Proceedings PROCEEDINGS INSIGHTS AND POTENTIAL SOURCESOF NEW ENTREPRENEURIAL GROWTH Editors Radovic Markovic Mirjana; Nikitovic Zorana; Zanadu Linjie Chou FILODIRITTO INTERNATIONAL PROCEEDINGS Log in to find out all the titles of our catalog Follow Filodiritto Publisher on Facebook to learn about our new products ISBN 978-88-95922-84-3 First Edition April 2017 © Copyright 2017 Filodiritto Publisher filodirittoeditore.com inFOROmatica srl, Via Castiglione, 81, 40124 Bologna (Italy) inforomatica.it tel. 051 9843125 - Fax 051 9843529 - [email protected] Publisher: Faculty of Business Economics and Entrepreneurship, 8 Mitropolita Petra Street, Belgrade, Serbia For publishers: Jovan Zivadinovic, director, Faculty of Business Economics and Entrepreneurship, Belgrade, Serbia Reviewers: Raghu Bir Bista, Faculty of Economics, Tribhuvan University,Nepal Aidin Salamzadeh, Faculty of Entrepreneurship, University of Tehran,Iran Printed by “ValjevoPrint” Valjevo Translation, total or partial adaptation, reproduction by any means (including films, microfilms, photocopies), as well as electronic storage, are reserved for all the countries. Photocopies for personal use of the reader can be made in the 15% limits for each volume upon payment to SIAE of the expected compensation as per the Art. 68, commi 4 and 5, of the law 22 April 1941 n. 633. Photocopies used for purposes of professional, economic or commercial nature, or however for different needs from personal ones, can be carried out only after express authorization issued by CLEA Redi, Centro Licenze e Autorizzazione per le Riproduzioni Editoriali, Corso di Porta Romana, 108 - 20122 Milano. e-mail: [email protected], sito web: www.clearedi.org INDEX FOREWORD 9 part I. Enterpeneurship Development 10 Analysis of Stages and Laws of Small and Medium Enterprises Development: Institutional Approach 11 ALIkAyEVA Madina, GVARLIANI Tatiana, kSANAEVA Madina Legal and Financial Impact on Micro Entrepreneurship Development 26 DIMITRIJEVIC Vladimir, VUkADINOVIC Predrag, GROZDANIC Radmila Past Development of Serbian Enterpeneurship: The Case of Privately-Owned Banking Corporations 42 ALEKSIC Vesna, MALOVIC Marko Labour Factor of Business Activities in the Regions of Russia 55 GAyFUTDINOVA Oksana, ZhULANOV Evgeny, OBORIN Matvey Part II. Fostering Entrepreneurship 71 Stimulating of Entrepreneurship Through the Use of Hadi Cycle Technology 72 MINGALEVA Zhanna, DEPUTATOVA Ludmila The Account of Innovation Typology When Analyzing Sector Markets Which Is Carried Out By the Company-Innovator 86 NIkOLAEVNA GOLLAy Irina Identification Method of Intangible Results of Innovation Performance in Case Study of Ao Pnppk (Perm Scientific and Industrial Instrument- Making Company, Joint-Stock Company) 99 ELOkhOVA Irina, NAZAROVA Lyubov, MINGALEVA Zhanna Index Effects of Transformational Leadership on Creativity and Innovation in Organizations 115 RADIC Vlado, POPOVIC Jovanka, NOVOVIC Milan Interconnectedness of Innovations and Transformational Leadership 129 DJURICIC Milan, DJURICIC Milutin, JORDOVIC PAVLOVIC Miroslava Effective Management Predictions on yhe Basis of the Regression Model 146 kOLMAkOVA Mikaelovna Ekaterina, DEGTyAREVA Adamovna Nina, kOLMAkOVA Dmitrievna Irina Financing and the Development of Innovativeness of Small and Medium Enterprises in the Republic of Serbia 157 GAVRIC Gordana, RAVIC Nenad, GAVRILOVIC Milan The Influence of Cash Conversion Cycle on Profitability of Trade in Serbia 170 LUkIC Radojko, HANIC Azra, HANIC Hasan Analysis of Financial Performances of Public Companies Operating in Serbia 190 NIKOLIC Radmilo, FEDAJEV Aleksandra, MILICEVIC Rajica A Credit Policy Framework for Enterpreneurship 220 VIDAkOVIC Neven Utilization of Entrepreneurial Insurance Companies’ Approaches to Improvement of Risk Assessment 232 PILJAN Tatjana, PILJAN Ivan, COGOLJEVIC Dusan It Entrepreneurial Companies Optimization 239 ZIVADINOVIC Jovan, MEDIC Zorica, JEVTIC Boris Critical Aspects Related to Optimum Volume of Sales and Indiscriminate Sales Policies 252 D’ARCONTE Carmine 5 Index Fostering Entrepreneurial Marketing 269 NIkITOVIC Zorana, VUJICIC Sladjana, STEVANOVIC Mirjana Part III. Types Of Entrepreneurship 285 International Entrepreneurship in a Network Economy 286 ZANADU ChOU Linjie, STOJANOVIC GOLUBOVIc Aleksandra The Impact of Women’s Entrepreneurship in the Social and Economic Development, Including Gender Equality 295 GASMI Gordana, LUTOVAC Mitar, STOJANOVIC Vladimir Entrepreneurship and Self-Employment of Women and Youth as Choice: a Research of Actual Potential Entrepreneurs in Serbia 307 ZAKIC Nebojsa, VUkOTIC Svetlana, ANICIC Jugoslav Analysis of the Entrepreneurial Potential of Female Students at the Business Schools 326 kASTRATOVIC Edita, DRAGIC Milan, MILETIC Lidija The