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This study is the first empirical research on the performance of the Turkish Cypriot female entrepreneurs in North Cyprus. The research helps to identify the major factors affecting the performance of Turkish Cypriot female entrepreneurs both positively and negatively. Furthermore, it identifies the main causes of performance variations among the businesses owned by female entrepreneurs. A face to face survey method was utilized to collect primary data from two hundred female entrepreneurs and statistical analyses were conducted to analyze the data. It is found that the half of the sampled businesses was established during the last six years indicating the rapid expansion of female owned businesses in the early 2000s. Regarding to business performance it is found that achievement motives, level of education and first child’s age are positively associated, whereas labor cost is negatively associated with business performance.