquest.com/docview/208426436?accountid=14228
Roomi, M. A., Harrison, P., & Beaumont-Kerridge, J. (2009). Women-owned small and medium enterprises in England: Analysis of factors influencing the growth process. Journal of Small Business and Enterprise Development, 16(2), 270-288. doi: 10.1108/14626000910956056
Shane, S. (2003). A general theory of entrepreneurship: The individual opportunity nexus. isbn:1843769964. Retrieved from http://books.google.com.tw/books?hl=en&lr=&id=0FxO_Wsh30kC&oi=fnd&pg=PR9&dq=A+General+Theory+of+Entrepreneurship:The++Individual+Opportunity+Nexus&ots=7aWJAtk5Gl&sig=giBvmLRb5ovXB-YyBrL2-XqpGl4&redir_esc=y#v=onepage&q=A%20General%20Theory%20of%20Entrepreneurship%3AThe%20%20Individual%20Opportunity%20Nexus&f=false
Schumpeter, J.A. (1934). The theory of economic development. Cambridge, Massachusetts: Harvard University Press.
Secretaria de Industria y Comercio (SIC) (2008). Requisitos para constituir y operar una empresa en Honduras Retrieved from: http://www.sic.gob.hn/difomipyme/leyes/Guia%20Requisitos%20para%20Operar%20una%20Empresa%20en%20Honduras[1]..pdf
Singh, G., & Belwal, R. (2008). Entrepreneurship and SMEs in Ethiopia: evaluating the role, prospects and problems faced by women in this emergent sector. Gender in management: An International Journal, 23(2), 120-136. doi:10.1108/17542410810858321
Taormina, R. J., & Lao, S. K. M. (2007). Measuring Chinese entrepreneurial motivation: Personality and environmental influences. International Journal of Entrepreneurial Behaviour & Research, 13(4), 200-221. doi: 10.1108/13552550710759997
Teoh, W. ,Chong, S. (2007). Theorizing a framework of factors influencing performance of women entrepreneurs in Malaysia. Journal of Asia Entrepreneurship and Sustainability, 3(2). Retrieved from: http://www.asiaentrepreneurshipjournal.com/AJESIII2Teoh.pdf
Tundui, C. S., & Tundui, H. (2012). Survival, growth strategies and performance of women owned micro and small businesses in Tanzania. International Journal of Business and Management, 7(8), p143-155. . Retrieved from http://search.proquest.com/docview/1010055723?accountid=14228
Turan, M., & Kara, A. (2007). An exploratory study of characteristics and attributes of Turkish entrepreneurs: A cross-country comparison to Irish entrepreneurs. Journal of International Entrepreneurship, 5(1), 25-46. Retrieved from: http://link.springer.com/article/10.1007%2Fs10843-007-0014-2?LI=true
Vakis, R. (2011). Una (R) evolución de género en marcha. Ampliación de las oportunidades económicas para las mujeres en América Central: Revisión de la última década. (Gender report). Retrieved from World Bank website: http://siteresources.worldbank.org/INTLACREGTOPPOVANA/Resources/Gendereport.pdf
Vital Voices. Retrieved from http://www.vitalvoices.org/
Vodafone Group (2011). Working Smarter to Succeed. Retrieved from: http://www.vodafone.com/content/dam/vodafone/about/what/research_papers/working_smarter_research.pdf
Wawire, N. H., & Nafukho, F. M. (2010). Factors affecting the management of women groups' micro and small enterprises in Kakamega District, Kenya. Journal of European Industrial Training, 34(2), 128-152. Retrieved from: http://www.emeraldinsight.com/journals.htm?articleid=1840195&show=abstract
Wiklund, J., & Shepherd, D. (2003). Knowledge‐based resources, entrepreneurial orientation, and the performance of small and medium‐sized businesses. Strategic management journal, 24(13), 1307-1314. Retrieved from: http://onlinelibrary.wiley.com/doi/10.1002/smj.360/pdf
Wube, M.C. (2010). Factors affecting the performance of women entrepreneurs in micro and small enterprises. (The Case of Dessie Town) (Unpublished master thesis). Bahir Dar University, Ethiopia. Retrieved from http://www.unevoc.unesco.org/e-forum/thesis%20final.pdf