International Journal of Entrepreneurial Knowledge 2021-12-22T13:01:08+01:00 doc. Ing. Aleksandr Ključnikov, Ph.D. Open Journal Systems <div id="lipsum" style="text-align: justify;"> <div><span style="line-height: 1.3em;">An independent scientific periodical peer-reviewed journal <strong>International Journal of Entrepreneurial Knowledge (IJEK)</strong> provides expert information on all aspects of entrepreneurship and business issues, including the results of basic and applied economic research by domestic and international authors. </span></div> <div> </div> <div><span style="line-height: 1.3em;">International Journal of Entrepreneurial Knowledge is </span>published by the Center for International Scientific Research of VŠO and VŠPP in cooperation with the following partners: <ul> <li class="show">University College of Business in Prague, Czech Republic</li> <li class="show">University of Entrepreneurship and Law, Prague, Czech Republic</li> <li class="show">Faculty of Operation and Economics of Transport and Communications, University of Zilina, Slovakia</li> <li class="show">Szent István University, Faculty of Economics and Social Sciences, Hungary</li> <li class="show">University of Debrecen Faculty of Economics and Business, Hungary</li> </ul> </div> <div>Journal brings the expert opinions and results of the scientific studies related to entrepreneurship in a wide range of the scientific fields, like <span style="line-height: 1.3em;">entrepreneurship, </span><span style="line-height: 1.3em;">enterprise economics, </span><span style="line-height: 1.3em;">business administration, </span><span style="line-height: 1.3em;">innovation management in entrepreneurship, </span><span style="line-height: 1.3em;">entrepreneurial finance, </span><span style="line-height: 1.3em;">international trade and finance, </span><span style="line-height: 1.3em;">knowledge entrepreneurship, entrepreneurial knowledge, entrepreneurial business models, entrepreneurial behavior, entrepreneurial decision making, social and ecological impact of entrepreneurship, start-ups and incubation, success and failure in entrepreneurship, personality, local, regional and global aspects of entrepreneurship, evolution, and history of entrepreneurship, personalities and profiles of entrepreneurs, and other entrepreneurial issues.</span></div> <div> </div> <div> <div> <div>IJEK considers the following types of articles:</div> <div> <ul> <li class="show"><strong>Research</strong> - reports of data from original research. Articles bring information about the outputs of the primary research of the author.</li> <li class="show"><strong>Case studies</strong>– article presents the experience from the application of the existing method or procedure and brings relevant findings which could be valuable for other readers.</li> <li class="show"><strong>Review articles</strong> – article presents the systematic review or comparative study of already known knowledge. A review should bring any new viewpoint and connections which could be valuable for the other readers.</li> </ul> </div> </div> <div>In some cases, we accept the papers, that inform about the progress of the scientific projects, financed by the European Union in the Other issues section.</div> <div> </div> </div> <div>The first issue of the journal was published in December 2013. The journal is published two times a year in printed and electronic form. </div> <div> </div> <div><strong style="line-height: 1.3em;">International Journal of Entrepreneurial Knowledge</strong><strong style="line-height: 1.3em;"> (IJEK)</strong><span style="line-height: 1.3em;"> </span><span style="line-height: 1.3em;">maintains a standard double-blind peer-review process. The double-blind process means that the author does not know the reviewer’s identity, nor does the reviewer know the name of the author or other reviewers.</span></div> <div> </div> <div> <div>IJEK is an Open Access journal and does not charge readers or their institutions for access. </div> <div> </div> <div> <p><strong>Copyright</strong></p> <ul> <li class="show">International Journal of Entrepreneurial Knowledge is published by the Center for International Scientific Research of VŠO and VŠPP</li> <li class="show">Copyright belongs to the Center for International Scientific Research of VŠO and VŠPP.</li> <li class="show">The publisher, Center for International Scientific Research of VŠO and VŠPP, provides free access policy to the Journal of Tourism and Services.</li> <li class="show">International</li> <li class="show">Journal of Entrepreneurial Knowledge is an open-access journal with <a style="background-color: #ffffff;" href="" rel="license">Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License</a> (CC BY-NC-ND) policy which means that all content is freely available without charge to the user or his/her institution. Users are allowed to read, download, copy, distribute, print, search, or link to the full texts of the articles, or use them for any other lawful purpose, without asking prior permission from the publisher or the author. This is in accordance with the BOAI definition of open access.