SMALL BUSINESS AND PRIVATE ENTREPRENEURSHIP – THE BASIS OF SOCIO-ECONOMIC DEVELOPMENT

Abstract

It is known that small business and private entrepreneurship have taken a strong place in the experience of countries around the world with their high results and successes, and in most nations their share in the gross domestic product is 60-70 percent. The development of small business serves to create favorable conditions for the dynamism and effective competition in the economy, stimulate demand by expanding the consumer sector, fill the consumer market with goods and services, protect the environment, and increase budget revenues. Accordingly, many developed countries seek to comprehensively support the activities of small business.