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Efficiency of using the potential of small business in ensuring sustainable economic growth

Author

Listed:
  • Irina Skuratovych

    (Yaroslav Mudryi National Law University, Ukraine)

  • Nataliia Lytvyn

    (National University of the State Fiscal Service of Ukraine, Ukraine)

  • Iryna Panova

    (Kharkiv National University of Internal Affairs, Ukraine)

  • Ievgen Ovcharenko

    (Volodymyr Dahl East Ukrainian National University, Ukraine)

  • Olena Hryhorevska

    (Kyiv National University of Technologies and Design, Ukraine)

Abstract

In Ukraine, small business has not yet become the foundation of the national economy and an important factor of socio-economic development. The negative trends in the activities of small business in Ukraine include a decrease in the number of small enterprises, reduction of the number of employees in small enterprises, and worsening of financial results of their activities. The purpose of the paper is to sum up theoretical and methodical foundations and develop scientific and practical recommendations for improving the efficiency of using the potential of small business in ensuring sustainable economic growth. In the process of the study, the following general and special methods were used: dialectical method; method of system analysis; method of graphic analysis; and method of logical generalization of results. Improvement of the organizational and economic relations of small enterprises with large and medium enterprises was determined as one of the directions of increasing the efficiency of small business potential, and the formation of an integration model of business associations as a set of possible forms of interaction of small, medium and large enterprises and areas of integration was suggested. The role of small business in reducing labor emigration as a form of self-employment and employment was studied. Specifics of innovative activity in the small business sector in Ukraine were considered. In order to increase the efficiency of small business potential, the introduction of innovative incubators was suggested. It is advisable to use the practical results of the study for intensification of business activities, for the purpose of increasing the efficiency of using the potential of small business in ensuring sustainable economic growth of the country.

Suggested Citation

  • Irina Skuratovych & Nataliia Lytvyn & Iryna Panova & Ievgen Ovcharenko & Olena Hryhorevska, 2021. "Efficiency of using the potential of small business in ensuring sustainable economic growth," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 8(4), pages 742-756, June.
    • Handle: RePEc:ssi:jouesi:v:8:y:2021:i:4:p:742-756
    DOI: 10.9770/jesi.2021.8.4(46)
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    References listed on IDEAS

    as
    1. International Monetary Fund, 2020. "Ukraine: Request for Stand-by Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Ukraine," IMF Staff Country Reports 2020/197, International Monetary Fund.
    2. International Monetary Fund, 2018. "Angola: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Angola," IMF Staff Country Reports 2018/156, International Monetary Fund.
    3. International Monetary Fund, 2021. "Kenya: Requests for an Extended Arrangement Under the Extended Fund Facility and an Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director ," IMF Staff Country Reports 2021/072, International Monetary Fund.
    4. International Monetary Fund, 2021. "Algeria: 2021 Article IV Consultation-Press Release; and Staff Report; and Statement by the Executive Director for Algeria," IMF Staff Country Reports 2021/253, International Monetary Fund.
    5. Rodrigo Canales, 2016. "From Ideals to Institutions: Institutional Entrepreneurship and the Growth of Mexican Small Business Finance," Organization Science, INFORMS, vol. 27(6), pages 1548-1573, December.
    6. International Monetary Fund, 2019. "Ukraine: Request for Stand-By Arrangement and Cancellation of Arrangement Under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Ukraine," IMF Staff Country Reports 2019/003, International Monetary Fund.
    7. International Monetary Fund, 2020. "Brazil: 2020 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Brazil," IMF Staff Country Reports 2020/311, International Monetary Fund.
    8. International Monetary Fund, 2019. "Pakistan: Request for an Extended Arrangement Under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Pakistan," IMF Staff Country Reports 2019/212, International Monetary Fund.
    9. David Audretsch & Diana Heger & Tobias Veith, 2015. "Infrastructure and entrepreneurship," Small Business Economics, Springer, vol. 44(2), pages 219-230, February.
    10. International Monetary Fund, 2021. "Georgia: Eighth Review Under the Extended Fund Facility Arrangement-Press Release; and Staff Report," IMF Staff Country Reports 2021/079, International Monetary Fund.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    sustainable economic development; innovative business; potential; labor migration; efficiency;
    All these keywords.

    JEL classification:

    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm

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