ANALYSIS OF THE FACTORS THAT INFLUENCE STARTING THE ENTREPRENEURIAL VENTURE IN POST-TRANSITIONAL MONTENEGRO

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ANALYSIS OF THE FACTORS THAT INFLUENCE STARTING THE ENTREPRENEURIAL VENTURE IN POST-TRANSITIONAL MONTENEGRO

Journal Title: Knowledge International Journal - Year 2018, Vol 26, Issue 1

Abstract

It is indisputable that many factors influence the start of the entrepreneurial venture. The personality of the entrepreneur, the characteristics and his/her behavior, knowledge and innovation are certainly crucial factors, but the social atmosphere and climate are also of great influence. Taking this into account in this paper, we give a theoretical discussion on entrepreneurial ventures in the context of post-transitional Montenegro. The focus of this paper is on the entrepreneurial ventures in the small and medium-sized enterprises sector, given that this segment is of great importance in the market conditions of business, both in central Europe as well as in the countries of Southeastern Europe, especially in post-transition countries such as Montenegro. In Montenegro, small and medium-sized enterprises are increasingly influencing the improvement of social life in general, therefore we analyze what factors can influence perceptions of entrepreneurs when deciding upon their businesses. Unstable conditions that prevail in the wider environment make the establishing and running of a new company at risk and dangerous, which is a challenge for the entrepreneur himself and the need to deal with the risk of failure, making his or her every business decision more complex. This is the attitude of prominent authors who are studying issues related to entrepreneurship and corporate governance, such as Kotler, Porter, Mintzberg and others, analyzing the theoretical assumptions applied in the Montenegrin context. This is indicated by the fact that all segments of the near and wider environment are characterized by the exceptional complexity and dynamics of changing the conditions of business, which is caused, inter alia, by the process of globalization of all areas of social life, and especially economic spheres. The establishment of small and medium-sized enterprises is an extremely large, risky and responsible process, which imposes the need for a serious and studious approach to the launching and realization of entrepreneurial ventures. Especially since the capital invested in the starting of the company is most often borrowed from some bank loan or less often from family savings. The ultimate assumption of an entrepreneurial venture is the ability to create a vision of future business activity, which implies the ability to take on various types of risks, as well as extensive efforts and efforts to succeed the business venture. In the modern consumer society, the buyer/customer is the center of attention of the entrepreneurs. In the paper we conclude that entrepreneurial activities, especially in post-transition societies, are largely conditioned by the perception of the risk of launching an entrepreneurial venture. Precisely the perception of the risk of the failure determines whether someone will make a decision to start and develop its own business at all, while the perception of risk lies in complex interactions with other analyzed factors.

Authors and Affiliations

Sandra Đurović

Keywords

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EP ID EP50060
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