Abstract
An entrepreneurial occupation, which people possess even though they do not have a formal economic education, represents a tendency, a tendency that can be acquired by raising a family or competing in school, which is actually the sum of success or failure, victory or defeat. The development of this type of “entrepreneurial culture” is mostly contributed by the economic situation in the countries. Innovation in all spheres of social development is crucial for the development and progress of each country's economy. Innovation management, in fact, is the management of ideas, that is, how to collect improve and implement an idea. The aim of this paper is to see the situation as well as to perform a comparative analysis of innovations in micro-entrepreneurship inspired by handicrafts in B&H and surrounding countries in relation to some other countries in the world.
Highlights
Innovation is certainly one of the most important prerequisites for creating new values in a society
It can be concluded that in the fast time we live in, in the time of rapid development of technique and technology, people increasingly need to engage in handicrafts and we are sure that a new time is coming for old crafts, to make these old crafts and handicrafts have found their way to the wider masses, today this path greatly facilitates the use of Internet technologies with special reference to the use of social networks
Social networks today represent a very economical and profitable way of advertising products, which leads to the fact that handmade products will be more and more expensive
Summary
Innovation is certainly one of the most important prerequisites for creating new values in a society. It is very important to stress that it is not enough to empower or equip an individual with a skill or knowledge of a vocation. Companies in Bosnia and Herzegovina do not sufficiently use digital marketing, in order to develop such companies, which significantly affects their competitive advantage over companies from the European Union. For this reason, the process of opening the B&H economy to the European and world markets may result in the closure of such companies (Rodić, 2019)
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