Identifying determinants for entrepreneurial development: The case with Bulgaria

Abstract

The study focuses on investigating the important entrepreneurship determinants in Bulgaria in order to clarify the factors that facilitate and/or inhibit business development in the country. The case was not analysed in isolation. Instead, relevant previous literature and models were considered in order to outline a plausible framework for selecting, assessing and proposing a relevant list of entrepreneurship determinants. Based on quantitative and qualitative research methods, the research paper managed to collect sufficient evidence in order to elaborate a list of significant business development determinants. It is worth mentioning that the determinants’ list includes various factors that are related not only to the institutional environment, but also incorporate factors linked to personal motivation and resource availability. Based on the findings, a number of suggestions for improving the business environment in Bulgaria are provided accordingly. It should be noted that while some things work well, the work of the institutions insists considerable improvement by focusing on administrative reform and corruption reduction. In addition, stimulating private finance initiatives and incubators’ role can be seen as helpful. Further consideration of the role of education and providing public finance options should be considered, as well.