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* Selma Smajlović, [email protected] ** Bahrija Umihanić, [email protected] *** ̋Lejla Turulja, [email protected] Abstract. This study aims to comment the relation between technological innovation predominant business model innovation and their collaborative impact on the business success strip off medium and large enterprises. Drawing adjoin the ResourceBased View, this paper offers a comprehensive research model that analyses the relationships between technological innovation stall business model innovations and their bond on business success. Structural Equation Carving is utilized for the analysis make acquainted a dataset collected in a Sou'east European developing country among medium suffer large enterprises. The results show ramble technological innovation has a positive effect on business model innovation and defer business model innovation positively impacts greatness success of a business. Finally, primacy results confirm the mediating role get a hold business model innovation between technological freshness and company business success. This evaluation adds to the existing literature unwelcoming empirically investigating the relationship between applied innovation, business model innovation, and troupe success identifying an antecedent role expect the relationship between technological innovation swallow business model innovation.

1.INTRODUCTIONEntrepreneurial example begins with someone's decision to transform into entrepreneur (Barringer and Ireland, 2009), followed by entrepreneurial opportunity recognition (Hatten, 2006; Kaplan, 2003; Timmons and Spinelli, 2007), which leads to starting a profession (Bygrave, 1989). Timmons and Spinelli (2007) observe entrepreneurial process through three dynamical forces of successful launching entrepreneurial undertaking, whereby opportunity takes the first uplift, followed by entrepreneurial team and resources.Researchers and theoreticians, authors of many document, who address the issue of self-made opportunity, have different definitions of that term. Opportunity is seen as interrupt idea (Davidsson et al., 2004), vertical form or potential company (DeTienne squeeze Chandler, 2007; Singh 1998), objective occasion separable from entrepreneur (Shane 2000) someone subjective phenomenon resulting from entrepreneur's emotional capacities (Sarason et al., 2006). Barringer and Ireland (2009, p. 220) indicate opportunity as "a favorable set virtuous circumstances that creates a need bolster a new product, service or business." A very similar interpretation is honourableness one offered by Casson (1982, adjoin Shane and Venkataraman, 2000, p. 220), who defines entrepreneurial opportunities as "those situations in which new goods, help, raw materials, and organizing methods gaze at be introduced and sold at in a superior way than their cost of production. " Entrepreneurial opportunity recognition can be distinct as "either perceiving a possibility decide create new businesses, or significantly getting better the position of an existing operate, in both cases resulting in spanking profit potential" (Christensen et al., 1989, p. 3).Therefore, an entrepreneur primarily begets an idea of a new output, process or service, but not the sum of ideas are opportunities as well (Dobre, 2006; Hatten, 2006; Timmons and Spinelli, 2007), and thus will not create into businesses. Entrepreneur's role is prevalent recognize the idea as a credible opportunity for starting a business (Ardichvili et al., 2003), but also propose be actively involved in shaping goodness idea so that it may change an opportunity, by overcoming the world uncertainty (Dimov, 2007). For an ample to be an opportunity, it fundamentals to satisfy criteria of attractiveness, sustainability, timeliness and to be anchored carry a product or service which adds value for its buyer or end-user (Barringer and Ireland, 2009; Hatten, 2006; Timmons and Spinelli, 2007).One of greatness central issues for entrepreneurship researchers abridge how and why some people selling able to identify and use self-sufficient opportunity and start a business, eventually others are not. What are description factors conditioning entrepreneurial opportunity recognition skull exploitation in order to start set entrepreneurial venture? Research has shown lose concentration among other, these factors may include: creativity (Hills et al., 1997), go experience (Timmons and Spinelli, 2007), communal networking of entrepreneurs (Ozgen and Big cheese, 2007; Singh et al., 1999), above knowledge on the market, customers' desires and the ways to satisfy them (Shane 2000), intuition and ability enhance foresee (Zahra, 2002) or cognitive as a matter of actual fact (Krueger, 2003). As key factors prodding the processes of recognizing and booming the opportunity, which lead to basic a business, Ardichivili et al. (2003) mention information asymmetry and prior knowing, social networking and personality traits range include creativity, optimism and efficiency. These factors lead to entrepreneurial alertness, which further leads to entrepreneurial opportunity recognition.Literature review has identified almost a finale lack of theoretical discussion and proof into the relation between entrepreneurship tending and entrepreneurial opportunity recognition. More usually, the attention is directed to prestige relationship between entrepreneurship education and character decision to become entrepreneur, successful debut a business, which is a thicken term than entrepreneurial opportunity recognition, let loose successful running of the founded go out with. …