</li> </ul> </div> </div> <div><span style="font-size: 0.875rem;">International Journal of Entrepreneurial Knowledge uses </span><strong style="font-size: 0.875rem;">Digital Object Identifier System (DOI).</strong></div> </div> ONLINE PAYMENT OPTIONS AND CONSUMER TRUST: DETERMINANTS OF E-COMMERCE IN AFRICA 2021-04-07T14:47:58+02:00 Mohamed Muse Hassan Geunhee Lee <p>The purpose of this paper is to investigate the effect of online payment options and consumer trust on the awareness and perception of e-commerce in Africa. A five-construct model was developed and empirically tested utilizing the structural equation modeling (SEM) technique to probe answers for the variables under study. 760 professionals and college students who reside in Somalia responded to our online questionnaire, then 744 clean responses were selected after removing uncompleted answers. The study results determined that the availability of locally popular payment options such as mobile payment in Africa affects the level of awareness and public perception towards e-commerce. Moreover, the current global online payment options overlook the local technologies popular in Africa. Also, consumer trust was found to be a good determinant of the awareness and perception of e-commerce in the Least Developed Countries (LDCs). This paper finds that including more payment options would make a difference in Africa. It also shows that low consumer trust could be solved if consumers are given assurances for their online financial transactions. This paper contributes to the existing literature proving that various online payment options and consumer trust can be strong determinants of e-commerce, even in LDCs such as Somalia. Also, it added a new value to the current understanding of the impact of both awareness and perception of e-commerce on the propensity for online shopping by finding contradictory results in our research context.</p> 2021-12-22T00:00:00+01:00 Copyright (c) 2021 International Journal of Entrepreneurial Knowledge DIFFERENCES IN BUSINESS RISK EFFECTS ON THE FUTURE OF SMEs DUE TO THE COVID-19 PANDEMIC 2021-12-07T07:34:14+01:00 Ján Dvorský Martin Čepel Anna Kotásková Katarína Bugánová <p>The article aims to identify, analyze, and quantify disparities in the impact of entrepreneurial risks on the future of small and medium-sized enterprises in the business environment of the Czech Republic in light of the COVID-19 pandemic. The research was carried out on 814 SMEs in two phases. 454 SMEs participated in the first phase of the research, which took part before the COVID-19 pandemic. 360 SMEs took part in the second research phase during the pandemic. Statistical methods such as correlation analysis and linear regression modeling were applied to evaluate statistical hypotheses. The results yielded interesting findings. According to respondents, the three most significant business risks in the SME segment include market, financial, and personnel risk in the period before the COVID-19 pandemic and during the COVID-19 pandemic. Prior to the COVID-19 pandemic, entrepreneurs saw the adequacy of sales and financial performance of the business as key determinants that impact the future of SMEs over a 5-year horizon. Conversely, during the COVID-19 pandemic, entrepreneurs perceived the management of the company's personnel performance, financial performance, and ability to manage financial risk as determinants that affect the future of SMEs over five years. According to owners and top managers during the COVID-19 pandemic, the most significant factor is the adequacy of personnel risk in SMEs.On the one hand, the findings benefit the owners themselves and the top managers of SMEs. On the other hand, government institutions and organizations that decide on government measures promote a penetrating environment. Also, the non-profit sector (e.g. Association of Small and Medium-Sized Enterprises and Crafts of the Czech Republic) assists SMEs in their edible activities and activities. </p> 2021-12-22T00:00:00+01:00 Copyright (c) 2021 International Journal of Entrepreneurial Knowledge GENERATION DISPARITIES ON THE PERCEPTION OF SMEs BUSINESS RISKS 2021-12-07T07:52:33+01:00 Zora Petráková Karolina Okręglicka Radim Maňák Vendula Fialová <p>This article aims to identify common features, disparities, and consequences in the perception of business risks between generation X, Y, and Z entrepreneurs in the segment of small and medium-sized enterprises (SMEs). The empirical part of this research included the dataset of 1585 questionnaires fulfilled by the entrepreneurs from the SME segment from four Central European countries across 2019-2020. The disparities of the perception of business risks were analyzed using Chi-square and Kruskal-Wallis tests. The research results prove the existence of the significant disparities in the perception