Marijana Simic, Marko Slavkovic

DOI Number
First page
Last page


Many studies in previous years indicate that human capital is a key element in explaining economic activity. Human capital refers to the knowledge, skills and abilities of employees and it is the most important part of the intangible assets of a company. In fact, the phenomenon of human capital is insufficiently examined in the context of entrepreneurial venture. Therefore, the purpose of this paper is to determine the role of human capital in achieving entrepreneurial innovativeness, while the relevant determinants of human capital are formal and non-formal education, lifelong learning, previous experience, and entrepreneurial self-efficacy. So, the main goal of this paper is to reveal the existence and nature of relationship between human capital and innovativeness of entrepreneurial firms in the Republic of Serbia, not older than 5 years. The results of the conducted statistical analyzes indicate that the defined hypotheses are partially confirmed. Actually, some of the human capital’s determinants have a statistically relevant influence on the innovativeness of the observed entrepreneurial firms. The relevance of these results is justified by the fact that the information obtained through research, can be used to implement a more efficient and effective human resources management system in entrepreneurial ventures.


human capital, start up, entrepreneur, entrepreneurial innovativeness, Serbia

Full Text:



Alvarez, S.A., & Barney, J.B. (2007). Discovery and creation: Alternative theories of entrepreneurial action. Strategic entrepreneurship journal, 1 (1‐2), 11-26.

Bandura, A. (1977). Self-efficacy: toward a unifying theory of behavioral change. Psychological review, 84 (2), 191- 215.

Baum, J.R. & Locke, E.A. (2004). The relationship of entrepreneurial traits, skill, and motivation to subsequent venture growth. Journal of applied Psychology, 89 (4), 587- 598.

Becker, G.S. (1964). Human capital: a theoretical analysis with special reference to education, New York: Columbia University Press for NBER.

Bontis, N. (1998). Intellectual capital: an exploratory study that develops measures and models. Management Decision, 36 (2), 63-76.

Bosma, N., Van Praag, M., Thurik, R. & De Wit, G. (2004). The value of human and social capital investments for the business performance of startups. Small Business Economics, 23 (3), 227-236.

Boyd, N.G. & Vozikis, G.S. (1994). The influence of self-efficacy on the development of entrepreneurial intentions and actions. Entrepreneurship theory and practice, 18, 63-63.

Chandler, G.N. & Jansen, E. (1992). The founder's self-assessed competence and venture performance. Journal of Business Venturing, 7 (3), 223-236.

Chen, C., Greene, P. & Crick, A. (1998). Does entrepreneurial Self-efficacy Distinguish Entrepreneurs from Managers. Journal of Business Venturing, 13 (4), 295-316.

Cooper, A.C., Gimeno-Gascon, F.J. & Woo, C.Y. (1994). Initial human and financial capital as predictors of new venture performance. Journal of business venturing, 9 (5), 371-395.

Covin, J.O. & Miles, M.P. (1999). Corporate entrepreneurship and the pursuit of competitive advantage. Entrepreneurship Theory and Practice, 23 (3), 47–63.

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

Dess, G.G., Lumpkin, G.T. & Covin, J.G. (1997). Entrepreneurial strategy making and firm performance: Tests of contingency and configurational models. Strategic management journal, 18 (9), 677-695.

DeVellis, R. F. (2003). Scale Development: Theory and applications, 2nd edn, Thousand Oaks, California: Sage Publications.

Drucker, P. (1996). Inovacije i preduzetništvo [Innovation and Entrepreneurship]. Beograd: Grmeč.

Hayton, J.C. (2005). Competing in the new economy: the effect of intellectual capital on corporate entrepreneurship in high‐technology new ventures. R&D Management, 35 (2), 137-155.

Janošević, S. & Dženopoljac, V. (2016). Inovativnost kao komponenta intelektualnog kapitala [Innovation as a component of intellectual capital]. In: Unapređenje konkurentnosti privrede Republike Srbije, Kragujevac: Ekonomski fakultet u Kragujevcu, 171-186.

Jones, R.J. & Barnir, A. (2019). Properties of opportunity creation and discovery: Comparing variation in contexts of innovativeness. Technovation, 79, 1-10.

Marvel, M.R. & Lumpkin, G.T. (2007). Technology entrepreneurs' human capital and its effects on innovation radicalness. Entrepreneurship Theory and Practice, 3 (6), 807-828.

Moon, Y.J. & Kym. H.G. (2006). A Model for the Value of Intellectual Capital. Canadian Journal of Administrative Sciences, 23 (3), 253-269.

OECD (1998). Fostering Entrepreneurship: A Thematic Review. Paris: OECD.

Parker, S. (2009). The Economics of Entrepreneurship, Cambridge: Cambridge University Press.

Peña, I. (2002). Intellectual capital and business start-up success. Journal of Intellectual Capital, 3 (2), 180-198.

Poon, M.L., Ainuddin, R.A. & Haji Junit, S. (2016). Effects of Self-concept Traits and Entrepreneurial Orientation on Firm Performance. International Small Business Journal, 24 (1), 61-82.

Rotefoss, B. & Kolvereid, L. (2005). Aspiring, nascent and fledgling entrepreneurs: an investigation of the business start-up process. Entrepreneurship & Regional Development, 17 (2), 109-127.

Sanchez-Gutierrez, J., Mejia-Trejo, J., Vargas-Barraza, J.A. & Vazquez-Avila, G. (2016). Intellectual capital, impact factor on competitiveness: manufacturing industry SMEs in Mexico. Measuring Business Excellence, 20 (1), 1-11.

Scarborough, N. M. & Zimmerer, T. W. (2003). Effective Small Business Management an Entrepreneurial Approach, New Jersey: Pearson Education.

Schumpeter, J.A. (1942). Capitalism, socialism, and democracy, New York: Harper and Brothers.

Sena, V., Scott, J. & Roper, S. (2012). Gender, borrowing patterns and self-employment: some evidence for England. Small Business Economics, 38 (4), 467-480.

Shane, S. & Venkataraman, S. (2000). The promise of entrepreneurship as a field of research. Academy of Management Review, (25), 217–226.

Shane, S. (2000). Prior knowledge and the discovery of entrepreneurial opportunities. Organization Science, 11 (4), 448–469.

Shepherd, D.A. & DeTienne, D.R. (2005). Prior knowledge, potential financial reward, and opportunity identification. Entrepreneurship Theory and Practice, 29 (1), 91–112.

Stuart, R.W. & Abetti, P.A. (1990). Impact of entrepreneurial and management experience on early performance. Journal of business venturing, 5 (3), 151-162.

Wach, D., Stephan, U. & Gorgievski, M. (2015). More than money: Developing an integrative multi-factorial measure of entrepreneurial success. International Small Business Journal, 34 (8), 1098-1121.



  • There are currently no refbacks.

© University of Niš, Serbia
Creative Commons License CC BY-NC-ND
ISSN 0354-4699 (Print)
ISSN 2406-050X (Online)