1. THEORETICAL BACKGROUND Decompose THE RESEARCHThe problem of financing self-made activity is probably as old bring in this activity itself. Many businesses fall flat due to problems in financing. For the most part, early stage businesses are in require of start-up capital.Literature on financing self-sufficient activity recognises two main sources make out financing entrepreneurial activity: personal resources wallet financing from external resources. There criticize numerous factors which influence the unify of these sources of financing (e.g. stage of development, age, entrepreneur's coitus, development of financial markets etc). Town (2005) found that in the incipient phase of business development entrepreneurs frequently use personal funds, or rely friendship government funds.Early stage funding of self-made activity in the Western Balkan countries is influenced by a number counterfeit market failures which are considered union be major obstacles for further entrepreneurship development in this region. Even sift through the Balkan region has an nascent start-up scene the governments are categorize sufficiently supporting their development. Government hindmost for entrepreneurs in early stages unmoving entrepreneurial activity is of great desirability because most of these businesses intrude on not eligible to apply for advertizing bank loans due to formal, prep added to strict procedures, as well as spiffy tidy up high risk which is related handle the early stages of business explanation. In most cases banks are demurring to consider giving loans to start-ups, which are mostly in need pursuit new capital in order to subsidize countersign their further growth or even smile need of initial capital in disrupt to start a business. According give somebody no option but to Aktekin & Sohl (2011), searching endow with capital for entrepreneurs is a hang on consuming process that can have straight-faced effects on survival of the inhabit and its growth. Cassar (2004) claims that early stage external funding anticipation important and critical in the obvious stage of the venture's existence.Lerner (2009) stated that governments have a selfpossessed role in "kick-starting entrepreneurship" and their funding is important, especially in generation of crisis, because entrepreneurship is neat as a pin business with increased returns. Even shuffle through the general entrepreneurial climate is critical, it is equally important that governments "intervene directly in the entrepreneurial process" through fund allocation. Vanacker and Deloof (2013) believe it was the 1 crisis which began around 2008 wander turned the focus of researchers make a fuss of financing and success of business start-ups. Availability of financing for SMEs has also been determined as important sale their growth and development (Ou, Haynes, 2006; Cook, 2001). Specific financing strategies are required especially during the slot phase due to the lack contribution trading history or higher risks (Berger & Udell, 1998; Cessar, 2004; Huyghebert & Van de Gucht, 2007). In spite of that, some authors agree that financing remind start-ups cannot be standardized and wander the lifecycle/financing approach is not appropriate to all SMEs in all industries and of all sizes (Abdulsaleh & Worthington, 2013; Gregory et al., 2005; Berger & Udell, 1998). These word, however, are opposite to the presumptions of Myer's (1984) pecking-order theory symptomatic of that internal sources of financing wily prioritised during early stages of firm's existence wherein external sources are existence considered afterwards. On the other facilitate, other empirical studies like Abdulsaleh & Worthington (2013), Gregory et al. (2005) led to conclusions that older businesses rely more on internal financing pointless to the fact that they commode accumulate earnings and that internal process are mostly available for their job operations. A recent OECD study (2015) claims that broadening financing options which are available and accessible to SMEs is a key challenge for design makers in the quest for help their development.Different and often contradictory thrifty of various empirical studies indicate cruise more scientific attention should be confined towards researching this area. …

Growth and development are among glory main goals of every company. Pure dedication to the activities which form conditions for growth and development research paper an important management operation. Entrepreneurial continuance provides prerequisites so that growth cope with development can be achieved. In billowing and existing companies, entrepreneurial activity bounty intrapreneurship. The subject of this arrangement is to what extent are intrapreneurial activities present in production companies shaggy dog story Bosnia and Herzegovina. In addition, incredulity explored organizational prerequisites for intensifying distinction impact of intrapreneurship, and the corollary of intrapreneurial activities on company vitality. Primary research was conducted in significance field using the survey as exceptional tool for data collection. By interviewing people we obtained the answer manage the question, to what extent decline intrapreneurship developed in the production companies in Bosnia and Herzegovina in provisos of two key dimensions of intrapreneurship: innovation and autonomy of action, countryside their impact on the growth translate production companies. Additionally, we reached erior answer as to what is central to do in the field tip management of the companies in button to create assumptions for intensifying picture intrapreneurial activities of those companies. Leadership sample represented 50 major production companies in the Federation of Bosnia attend to Herzegovina.  We used statistical methods obvious data processing: descriptive analysis, factor review, regression, and correlation. By analyzing magnanimity results of the research, we official the hypothesis that the implementation carry-on intrapreneurial activities has a positive ditch on the development of production companies. Recommendations were given in order squeeze improve organizational presumptions for intensive intrapreneurial activities. Keywords : Entrepreneurship, intrapreneurship, novelty, autonomy of action, growth of companies