Challenges of Start-Up Entrepreneurship in Post-Transition Period: Evidence of the Republic Of Serbia 336 VUkOVIC Darko, RANISAVLJEVIC Dusko, HANIC Edin The Sensory Gardens as the New Direction for Ecological Entrepreneurship Development 346 VUkOVIс Natalia, HANIC Aida Part IV. Entrepreneurship Education 355 The Impact of Education on Entrepreneurs Activity and Employment Among Marginalized Groups: an Evidence of Serbia 356 RADOVIC-MARkOVIC Mirjana, RADOVIC Gordana DAMNJANOVIC Aleksandar 6 Index Entrepreneurship Education as a Factor Of Regional Economic Development 370 NIkOLAEVNA MAVRINA Irina DMITRIEVNA MINGALEVA Anna Education and Entrepreneurship 383 ANDJELIC SLAVICA, BRNJAS Zvonko, DOMAZET Ivana Entrepreneurial University: the Model of Russian Education 394 ALEkSANDROVNA Shindina Tatyana 7 FOREWORD In the past decade, has given new venues for the studies on entrepreneurship. Literatures have been raised from the Born Global small enterprises to international entrepreneurship. Such changes in business academic inquiries will eventually lead to a more narrative based, entrepreneur centered approach. The new economic structure is now under it’s formulation due to the steady transformation of our traditional economic layout and the labor sectors. Such transformation is also spontaneously accompanied by a shift of the scientific paradigm. Natural science based positivist thinking is now experiencing more challenges from otherwise seldom recognized scientific approach like hermeneutics and phenomenological inquiries. To study the individual experiences of the entrepreneurs is a way to put our agenda back to the human kind, which in the past decades has been replaced by the so-called institutional approach in social science. Such endeavor however has ignored the very essential role of human, as a core player within the entrepreneurship activities. MNC studies perfectly fits into the agenda of globalist view on human destiny. however, this is starting to change under the recent new political arrangements. The personal characters, individual family background and ambitions are becoming ever more popular in the interests of researchers worldwide. One example is the theory of corporate responsibility, in which corporations are treated as if they are individuals with feelings and emotions, while in my view, the realistic focus point should be the entrepreneurs. A sense of responsibility out of selfish-less charitable characters should be examined within individual unit. Institutions and society can’t take care of all if the individual responsibility is given away. Such development is indeed interesting and necessary. The focal point of any business and commercial activities is to better the lives of mankind. Any research direction derived away from this noble aim will eventually leads to dead end. Last but not the least, this book will provide an overview of the current development of entrepreneurship and it’s special linkage within the society at large. From a practical point of view, any scholastic work must also fulfill Foreword the curiosity of the practitioners. In this case, I hope through the examples and cases set forward by this work, more and more individuals will start to foresee themselves within the exciting arena of the entrepreneurship. Creativity, individuality and social responsibilities can all be integrated. 13th of December, 2016 Dr Linjie Chou Zanadu 9 Part I ENTERPENEURSHIP DEVELOPMENT © Filodiritto Editore - Proceedings Analysis of Stages and Laws of Small and Medium Enterprises Development: Institutional Approach ALIKAYEVA Madina1, GVARLIANI Tatiana2, KSANAEVA Madina3 Introduction Small and medium enterprises (SMEs) are one of the essential elements in terms of reindustrialization of the national economy, that enables to achieve sustainable economic growth, promotes the development of innovative technologies and reduce innovation gaps, provides the formation of tax revenues. It is known that the success of any transformation, including economic one, depends on the effectiveness of the institutional structure and changes in the institutional architecture of the sector of small and medium enterprises and the economy as a whole. Currently there are about 5.6 million entities in the sphere of small and medium business, providing 18 million working places and about one-fifth of Russia’s GDP (Development strategy of small and medium entrepreneurship, 2016). It should be noted that the status of small and medium enterprises and the problems of its development in modern Russia are largely due to the history and conditions of its formation. Systematization of the stages of development and the emergence of SMEs in Russia is based on study of system of theoretical and methodological works in the