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Motivational and success factors of entrepreneurs: the evidence from a developing country

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Author Info

  • Ivan Stefanovic

    ()
    (Link Group Business Academy, Belgrade, Serbia)

  • Sloboda Prokic

    (Serbian Economic Centre, Belgrade, Serbia)

  • Ljubodrag Rankovic

    (Knjaz Milos ad, Arandelovac, Serbia)

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    Abstract

    This paper is focused on the study of motivational and success factors of entrepreneurs in Serbia with respect to the basic methodological approach developed by Chu (using principal component factor analysis with varimax rotation). The objective of the research was to analyse the motives of entrepreneurs starting their own business and to determine factors that affect the success of SMEs. The empirical research was conducted according to 11 motivational items of entrepreneurs to establish their own business and 17 items affecting entrepreneurs’ success. Four motivational factors are obtained in this research (greater business achievement, independence, intrinsic factor and job security), as well as seven factors affecting entrepreneurs’ success (position in society, interpersonal skills, approval and support, competitive product/ service, leadership skills, always to be informed and business reputation). Based on these results and their comparison with the empirical findings in other countries, it may be concluded that motivational factors of entrepreneurs are generic in developing countries. The results showed that there was a lack of motives concerned with sustainable development of enterprise in a long run. On the other hand, there is a variety of different success factors affecting entrepreneurs, which primarily depend on the current situation in the local environment.

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    Bibliographic Info

    Article provided by University of Rijeka, Faculty of Economics in its journal Zbornik radova Ekonomskog fakulteta u Rijeci/Proceedings of Rijeka Faculty of Economics.

    Volume (Year): 28 (2010)
    Issue (Month): 2 ()
    Pages: 251-269

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    Handle: RePEc:rfe:zbefri:v:28:y:2010:i:2:p:251-269

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    Keywords: entrepreneur; SME; motivation; success factors;

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Begley, Thomas M. & Boyd, David P., 1987. "Psychological characteristics associated with performence in entrepreneurial firms and smaller businesses," Journal of Business Venturing, Elsevier, vol. 2(1), pages 79-93.
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    7. Cynthia Benzing & Hung Manh Chu & Gerard Callanan, 2005. "A Regional Comparison Of The Motivation And Problems Of Vietnamese Entrepreneurs," Journal of Developmental Entrepreneurship (JDE), World Scientific Publishing Co. Pte. Ltd., World Scientific Publishing Co. Pte. Ltd., vol. 10(01), pages 3-27.
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