The use of social networks in the business ecosystem of Serbia

Abstract

This paper provides an overview of the application of social networks in Serbian entrepreneurship and the entrepreneurial ecosystem. Social networks have become a necessary marketing tool in business since their inception for scientific and social purposes. There is almost no business branch that operates without the use of social networks, as an auxiliary or basic marketing tool. In Serbia, social networks have experienced significant expansion in recent years, and everyday life is almost unimaginable without platforms like Instagram, Facebook, and Twitter. Entrepreneurship in Serbia heavily relies on social networks for marketing and operational purposes. On the other hand, the entrepreneurial ecosystem is a term that has attracted a lot of attention from scientists and researchers in the last ten years. The main goal of entrepreneurship is to create an economic and social system that enables business growth and development, which will also contribute to the economic prosperity of the country. Entrepreneurial ecosystems encompass a broader concept, intertwining entrepreneurs, organizations, individuals, and institutions at the national level to support and catalyze entrepreneurship development collectively or systemically. The aim of this paper is to elucidate the concept of the entrepreneurial ecosystem in Serbia and demonstrate the use of social networks for its growth and development in the modern business environment.