Book review: Paul Downs, Boss Life: Surviving My Own Small Business

Expanding Partnerships for Small‐ and Medium‐Sized Enterprises (SMEs) Needed: The Right Kind of Support

The concept of national and regional development strategies for small and medium-sized enterprises (SMEs) are studied for a long time, as small and medium businesses are the foundation of the economy and the basis for effective country functioning. The business development program of the European Union countries is particularly interesting because there are several levels that correspond to each other and give full effect on the SMEs development. The EU standards are higher than in non-EU countries; therefore, it is worth considering legislative documents, as well as statistics showing the indicators of openness and access to the development of small and medium-sized enterprises (SMEs). The complexity and comparative novelty of studying such a problem in Ukraine led to the need to explore sources of information in the original language due to the lack of information in Ukrainian or Russian. All these suggest that the problem of creating strategies at the national and regional level is more relevant and important to study in the West that demonstrates the current state. The subject of the study is to analyse the effectiveness of implementing strategies for the development of small and medium-sized enterprises as well as the impact of national and regional policies on their functioning and development in the European Union countries. Methodology. The authors highlighted the peculiarities and main features of the development strategies implementation for small and medium-sized enterprises in the EU countries through a comparative analysis of the legislative framework, statistical and other data that help assess the performance and effectiveness of the implemented strategies. The content analysis helps to identify peculiarities of the implemented strategies in quantitative and qualitative forms. The thorough analysis using the above-mentioned methods allowed doing a qualitative study of national and regional strategies in the context of the development of small and medium-sized businesses in the EU countries. Practical importance is that the results of this study will lead to a wider acquaintance with progressive strategic methods of management of small and medium-sized enterprises. This will enable the plan development of concrete actions to improve the efficiency of enterprise management in less developed countries. In turn, raising awareness on this issue will reduce the number of inefficient and non-innovative enterprises. Scientific novelty of the article is to determine the theoretical basis of the differences that at the current development stage are increasingly manifested as certain contradictions in the compilation and improvement of small and medium-sized enterprises, development of strategies at the national and regional levels. Small and medium-sized enterprises, in their turn, have a wider access to their development. Conclusions. As a result of the main development strategies of small and medium-sized enterprises of the EU countries, there should be identified the differences and common features of different strategies for innovations of small and medium-sized enterprises. The interaction of the national and regional strategy with actual results and existing strategies is explored.

South Africa is at present experiencing electricity shortages resulting in loadshedding. Loadshedding is the action from an electricity supplier (Eskom) of rolling power cuts that intend to lessen the load on the power supply system when Eskom is not able to supply a high electricity demand. Loadshedding remains one of the country's most critical challenges and has affected day-to-day business activities leading to some small businesses closing their operations. In developing economies, small businesses play a significant role in the wellbeing of rural dwellers and are a major tool for local economic development. At present, there is limited evidence in the literature pointing out the small and medium-sized enterprises (SMEs) in Collins Chabane Local Municipality (CCLM) in terms of the effects of loadshedding but there is literature describing similar issues in other geographical areas. The exploration of the effects of loadshedding on SMEs in the Collins Chabane Local Municipality was crucial to empower small SMEs, cover scholarly gaps, contribute to policy development, and participate in academic discourse. The study uses a mixed-methods approach, adopting a triangulation research design. The sample consisted of 125 members of the target population, which included the SME owners/managers and officials from the Collins Chabane Local Municipality such as the Local Economic Development (LED) manager, Electricity manager, and a technician. The sample was selected using purposive, snowball non-probability sampling, and cluster probability sampling. A total of 100 respondents were selected for the quantitative study, while 25 participants were selected for the qualitative study. Therefore, 100 respondents completed questionnaires and 25 respondents participated in the face-to-face semi-structured interviews. The quantitative data were analysed using the statistical package for the social sciences (SPSS), while the qualitative data were analysed using the thematic method of analysis. According to the quantitative findings, loadshedding costs small and medium-sized businesses in the Collins Chabane Local Municipality an average of 61% of their total revenue. Additionally, 59% of these companies had to lay off their employees because they were unable to pay their wages. The Chi-square results demonstrate that loadshedding has been experienced uniformly by everyone, irrespective of their demographic and business demographic status. Therefore, demographics have no significant influence on the experience of loadshedding. The qualitative results reveal that the losses associated with the effects of loadshedding on SMEs’ production are untenable. There is an urgent need to alleviate the effects of loadshedding on SMEs. An alternative source of power is a requirement for small businesses in the Collins Chabane Local Municipality. It is for this reason that the South African government should grant small businesses a subsidy for the purchase of alternative sources of energy such as strong generators and solar panels to support them during periods of loadshedding. In addition, the South African government should encourage and capacitate small businesses in the Collins Chabane Local Municipality to participate in producing and supplying renewable energy by funding them, and further, foster cooperation among small businesses and companies that are successful in the production of renewable energy. This will assist in adding electricity generation capacity to the national grid and help eliminate electricity instability.

