THE IMPACT OF EDUCATION AND ENTREPRENEURIAL SKILLS ON THE FINANCIAL PERFORMANCE OF AGRICULTURAL ENTREPRENEURS

Miloš Nikolić; Slađana Vujičić; Oliver Momčilović; Mihajlo Ranisavljević

doi:10.59267/ekoPolj2503963N

Authors

Miloš Nikolić Faculty of Business and Law, MB University, Teodora Drajzera br. 27, 11000 Belgrade, Serbia https://orcid.org/0000-0003-0690-8047
Slađana Vujičić Faculty Business, Economics and Entrepreneurship, Mitropolita Petra 8, 11000 Belgrade, Serbia https://orcid.org/0000-0002-8532-2644
Oliver Momčilović Faculty of Applied Management, Economics and Finance, Jevrejska 24/1, 11000 Belgrade, University Business Academy in Novi Sad, Serbia https://orcid.org/0000-0002-2926-3475
Mihajlo Ranisavljević Military Technical Institute (MTI), Ratka Resanovića 1 11000 Belgrade, Serbia https://orcid.org/0000-0002-2766-0469

DOI:

https://doi.org/10.59267/ekoPolj2503963N

Keywords:

education, entrepreneurial skills, financial performance, agribusiness, agricultural entrepreneurs

Abstract

In today’s business environment, the agricultural sector faces numerous challenges, including climate change, market fluctuations, and the need for innovation. Education and entrepreneurial skills are key factors for improving the business performance of agricultural entrepreneurs. The aim of this research is to examine the impact of education and entrepreneurial skills on the financial success of agricultural entrepreneurs. The study was conducted on a sample of 567 entrepreneurs from the agribusiness sector, using three key variables: entrepreneurial education, entrepreneurial skills, and financial performance. The results showed that both education and skills have a statistically significant and positive impact on the financial performance of entrepreneurs, with the influence of skills being more pronounced. Strategic decision-making, resource management, and the ability to make quick decisions in complex situations proved to be especially important competencies.

Downloads

Download data is not yet available.

References

Agrawal, R. (2016). ‘Enterprise risk management’ essential for survival and sustainable development of micro, small and medium enterprises,, International Review, Vol. 1-2, pp. 117-124

Barney, J. B. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17(1), 99–120.

Becker, G. S. (1964). Human Capital: A Theoretical and Empirical Analysis, with Special Reference to Education. University of Chicago Press.

Becker, G. S. (1993). Human Capital: A Theoretical and Empirical Analysis. University of Chicago Press.

Cindrić, J., Anđelković, M., & Chiro, D. (2024). Knowledge-Based Education for the Future. International Journal of Economics and Law, 14(41), 11–25

Davidsson, P., & Honig, B. (2003). The role of social and human capital among nascent entrepreneurs. Journal of Business Venturing, 18(3), 301–331.

EIP-AGRI. (2016). Focus Group Final Report: New entrants into farming. European Commission.

European Commission. (2016). Rural Development in the European Union: Statistical and Economic Information. Directorate-General for Agriculture and Rural Development.

FAO. (2017). The future of food and agriculture – Trends and challenges. Food and Agriculture Organization of the United Nations.

FAO. (2021). The State of Food and Agriculture 2021. Food and Agriculture Organization of the United Nations.

Kreft, S. F., & Sobel, R. S. (2005). Public policy, entrepreneurship, and economic freedom. Cato Journal, 25(3), 595–616.

Krmpot, V., Krmpot, K., & Janković, M. (2024). Knowledge Management in the New Knowledge Economy. International Journal of Economics and Law, 14(42), 61–67.

Man, T. W. Y., Lau, T., & Chan, K. F. (2002). The competitiveness of small and medium enterprises: A conceptualization with focus on entrepreneurial competencies. Journal of Business Venturing, 17(2), 123–142.

Martin, B. C., McNally, J. J., & Kay, M. J. (2013). Examining the formation of human capital in entrepreneurship: A meta-analysis of entrepreneurship education outcomes. Journal of Business Venturing, 28(2), 211–224.

Marvel, M. R., & Lumpkin, G. T. (2007). Technology entrepreneurs’ human capital and its effects on innovation radicalness. Entrepreneurship Theory and Practice, 31(6), 807–828.

Milanović, M., Nikitović, Z. Vujičić, S. (2020). The Importance of the Quality of the Agricultural Product for Sustainable Success of Agricultural Holding. International Review ,3-4.

