Creating Distinctive Value Proposition in Tourism by Business Model Tools: Case Study of the City of Ohrid

The purpose of this paper is creating distinctive value proposition and recognizable destination brand through integration of different activities and actors in the segment of tourism by application of a business model tool. To illustrate the application of the “Business model canvas” tool, it was taken a case study of the city of Ohrid, which is one of the most beautiful tourist destination on the Balkan Peninsula, protected by UNESCO, but at the same time confronted with many problems in tourism, as many tourist destinations in the world. Besides, the application of the methodology of “business model canvas”, we carried out interviews and an empirical survey on “creators” and “consumers” of tourism in the city of Ohrid. The results of the overall research, the created tourist model of Ohrid, as well as the supported research instruments, interviews and empirical survey bring some interesting ideas and solutions for many contemporary issues in tourism, such as: integrated tourist offer that lasts 12 months, combined with diverse types of tourism, highly professional service and shared values, widely differentiated accommodation with clear targeting and positioning strategy, as well as focused tourist zones that cover certain type of tourism for a pleasant stay and experience e of tourists with necessary supporting services for the full functionality. The main idea is the wide diversity of offers to be integrated into one story, supported from citizens as well as from all key partners who believe in the city brand called Ohrid

FACTORS AFFECTING GROWTH OF SMALL BUSINESS: THE CASE OF A DEVELOPING COUNTRY HAVING EXPERIENCED TRANSITION

The purpose of this research is to examine the impact of factors, related to important strategic characteristics, affecting growth of small business, particularly considering a specific economic and cultural context, related to a developing economy and post-socialist country experiencing transition, as is the case of the Republic of Macedonia. For the purposes of this study, 305 questionnaires were collected, selected at random from several lists containing small and medium businesses on the territory of the Republic of Macedonia. Multiple linear regression was used to determine the relationship between the dependent variable, growth and six independent variables, grouped into five constructs: the resources and processes of small businesses, skills and knowledge possessed by the owner and employees of small business, the strategic approach and orientation of small business, the degree of sophistication of the planning activity, and the nature of external environment of small business. Based on the findings presented in this research, empirical support for the proposed model of growth factors of small business has been found. The results strongly confirm three out of six hypothesis. In other words, according to the results, three independent variables: limitations in the internal environment; additional forms of education of the owner; and development of a strategic plan have statistically significant impact on the growth of small business. The theoretical and practical implications of this research refer to identifying and stressing important factors that can stimulate growth of small business in a specific economic and cultural context of developing economy and post-socialist country experiencing transition

A STORY ON LEADERSHIP STYLES FROM MACEDONIAN COMPANIES: COMPONENTS OF TRANSFORMATIONAL VS. TRANSACTIONAL LEADERSHIP INFLUENCED BY ASPECTS OF EMOTIONALL INTELLIGENCE

The purpose of the research is to empirically evaluate leadership behavior of managers, focusing on transformational vs. transactional leadership at the same time exploring the relationship between emotional intelligence and transformational leadership in a specific economic and cultural setting, as the Republic of Macedonia. Questionnaire-based survey on managers at different management levels in Macedonian companies was conducted in order obtain the data necessary for evaluating the leadership styles and testing the proposed hypotheses The data was analyzed using descriptive statistics and hierarchical regression analysis. Results indicate that leaders in Macedonian companies show higher affection towards transformational leadership. The ability to perceive and understand emotions and the ability to manage emotions have a positive impact on transformational leadership style. As a theoretical and practical implication of research, we aim to generalize the idea for the positive relationship between the emotional intelligence and transformational leadership by confirming the applicability of the model that examines this relationship in the case of the Republic of Macedoni

Strategic planning practice in transition economies: Empirical evidence from the Macedonian context

The aim of this study is to examine a wider list of factors (business structure, management structure and environmental factors), whose impact on the strategic planning in the private sector has been investigated. A total of 212 questionnaires were collected from different size, age, industry type and ownership enterprises working in the private sector in Republic of Macedonia. In order to analyze the variables that are determinants of the strategic planning, multiple linear regression was used. The business size, business control, intention to change the operations and business flexibility are very important factors in the enterprises that have a significant correlation with the strategic planning incidence. The importance of this study lays in its contribution to all past studies and research referring to this subject in transition and emerging countries, with emphasis on the case of the Republic of Macedonia as a transition economy, as well as in the examination of a wider list of factors whose impact on the strategic planning was examined

