Entrepreneurial Economics

The subject enables students to understand the economic importance of innovations and entrepreneurship in all forms of economy and society. Students acquire the ability to learn the basic principles of modern entrepreneurship in the economic theory and practice. In addition, students need to understand scientific methods, models and techniques for achieving top results both in economic and social activities. In the context of the above, the specific objective of studying are methods of business forecasting for more efficient use of existing and creation of new resources.

Entrepreneurship is one of the eight fundamental life competences defined by the EU, needed for each individual for their success in life. In line with that, this subject is designed to encourage entrepreneurial behavior and acting by students, from the individual level to the level of complex organizational systems in all sectors (profit, non-profit and government). After finishing this course, students will acquire basic knowledge about the principles, strategies and concepts of creating business ventures, whose realization is connected with risks and uncertainties. Students will be trained for finding innovative solutions in contemporary business by applying key knowledge of entrepreneurial economics on methods and techniques for making decisions by using modern information and communication technologies in relation with entrepreneurial ventures.

Understanding and characteristics of entrepreneurship. Entrepreneur’s personality and behavior. Development of entrepreneurial culture as a global phenomenon. Entrepreneurial process. Entry strategies for entrepreneurial venture. Entrepreneurial orientation and business performances. Corporate entrepreneurship (intrapreneurship). Small business entrepreneurship (entrepreneurship) – entrepreneurial and growing firms. Family business. Social entrepreneurship. Opportunity identification: from idea to business venture – techniques to generate business ideas. Creativity and entrepreneurship. Entrepreneurship and innovation. Sources of innovation and innovation commercialization. Information and communication technologies and e-business. Financing entrepreneurial ventures. Entrepreneurial environment and entrepreneurial infrastructure. Business forecasting and megatrends. International entrepreneurship.

Lectures, i.e. transfer o systematic knowledge from the literature on entrepreneurship and relevant examples. Illustrations and exercises that involve two-way communication, where students are invited to freely express their opinions on the cases which will be discussed. During the semester, two study visits to successful SMEs in the Republic of Srpska will be organized, as well as guest lectures and talking sessions with successful entrepreneurs and managers.

Colloquium I (0-20 points); Colloquium II (0-20 points); Final exam (0-50 points); Attendance (2point); Class activities (0-8 points)

Petkovic, S., i Milanovic, M. (2017). Laboratorija ideja. Od ideje do preduzetnickog poduhvata. Banja Luka: University of Banja Luka, Faculty of Economics;
Paunović, B. (2017). Preduzetnistvo i upravljanje malim preduzecem. 3rd edition. Belgrade: University in Belgrade, Faculty of Economics;
Deakins, D., & Freel, M. (2012). Preduzetnistvo i male firme. Belgrade: Data status.