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Problem statement: Entrepreneurship is considered to be a major driving force to&#13; economic development throughout the world. Free enterprise is challenging in any country, especially&#13; in a developing nation such as Serbia where communism and socialism prevailed for decades. The&#13; purpose of this study is to examine entrepreneurship and free enterprise in Serbia as well as the&#13; challenges or obstacles they face. The hope is to understand how Serbian entrepreneurs operate in their&#13; nation, especially since little is known about them. Approach: A questionnaire was designed and&#13; distributed to a sample of Serbian entrepreneurs. Descriptive statistics were calculated based on&#13; responses from participants. The study investigates 59 entrepreneurs; identifying commonalities in&#13; funding, motivation behind entrepreneurship and common challenges they face. Underlying&#13; similarities or differences are examined. Results: Empirical evidence indicates that the majority of&#13; Serbian entrepreneurs rely on equity funding to finance their ventures, form businesses to pursue&#13; personal freedom, bootstrap their nascent firms and provide services or represent/sell someone elses&#13; products rather than create their own. Results indicate that the greatest challenges to Serbian business&#13; owners are with administrative issues associated with their government, political instability and&#13; economic uncertainty. Analogous to the USA, Serbian entrepreneurs create business for freedom,&#13; independence and monetary gain. Conclusion: The overall results of the study confirm the benefit of&#13; entrepreneurship in the transitioning economy, while highlighting the many obstacles that entrepreneurs&#13; face. Results indicate that entrepreneurship in Serbia is gaining interest due to the belief that it promotes a&#13; better life. Political instability, uncertainty about the future, difficulty obtaining clients and general&#13; inexperience pose the greatest threats to Serbian business owners. As entrepreneurship continues to&#13; expand in Serbia, they will have greater impact on the local and European economy. Any shifts or&#13; changes occurring in entrepreneurship should be examined closer in the future

Free Enterprise and Entrepreneurship in Serbia: An Analysis of Motivations, Financing and Obstacles