FACTORS AFFECTING GROWTH OF SMALL BUSINESS: THE CASE OF A DEVELOPING COUNTRY HAVING EXPERIENCED TRANSITION

The purpose of this research is to examine the impact of factors, related to important strategic characteristics, affecting growth of small business, particularly considering a specific economic and cultural context, related to a developing economy and post-socialist country experiencing transition, as is the case of the Republic of Macedonia. For the purposes of this study, 305 questionnaires were collected, selected at random from several lists containing small and medium businesses on the territory of the Republic of Macedonia. Multiple linear regression was used to determine the relationship between the dependent variable, growth and six independent variables, grouped into five constructs: the resources and processes of small businesses, skills and knowledge possessed by the owner and employees of small business, the strategic approach and orientation of small business, the degree of sophistication of the planning activity, and the nature of external environment of small business. Based on the findings presented in this research, empirical support for the proposed model of growth factors of small business has been found. The results strongly confirm three out of six hypothesis. In other words, according to the results, three independent variables: limitations in the internal environment; additional forms of education of the owner; and development of a strategic plan have statistically significant impact on the growth of small business. The theoretical and practical implications of this research refer to identifying and stressing important factors that can stimulate growth of small business in a specific economic and cultural context of developing economy and post-socialist country experiencing transition

Structuring Corporate Boards: Some Facts and Determinants from the Macedonian Setting

Purpose: Knowing the factors that might affect board structure is an important step in understanding boards and their role in corporate governance. This research aims to examine the effect of firm characteristics closely related to corporate governance mechanisms, such as the model of corporate governance, shareholder capital concentration, and stock exchange listing on board structure variables (size, independence, and gender diversity). Methodology: The sample of this study stems from large Macedonian joint-stock companies. We run a hierarchical linear regression of board characteristics on common demographic firm characteristics as control variables and contextual firm characteristics related to corporate governance mechanisms as independent variables. Findings: Joint-stock companies in the Republic of North Macedonia have relatively small boards, which provide no positive effects that would originate from the larger number of board members. Moreover, the number of outside independent members is small, insufficient to influence the boards with greater objectivity, independence, and quality. Larger companies with a one-tier model have statistically significant larger corporate boards and a larger number of independent directors. Implications: The best corporate governance practices worldwide must be used as a basis for future improvements of corporate governance in joint-stock companies in developing economies

HR BRANDING AND THE POTENTIAL VALUE: EMPIRICAL EVIDENCE AND PRACTICAL IMPLICATIONS

Despite the growing popularity of the employer branding concept, academic research on the topic is limited; this is pivotal and pioneer research in the Republic of North Macedonia. This research investigates the possible factors that might affect the specific dimensions of firms’ HR branding, such as employer branding, internal branding, and total rewards branding. Different parametric and non‐parametric tests were run to determine if there were group differences in employer branding, internal branding, and total rewards branding scores between groups within eight evaluated variables divided into three categories: demographics of respondents (age, gender, and educational level), firm characteristics (size, industry sector, and ownership origin), and professional characteristics of respondents (job level position and customer contact level). The results confirm the expected differences in some of the evaluated HR branding dimensions between employees with different professional characteristics (job level position and customer contact level)

Antecedents of entrepreneurial intention: Evidence from Republic of Macedonia

This study is designed to examine the effect of the three motivational factors/the intention antecedents proposed in the theory of planed behavior (abbreviated TPB): personal attitude, subjective norm and perceived behavioral control, including a control group of variables on the entrepreneurial intention in the specific economic and cultural settings, in our case in the Republic of Macedonia. The research includes 440 respondents. In order to test the hypotheses the data was examined using hierarchical regression. The applicability of the TPB in the context of entrepreneurship has received empirical support in this study, as well. The three independent variables: personal attitude, subjective norm and perceived behavioral control have a positive impact on entrepreneurial intention. On the other hand, results only partially support the influence of the control group of variables

What can education bring to entrepreneurship? Formal versus non-formal education

Building on a dynamic view of human capital for the entrepreneurship field, our article covers research performed in this field by examining: the effect of formal versus non-formal Entrepreneurial Education (EE) investments and the development of entrepreneurial human capital assets on the entrepreneurial intention; learning approaches (behavioral, cognitive, or constructive) that are prevalent in formal and non-formal education systems in terms of teaching methods and acquired competences and their effects on entrepreneurial intention, considering different settings at individual and country context level. More than 650 respondents from three countries (Macedonia, Slovenia, and Lithuania) are included in the sample. The research applies structural equation modeling, using two standardized and relevant measurement tools: Entrepreneurial Intention Questionnaire (EIQ) and Assessment Tools and Indicators for Entrepreneurship Education (ASTEE). Non-formal entrepreneurial education has proven to be a stronger effect on human capital assets. On the other hand, entrepreneurial mindset and constructive entrepreneurial skills have a greater impact on personal attitudes and perceived behavioral control. This could mean that decisionmakers should complement formal with non-formal entrepreneurial education, that they should design the entrepreneurial study programs with non-cognitive (that is, constructive) teaching methods and learning outcomesVadybos katedraVytauto Didžiojo universiteta