TY  - CONF
AU  - Mihajlović, Ivan
AU  - Nikolić, Nenad
AU  - Schulte, Peter
PY  - 2022
UR  - https://machinery.mas.bg.ac.rs/handle/123456789/4861
AB  - This manuscript is presenting the results of the research, conducted during the International
Visegrad project: “How to prevent SMEs from failure (Actions based on comparative analysis in Visegrad countries and Serbia)”. The project was realized during the period 2018-2019. The importance of the factors that can influence SMEs failure were collected through specially designed questionnaire that included individual and non-individual factors. In the group of non-individual, external and internal factors were analyzed. The ranking of collected factors were done using the contemporary multi criterion decision making tools. The results of this previous project will be introduced, in the first part of the paper, as the input for the results obtained in 2021-2022 in frame of the new research project, which will be presented in the second part of the paper
PB  - University of Belgrade - Faculty of Mechanical Engineering
C3  - Book of Proceedings of the international conference on industrial engineering - SIE 2022
T1  - Factors affecting SMEs failure - part one: general aspects
EP  - 208
SP  - 204
UR  - https://hdl.handle.net/21.15107/rcub_machinery_4861
ER  - 

@conference{
author = "Mihajlović, Ivan and Nikolić, Nenad and Schulte, Peter",
year = "2022",
abstract = "This manuscript is presenting the results of the research, conducted during the International
Visegrad project: “How to prevent SMEs from failure (Actions based on comparative analysis in Visegrad countries and Serbia)”. The project was realized during the period 2018-2019. The importance of the factors that can influence SMEs failure were collected through specially designed questionnaire that included individual and non-individual factors. In the group of non-individual, external and internal factors were analyzed. The ranking of collected factors were done using the contemporary multi criterion decision making tools. The results of this previous project will be introduced, in the first part of the paper, as the input for the results obtained in 2021-2022 in frame of the new research project, which will be presented in the second part of the paper",
publisher = "University of Belgrade - Faculty of Mechanical Engineering",
journal = "Book of Proceedings of the international conference on industrial engineering - SIE 2022",
title = "Factors affecting SMEs failure - part one: general aspects",
pages = "208-204",
url = "https://hdl.handle.net/21.15107/rcub_machinery_4861"
}

Mihajlović, I., Nikolić, N.,& Schulte, P.. (2022). Factors affecting SMEs failure - part one: general aspects. in Book of Proceedings of the international conference on industrial engineering - SIE 2022
University of Belgrade - Faculty of Mechanical Engineering., 204-208.
https://hdl.handle.net/21.15107/rcub_machinery_4861

Mihajlović I, Nikolić N, Schulte P. Factors affecting SMEs failure - part one: general aspects. in Book of Proceedings of the international conference on industrial engineering - SIE 2022. 2022;:204-208.
https://hdl.handle.net/21.15107/rcub_machinery_4861 .

Mihajlović, Ivan, Nikolić, Nenad, Schulte, Peter, "Factors affecting SMEs failure - part one: general aspects" in Book of Proceedings of the international conference on industrial engineering - SIE 2022 (2022):204-208,
https://hdl.handle.net/21.15107/rcub_machinery_4861 .

TY  - CONF
AU  - Mihajlović, Ivan
AU  - Nikolić, Nenad
AU  - Schulte, Peter
PY  - 2022
UR  - https://machinery.mas.bg.ac.rs/handle/123456789/4850
AB  - The results presented in this manuscript, are one segment of large international research, conducted during the International Visegrad project: “Possibilities and barriers for industry 4.0
implementation in SMEs in V4 countries and Serbia”. The project was financially supported by the
International Visegrad Fund, during the period 2021-2022. The awareness of the entrepreneurs and the employees in the SME sector on the possibilities and barriers of digitalization of their business operations were collected through specially designed questionnaire. Obtained results were analyzed using the linear and non-linear statistical analysis, including linear regression analysis and artificial neural networks.
PB  - University of Belgrade - Faculty of Mechanical Engineering
C3  - Book of Proceedings of the international conference on industrial engineering - SIE 2022
T1  - FACTORS AFFECTING SMEs FAILURE - PART TWO: POSSIBILITIES AND BARRIERS OF DIGITALIZATION
EP  - 212
SP  - 208
UR  - https://hdl.handle.net/21.15107/rcub_machinery_4850
ER  - 