of the market, financial, personnel, legal, and operational risks sources by the entrepreneurs from X, Y, and Z generations. Generally, essential disparities are in the perception of business risks between generation X and Z. 61.7% of SMEs from generation X believe that the number of possible requests for the specific products/services has a downward trend. In comparison, only 49.0% of SMEs from generation Z and 45.3% of SMEs from generation Y present the same opinion. The presented research results have the following implications: i. top management of SMEs should improve interpersonal relationships in the workplace; ii. fine-tuning of supporting programs by organizations supporting the business environment in the region of the Visegrad Group; iii. preparation of strategic documents dealing with the quality of the business environment or the training of top SME managers in the case of national policymakers.</p> 2021-12-22T00:00:00+01:00 Copyright (c) 2021 International Journal of Entrepreneurial Knowledge PERCEPTIONS OF ENTREPRENEURSHIP IN MALAWI: A COUNTRY CONTEXT UNDERSTANDING OF ENTREPRENEURSHIP 2021-08-23T10:07:01+02:00 Charles Mwastika <p>Entrepreneurship is considered a strategy for economic development, but other scholars found that it does not bring economic growth in developing countries. Although entrepreneurship has multiple perspectives, there is a lack of knowledge about prevailing perceptions and activities undertaken in developing countries, especially in Sub-Saharan Africa. The purpose of this study was to measure the perceptions of entrepreneurship in Malawi to have country context knowledge of the concept that guides what is undertaken as entrepreneurship. A cross-sectional survey of 337 enterprise owners and managers was undertaken using a questionnaire. Participants were requested to provide their top-of-the-mind definitions of entrepreneurship and activities their enterprises had undertaken which were considered entrepreneurial. Analyses of definitions and activities undertaken were used to draw out perceptions of entrepreneurship. The study found that starting and managing one's own business for profit, creating jobs, and being self-employed is the prevailing understanding of entrepreneurship in Malawi. The study further found low innovation among enterprises. Although the perceptions found reflect classical economic perspectives, they are inadequate to ignite economic development because of a lack of focus on innovation. The findings imply that understanding a concept is important in practice. Therefore, stakeholders are encouraged to appraise their knowledge about entrepreneurship to align with theories where entrepreneurship is the driver of business growth and economic development. Further studies are required on the relationships between perceptions of entrepreneurship, activities undertaken, and economic development to advance entrepreneurial knowledge in Sub-Saharan Africa.</p> 2021-12-22T00:00:00+01:00 Copyright (c) 2021 International Journal of Entrepreneurial Knowledge MEASURING VALUE AT RISK USING GARCH MODEL - EVIDENCE FROM THE CRYPTOCURRENCY MARKET 2021-05-20T09:13:42+02:00 Cosmos Obeng <p>There is a growing interest in the activities of the crypto market by various stakeholders. These stakeholders generally include investors, entrepreneurs, governments, fund managers, climate activists, institutional managers, employees with surplus funds, and crypto miners. This study aims to investigate the accuracy of the GARCH models for measuring and estimating Value-at-risk (VaR) using the Cryptocurrency index for future investment and managerial decision making. Because of this, the present study uses the top 30 Cryptocurrencies index in terms of Market capitalization excluding stable coins to determine the best GARCH models. Many entrepreneurs, institutional managers, fund managers, and other stakeholders have recently included cryptocurrency in their investment portfolio because of the increase in transactions and high returns growth in the global financial market with its associated high returns and volatility. Information communication technology has paved the way for such activities in the global markets. The daily data frequency was applied because of the availability of the data. The empirical analysis has been carried out for the period from January 2017 to December 2020 for a total of 1461observation. The returns volatility is estimated using SGARCH and EGARCH models. The findings evidenced that, using both normal distribution and Student t distribution, EGARCH provides a better measure and estimate than SGARCH concerning high persistence and volatility. Against this background, the present study also examined Backtesting to estimate Value at Risk. Interestingly, the findings of the available study would provide industry players, practitioners, entrepreneurs, and investors the maximum edge on how to use or measure such variables against others to make investment decisions. Also, the findings would subsequently contribute more insight into academia on the study area.