A project Undertaken as Part of bsc (Hons) Economics with Finance degree, Westminster International University in Tashkent

lnCPI
Logarithm of annual inflation
lnROI	Logarithm of return on investment
drate	First order difference of interest rate

At the progress report level dependent variable motivation contained data for 2004-2017 period. Because of the insufficient number of the data for motivation. Thus, more number of observations was found from another source for this variable.

Entrepreneurial motivation

Increasing wealth and necessity motive is the main reason for the entrepreneurial independent motivation (Hessels, van Gelderen & Thurik, 2008). It shows the desire to manipulate and organize organization and ideas independently as rapid as possible (Johnson, 1990). People who want to start business always have a huge motivation regarding starting it, nevertheless, there are many factors that can influence entrepreneur motive that can demotivate or even make them to give up upon their ideas. As it has been mentioned above finance is the main factor supporting to start a business because, there are many expenses needed for starting it. For instance, the basic costs such as, employers and cost of acquiring the resources. Different entrepreneur chooses different ways of financing for example, some tend to borrow or to find investors and some choose to take a loan from bank. Nevertheless, there are certain disadvantages of each financing method. First of all, it is difficult to attract an investor. Second of all, borrowing money may put the entrepreneur under the pressure of owing to someone. Business needs a certain time to recover its costs and start to gaining profit thus, it might put the entrepreneur and business in difficult situation when the other party asks to return the money. Taking loan from banks is also not an exceptional case it also has disadvantages that can influence the entrepreneurs’ decision. Firstly, it is difficult to obtain a loan from bank because it is complicated process by itself and most of the cases banks require collateral equivalent to value of finance. Secondly, it is a fact that conventional banks gain interest rate from their loans. While running business the entrepreneur loses its profit by paying the percentages that bank requires form the business. Especially this is important at the beginning of the performance. Thus, in the long run it may impact negatively and business may not be productive enough. According to all the obstacles mentioned above the entrepreneur tries to search for another alternative that can be suitable for him. Islamic banking can be a better option or alternative for the entrepreneur. As it has been mentioned before Islamic banking has zero interest rate on their loans besides, it shares the risk by sharing the profit and loses. Moreover, as far as it is an organization it is a trustable option. Number of registered new businesses in Malaysia measures this variable. It is assumed that the more start-ups register in particular period the more motivated entrepreneurs are. The data for this variable is acquired form World Bank's Entrepreneurship Survey and database¹.