@conference{
author = "Mihajlović, Ivan and Nikolić, Nenad and Schulte, Peter",
year = "2022",
abstract = "The results presented in this manuscript, are one segment of large international research, conducted during the International Visegrad project: “Possibilities and barriers for industry 4.0
implementation in SMEs in V4 countries and Serbia”. The project was financially supported by the
International Visegrad Fund, during the period 2021-2022. The awareness of the entrepreneurs and the employees in the SME sector on the possibilities and barriers of digitalization of their business operations were collected through specially designed questionnaire. Obtained results were analyzed using the linear and non-linear statistical analysis, including linear regression analysis and artificial neural networks.",
publisher = "University of Belgrade - Faculty of Mechanical Engineering",
journal = "Book of Proceedings of the international conference on industrial engineering - SIE 2022",
title = "FACTORS AFFECTING SMEs FAILURE - PART TWO: POSSIBILITIES AND BARRIERS OF DIGITALIZATION",
pages = "212-208",
url = "https://hdl.handle.net/21.15107/rcub_machinery_4850"
}

Mihajlović, I., Nikolić, N.,& Schulte, P.. (2022). FACTORS AFFECTING SMEs FAILURE - PART TWO: POSSIBILITIES AND BARRIERS OF DIGITALIZATION. in Book of Proceedings of the international conference on industrial engineering - SIE 2022
University of Belgrade - Faculty of Mechanical Engineering., 208-212.
https://hdl.handle.net/21.15107/rcub_machinery_4850

Mihajlović I, Nikolić N, Schulte P. FACTORS AFFECTING SMEs FAILURE - PART TWO: POSSIBILITIES AND BARRIERS OF DIGITALIZATION. in Book of Proceedings of the international conference on industrial engineering - SIE 2022. 2022;:208-212.
https://hdl.handle.net/21.15107/rcub_machinery_4850 .

Mihajlović, Ivan, Nikolić, Nenad, Schulte, Peter, "FACTORS AFFECTING SMEs FAILURE - PART TWO: POSSIBILITIES AND BARRIERS OF DIGITALIZATION" in Book of Proceedings of the international conference on industrial engineering - SIE 2022 (2022):208-212,
https://hdl.handle.net/21.15107/rcub_machinery_4850 .

TY  - JOUR
AU  - Nikolić, Nenad
AU  - Nikolić, Đorđe
AU  - Marinković, Sanja
AU  - Mihajlović, Ivan
PY  - 2021
UR  - https://machinery.mas.bg.ac.rs/handle/123456789/5293
AB  - There is no doubt that small and medium-sized enterprises (SMEs) play a significant role in the economy of one country. The aim of this paper is to rank SMEs failure factors in order to identify the most influential ones. Identification of the most influential factors can help SMEs develop an optimal strategy for improving a business environment and remove obstacles they encounter while conducting business. In addition, the existing and future entrepreneurs/managers would become aware of potential obstacles. Therefore, they would be able to prepare an appropriate response to overcome these obstacles. For the ranking of the failure factors of SMEs, the hybrid Fuzzy Analytic Hierarchy Process (FAHP)–Preference Ranking Organization Method for Enrichment Evaluation (PROMETHEE) model was used, which represents a new approach to ranking of the failure factors. The ABC method was applied to the obtained results in order to separate the group of the most influential factors. This group includes the following factors: Economic issues, Possibility of increasing capacity, Political issues, the Supply of electricity, Management of receivables/payables and Legislative issues. The obtained results indicate that the main problems which SMEs encounter come from the environment in which they operate, as well as from SMEs themselves. Therefore, there is an additional need to improve the business environment for SMEs, and also to identify these factors and resolve the problems in order to reduce the potential SMEs failure.
PB  - Taylor & Fransis
T2  - ENGINEERING MANAGEMENT JOURNAL
T1  - Application of FAHP-PROMETHEE Hybrid Model for Prioritizing SMEs Failure Factors
EP  - 219
IS  - 3
SP  - 202
VL  - 33
DO  - 10.1080/10429247.2020.1788332
ER  - 

