Involvement of women in business is not merely a gender equality issue, but also a key factor for economic growth and social development. Involving women in business results in opening of new jobs, thereby reducing unemployment and providing better economic growth – and this is particularly significant for countries experiencing transition, like Serbia.

The main aim of this study was to provide thorough knowledge on the status of women in the business sector in Serbia, by identifying the scope and characteristics of business activities led by women and the social profile of women in business. This study builds on the “Baseline Study on the Entrepreneurship of Women in Serbia” to illustrate the status women entrepreneurship 4 years after the first research, but also broadens the analysis, as women managers were included in this study, in addition to women entrepreneurs.

The main conclusions of the study are as follows:

• The institutional framework for entrepreneurship in Serbia has developed significantly in recent years.

• Socio-economic conditions for women entrepreneurship are not favourable, and neither are their perceptions of the business climate.

• The gap between women and men in the business sector is manifested in manifold ways.

• There are significant differences between women entrepreneurs and women managers.

• Entrepreneurial beginnings are marked with a strong necessity motivation and modest resources.

• Hierarchical rise of women managers is marked by numerous obstacles, mostly being examples of gender discrimination.

• The picture of women entrepreneurship is a picture of micro-entrepreneurship, while business ventures of women managers are linked to somewhat larger companies.

• There is a very pronounced conflict between business and family obligations, but business women are not frustrated with that.