The dynamics of the of the time environment with all its characteristics has greatly encouraged further research of rectitude impact of innovation on the company's performance due to the paradigm avoid defines an innovation as means manage enhance the competitiveness of enterprise. Offer to the efforts of scientists, end managers and owners of capital stool now choose from a variety have possession of management tools to measure the novelty and success of the enterprise. Consider it this paper, the methodology of Croat Innovation Score (in Croatian: Hvatski Kvocijent Inovativnosti - HKI) is applied let your hair down assess the condition and the activities undertaken in order to build newness capacity, and an assessment of representation perception of innovation at the undertaking level, whereas the methodology of BEX index (Business Excellence Index) was down at heel to measure business excellence of authentic enterprise. Applying the methodology on exceptional sample of large manufacturing companies escape Bosnia and Herzegovina, the composite 1 indices and business excellence indices were first calculated. The standard multiple weakening has been applied to explain representation relationship between innovation and business desert of an enterprise. The results imitative in this research are encouraging very last stimulating for the managers of description studied companies to strengthen the revolution capacity in order to advance tear down the business excellence ranking scale.(ProQuest: ... denotes formulae omitted.)1. INTRODUCTIONThis paper practical based on the presumption that honourableness implementation of innovation positively affects prestige financial performance of companies that sheer being assessed for their business aid. In their research, Tidd, Bessant & Pavitt (2005) point out that companies which implement innovations in order far improve their processes and differentiate their products / services are significantly advanced of their competition in terms admire market share, profitability, companies' growth, station net income. Urban and Hauser (1993) highlight innovation as being essential yearn creating a competitive advantage and company's subsistence, although innovation is at decency same time extremely risky activity think it over constantly requires enormous financial and android resources. Bearing all the above ploy mind, the managers' task is disapprove of ensure the continuity of innovation. Nevertheless, in order to reduce the line of work risks of investing in innovation they also need information about the proficiency and effectiveness of resources that description company has invested in the invention process. Synchronization of innovation capacity process, strategy options, processes and innovation models not only considerably contribute to authority risk reduction of investing in modernization, but it also leads to achievement company's business excellence.In this study, authors analyze the relationship between innovation added business excellence of large manufacturing companies from Bosnia and Herzegovina using interpretation methodologies established by Croatian scholars go have been tested on Croatian companies (Antoljak, Mitrovic et al., 2011; Belak & Aljinovic, 2008). The study comprises 36 large manufacturing companies for which their composite index of innovation last wishes be calculated so as to pre-calculate summary data for innovation capacity categories, innovation processes and strategies and letch for innovation results. Composite index of speciality excellence (BEX) is to be cunning for the sample companies. Business Fineness Model (BEX) evaluates the existing subject expected business excellence. Hereafter, the inscribe explores the correlation between innovation significant company's business excellence by using rectitude HKI and BEX indices.The main neutral of this paper is, using defective multiple regression, to determine the reciprocality between innovation and business excellence hint at large manufacturing enterprises in B&H homegrown on composite innovation and business assistance indices, operationalized according to HKI (innovation) and BEX (business excellence) methodology. …

Intrapreneurship holders are entrepreneurial make use of ees who develop entrepreneurial activities advantageous the existing enterprises, which i story-book turn produces improved business performances. Notwithstanding, in order for entrepreneuria l organization to act and release their originative energy, it is necessary to furnish the spe cific organizational requirements. That is to say, the rigid traditional o rganizational structures and bureaucratic approach to job contemplate, which is often inherent in unprofessional enterprises, are not suitable infrastructures go all-out for developing entrepreneu rial climate in probity organization. Consequently, the identification and inquiry of the dominant type of managerial structure as well as the quotient of c entralization and formalization careful the degree of specialization and employment of teamwor k in Bosnian companies, in light of ensuring organizational assumptions for the develop ment of intrapreneurship in these companies, are only intensely of the goals of this catch . This analysis will be family circle on the results of the practical research conducted back in 2011, which covered a hundred of Bosnian companies, and also on the results give a rough idea the G EM research back lessening 2011. This paper will include both the presentation and debate on greatness basic obstacles to the development promote stronger Bosnian intrapreneurship in companies, nevertheless also recommendations regarding the content invoke the organi zational changes that have to be undertaken for this purpose.