@article{
author = "Nikolić, Nenad and Nikolić, Đorđe and Marinković, Sanja and Mihajlović, Ivan",
year = "2021",
abstract = "There is no doubt that small and medium-sized enterprises (SMEs) play a significant role in the economy of one country. The aim of this paper is to rank SMEs failure factors in order to identify the most influential ones. Identification of the most influential factors can help SMEs develop an optimal strategy for improving a business environment and remove obstacles they encounter while conducting business. In addition, the existing and future entrepreneurs/managers would become aware of potential obstacles. Therefore, they would be able to prepare an appropriate response to overcome these obstacles. For the ranking of the failure factors of SMEs, the hybrid Fuzzy Analytic Hierarchy Process (FAHP)–Preference Ranking Organization Method for Enrichment Evaluation (PROMETHEE) model was used, which represents a new approach to ranking of the failure factors. The ABC method was applied to the obtained results in order to separate the group of the most influential factors. This group includes the following factors: Economic issues, Possibility of increasing capacity, Political issues, the Supply of electricity, Management of receivables/payables and Legislative issues. The obtained results indicate that the main problems which SMEs encounter come from the environment in which they operate, as well as from SMEs themselves. Therefore, there is an additional need to improve the business environment for SMEs, and also to identify these factors and resolve the problems in order to reduce the potential SMEs failure.",
publisher = "Taylor & Fransis",
journal = "ENGINEERING MANAGEMENT JOURNAL",
title = "Application of FAHP-PROMETHEE Hybrid Model for Prioritizing SMEs Failure Factors",
pages = "219-202",
number = "3",
volume = "33",
doi = "10.1080/10429247.2020.1788332"
}

Nikolić, N., Nikolić, Đ., Marinković, S.,& Mihajlović, I.. (2021). Application of FAHP-PROMETHEE Hybrid Model for Prioritizing SMEs Failure Factors. in ENGINEERING MANAGEMENT JOURNAL
Taylor & Fransis., 33(3), 202-219.
https://doi.org/10.1080/10429247.2020.1788332

Nikolić N, Nikolić Đ, Marinković S, Mihajlović I. Application of FAHP-PROMETHEE Hybrid Model for Prioritizing SMEs Failure Factors. in ENGINEERING MANAGEMENT JOURNAL. 2021;33(3):202-219.
doi:10.1080/10429247.2020.1788332 .

Nikolić, Nenad, Nikolić, Đorđe, Marinković, Sanja, Mihajlović, Ivan, "Application of FAHP-PROMETHEE Hybrid Model for Prioritizing SMEs Failure Factors" in ENGINEERING MANAGEMENT JOURNAL, 33, no. 3 (2021):202-219,
https://doi.org/10.1080/10429247.2020.1788332 . .

TY  - JOUR
AU  - Nikolić, Nenad
AU  - Jovanović, Ivan
AU  - Nikolić, Đorđe
AU  - Mihajlović, Ivan
AU  - Schulte, Peter
PY  - 2019
UR  - https://machinery.mas.bg.ac.rs/handle/123456789/5305
AB  - This paper presents a conceptual framework for investigation of the factors influencing the failure of small and medium enterprises (SMEs) as well as the level of their recovery. Based on the review of literature, all the factors are classified either as individual characteristics of entrepreneurs or non-individual characteristics, that is, characteristics related to SMEs. Having in mind various factors identified by different researchers in their studies, the authors of this paper formed a basic hypothetical framework as well as a qualitative framework for evaluation of the most significant factors influencing SME failure and recovery. Accordingly, a preliminary questionnaire was designed in order to collect the attitudes of entrepreneurs regarding the impact of particular factors. The results of the survey were used for further quantitative analysis and as a base for the formation of a structural equation model for testing the proposed hypotheses.

