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CONTEMPORARY LIMITATIONS AND CHANCES FOR THE DEVELOPMENT OF SMALL AND MEDIUM ENTERPRISES AND ENTREPRENEURSHIP IN SERBIA

Year 2021, Volume: 8 Issue: 4, 222 - 232, 31.12.2021
https://doi.org/10.17261/Pressacademia.2021.1464

Abstract

Purpose- This study deals with the research of modern limitations and possibilities of development of small and medium enterprises and
entrepreneurship in the Republic of Serbia. In addition, the aim of this paper is to specifically identify the problems faced by small and medium
enterprises and entrepreneurship in Serbia, especially in the crisis caused by the COVID-19 pandemic, but also to identify opportunities for further
development of small and medium enterprises and entrepreneurship. Their economic development contributes to the successful recovery and
development of the Serbian economy, given that small and medium enterprises form the basis of the economic structure and dominate the
Serbian economy.
Methodology- The paper is based on qualitative and quantitative analysis. An analysis of the relevant literature related to entrepreneurship,
modern opportunities and risks in undertaking entrepreneurial ventures is given. Qualitative and quantitative research is based on the official
literature and statistics and had the function to show the place and importance of entrepreneurship in relation to the modern business
environment. Based on the analysis, recommendations and conclusions on the progress of entrepreneurship in the Republic of Serbia are given.
This is especially important because, based on this study, the authors support the basic thesis that entrepreneurial orientation improves the
competitiveness of the Serbian economy.
Findings- This research shows that by creating a business environment that encourages business and development of small and medium
enterprises and entrepreneurship in Serbia, as a country in transition, and at the same time facing the global crisis caused by the COVID-19
pandemic, the competitiveness of Serbian production and economy is on track recovery and development.
Conclusion- According to the findings of this study, the impact of the modern business environment on business success in the sector of small and
medium enterprises and entrepreneurship in Serbia is significant. The authors point out the situation, risks and uncertainties that the SME sector
in Serbia faces before and during the pandemic. After considering the objective limitations, the chances that exist in times of uncertainty are
presented. Although opportunities appear in many forms, dominant trends are always significant in shaping economic realities, such as
government policy to facilitate business with significant subsidies in volatile and crisis times caused by a pandemic. This is precisely the reason for
presenting certain directions and economic trends that will inevitably change the social and business environment, and the ability to adapt will
determine the success of future entrepreneurs.

