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Volume 12, Number 1
DEVELOPMENT OF A YOUTH ENTREPRENEURSHIP MODEL FOR SUSTAINABLE BUSINESS GROWTH
Mihalj BAKATOR, Dejan ĐORĐEVIĆ, Mile TERZIOVSKI, Dragan ĆOĆKALO, Cariša BEŠIĆ
Abstract: The challenges brought by the COVID-19 pandemic and the changes on the globalized market significantly affects the way business is conducted. The modern business environment is characterized by the fourth industrial revolution - Industry 4.0. The role of technology is increasing, and the pandemic accelerated the application of information-communication technologies and the need for sustainable development and sustainable business. These changes and the global economic challenges point towards entrepreneurship as an important driver of technology development, innovation, and overall economic growth. Entrepreneurship and youth entrepreneurship can positively affect economic development. It reduces unemployment rates, increases the standard of living, and supports economic growth. In this paper, a youth entrepreneurship model for sustainable business growth is developed. The goal was to identify influencing factors on youth entrepreneurship development and sustainable business. The research approach included thorough analysis of available data and analysis of the existing body of literature in the domain of entrepreneurship, youth entrepreneurship, sustainable development, Industry, and Industry 5.0. The findings indicate that youth entrepreneurship is influenced by a wide array of factors, most notably age, close social environment, attitudes, and awareness of incentive means. Furthermore, the developed model provides a significant insight into what major factors and sub-factors can affect youth entrepreneurship and sustainable business. It can be concluded that entrepreneurial education, a stimulating environment, and an entrepreneurial economy can significantly influence youth entrepreneurship and sustainable business growth. These findings are important for government policies and strategies when it comes to youth entrepreneurship and sustainable business growth.
Keywords: Entrepreneurship; Entrepreneurial behavior; Entrepreneur; Business; Sustainability.
MANAGING TRADE TRANSACTIONS IN THE COVID ERA: THE RISE OF E-COMMERCE
Iva BUBANJA, Marijana VIDAS-BUBANJA
Abstract: The COVID-19 pandemic has widespread and long-lasting implications for the global economy causing general economic stagnation and crisis. Different industries and sectors strive to maintain the functioning of their business and stimulate companies to increasingly rely on the potential and power of digital technologies and network communications. In the trade sector, there was raising awareness about the importance of digitization and leveraging digital commerce as a strategic investment and competitive advantage. More and more trade companies started looking at digital channels not as an addition to their physical location but as a strategic source of long-term, sustained growth, which proved to be a significant boost for e-commerce all over the world. In this paper, B2B and B2C e-commerce segments are analyzed including current trends and dynamics, management of new business models, and expected implications of the latest digital technology innovations. Investments in new digital technologies tools and solutions in e-commerce had been driven up by the need for frictionless shopping, personalization, and improved operational efficiency required by new-age customers. Experiences of the Serbian economy in e-commerce transactions are analyzed as well.
Keywords: : E-commerce; Digitalization; Innovation; Competitiveness.
Tamara A. GOLUBOVIĆ, Vesna K. SPASOJEVIĆ BRKIĆ, Martina B. PERIŠIĆ
Abstract: In recent decades, process safety control and process safety risk assessment have become very attractive topics. The way in which control is carried out, using tools such as HAZOP, FMEA, FTA and similar is not sufficient to adequately prevent or control accidents with serious consequences in process industry. The need to analyze the causes of the causes themselves, with special emphasis on the impact of organizational factors has arosen. This research results in the development of an original, reliable and valid measuring instrument for assessing organizational factors important for risk assessment methodologies in working with pressure equipment. The initial instrument was designed on the basis of the previous research and then checked by statistical analysis, using the Kaiser-Meyerto-Olkin test, exploratory factor and reliability analysis. The proposed instrument has made reduction from 71 to 48 dimensions, describing 10 organizational factors important for risk management of pressure equipment. Providing a valid and reliable measurement instrument is essential for proactive approach, which enables managers employed in the organization to mitigate the risks of pressure equipment operation, and prevent accidents. The proposal of further research is the application of confirmatory factor analysis or/and stuctural equations modeling on data collected.
Keywords: Organizational factors; Risk management; Process Industry; Pressure Equipment; Reliability; Validity.
