Nowadays, information as a facility and entrepreneurship as a practical phenomena are dominated in social, political and economical sphere. Business becomes a global process which determines destiny of almost all people on our planet. At the same time, small and medium-sized companies are changing national economy's image pattern of countries which markets are well-developed, as well as of countries in transition. What almost all national economies expect of business is to solve one of the biggest problems which countries in transition and well developed countries are facing with. It is high rate of unemployment. However, entrepreneurship is not only connected with the small and medium sized companies but with successful economies and successful companies as well. Entrepreneurship is defined as a contractor ´s activity aimed to initiate, organize and innovate business activity in order to set up a new market. In this respect, crucial factor of entrepreneurship as a theory and social usage is exactly ability to introduce innovations, investment of all available facilities and expanding to new market products and services. Therefore, entrepreneurship is a process which is in constant movement, aiming and looking for innovations, never stops on pre-existing condition and is one of the main facilities of country´s development. Economic theory recognizes many definitions of entrepreneurship, but common denominator is the fact that entrepreneurship implies creating something new. In other words, the widest possible definition of entrepreneurship is the process of creating something new, adding value, investing time and effort, accepting financial, emotional and social risks, and realizing the award as monetary or personal satisfaction and independence. This graduate thesis discusses entrepreneurship as a phenomenon and explores to what extent it contributes to the economic growth and development of the national economy. To this end, special attention is paid to the results of Global Entrepreneurship Monitor (GEM) research that systematically follows entrepreneurship from different aspects and interprets it as a function of economic development.