References

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  • Cvijanovic, D., Mihailovic, B., & Simonovic, M. (2008). Transition in Serbia: effects and limitations. Transion; Vol. 10 No.21-22, pp.87-100, Hrcak ID: 35360
  • Denda, A. (2007). Preduzetništvo u zamci tranzicionog performansa (1). https://www.danas.rs/ekonomija/preduzetnistvo-u-zamci-tranzicionogperformansa-1/ [Access Date: September 4, 2021].
  • Decree on fiscal benefits and direct benefits to economic entities in the private sector and financial assistance to citizens in order to mitigate the economic consequences caused by the disease COVID-19 www.paragraf.rs/propisi/uredba-o-fiskalnim-pogodinama- economy-private-sectorcitizens.html
  • Djogic, R. (2016). The necessity of completing the restructuring (transition) of domestic companies in the function of entrepreneurship development and overcoming the economic crisis. BH Economic Forum. Vol.7. No.1, ISSN (Online) 2637-2185, https://ef.unze.ba/OJS/index.php/BHF
  • Economy Profile Serbia. Doing Business 2020 Indicators. World bank Group.https://www.doingbusiness.org/content/dam/doingBusiness/country/s/serbia/SRB.pdf [Access Date: September 6, 2021].
  • European Commission. European Green Plan. Strategy 2019-2024. https://ec.europa./priorities-2019-2024/european-green-deal_hr
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  • Jaksic, M., & Prascevic, A. (2019), History of Economics. Faculty of Economics, Belgrade. Information from the official website of the Ministry of Health Serbia and the Institute of Public Health, available at: https://covid19.rs/ [Access Date: September 7, 2021]. International Monetary Fund. World Economic Outlook. Aviable at https://www.imf.org/en/Publications [Access Date: September 3, 2021].
  • Jovanovic, Z. (2015). Management and changes in business Environment. Ekonomika 61(2), 143-151
  • Kamberovic, S., Mitrovic, S., & Behrens, A., (2020). GAP analysis of opportunities for economic strengthening through the application of sustainable business models after the COVID-19 pandemic in the Republic of Serbia. Publisher: OSCE Mission to Serbia.
  • Karavidic, S. (2008). Entrepreneurship - challenge or risk. School of Business, Novi Sad, .2-3
  • Ministry of Economy, Serbia. Report on small and medium enterprises and entrepreneurship 2018, pp.42-43, https://privreda.gov.rs/sites/default/files/documents/2021-08/Izvestaj-MSPP-2018_FIN.pdf [Access Date: September 6, 2021].
  • Petrović, M., & Leković, B. (2019). Characteristics of ambitious entrepreneurs in Southeast Europe region: high-growth expectation concept. Anali ekonomskog fakulteta u Subotici, Vol. 55, broj 41/2019, 55-66.
  • Prascevic, A. (2017), From the global economic crisis to the crisis of global capitalism. Economic Ideas and Practice, Vol. 24, 7-23
  • Rabrenovic, J., (2021). Politika. https://stanjestvari.com/2021/02/11/korona-ce-proci-dugovi-ce-ostati/ [Access Date: September 4, 2021].
  • Republicki Zavod za statistiku. Publikacije 2018-2021. Aviable at https://www.stat.gov.rs/sr
  • Sherman, H. J. and Kolk, D. X. (1996), Business Cycles and Forecasting, Harper Collins College Publishers, New York.
  • Stanisic, S. (2013). Development of small and medium entrepreneurship, Faculty of Business, Valjevo, 71-73
  • Stojanovic, B. (2002). Transition process - encouraging free enterprise. Sociological review. Vol36, No.3-4, pp. 275-298. ISSN 0085-6320
  • Vukasinovic, S. (2021). Why are some companies on the black list and some on the white list? The state gave almost a billion euros for subsidies, the analysis shows cost-effectiveness, but there is still a dilemma https://www.blic.rs/biznis/privreda-i-finansije [Access Date: September 2, 2021].
  • Worl Bank Group. Doing Business 2020. Comparing Business Regulation in 190 Economies. pp.5 ISBN (paper): 978-1-4648-1440-2, ISBN (electronic):978-1-4648-1441-9.DOI: 10.1596/978-1-4648-1440-2. Aviable at https://openknowledge.worldbank.org/bitstream/handle/1098.pdf [Access Date: September 3, 2021].
  • World Health Organization (WHO), Coronavirus disease (COVID-19) outbreak, available at: http://www.euro.who.int/en/health-topics/healthemergencies/coronavirus-covid-19/ novel-coronavirus-2019-ncov[Access Date: September 4, 2021]. Information from the official website of the Ministry of Health of the Republic of Serbia and the Institute of Public Health, https://covid19.rs/% [Access Date: September 6, 2021].
  • Zarnowitz, V. (1992), Business Cycles – Theory, History, Indicators and Forecasting, The University of Chicago Press, Chicago.
Year 2021, Volume: 8 Issue: 4, 222 - 232, 31.12.2021
https://doi.org/10.17261/Pressacademia.2021.1464

