THE IMPACT OF GLOBALIZATION OF THE WORLD MARKETS AND ECONOMIC CRISIS ON THE START-UP AND DEVELOPMENT OF SMALL BUSINESSES IN BOSNIA AND HERZEGOVINA - COMPARATIVE ANALYSIS COMPARED TO AUSTRIA AND OTHER COUNTRIES OF THE EUROPEAN UNION
THE IMPACT OF GLOBALIZATION OF THE WORLD MARKETS AND ECONOMIC CRISIS ON THE START-UP AND DEVELOPMENT OF SMALL BUSINESSES IN BOSNIA AND HERZEGOVINA - COMPARATIVE ANALYSIS COMPARED TO AUSTRIA AND OTHER COUNTRIES OF THE EUROPEAN UNION

Summary/Abstract: In order to survive or develop their entrepreneurial activities, entrepreneurs must also undertake activities in the markets of other countries, thus globalizing economic activities. When entering the global market, an entrepreneur must choose the right strategy. Small and medium-sized enterprises aspire to have a good market and financial position in the market, and must respect all restrictions in today's global global market. In doing so, they face various difficulties in their business, starting with consumer ethnocentrism and competitiveness in addition to transnational companies. Economic crises also have a major impact on the start-up or development of small and medium-sized enterprises in both BiH and the European Union. The consequence of the economic crisis is less capital in circulation, more expensive capital and stagnant entrepreneurial activity. It is certainly not the same to do business in a relatively unregulated market in BiH or in Austria and other European Union countries. The survey is an analysis of several factors that encourage or discourage entrepreneurs from starting or developing a small business, and by analyzing the answers we came to certain conclusions, which are the factors that most hinder the development of small and medium-sized enterprises.

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