THE EFFECTS OF ORGANIZATIONAL CULTURE ON JOB SATISFACTION AND FINANCIAL PERFORMANCE
Predrag MALI, Bogdan KUZMANOVIĆ, Siniša MITIĆ, Edit TEREK STOJANOVIĆ, Milan NIKOLIĆ
Abstract: The paper examines the effects of organizational culture on employee job satisfaction and financial performance. The research was carried out in organizations in Serbia. 220 employees participated in the research. The dimensions of organizational culture have statistically significant, strong and positive correlations with the dimensions of job satisfaction and items of financial performance. The exception is the dimension of organizational culture OC3 - Power Distance, that has mostly negative correlations. The strongest influences are exerted by the dimensions Collectivism within the group, Performance Orientation, Humane Orientation and Assertiveness. The dimensions of organizational culture have stronger predictive effects on the dimensions of job satisfaction than on the items of financial performance. Thus, organizational culture has a greater impact on individual performance, social relations, personal feelings and satisfaction of employees, while financial performance is also influenced by numerous external factors, such as the state of the industry, the strength and performance of competition, consumer needs and requirements.
Keywords: Organizational culture; Job Satisfaction; Financial Performance; Employees; Serbia.
THE USE OF DIGITAL PRODUCT-SERVICE SYSTEMS IN MANUFACTURING FIRMS
Slavko RAKIC, Aleksandar SOFIC, Branko MARKOSKI, Selver SOFTIC, Ugljesa MARJANOVIC
Abstract: Digital technologies change the way how manufacturing firms create offers for customers. These new technologies transform traditional Product-Service Systems into Digital Product-Service Systems. This paper investigates the use of digital technologies for the creation of new products and smart services in manufacturing firms. Additionally, this paper investigates the service orientation in Product-Service Systems. The data for this research were collected at the end of 2021 through the ASAP Service Management Forum in the manufacturing sector of the Republic of Serbia. The empirical results indicate that more than 60% of manufacturing firms use digital technologies for the creation of new products and less than 50% for the creation of new smart services. Moreover, results indicated that most services are product-oriented with 25% of share in a sample, followed by results-oriented services with 20% of share in a sample and use-oriented services with 11% of share in the total sample.
Keywords: Product-service systems; Digital servitization; Manufacturing firms; ASAP SMF.
THE IMPACT OF DEPRESSION ON WORK PERFORMANCE IN TELEWORKERS IN SERBIA
Srđana TABOROŠI, Dorontinë BERISHAJ
Abstract: Teleworking, as a new method of work, implies working out of designated office space using informational technologies. As a modern work practice it became popular in recend years, but abruptly developed in the last two years with the COVID 19 pandemic when a large number of companies was forced to perform remotely resulting in challenges. This reseach aims to examin how mental health can affect work performance in teleworking employees. The sample holds 134 respondents conventionly and remotely employeed in Serbia which were interviewed using CES-D self-assessment scale, with 20 questions measuring depressive symptomatology. This study demonstrates the connection between the methods of work and the mental state and their influence on work results. Teleworkers in Serbia show higher values of depression than conventionaly employees which can negatively affect their work performance. This research contributes to the improvement of remote employee management in Serbia and gives recommendations on how to notice depression in teleworkers, prevent it and reduce its effects.
Keywords: Teleworking; Depression; Work performance; Age; Remote workforce.
APPLICATION OF INDUSTRY 4.0 MODEL IN OIL AND GAS COMPANIES
Vidosav D. MAJSTOROVIĆ
Abstract: Although the concept of Industry 4.0 was defined a decade ago, experts have only been talking about the "Oil and Gas 4.0" model in the last few years. Experts for this industry agree that the "Oil and Gas 4.0" model in use, based on the digitalization and intelligence of the oil and gas industry, can bring huge benefits to the company. However, the "Oil and Gas 4.0" model is still in its infancy, but applications in areas such as: big data (BDA), industrial Internet of Things (IIoT) or analysis of typical oil and gas industry chain application scenarios through examples, such as an intelligent oil field, an intelligent pipeline and an intelligent refinery, make today's challenges real. So the essence of the "Oil and Gas 4.0" model is a data-driven intelligence system based on high digitization. This paper provides an overview of the state and development of the Industry 4.0 concept in the Oil and Gas Industry.
Keywords: Industry 4.0; Oil and Gas; Development; Application.
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