The COVID-19 pandemic has brought an unexpected level of uncertainty worldwide. However, not everyone responds to uncertainty in the same way. This study examines the fundamental constructs of entrepreneurship - entrepreneurial intention and entrepreneurial alertness - in the context of the new uncertainty created by the pandemic. The study design included the CAWI method and a sample of students from two higher education institutions in Bosnia and Herzegovina. Consistent with previous studies, the research results confirmed a strong positive relationship between entrepreneurial alertness and the main elements of the theory of planned behaviour. The final model shows a partial mediation effect of attitude and control variables in the relationship between evaluation and judgement (the dimension of entrepreneurial alertness) and entrepreneurial intention. In addition, the results suggest that pandemic-induced uncertainty is not related to individuals’ decisions to start a business. However, the perception of the pandemic as a threat may increase individuals’ willingness to be alert. The results are discussed, considering entrepreneurial intention and alertness as predictors of entrepreneurial behaviour and their sensitivity to current environmental uncertainty.

Abstract. This study sheds light on the most common issues related to applying logistic regression in prediction models for company growth. The purpose of the paper is 1) to provide a detailed demonstration of the steps in developing a growth prediction model based on logistic regression analysis, 2) to discuss common pitfalls and methodological errors in developing a model, and 3) to provide solutions and possible ways of overcoming these issues. Special attention is devoted to the question of satisfying logistic regression assumptions, selecting and defining dependent and independent variables, using classification tables and ROC curves, for reporting model strength, interpreting odds ratios as effect measures and evaluating performance of the prediction model. Development of a logistic regression model in this paper focuses on a prediction model of company growth. The analysis is based on predominantly financial data from a sample of 1471 small and medium-sized Croatian companies active between 2009 and 2014. The financial data is presented in the form of financial ratios divided into nine main groups depicting following areas of business: liquidity, leverage, activity, profitability, research and development, investing and export. The growth prediction model indicates aspects of a business critical for achieving high growth. In that respect, the contribution of this paper is twofold. First, methodological, in terms of pointing out pitfalls and potential solutions in logistic regression modelling, and secondly, theoretical, in terms of identifying factors responsible for high growth of small and medium-sized companies.

Abstract. Advertising, architecture and design are perceived as an important subset of the creative industries and as having an increasing role in innovations and competitiveness of economies. However, issues such as identifying the underlying business model of the micro-and small enterprises in these industries, the manner in which BMs evolve or the degree to which their evolution is innovative remains unresolved. In the context of creative professional services, an analysis of the six case studies involving microenterprises indicates a heterogeneity in designing business models. Talented professionals, sophisticated management of human resources and creativity processes as well as trustworthy partners are considered generic components of value creation, whereas personalized relationships with customers are a generic component of value delivery in advertising, architecture and design. In addition, the findings indicate that microenterprises in advertising, architecture and design have a capacity to differentiate themselves from the rest of the competition through creation of complex and radical changes in their business models.

Business models are usually used to describe how business entities sustain their competitive advantage, offer their customers better value and create good cooperation with their partners. While the literature is rich with best practice examples among for-profit business entities, nonprofit organizations (NPOs) are rarely observed and compared through the business model concept. Nonprofit organizations are mostly viewed as mission-driven organizations, which is why the business side is often rather neglected. The success of nonprofit organizations is usually measured by their impact in the community, which makes their activities dynamic and very much dependable on their business ecosystem. The goal of this paper is to identify specific characteristics of business models in the nonprofit sector, to evaluate how well nonprofit organizations communicate their value proposition to their customers, what distinguishes them from other nonprofits and what they are doing to develop a successful and sustainable organization. The empirical study covers 10 Croatian nonprofit organizations. The business model canvas is used to describe and compare their business models. The findings represent a good basis for understanding the performance of nonprofit organizations, and can serve as a framework for specific policies and programs aimed at development of nonprofit organizations.

Behavioral economics suggests that people do not always decide rationally but are even predictably irrational. This gives rise to the concept of nudge, which creates an architecture of choices that encourages people to behave as they wish. Loss aversion is one of the best-known phenomena in behavioral economics and a central notion of the prospect theory. The main idea behind this phenomenon is that losses hurt more than gains feel good. The framing effect is a bias where people choose some options differently, depending on whether they are presented as a gain or a loss. In this quasi-experimental study, the authors examine the role of loss aversion and framing effects on students' engagement and academic success. This study aims to test the hypothesis that students will have a stronger reaction to the reduction of awarded points, as opposed to an increase of awarded points, as they progress through the course. This will motivate them to work harder and achieve better academic success. The results show significant differences between the two groups in favor of the group being graded using the point reduction grading scheme. This suggests that the power of loss aversion can be exploited to increase students' engagement and academic success. The existence of framing effect in this case has been demonstrated, which shows it might be possible to use the choice architecture to improve the student results.