Female entrepreneurship is gaining significant attention from both researchers and practitioners, since it is observed as a new female movement as well as an important contributor to global economy. Anyhow, female entrepreneurs are still facing numerous obstacles while making efforts to realize their vision and achieve success in the world of business. The aim of this paper is to investigate characteristics of female entrepreneurship and gain insight into main obstacles for female entrepreneurship development. On the basis of information collected, author of this paper provided a conceptual model which could contribute to resolving the obstacles to female entrepreneurship development. Guidelines for model implementation and recommendations for further research are provided.