GLOBAL RISKS IN BUSINESS OPERATING ENVIRONMENT: ECONOMIC CHALLENGES OF ENTREPRENEURS

Abstract

Accepting and approaching to global business as an economic development model implies growing variety of business risks. Competition in the global market is increasing, and demands for entrepreneurs to further adapt, and transform their business digitally, are high. Managing the global business environment risks is becoming imperative for organizations that are operating in the global market. Further development of global business, as well as the challenges facing global organizations, will be explored in this paper through the analysis of recent works in the field of geoeconomics and global business. The subject of the paper is to describe the current state and development of global business environment, dominated by the need and ability to jointly create products of global economy by inclusion of world resources. The aim of the paper is to investigate, through the available scientific research, the current conditions for creating global products using common global resources, and to analyse the environmental risks of new global business model in the first quarter of 21st century. The paper examines the challenges that entrepreneurs face in the global business environment, and focuses on the specific business risks typical for entrepreneurs. The conclusion of the paper will provide further guidance to empirically determine the development of global products in the Republic of Serbia by offering its specific resources, thereby making the entrepreneurship in the Republic of Serbia more actively involved in new global business model. Keywords: business environment, global business, geoeconomics, risk management, entrepreneurship