Abstract: The purpose of this study is to explore the different facets of growth among micro, small and medium-sized firms in Croatia and to analyze the differences between models designed for all micro, small and medium-sized firms and those in creative industries. Three growth prediction models were designed and tested using the growth of sales, employment and assets of the company as dependent variables. The key drivers of sales growth are: prudent use of cash, industry affiliation and higher share of intangible assets. Growth of assets depends on retained profits, internal and external sources of financing, as well as industry affiliation. Growth in employment is closely related to sources of financing, in particular, debt and it occurs less frequently than growth in sales and assets. The findings confirm the assumption that growth strategies of small and medium-sized enterprises (SMEs) in creative industries have specific differences in comparison to SMEs in general. Interestingly, only 2.2% of growing enterprises achieve growth in employment, assets and sales simultaneously.
Abstract: This study analyzes the innovative orientation of the
Croatian entrepreneurs. Innovative orientation is represented by the
perceived extent to which an entrepreneur’s product or service or
technology is new, and no other businesses offer the same product.
The sample is extracted from the GEM Croatia Adult Population
Survey dataset for the years 2003-2013. We apply descriptive
statistics, t-test, Chi-square test and logistic regression. Findings
indicate that innovative orientations vary with personal, firm, meso
and macro level variables, and between different stages in
entrepreneurship process. Significant predictors are occupation of the
entrepreneurs, size of the firm and export aspiration for both early
stage and established entrepreneurs. In addition, fear of failure,
expecting to start a new business and seeing an entrepreneurial career
as a desirable choice are predictors of innovative orientation among
early stage entrepreneurs.