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IvanStefanovic,SlobodaProkicetal•Motivationalandsuccessfactorsofentrepreneurs...Zb.rad.Ekon.fak.Rij.•2010•vol.28•sv.2•251-269251Original scientific paperUDC 65.012.4: 005.583.1Motivational and success factors of entrepreneurs: the evidence from a developing country*IvanStefanovic1,SlobodaProkic2,LjubodragRankovic3AbstractThispaperisfocusedonthestudyofmotivationalandsuccessfactorsofentrepreneursinSerbiawithrespecttothebasicmethodologicalapproachdevelopedbyChu(usingprincipalcomponentfactoranalysiswithvarimaxrotation).TheobjectiveoftheresearchwastoanalysethemotivesofentrepreneursstartingtheirownbusinessandtodeterminefactorsthataffectthesuccessofSMEs.Theempiricalresearchwasconductedaccordingto11motivationalitemsofentrepreneurstoestablishtheirownbusinessand17itemsaffectingentrepreneurs’success.Fourmotivationalfactorsareobtainedinthisresearch(greaterbusinessachievement,independence,intrinsicfactorandjobsecurity),aswellassevenfactorsaffectingentrepreneurs’success(positioninsociety,interpersonalskills,approvalandsupport,competitiveproduct/service,leadershipskills,alwaystobeinformedandbusinessreputation).Basedontheseresultsandtheircomparisonwiththeempiricalfindingsinothercountries,itmaybeconcludedthatmotivationalfactorsofentrepreneursaregenericindevelopingcountries.Theresultsshowedthattherewasalackofmotivesconcernedwithsustainabledevelopmentofenterpriseinalongrun.Ontheotherhand,thereisavarietyofdifferentsuccessfactorsaffectingentrepreneurs,whichprimarilydependonthecurrentsituationinthelocalenvironment.Keywords:entrepreneur,SME,motivation,successfactorsJELclassification:L26* Received: 31-10-2010; accepted: 14-12-20101 Ph.D.,LinkGroup–BusinessAcademy,Belgrade,CaraDušana34,Zemun,RepublicofSerbia.Scientificaffiliation:entrepreneurship,organizationaltheory,organizationaldesign,strategicmanagement.Phone:+381642834200.Website:@link.co.rs(correspondingauthor)2 M.Sc.,SerbianEconomicCentre,Belgrade,Brankova30,Beograd,RepublicofSerbia.Scientificaffiliation:entrepreneurship,managementofinterorganizationalrelationships,organizationaldesign,strategicmanagement.Phone.+381638298821.Website:@abs.rs3 M.Sc.,KnjazMilošad,Južnaindustrijskazonabb,Aranđelovac,RepublicofSerbia.Scientificaffiliation:relationshipmarketing,crisiscommunication,consumerbehavior,strategicmarketing,publicrelations.Phone:+381648700168.Website:@gmail.comIvanStefanovic,SlobodaProkicetal•Motivationalandsuccessfactorsofentrepreneurs...252Zb.rad.Ekon.fak.Rij.•2010•vol.28•sv.2•251-2691.IntroductionThe emergence and development of entrepreneurship is an important phenomenon in contemporary economies. Entrepreneurship is strongly linked to small and medium sized enterprises (SMEs), which are the main developing force of the developed market economies. In most of developed countries, percentage of SMEs in total number of enterprises is higher than 95%, while 60% of available workforce is employed in those firms (Schmiemann, 2008). For example, in European Union (EU-27), SMEs account for 99.8% of all enterprises, out of which the vast majority of enterprises are micro enterprises (they comprise 91.8% of all enterprises). SMEs provide jobs to 67.1% of all employees and participate with 57.6% of total value added (Schmiemann, 2008; European Commission, 2009). Importance of entrepreneurship and SMEs development for long-term economic growth is obvious. Nevertheless, numerous investigations show that Europeans, in general, express tendencies to work in some firms (for someone else) rather than start their own business (Jones and Nummela 2008). This tendency is typical for post-communist countries, in which the long-lasting easiness of working in a state-owned firm has become dominant determinant in human behavior (Jiangyong and Tao, 2008).Having this in mind, the research problem in our analysis is connected with questioning what are the motivational and success factors of entrepreneurs in a developing country. Considering that entrepreneurs are very significant for the growth and development of economies in countries in which they operate their businesses, understanding their motivational and success factors is a very important topic. These two groups of factors have a considerable impact on development of entrepreneurial activities and on birth rate and growth of SMEs. Unfortunately, studies on this topic were not conducted in satisfying amount in the developing countries of South-Eastern Europe, until recently (Zivkovic, Mihajlovic and Prvulovic, 2009; Zivkovic and Zivkovic, 2009). Thus, the main objective of this research istodeterminemotivationalandsuccessfactorsofentrepreneursinSerbiaandtocompareresultsobtainedwithotherdevelopingcountrieswheresimilarresearchhasalreadyconducted.H: Wesupposethatthemotivationalandsuccessfactorsofentrepreneursaregenericworldwidebutthattherearedifferenceswhichprimarilydependonthecurrentsituationinlocal