</p> 2021-12-22T00:00:00+01:00 Copyright (c) 2021 International Journal of Entrepreneurial Knowledge THE PERCEPTION OF SMES BANKRUPTCY CONCERNING CSR IMPLEMENTATION 2021-12-07T10:06:49+01:00 Zdenko Metzker Josef Maroušek Katarína Zvaríková Roman Hlawiczka <p>This study aims to evaluate the perception of bankruptcy by small and medium-sized enterprises from the V4 region. CSR implementation in business activities was selected as the comparison criterion. The research paper is based on a questionnaire survey of 1585 respondents. The data were collected from September 2019 to January 2020. The research hypotheses were evaluated using the χ-quadrat test and Z-score statistical methods. Differences between the enterprises which implemented CSR in business and other companies were found. The research focused on bankruptcy perception as a natural part of the business and as a valuable experience for future company development. Entrepreneur failure and self-confidence showed that V4 SMEs with implemented CSR are less likely to go bankrupt if adverse economic developments occur. However, less than 50% of entrepreneurs consider bankruptcy as a valuable experience for further business. The majority of managers who have experience with CSR implementation positively differed in their opinions versus those without this experience. In general, V4 entrepreneurs who implemented CSR have a more positive perception of bankruptcy questions. The results may be interesting for those who promote or implement CSR in the focused countries. Our findings can be helpful for entrepreneurs to consider the benefits of being socially responsible in the working environment conception.</p> 2021-12-22T00:00:00+01:00 Copyright (c) 2021 International Journal of Entrepreneurial Knowledge THE CONCEPT OF A BUSINESS MODEL FOR AN AIR CARRIER IN SLOVAKIA 2021-11-08T10:22:15+01:00 Radovan Baláž <p>Determining the operating airline's business model is among the strategic decision, particularly for emerging airlines. A suitable and correct business model is an essential prerequisite for the company to establish itself in the market and be competitive successfully. This paper aims to design a specific business model for an air carrier, considered a national air carrier in Slovakia. Slovakia currently has no national air carrier, which would contribute to the development of passenger air transport and would reflect the domestic population's current needs and help increase inbound tourism. The main goal of the designed air carrier is to contribute to the development of air transport in Slovakia and transport a higher number of air passengers, reaching at least an average increments as in other European Union countries. This study proposes a business model framework applied to the conditions of Slovakia, which analyzes the main trends identified in the literature for designing business models for airlines abroad. In examining various studies, we have identified aspects of business models and the main models used by airlines abroad. We used general methods to process information and assess current trends in air transport. In the study, we apply the list method and the inventory method, focusing on new trends and process management methods in the aviation industry. Finally, we developed a business model for a potential air carrier operating in Slovakia from the acquired knowledge.</p> 2021-12-22T00:00:00+01:00 Copyright (c) 2021 International Journal of Entrepreneurial Knowledge INTERNATIONALIZATION OF SLOVAK FAMILY ENTERPRISES - TERRITORIAL APPROACH 2021-12-18T22:05:42+01:00 Ladislav Mura <p>Entrepreneurial activity is currently confronted with a large number of different influences, which affect the performance of business units. Businesses face new situations due to the changing market conditions they have to respond to. The small and medium-sized business sector responds dynamically as well as very sensitively to market changes, where many family businesses are also established. Competition between market players forces both the management and the family businesses to think about new opportunities in order to ensure their growth. As a result, small and medium-sized businesses gain increased importance in international markets. This study aims to identify the current trend in the international activity of family businesses in terms of their territorial activity. In addition to the theoretical background, the submitted study also introduces the results of our empirical survey. The questionnaire survey was applied as an appropriate research method. We decided to apply a dual approach: qualitative (mainly for the theoretical part) and quantitative for the empirical part of the study. The obtained results show family businesses' interest in operating in the international business environment.</p> 2021-12-22T00:00:00+01:00 Copyright (c) 2021 International Journal of Entrepreneurial Knowledge