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

Author

Listed:
  • Ivan Stefanovic

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

  • Sloboda Prokic

    (Serbian Economic Centre, Belgrade, Serbia)

  • Ljubodrag Rankovic

    (Knjaz Milos ad, Arandelovac, Serbia)

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.

Suggested Citation

  • Ivan Stefanovic & Sloboda Prokic & Ljubodrag Rankovic, 2010. "Motivational and success factors of entrepreneurs: the evidence from a developing country," Zbornik radova Ekonomskog fakulteta u Rijeci/Proceedings of Rijeka Faculty of Economics, University of Rijeka, Faculty of Economics, vol. 28(2), pages 251-269.
  • Handle: RePEc:rfe:zbefri:v:28:y:2010:i:2:p:251-269
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    File URL: https://www.efri.uniri.hr/sites/efri.hr/files/cr-collections/2/03_stefanovic_2010_2.pdf
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    References listed on IDEAS

    as
    1. Blanchflower, David G & Oswald, Andrew J, 1998. "What Makes an Entrepreneur?," Journal of Labor Economics, University of Chicago Press, vol. 16(1), pages 26-60, January.
    2. 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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    Cited by:

    1. repec:ers:journl:v:xx:y:2017:i:3b:p:16-26 is not listed on IDEAS
    2. Jérémie Faham & Maxime Daniel & Benjamin Tyl & Iban Lizarralde & Iñaki Garagorri & Jérémy Legardeur, 2016. "A Dialogical Approach to increase " Matching " Efficiency before Collaborative Business Model Processes," Post-Print hal-01332579, HAL.
    3. repec:ers:journl:v:xx:y:2017:i:3a:p:18-34 is not listed on IDEAS

    More about this item

    Keywords

    entrepreneur; SME; motivation; success factors;

    JEL classification:

    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship

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