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Purpose- This study deals with the research of modern limitations and possibilities of development of small and medium enterprises and entrepreneurship in the Republic of Serbia. In addition, the aim of this paper is to specifically identify the problems faced by small and medium enterprises and entrepreneurship in Serbia, especially in the crisis caused by the COVID-19 pandemic, but also to identify opportunities for further development of small and medium enterprises and entrepreneurship. Their economic development contributes to the successful recovery and development of the Serbian economy, given that small and medium enterprises form the basis of the economic structure and dominate the Serbian economy. Methodology- The paper is based on qualitative and quantitative analysis. An analysis of the relevant literature related to entrepreneurship, modern opportunities and risks in undertaking entrepreneurial ventures is given. Qualitative and quantitative research is based on the official literature and statistics and had the function to show the place and importance of entrepreneurship in relation to the modern business environment. Based on the analysis, recommendations and conclusions on the progress of entrepreneurship in the Republic of Serbia are given. This is especially important because, based on this study, the authors support the basic thesis that entrepreneurial orientation improves the competitiveness of the Serbian economy. Findings- This research shows that by creating a business environment that encourages business and development of small and medium enterprises and entrepreneurship in Serbia, as a country in transition, and at the same time facing the global crisis caused by the COVID-19 pandemic, the competitiveness of Serbian production and economy is on track recovery and development. Conclusion- According to the findings of this study, the impact of the modern business environment on business success in the sector of small and medium enterprises and entrepreneurship in Serbia is significant. The authors point out the situation, risks and uncertainties that the SME sector in Serbia faces before and during the pandemic. After considering the objective limitations, the chances that exist in times of uncertainty are presented. Although opportunities appear in many forms, dominant trends are always significant in shaping economic realities, such as government policy to facilitate business with significant subsidies in volatile and crisis times caused by a pandemic. This is precisely the reason for presenting certain directions and economic trends that will inevitably change the social and business environment, and the ability to adapt will determine the success of future entrepreneurs.

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