The Impact of Globalization on Entrepreneurship

Radović-Marković, Mirjana and Brnjas, Zvonko and Simović, Vladimir (2019) The Impact of Globalization on Entrepreneurship. Economic Analysis, 52 (1). pp. 56-68. ISSN 1821-2573

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Abstract

This paper aims to explore the importance of globalisation for the development of entrepreneurship. Changes in the global business environment require new business strategies. Small business owners are expected to be able to develop the resiliency of their businesses so that they can face severe external conditions. Their sustainability depends on resilience but also on the perspectives of long-term business operations. Therefore, small and medium-sized enterprises must demonstrate their ability to anticipate changes in the market, react to them, and initiate them. This implies the improvement of basic processes, learning new skills and closer cooperation with external and internal partners. Small enterprises need to redefine their goals and use their resources more effectively as a necessary condition for expanding maneuvering space for growth and for achieving sustainable development. Finally, it is concluded that organisations must establish the right balance between the challenges and benefits of globalization and the four basic areas for achieving the right balance are adequate cost, human resources and risk management, as well as the formulation of a strategy that follows the requirements of the global market game.

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