Miletić L., Ilić M., Kastratović E. (2018) The role of financial institutions from the aspect of innovated banking products and services as the reply of banks in Serbia to the changes in the environment, International Review, br. 1-2, pp. 111-118

Milićević, R., Milovanović, S., Momirović, D., Simonović, Z. (2022). Sustainable tourism development according to EU indicators, in the function of economic growth of Niška Banja. Ekonomika, 68(2), 15-29.

Mishra, A. K., El-Osta, H. S., & Shaik, S. (2010). Succession decisions in U.S. family farm businesses. Journal of Agricultural and Resource Economics, 35(1), 133–152.

Njoku, J. E., & Odii, M. A. C. (1991). Determinants of loan repayment under the special emergency loan scheme (SEALS) for smallholder farmers in Imo State, Nigeria. African Review of Money Finance and Banking, 39–52.

OECD. (2020). Innovation, Agricultural Productivity and Sustainability in Serbia. OECD Publishing.

Pavić, Ž. (2019). ,,Edukativni model obrazovanja u oblasti zdravstvenog menadžmenta,, Ekonomika, vol. 65(1), str. 85-94 [In Englich:Pavić Ž.(2019) An Educational Model for Health Management Education,” Ekonomika, 65(1), 85–94]

Puška A., Štilić A.(2022) Unapređenje konkurentnosti zemalja primjenom računarstva u oblaku, Akademski pregled,Vol.5,No.2,71-157 [In Englich: Puška, A., & Štilić, A. (2022). Enhancing the competitiveness of countries by applying cloud computing, Academic Review) 5(2), 71–157]

Šćepanović I., Stevanović M, Šćepanović V. (2023). ,,Inovacije i digitalna transformacija kao pokretači ekonomskog rasta u zemljama Evropske Unije,, Akademski pregled,Vol.VII, No.1,pp.12-19. 15[In Englich: Šćepanović, I., Stevanović, M., & Šćepanović, V. (2023). Innovations and digital transformation as drivers of economic growth in European Union countries.Academic Review), 7(1), 12–19]

Simonović, Z. (2016). Development Policy Advisory Public Service in Agriculture in the Republic of Serbia. Ekonomika, Vol. 62, Issue 1, pp. 59–68.

Šormaz G. Značaj preduzetništva i inovativnosti za ekonomski razvoj Republike Srbije, Trendovi u poslovanju, 2021, vol. 9, br. 2, str. 30-39[In Englich: Šormaz, G. (2021). The importance of entrepreneurship and innovation for the economic development of the Republic of Serbia,, Trends in business, 9(2), 30–39]

Stojković Hadži S., Kastratović E.,Stanković Lj. (2022) Inovacija kao način povećanja konkurentnosti privrede, Trendovi u poslovanju,vol. 10, br. 1, str. 18- 25[In Englich: Stojković Hadži, S., Kastratović, E., & Stanković, Lj. (2022). Innovation as a means to increase the competitiveness of the economy, Trends in business,10(1), 18–25]

Van der Sluis, J., Van Praag, M., & Vijverberg, W. (2008). Education and entrepreneurship selection and performance: A review of the empirical literature. Journal of Economic Surveys, 22(5), 795–841.

Vemić, M., Hrechyshkina, O., Samakhavets, M. (2022). ,,On the potentialities of an innovation council concept in the Belarusian research and technological development, International Journal of Economics and Law, April 2022 ,Vol.12, No. 34.

Vujičić, S., Palić, V., Cogoljević, D., & Nikitović, Z. (2019). The Consumption of Organic Foods by the Student Population in the Republic of Serbia. Ekonomika poljoprivrede, 66(3), 771–786.

Vujičić, S., Ravić, N., & Nikolić, M. (2021). Uticaj planiranja na razvoj inovacija u malim i srednjim preduzećima. Trendovi u poslovanju, 17(1), 78–83[In Englich: Vujičić, S., Ravić, N., & Nikolić, M. (2021). The impact of planning on the development of innovations in small and medium-sized enterprises. Trends in business, 17(1), 78–83]

World Bank. (2020). Enabling the Business of Agriculture. Washington, DC: World Bank Group.

Zakić, N., Bugarčić, M., Milovanović, M. (2017). ,,Proclivity for open innovation in the case of agricultural and food companies in Serbia,, International Review, Vol. 3-4, pp. 64-71

Zhao, H., Seibert, S. E., & Lumpkin, G. T. (2010). The relationship of personality to entrepreneurial intentions and performance: A meta-analytic review. Journal of Management, 36(2), 381–404.