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Introduction and objectives: A broad body of knowledge is developing around the influence of market and entrepreneurial orientation on business performance. However, high-tech firms in the embryonic (R&D and start-up) phase of development have stayed off the research radars. Taking a resource-based view, this study examined the role of market and entrepreneurial orientation on the performance of new ventures within a growing entrepreneurial ecosystem of Serbia. Methods: The study is based on primary data gathered via a questionnaire and examined tech ventures founders from Serbia whose ventures are in either research and development or start-up phase. Results: The findings confirm that both market and entrepreneurial orientation play an immense role in the embryonic phase and throughout the process of launching a new tech firm. Conclusion: The study found that market orientation primarily influences problem discovery, value proposition and product designing, as well as team gathering. Entrepreneurial orientation more significantly affects performance in the context of MVP creation, first customer acquisition, initial revenue stream and investment for the next phase of tech venture development. Implications and research limitation: The study suggests that new ventures leaders have to develop both market and entrepreneurial competences. At the beginning, they should invest more into the activities related to market orientation, and during the further tech venture development, entrepreneurial orientation leads to finalization of a product/service development and its commercialization. Even though this study provides useful and valuable insights, it does not reflect all concepts of entrepreneurial success and a larger sample size from other geographical regions would be more suitable for the generalizability of study findings. Yet, the implications of the study are highly relevant for Serbian ecosystem as the business environment is not stimulating enough for growth and development of new ventures, and consequently founders have to rely on their own competencies and knowledge.

In the last decades, the interest of academics and practitioners for the efficiency of performance measurement system use has grown rapidly. The aim of this paper is to examine, articulate and test the relationship between maturity of performance measurement systems, strategic compliance of performance measurement and managerial orientation, on one side, and the portfolio of performance measurement uses, on the other. Data were collected from 86 Serbian companies. The results indicate that the most influential factor for diversified use of performance measurement is the maturity of the system. The paper also discusses theoretical contributions, implications for managers and scholars, and recommendations for decision-makers.

Tourism and hospitality have received an immense attention from scholars, policy holders, decision makers and other important stakeholders in Belgrade, a main tourist destination of Serbia. The aim of this paper is to determine the main drivers of profit margins in the hotel sector in Belgrade. A particular aim is to explore the effects of variables – size, market concentration, and market share and customer satisfaction – on hotel profit margins. The study analyzed the secondary reliable sources. The data were analyzed with correlations and regressions. The results indicate that customer perception is a paramount factor driving the financial performance of hotels. These findings could be useful to scholars and practitioners interested in business performances of Belgrade hotels.