Assumptions and Requirements for Entrepreneurship Determining Role in the Development of the National Economy

Rifet Djogic, Dzenan Kulovic and Djenana Colakovic
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Rifet Djogic: University of Zenica, Faculty of Economics
Dzenan Kulovic: University of Zenica, Faculty of Economics
Djenana Colakovic: University of Zenica, Faculty of Economics

Economic Analysis, 2009, vol. 42, issue 3-4, 50-68

Abstract: We live in a time of brutal globalism, order in which developed national economies are establishing standards and rules of conduct. Domestic enterprises had to replace the national business environment with international (global) environment in order to survive, because businesses outside the national borders become the backbone of their growth and development. In an order of globalism, small-scale economies are dependent on those very big national economies which had just entered in a phase of recession, a span of time which is very hard to predict, but it is certain that their recession will have far reaching consequences for small-scale economies such as Bosnian. That gives us the right to say that it is the time for an alert! By which means can the economy of Bosnia and Herzegovina confront with the global economic (financial) crisis? This work should draw attention to that path, and that is the development of entrepreneurship. We are witnesses that entrepreneurship in the world is in a constant rise, and that entrepreneurship greatly contributes to the economic development of societies in which it operates. However, for the development of entrepreneurship it is necessary to be familiar with the market economic system. Unfortunately, economy of Bosnia and Herzegovina is still in the transition process that takes place very slowly and inefficiently, which will result with a greater burden in overcoming the consequences of the global economic crisis.

Keywords: Market economy; entrepreneurship development; development of national economy; transition of economy; company restructure (search for similar items in EconPapers)
JEL-codes: L26 (search for similar items in EconPapers)
Date: 2009
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