Abstract

References

  • Anicic, J., Anicic, D., & Vasic, N. (2017). Entrepreneurship development and financial performances in SMESs sector 8n Serbia. Ekonomika, 63(4), 29-39.
  • Cvijanovic, D., Mihailovic, B., & Simonovic, M. (2008). Transition in Serbia: effects and limitations. Transion; Vol. 10 No.21-22, pp.87-100, Hrcak ID: 35360
  • Denda, A. (2007). Preduzetništvo u zamci tranzicionog performansa (1). https://www.danas.rs/ekonomija/preduzetnistvo-u-zamci-tranzicionogperformansa-1/ [Access Date: September 4, 2021].
  • Decree on fiscal benefits and direct benefits to economic entities in the private sector and financial assistance to citizens in order to mitigate the economic consequences caused by the disease COVID-19 www.paragraf.rs/propisi/uredba-o-fiskalnim-pogodinama- economy-private-sectorcitizens.html
  • Djogic, R. (2016). The necessity of completing the restructuring (transition) of domestic companies in the function of entrepreneurship development and overcoming the economic crisis. BH Economic Forum. Vol.7. No.1, ISSN (Online) 2637-2185, https://ef.unze.ba/OJS/index.php/BHF
  • Economy Profile Serbia. Doing Business 2020 Indicators. World bank Group.https://www.doingbusiness.org/content/dam/doingBusiness/country/s/serbia/SRB.pdf [Access Date: September 6, 2021].
  • European Commission. European Green Plan. Strategy 2019-2024. https://ec.europa./priorities-2019-2024/european-green-deal_hr
  • Global Innovation Index. Cornell University, INSEAD, and the World Intellectual Property Organization (WIPO) Reports. Aviable at
  • https://knowledge.insead.edu/entrepreneurship-innovation/global-innovation-index-2930 [Access Date: September 4, 2021]
  • Ivkovic, D., Karavidic, M., & Kvrgic, G. (2013). Entrepreneurship as a factor of growth and development, Trends in business, Sveska 1. No.1, Krusevac, 71-72
  • Jaksic, M., & Prascevic, A. (2019), History of Economics. Faculty of Economics, Belgrade. Information from the official website of the Ministry of Health Serbia and the Institute of Public Health, available at: https://covid19.rs/ [Access Date: September 7, 2021]. International Monetary Fund. World Economic Outlook. Aviable at https://www.imf.org/en/Publications [Access Date: September 3, 2021].
  • Jovanovic, Z. (2015). Management and changes in business Environment. Ekonomika 61(2), 143-151
  • Kamberovic, S., Mitrovic, S., & Behrens, A., (2020). GAP analysis of opportunities for economic strengthening through the application of sustainable business models after the COVID-19 pandemic in the Republic of Serbia. Publisher: OSCE Mission to Serbia.
  • Karavidic, S. (2008). Entrepreneurship - challenge or risk. School of Business, Novi Sad, .2-3
  • Ministry of Economy, Serbia. Report on small and medium enterprises and entrepreneurship 2018, pp.42-43, https://privreda.gov.rs/sites/default/files/documents/2021-08/Izvestaj-MSPP-2018_FIN.pdf [Access Date: September 6, 2021].
  • Petrović, M., & Leković, B. (2019). Characteristics of ambitious entrepreneurs in Southeast Europe region: high-growth expectation concept. Anali ekonomskog fakulteta u Subotici, Vol. 55, broj 41/2019, 55-66.
  • Prascevic, A. (2017), From the global economic crisis to the crisis of global capitalism. Economic Ideas and Practice, Vol. 24, 7-23
  • Rabrenovic, J., (2021). Politika. https://stanjestvari.com/2021/02/11/korona-ce-proci-dugovi-ce-ostati/ [Access Date: September 4, 2021].
  • Republicki Zavod za statistiku. Publikacije 2018-2021. Aviable at https://www.stat.gov.rs/sr
  • Sherman, H. J. and Kolk, D. X. (1996), Business Cycles and Forecasting, Harper Collins College Publishers, New York.
  • Stanisic, S. (2013). Development of small and medium entrepreneurship, Faculty of Business, Valjevo, 71-73
  • Stojanovic, B. (2002). Transition process - encouraging free enterprise. Sociological review. Vol36, No.3-4, pp. 275-298. ISSN 0085-6320
  • Vukasinovic, S. (2021). Why are some companies on the black list and some on the white list? The state gave almost a billion euros for subsidies, the analysis shows cost-effectiveness, but there is still a dilemma https://www.blic.rs/biznis/privreda-i-finansije [Access Date: September 2, 2021].
  • Worl Bank Group. Doing Business 2020. Comparing Business Regulation in 190 Economies. pp.5 ISBN (paper): 978-1-4648-1440-2, ISBN (electronic):978-1-4648-1441-9.DOI: 10.1596/978-1-4648-1440-2. Aviable at https://openknowledge.worldbank.org/bitstream/handle/1098.pdf [Access Date: September 3, 2021].
  • World Health Organization (WHO), Coronavirus disease (COVID-19) outbreak, available at: http://www.euro.who.int/en/health-topics/healthemergencies/coronavirus-covid-19/ novel-coronavirus-2019-ncov[Access Date: September 4, 2021]. Information from the official website of the Ministry of Health of the Republic of Serbia and the Institute of Public Health, https://covid19.rs/% [Access Date: September 6, 2021].
  • Zarnowitz, V. (1992), Business Cycles – Theory, History, Indicators and Forecasting, The University of Chicago Press, Chicago.
There are 26 citations in total.

