Business Restart in Visegrad Countries

Abstract

The main goal of our paper is to analyse business restarts in Visegrad countries on an individual level and to identify key drivers of restart activity from among perceptual variables. The analysis is based on Global Entrepreneurship Monitor data. We employ descriptive statistics to analyse the quantitative aspect of business restart and regression modelling to identify its drivers. Our findings proved that business discontinuation and consequent restart are both integral parts of entrepreneurship in V4 countries. Entrepreneurial selfefficacy and fear of failure, together with gender and age, proved to have a significant relationship with individual restart activity. The individual perceptual variables as components of entrepreneurial potential, as well as the issue of inclusiveness, proved to play an important role in business restart. Our study is the first comprehensive analysis of the under-researched topic of business restart in the V4 region. In addition to highlighting its importance as an integral part of entrepreneurial dynamics in V4 countries, it also identifies individual-level drivers of this specific type of entrepreneurial activity.

Keywords

entrepreneurship, discontinuation, restart, restart drivers, Global Entrepreneurship Monitor (GEM)

Author Biography

Marian Holienka

Post doc teaching assistant and researcher at Comenius University in Bratislava (Slovakia), Faculty of Management, Department of Strategy and Entrepreneurship. PhD in Business Administration by Comenius University in Bratislava (Slovakia); Degree in Management with major in Strategic Management by Comenius University in Bratislava (Slovakia).

Anna Pilková

Associate Professor and Head of Department at Comenius University in Bratislava (Slovakia), Faculty of Management, Department of Strategy and Entrepreneurship. PhD in Economics and Management of Industries - Organization and Management of Industrial Enterprises by University of Economics in Bratislava (Slovakia); MBA by Rochester Institute of Technology (USA); Degree in Economics and Management of Industries by University of Economics in Bratislava (Slovakia).

Michal Munk

Associate Professor at Constantine the Philosopher University in Nitra (Slovakia), Faculty of Natural Sciences, Department of Informatics. PhD in Mathematics by Constantine the Philosopher University in Nitra (Slovakia); Degree in Mathematics and Computer Science by Constantine the Philosopher University in Nitra (Slovakia).

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