Abstract
Research background: World experience shows that small and medium business in a civilized form is an important condition for the restoration of not only the economy. Periods of recession, stagnation and stabilization at a time when small and medium enterprises are the acceptable form of activity were observed. Purpose of the article: The purpose of the study is to identify the weaknesses of small and medium enterprises in the local market, to analyze the main stages of development of such enterprises in Azerbaijan. The research database includes works on the issues of local and foreign authors, decisions of the Cabinet of Ministers and the Ministry of Economy of Azerbaijan, normative-legal acts, statistical materials. The results will serve as the basis for further actions- the formation of innovative databases for data processing and analysis, the correct creation of the management structure of many business objects, the support of know-how and start-ups, financial literacy and the reduction of profit leakage. The novelty and practical results of investigation: The importance of the impact of modern technologies and innovations on business development is also explained. The problems of business, which can hinder the diversification of the economy, were considered.
Highlights
World practice shows that small and medium business in civilized forms is an important condition for the recovery of the economy, and the entire social life
Analyzing the state of our republic's economy after gaining independence, we can observe periods of decline, stagnation and economic stabilization, when small and medium business is the most acceptable form of economic activity, which gained a dominant position in the market
If we take into explanation that compensation payments are high and weaken the budget, correct and timely insurance of their objects by entrepreneurs is necessary and sometimes obligatory. This in turn will allow the insurance market in Azerbaijan to develop in parallel, which will lead to economic progress in the country
Summary
World practice shows that small and medium business in civilized forms is an important condition for the recovery of the economy, and the entire social life. It is able to react quickly to the changes taking place in the market and switch to the production of new goods and services; it is able to meet the market demand in an appropriate way and is able to survive in conditions of shortage of raw materials, capital, information, etc. Today this sector is developing in a relatively contradictory way
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