See discussions, stats, and author profiles for this publication at

Table 1. Sources of capital. 
Own savings 
Friends / 
Family 
Bank loan 
European Union / Government 
Funding Program 
Business angels 
Venture Capital / Private 
Equity
27 
23 
10 
16 
0 
1 
Regarding business plan, 28 companies had not a business 
plan, while 21 companies had developed a business plan. 
Also, a major issue of entrepreneurship has to do with the 
sources of a business idea. Of course, an entrepreneur can use 
various sources, both personal and institutional, by 
combining information, know-how and data. The results 
show that most entrepreneurs, as key sources of business 
ideas, they use their family and friends (46.94%), experience 
of their previous job (34.69% and they are making a personal 
research (30.61%). Regarding the degree of institutional 
environment (clusters, universities, government agencies) in 
the concept of the business idea, the results show that 20.41% 
are using the universities/colleges as sources of business 
ideas and 10.2% are using public organizations. Only 2.04% 
(one company) has used investors as a source of the business 
idea, while no company has used clusters. A major issue of 
entrepreneurship has to do with the factors which can help a 
person decide to create his/her own business, or, on the other 
hand, can be an obstacle to entrepreneurship. The results are 
as follows: The level of the tax rate is the key factor 
regarding a company’s establishment. The second factor, in 
raking, is the availability of capital. Factor number three is 
the bureaucracy. The complexity of the taxation system is 4
th
in ranking. The support of family and friends has the 5
th
position. The expansion possibilities have the 6
th
position. 
The labor legislation is 7
th
in ranking. Availability of human 
resources has the 8
th
position. Information about the 
economy/sector/competition 
has 
the 
9
th
ranking. 
Entrepreneurship education is the last in ranking. 
Regarding the ranking of sources of business financing, 
the results are as follows: Own savings/family/friends are 
appreciated as the most important source of business 
financing (99.2%). Availability of bank lending is being 
recognized as the second most important source (66.3%). 
Availability of European Union / Government funding 
programs is being recognized as the third most important 
source of financing (62.8%). Business angels (21.4%) and 
Venture Capital / Private Equity (17.9%) are the lower 
appreciated sources of business funding. 
The last question of the survey has to do with the 
determination of whether the new entrepreneurs consider the 
crisis as a threat or as an opportunity. About 31 
entrepreneurs, which is the 63.3% believe that the crisis is an 
opportunity, while 18 entrepreneurs (36.7%) believe that the 
crisis is a threat. 
The perception of the crisis is not common among all of 
the participants. One variation regarding the perception of the 
crisis is among the participants according to their main 
motive of company’s establishment (Table 2).