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The challenges of start-up entrepreneurship in post-transition period: evidence of the Republic of Serbia

21 ottobre 2017 -
The challenges of start-up entrepreneurship in post-transition period: evidence of the Republic of Serbia

Contributo selezionato da Filodiritto tra quelli pubblicati nei Proceedings “Insights and Potential Sources of New Entrepreneurial Growth, 2016”

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Contribution selected by Filodiritto among those published in the Proceedings “Insights and Potential Sources of New Entrepreneurial Growth, 2016”

To buy the Proceedings click here:

http://www.filodirittoeditore.com/index.php?route=product/product&path=78&product_id=133

 

Introduction

According to Carland and Carland (2004), in many countries small and startup companies contributed to employment growth.  Konings (1995), Hughes (1993), and Robson and Gallagher (1994) found that small firms became the key to employment growth in the Britain during the 1980s. Baldwin and Picot (1995) found the same pattern in Canada and, Bais, Bangma and Verhoeven (1997) reported on the importance of small firms in the Netherlands in the early 1990s. This was apparently not the case in Germany (Wagner, 1995), but aside from its experience, small firms have created most of the new jobs in Europe and North America (Audretsch & Thurik, 2000).

Entrepreneurship has long been viewed as an engine that drives innovation and promotes economic development (Reynolds, 1997; Schumpeter, 1934) as also social development (Audretsch, 2016). The fact that SMEs would emerge as becoming more important in a knowledge based economy seems to be contrary to many of the conventional theories of innovation. Entrepreneurship can be defined from the outcomes that different types of entrepreneurship can have on the economy (Naude, 2008).  These definitions are based on the realisation that not all forms of entrepreneurship are good for economic development. Entrepreneurship is a term that can generally be defined as a process of starting a new business or venture in order to generate revenue (Andersson and Wictor, 2003; Meyer et al. 2016).

Acs (1992) and Aronson (1991) argue that entrepreneurship research has focused broadly on the development of smaller firms and more narrowly on the founding and success of firms that are introducing new products to the marketplace (Schumpeter, 1934). A basic premise of much international management research has been that firms are embedded in country-specific institutional arrangements (Busenitz et al. 2000). According to this statement and support by other research (Aronson, 1991; Rondinelli & Kasarda, 1992), certain types of start-ups may be more successful in one country than in another. In other words, some countries have an institutional environment that supports the development of entrepreneurship. In such cases, small companies effectively use the funds received from the government agencies. Even more, according to Busenitz et al. (2000) differences in national institutions may also bring about different levels of entrepreneurial activity across countries. The regulatory dimension of the institutional profile consists of laws, regulations, and government policies that provide support for new businesses, reduce the risks for individuals starting a new company, and facilitate entrepreneurs' efforts to acquire resources (Busenitz et al. 2000).

What is the role of entrepreneurship in economic development and how they are connected? The theoretical framework linking entrepreneurship and economic growth is provided by the new theories of industry evolution (Jovanovic, 2001; Lambson, 1991; Hopenhayn, 1992; Audretsch 1995; Klepper, 1996; Ericson and Pakes, 1995). Entrepreneurship is a “catalyst” for economic development through job creation which helps alleviate poverty and generates income in developing countries (Adenutsi, 2009; Grubisic et al. 2011). While traditional theories suggest that entrepreneurship will retard economic growth, these new theories propose exactly the opposite - that entrepreneurship will stimulate and generate growth.

According to Naude (2008), over the past fifty years or so the world has experienced a wide diversity of development experiences, from successful economic structural transformations, mixed-success transformations, and rapid innovation episodes—sometimes accompanied by high growth, but also growth stagnation, collapse and persistent conflict. Economic development theory can still be argued to lack a ‘general theory’ of entrepreneurship, one that could encompass a variety of development outcomes, progress has been made in extending the notion and understanding of entrepreneurship in economic development. In developing countries the concern is with (entrepreneurship) starting and accelerating growth, and in providing impetus to the structural transformation of economies; in the advanced economies the concern is largely with obtaining new sources of productivity growth (Naude, 2008).



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