Using the structural equation model to derive results, the authors have found that all the analysed factors except the factors related to private time activities of entrepreneurs/owners of SMEs have a statistically significant influence on SME success, with external non-individual factors having the greatest influence. Furthermore, the results indicate that the level of recovery, business life cycle stage and the sector of a failed SME impact on the ranking of the factors leading to SME failure. The study points to the necessity of improving the conditions under which SMEs operate, primarily by removing the obstacles that hinder growth and development of SMEs as well as by developing the appropriate system of support for entrepreneurs. In addition, having a clear vision of the factors of failure can help SMEs to become more resistant to the adverse effects of these factors and deal with them more effectively.
PB  - DE GRUYTER
T2  - ENTREPRENEURSHIP RESEARCH JOURNAL
T1  - Investigation of the Factors Influencing SME Failure as a Function of Its Prevention and Fast Recovery after Failure
IS  - 3
VL  - 9
DO  - 10.1515/erj-2017-0030
ER  - 

@article{
author = "Nikolić, Nenad and Jovanović, Ivan and Nikolić, Đorđe and Mihajlović, Ivan and Schulte, Peter",
year = "2019",
abstract = "This paper presents a conceptual framework for investigation of the factors influencing the failure of small and medium enterprises (SMEs) as well as the level of their recovery. Based on the review of literature, all the factors are classified either as individual characteristics of entrepreneurs or non-individual characteristics, that is, characteristics related to SMEs. Having in mind various factors identified by different researchers in their studies, the authors of this paper formed a basic hypothetical framework as well as a qualitative framework for evaluation of the most significant factors influencing SME failure and recovery. Accordingly, a preliminary questionnaire was designed in order to collect the attitudes of entrepreneurs regarding the impact of particular factors. The results of the survey were used for further quantitative analysis and as a base for the formation of a structural equation model for testing the proposed hypotheses.

Using the structural equation model to derive results, the authors have found that all the analysed factors except the factors related to private time activities of entrepreneurs/owners of SMEs have a statistically significant influence on SME success, with external non-individual factors having the greatest influence. Furthermore, the results indicate that the level of recovery, business life cycle stage and the sector of a failed SME impact on the ranking of the factors leading to SME failure. The study points to the necessity of improving the conditions under which SMEs operate, primarily by removing the obstacles that hinder growth and development of SMEs as well as by developing the appropriate system of support for entrepreneurs. In addition, having a clear vision of the factors of failure can help SMEs to become more resistant to the adverse effects of these factors and deal with them more effectively.",
publisher = "DE GRUYTER",
journal = "ENTREPRENEURSHIP RESEARCH JOURNAL",
title = "Investigation of the Factors Influencing SME Failure as a Function of Its Prevention and Fast Recovery after Failure",
number = "3",
volume = "9",
doi = "10.1515/erj-2017-0030"
}

Nikolić, N., Jovanović, I., Nikolić, Đ., Mihajlović, I.,& Schulte, P.. (2019). Investigation of the Factors Influencing SME Failure as a Function of Its Prevention and Fast Recovery after Failure. in ENTREPRENEURSHIP RESEARCH JOURNAL
DE GRUYTER., 9(3).
https://doi.org/10.1515/erj-2017-0030

Nikolić N, Jovanović I, Nikolić Đ, Mihajlović I, Schulte P. Investigation of the Factors Influencing SME Failure as a Function of Its Prevention and Fast Recovery after Failure. in ENTREPRENEURSHIP RESEARCH JOURNAL. 2019;9(3).
doi:10.1515/erj-2017-0030 .

Nikolić, Nenad, Jovanović, Ivan, Nikolić, Đorđe, Mihajlović, Ivan, Schulte, Peter, "Investigation of the Factors Influencing SME Failure as a Function of Its Prevention and Fast Recovery after Failure" in ENTREPRENEURSHIP RESEARCH JOURNAL, 9, no. 3 (2019),
https://doi.org/10.1515/erj-2017-0030 . .

