1. Slobodan Marić, The Faculty of Economics Subotica, University of Novi Sad, Serbia
2. Ksenija Leković, The Faculty of Economics Subotica, University of Novi Sad, Serbia

The GEM approach in measuring the volume of entrepreneurial activities and their interrelations with the general social, economic and etrepreneurial conditions, on the one side, gives the whole, systematically, and methodologically well established understanding of entrepreneurship as the significant factor of the cited environment. The level of entrepreneurial activities exert influence on GDP growth in highly developed countries, while the results in less developed countries is far less regarding to the exploatiton of entrepreneurial sectarors in athe funcion of economic growth. Not all this means that the entrepreneurship in less developed countries, in this case, in transitional countries, should be discouraged for their contribution to ecoomic development; on the contrary, small businesses and the factor of economic stabilization in transitional countries.

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