Details

Primary Language English
Subjects Business Administration
Journal Section Articles
Authors

Ljiljana Stosic Mıhajlovıc This is me 0000-0003-1660-9585

Svetlana Trajkovıc This is me 0000-0002-2353-0747

Publication Date December 31, 2021
Published in Issue Year 2021 Volume: 8 Issue: 4

Cite

APA Mıhajlovıc, L. S., & Trajkovıc, S. (2021). CONTEMPORARY LIMITATIONS AND CHANCES FOR THE DEVELOPMENT OF SMALL AND MEDIUM ENTERPRISES AND ENTREPRENEURSHIP IN SERBIA. Research Journal of Business and Management, 8(4), 222-232. https://doi.org/10.17261/Pressacademia.2021.1464
AMA Mıhajlovıc LS, Trajkovıc S. CONTEMPORARY LIMITATIONS AND CHANCES FOR THE DEVELOPMENT OF SMALL AND MEDIUM ENTERPRISES AND ENTREPRENEURSHIP IN SERBIA. RJBM. December 2021;8(4):222-232. doi:10.17261/Pressacademia.2021.1464
Chicago Mıhajlovıc, Ljiljana Stosic, and Svetlana Trajkovıc. “CONTEMPORARY LIMITATIONS AND CHANCES FOR THE DEVELOPMENT OF SMALL AND MEDIUM ENTERPRISES AND ENTREPRENEURSHIP IN SERBIA”. Research Journal of Business and Management 8, no. 4 (December 2021): 222-32. https://doi.org/10.17261/Pressacademia.2021.1464.
EndNote Mıhajlovıc LS, Trajkovıc S (December 1, 2021) CONTEMPORARY LIMITATIONS AND CHANCES FOR THE DEVELOPMENT OF SMALL AND MEDIUM ENTERPRISES AND ENTREPRENEURSHIP IN SERBIA. Research Journal of Business and Management 8 4 222–232.
IEEE L. S. Mıhajlovıc and S. Trajkovıc, “CONTEMPORARY LIMITATIONS AND CHANCES FOR THE DEVELOPMENT OF SMALL AND MEDIUM ENTERPRISES AND ENTREPRENEURSHIP IN SERBIA”, RJBM, vol. 8, no. 4, pp. 222–232, 2021, doi: 10.17261/Pressacademia.2021.1464.
ISNAD Mıhajlovıc, Ljiljana Stosic - Trajkovıc, Svetlana. “CONTEMPORARY LIMITATIONS AND CHANCES FOR THE DEVELOPMENT OF SMALL AND MEDIUM ENTERPRISES AND ENTREPRENEURSHIP IN SERBIA”. Research Journal of Business and Management 8/4 (December 2021), 222-232. https://doi.org/10.17261/Pressacademia.2021.1464.
JAMA Mıhajlovıc LS, Trajkovıc S. CONTEMPORARY LIMITATIONS AND CHANCES FOR THE DEVELOPMENT OF SMALL AND MEDIUM ENTERPRISES AND ENTREPRENEURSHIP IN SERBIA. RJBM. 2021;8:222–232.
MLA Mıhajlovıc, Ljiljana Stosic and Svetlana Trajkovıc. “CONTEMPORARY LIMITATIONS AND CHANCES FOR THE DEVELOPMENT OF SMALL AND MEDIUM ENTERPRISES AND ENTREPRENEURSHIP IN SERBIA”. Research Journal of Business and Management, vol. 8, no. 4, 2021, pp. 222-3, doi:10.17261/Pressacademia.2021.1464.
Vancouver Mıhajlovıc LS, Trajkovıc S. CONTEMPORARY LIMITATIONS AND CHANCES FOR THE DEVELOPMENT OF SMALL AND MEDIUM ENTERPRISES AND ENTREPRENEURSHIP IN SERBIA. RJBM. 2021;8(4):222-3.

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