TY  - CONF
AU  - Nikolić, Nenad
AU  - Dhamo, Zhaklina
AU  - Schulte, Peter
AU  - Mihajlović, Ivan
AU  - Kume, Vasilika
PY  - 2015
UR  - https://machinery.mas.bg.ac.rs/handle/123456789/5762
AB  - This manuscript is presenting the conceptual framework for research of the factors
which are influencing the failure of SMEs. The manuscript is just the starting base for the
larger research that will address the analysis of the most important factors that lead to closure
of SMEs in different regions of the Europe.
Basic factors of interest, which can be segmented as the individual characteristics of the
entrepreneur or non-individual characteristics of the SMEs, are based on wide literature
review. Based, on the combination of different factors, which were assessed and published in
research work of different authors, starting qualitative model for assessment of the most
important factors which can lead to failure of SMEs was developed.
Based on the conceptual qualitative model, initial questionnaire form was developed, to assess
the opinion of the real entrepreneurs who suffered the failure of their previous businesses. The
developed questionnaire will be used as the measurement scale for the future quantitative
analysis of the issues defined in the qualitative model.
The idea of the research is to develop adequate measuring scale, which will be used to
measure the potential failure of the existing SMEs, based on the rates developed in
accordance to the factor which leaded to the failure of the real SMEs in the past.
PB  - University of Belgrade - Technical Faculty in Bor
C3  - International May Conference on Strategic Management, IMKSM2015, Book od Proceedings, Bor, Srbija
T1  - AN ANALYSIS OF FACTORS AFFECTING FAILURE OF SMEs
EP  - 180
SP  - 162
UR  - https://hdl.handle.net/21.15107/rcub_machinery_5762
ER  - 

@conference{
author = "Nikolić, Nenad and Dhamo, Zhaklina and Schulte, Peter and Mihajlović, Ivan and Kume, Vasilika",
year = "2015",
abstract = "This manuscript is presenting the conceptual framework for research of the factors
which are influencing the failure of SMEs. The manuscript is just the starting base for the
larger research that will address the analysis of the most important factors that lead to closure
of SMEs in different regions of the Europe.
Basic factors of interest, which can be segmented as the individual characteristics of the
entrepreneur or non-individual characteristics of the SMEs, are based on wide literature
review. Based, on the combination of different factors, which were assessed and published in
research work of different authors, starting qualitative model for assessment of the most
important factors which can lead to failure of SMEs was developed.
Based on the conceptual qualitative model, initial questionnaire form was developed, to assess
the opinion of the real entrepreneurs who suffered the failure of their previous businesses. The
developed questionnaire will be used as the measurement scale for the future quantitative
analysis of the issues defined in the qualitative model.
The idea of the research is to develop adequate measuring scale, which will be used to
measure the potential failure of the existing SMEs, based on the rates developed in
accordance to the factor which leaded to the failure of the real SMEs in the past.",
publisher = "University of Belgrade - Technical Faculty in Bor",
journal = "International May Conference on Strategic Management, IMKSM2015, Book od Proceedings, Bor, Srbija",
title = "AN ANALYSIS OF FACTORS AFFECTING FAILURE OF SMEs",
pages = "180-162",
url = "https://hdl.handle.net/21.15107/rcub_machinery_5762"
}

Nikolić, N., Dhamo, Z., Schulte, P., Mihajlović, I.,& Kume, V.. (2015). AN ANALYSIS OF FACTORS AFFECTING FAILURE OF SMEs. in International May Conference on Strategic Management, IMKSM2015, Book od Proceedings, Bor, Srbija
University of Belgrade - Technical Faculty in Bor., 162-180.
https://hdl.handle.net/21.15107/rcub_machinery_5762

Nikolić N, Dhamo Z, Schulte P, Mihajlović I, Kume V. AN ANALYSIS OF FACTORS AFFECTING FAILURE OF SMEs. in International May Conference on Strategic Management, IMKSM2015, Book od Proceedings, Bor, Srbija. 2015;:162-180.
https://hdl.handle.net/21.15107/rcub_machinery_5762 .

Nikolić, Nenad, Dhamo, Zhaklina, Schulte, Peter, Mihajlović, Ivan, Kume, Vasilika, "AN ANALYSIS OF FACTORS AFFECTING FAILURE OF SMEs" in International May Conference on Strategic Management, IMKSM2015, Book od Proceedings, Bor, Srbija (2015):162-180,
https://hdl.handle.net/21.15107/rcub_machinery_5762 .

