COMPARATIVE ANALYSIS OF SERBIAN AND HUNGARIAN INNOVATIVE ENTREPRENEURIAL ENVIRONMENT

Tamara Cvetković, Milosav Miličković, Milan Mihajlović

Abstract


The economies of the twenty-first century will prosper if they accept innovation, in accordance with changes. The aim of the paper is to highlight the importance of entrepreneurship for overcoming the existing business and development problems of and to create areal basis for successful recovery, on the basis of comparative analysis of innovative entrepreneurial environment of Serbia and Hungary. From the perspective of a dynamic global business scene and the position that Serbia and Hungary have on it, it is realistic to expect that the basic structure of their future growth and development is the entrepreneurial sector. Development of the innovative capabilities, products or processes, can provide the company with a number of strategic choices. In contrast, small and medium-sized enterprises that do not have the ability to invest in innovation are less able to respond to changes in technology and competitive market expectations and opportunities, as well as to the introduction of new products or the expansion of their competitors. Serbian experience in development of the entrepreneurial environment is assessed as moderately successful, which above all can be noticed in the share of small and medium-sized enterprises within the total number of enterprises, with more than 90%, which is also the case with a majority of EU countries. As for the total employment and share of innovations in the overall competitiveness, Serbia has a very bad position in comparison to the countries of the region and the EU28. When it comes to innovations, Serbia and Hungary belong to the moderate innovators, whereby Serbia has poorer performance. Hungary belongs to the group called "High-Activity Economies" that has a low rate of entrepreneurial activity, with the ambitious but not innovative entrepreneurs. Serbian economy is in the process of intensive adjustment to the economic system solutions, standards and practices of the European Union. In respect to that, of a great value will be the experience of economic practices of the EU countries including Hungary, which has achieved significantly better results in these processes.

Keywords


innovation, entrepreneurship, business, industry

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