could invest. The role of entrepreneurship in creating inclusive forms of social capital ,considering it as a production factor (Svensend, G.L.H. and Svensend, G.T., 2005).An entrepreneur is in a situation in which the stocks of social character and thecharacter of relations within this specific “glue” of society (The World Bank 1998)influence his/her economic behaviour. An entrepreneur can participate in the governmentarena by building coalitions, lobbying and trying to limit the dangers that come from thoseinstitutions which significantly influence his/her non-market behaviour. In the time of global economic crisis, an entrepreneur faces dramatic or less dramatic changes in the fieldof market environment. Experiences of countries such as the peripheral European countries(Serbia), demonstrates that entrepreneurs have difficulties in anticipating the changescoming from the range of non-market environment. Generally speaking, in countries withinsufficiently developed institutional infrastructure entrepreneurs are exposed to great non-market risks, in other words, they have difficulties in successfully creating their non-marketstrategies. Good networking (Kim,P., and Aldrich,H., 2005), solid stocks of social capital,as well as trust in other agents and institutions, will prove to be the factors of highestsignificance for the stability of economy and individual agents. The crisis incites making agreater number of decisions by institutions which influence on the entrepreneurs’ behaviour, with the objective to seek answers to crisis disturbances. In a situation with lowtrust in this segment of non-market environment actors, the low level of social capitaldisables adequate adjustment of actions in the entrepreneurial structure to the newlydeveloped circumstances.
2. Social Capital Theory Approach
A starting framework of this study relies on a social capital theory. The socialcapital represents an investment into social relations with an expected refund on a market.Wealthy social environment, which allows frequent acquaintances and business contracts, presents a suitable ground for exchange of social norms, trust and reciprocity. The socialcapital includes information which are available to
(members of entrepreneur networks), ideas, instructions, business possibilities, easier approach to financial capital,emotional and moral support, trust, cooperation, power and influence (Zaric and Babic2010). The information collected through entrepreneurs networks, are more qualitative because they are: 1. cheaper, 2. more detailed and accurate, 3. the alters, with which theykeep up constant contacts, have economic motivation to be reliable and 4. permanenteconomic relations become coated by social content added to trust expectation andopportunism absence. Increasing the number of business contacts based on trust, it makesan influence on decreasing transactional costs as well as the increase of physical capitaldecreases production costs. The way human, physical and financial capital are productive,the same goes for the social capital, too. Therefore, the social capital can be considered asthe input in a production process. By its use, business can be done, profit can be realized onmarket, and new values can be created. Also, mission can be fulfilled, goals achieved andthe contribution can be given to the world. According to The World Bank
”The social capital of a society includes the institutions, the relationships, the attitudes and values that govern interactions among people and contribute to economic and social development.Social capital, however, is not simply the sum of the institutions which underpin society, it is also the glue that holds them together”
(The World Bank 1998:1).
After The WorldBank initiative an upswing of quotations was registered in economic literature, includingterms social capital and social network (Isham et al. 2002). According to Putnam, the socialcapital refers to relations among an individual, a social network, reciprocity norms and trustresulted from them (Putnam 2000). Under the term of social capital, Schiff implicates a