THE ROLE OF SMALL BUSINESS AND PRIVATE ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
Keywords:
At a time when large firms did not yet have a powerful position, small business was the main provider of employment and, therefore, socio-political stability, and was convinced that the future was in the hands of large corporations.Abstract
In today's globalization environment, small business owners and entrepreneurs are increasingly recognized as drivers of economic growth. Over the past two decades, extensive research on the importance of small businesses to the economy has consistently shown that the creation of new businesses leads to economic prosperity. While playing a critical role in increasing the competitiveness of emerging industries, new small businesses are critical to economic growth and innovation capacity in many regions. Job creation, economic growth, and poverty reduction are usually the main political interests in business. Thus, entrepreneurship is the driving force of the economy, especially due to the innovative nature of entrepreneurs, it ensures the penetration of innovative activities into the production sectors.
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