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Entrepreneurs’ Features in Developing Countries: A Research Synthesis from Republic of Serbia

In: Entrepreneurship in the Balkans

Author

Listed:
  • Ivan Stefanović

    (Organization Design Sector, NIS a.d)

  • Sloboda Prokić

    (Serbian Economic Centre)

  • Ljubodrag Ranković

    (Knjaz Miloš a.d, Logistics Sector)

Abstract

This chapter is focused on the study of motivational and success factors of entrepreneurs in Serbia, as well as the problems they face, with respect to the basic methodological approach developed by Chu (using principal component factor analysis with varimax rotation). The objective of the research presented herein was to analyse the motives of entrepreneurs starting their own business, to determine the factors that affect the success of their SMEs, and to define the problems entrepreneurs face. The empirical research was conducted according to 11 motivational items of entrepreneurs to establish their own business, 17 items affecting entrepreneurs’ success, and 15 items regarding problems entrepreneurs face. 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), and five problems facing entrepreneurs’ operations (regulation problems, capital problems, infrastructure problems, lack of business training and location problems). 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 is a lack of motives in Serbia 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. As for the problems concerns, basic problems affecting entrepreneurs are generic worldwide, while there are some differences that primarily depend on the current situation in local environment. At the end of the chapter, some recommendations for official authorities and relevant institutions are provided.

Suggested Citation

  • Ivan Stefanović & Sloboda Prokić & Ljubodrag Ranković, 2013. "Entrepreneurs’ Features in Developing Countries: A Research Synthesis from Republic of Serbia," Springer Books, in: Veland Ramadani & Robert C. Schneider (ed.), Entrepreneurship in the Balkans, edition 127, pages 15-36, Springer.
    • Handle: RePEc:spr:sprchp:978-3-642-36577-5_2
    DOI: 10.1007/978-3-642-36577-5_2
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