SOCIO-ECONOMIC SIGNIFICANCE OF SMALL BUSINESS AND ENTREPRENEURSHIP
DOI:
https://doi.org/10.55640/Keywords:
small business, entrepreneurship, entrepreneur, democracy, needs, inflation, legal entity, individual, GDP, import, export, unemployment.Abstract
This article provides a comprehensive explanation of the content and essence of small business and entrepreneurial activity. The distinctions between the concepts of small business and private entrepreneurship are clearly outlined. In addition, the article examines the impact of small business and entrepreneurship on a country’s economic growth and presents detailed information on their socio-economic significance. Owing to their ability to adapt rapidly and effectively to ongoing systematic changes under market economy conditions, small business and entrepreneurial activities contribute to achieving the fundamental objective of the economy—fully satisfying human needs and improving living standards. The article also highlights the crucial role of small business and entrepreneurship in the socio-economic development of the country.
References
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