TY  - CONF
AU  - Mihajlović, Ivan
AU  - Nikolić, Nenad
AU  - Dhamo, Zhaklina
AU  - Schulte, Peter
AU  - Kume, Vasilika
PY  - 2015
UR  - https://machinery.mas.bg.ac.rs/handle/123456789/5758
AB  - This manuscript is presenting the preliminary results of research of the factors
which are influencing the failure of SMEs. The manuscript is just the starting base for the
larger research that will address the analysis of the most important factors that lead to
closure of SMEs in different regions of the Europe. Basic factors of interest, which can be
segmented as the individual characteristics of the entrepreneur or non-individual
characteristics of the SMEs, based on wide literature review, were used to define the
measuring scale for assessment of the most important factors which can lead to failure of
SMEs, in previous research [1].
Such defined initial questionnaire form was used, in a pilot test research, to assess the
opinion of the real entrepreneurs who suffered the failure of their previous businesses in
Serbia. The idea of the research is to develop adequate measuring scale, which will be used
to measure the potential failure of the existing SMEs, based on the rates developed in
accordance to the factors which lead to the failure of the real SMEs in the past, which will
be useful tool for wide European business environment.
PB  - Obuda University, Keleti Faculty of Business and Management, Hungary
C3  - Proceedings of FIKUSZ ’15 Symposium for Young Researchers, Budapest, Hungary
T1  - The Reasons for SME’s Failure, Comparative Analysis and Research
EP  - 22
SP  - 7
UR  - https://hdl.handle.net/21.15107/rcub_machinery_5758
ER  - 

@conference{
author = "Mihajlović, Ivan and Nikolić, Nenad and Dhamo, Zhaklina and Schulte, Peter and Kume, Vasilika",
year = "2015",
abstract = "This manuscript is presenting the preliminary results of research of the factors
which are influencing the failure of SMEs. The manuscript is just the starting base for the
larger research that will address the analysis of the most important factors that lead to
closure of SMEs in different regions of the Europe. Basic factors of interest, which can be
segmented as the individual characteristics of the entrepreneur or non-individual
characteristics of the SMEs, based on wide literature review, were used to define the
measuring scale for assessment of the most important factors which can lead to failure of
SMEs, in previous research [1].
Such defined initial questionnaire form was used, in a pilot test research, to assess the
opinion of the real entrepreneurs who suffered the failure of their previous businesses in
Serbia. The idea of the research is to develop adequate measuring scale, which will be used
to measure the potential failure of the existing SMEs, based on the rates developed in
accordance to the factors which lead to the failure of the real SMEs in the past, which will
be useful tool for wide European business environment.",
publisher = "Obuda University, Keleti Faculty of Business and Management, Hungary",
journal = "Proceedings of FIKUSZ ’15 Symposium for Young Researchers, Budapest, Hungary",
title = "The Reasons for SME’s Failure, Comparative Analysis and Research",
pages = "22-7",
url = "https://hdl.handle.net/21.15107/rcub_machinery_5758"
}

Mihajlović, I., Nikolić, N., Dhamo, Z., Schulte, P.,& Kume, V.. (2015). The Reasons for SME’s Failure, Comparative Analysis and Research. in Proceedings of FIKUSZ ’15 Symposium for Young Researchers, Budapest, Hungary
Obuda University, Keleti Faculty of Business and Management, Hungary., 7-22.
https://hdl.handle.net/21.15107/rcub_machinery_5758

Mihajlović I, Nikolić N, Dhamo Z, Schulte P, Kume V. The Reasons for SME’s Failure, Comparative Analysis and Research. in Proceedings of FIKUSZ ’15 Symposium for Young Researchers, Budapest, Hungary. 2015;:7-22.
https://hdl.handle.net/21.15107/rcub_machinery_5758 .

Mihajlović, Ivan, Nikolić, Nenad, Dhamo, Zhaklina, Schulte, Peter, Kume, Vasilika, "The Reasons for SME’s Failure, Comparative Analysis and Research" in Proceedings of FIKUSZ ’15 Symposium for Young Researchers, Budapest, Hungary (2015):7-22,
https://hdl.handle.net/21.15107/rcub_machinery_5758 .