Entrepreneurs are playing a major role in the economy of each country on the planet. Theycontribute to national economies by starting up and running small and medium sized enterprises(SMEs), which make more than 95% of the total number of enterprises and which are providing jobsto more than 60% of all employees within each country. The significance of entrepreneurship foreconomic development oblige goverments and all other relevant institutions within each country tocontinue to facilitate its growth by all means necessary. In order to do this, these institutions need tobe familiar with motives of entrepreneurs to start their own business. In this paper, results ofempirical research concerning motivational factors of entrepreneurs in Serbia are presented. Thisresearch presents a continuation of serie of research on this topic which were conducted in severalcountries, by using the same methodological approach.