Success and Failure of the Macedonian Entrepreneurs

Abstract

The aim of this paper is to investigate the cases of success and failure of the Macedonian entrepreneurs. In an online survey, entrepreneurs were asked to recall experiences of success and failure date these experiences and assess how much they learnt as a result. The Results show interesting regularities about the timing of success versus failure. Consistent with the extant literature on learning from experience, conclusion is made that entrepreneurs learn more from failure then from success. From the results can be concluded that entrepreneurs considered the success events to be more relevant for their careers than the failure events Macedonian entrepreneurs percept attribute of success to internal factors, whereas they attribute of failure to external factors. The entrepreneurship in the Republic of Macedonia needs designed projects to support transition to a free market-based economics, to develop democratic institutions, to educate entrepreneurs and to encourage them to start – up their own business.