Purpose: the aim of the article is to analyze the existing programs and technologies in the field of financial incentives and credit support of business, as well as justification of qualitatively new methodological tools in the study area for its adaptation in domestic practice. Subject of the article is relevant because it is devoted to description of sources of financial incentives and credit support to small businesses, which are currently the engine of the modern economy. In the first part of the article, an overview of the financial resources and types of funding sources of organizations and small- and medium-sized enterprises (SME) in major developed European countries is provided. Also a description is provided of modern methods of creation of an innovative climate, support innovative ideas and internal business. The second part of the article describes the direction, forms of financing small and medium enterprises (SME) in the major developed European countries, taking into account the peculiarities of the development and functioning. The possibility of using foreign experience in Russia is analyzed. The presented research topic is particularly relevant in connection to an increase in the role of sources of financing for small and medium-sized enterprises (SME). In current economic environment exists the need to address problem of financial support of small and medium-sized enterprises (SME), attraction of new sources of funding, as well as the development of bank credit loans. Processes of market transformation of small and medium-sized businesses have acquired a special importance in relation to the defining role of these enterprises in the system of provision of the economic security of the country. Methods: the methodological bases of this article are the economic and statistical analysis methods, regulatory documents in the field of economic security, publications in the field of economic and financial security, public analyzes in the field of development of financial incentives and credit support to small and medium-sized businesses. Results: to improve the financial incentives and credit support to small enterprises it is necessary to study and use foreign programs in this area, in view of this author has identified and justified current trends of development. Conclusions and Relevance: the practical significance of the work lies in the orientation of the states, conclusions and recommendations aimed at the widespread usage, search and adaptation of sources of financing of small and medium-sized enterprises, which can be used by the legislative and executive authorities of the Russian Federation, in their current activities.

Subject. Analysis of foreign and regional practice of supporting small and medium-sized businesses in the context of restrictions caused by the coronavirus pandemic, and the dynamics of the activity of small and medium-sized enterprises. Topic. Study the growth rates of small and medium-sized enterprises in several regions and assess the impact on them of the consequences of the pandemic. Purpose. Assessment of the activity of small and medium-sized enterprises during the period of introduction of restrictions caused by the pandemic and identification of the most popular practices for supporting entrepreneurship, the impact of government support measures on them. Methodology. Methods of statistical analysis of time series of dynamics of basic indicators. Methods of logical and comparative analysis of the support measures provided abroad and in the regions of Russia, including the Voronezh region. Results. Based on the analysis and assessment of the current situation, it was revealed that there is a downward trend among small and medium-sized businesses. This is due, among other things, to the consequences of the pandemic and the restrictions imposed in 2020. State support for small and medium-sized businesses included organizational and financial measures that could be taken advantage of by business entities from the affected industries, subject to certain conditions. Application area. The sphere of regulation of small and medium-sized businesses at the meso-level. Conclusions. The economic challenges that small and medium-sized businesses had to face dictated new business conditions. Government support has allowed many companies to stay on the market during a difficult period. Keywords: small business, small and medium-sized enterprises, entrepreneurship, government support, support measures, pandemic

The worldwide spread of the COVID-19 epidemic has had a significant social and economic impact on many countries. Malaysia had the fourth-largest economy in Southeast Asia before the epidemic, and it had been doing well for the last few years. Based on a forecast from the World Economic Outlook released in April 2021, real GDP growth is expected to fall. Therefore, COVID-19's impact on Malaysian small and medium-sized enterprises (SMEs) becomes the focus of this study. The information was gathered using a questionnaire survey and interviews conducted in July and early August 2020. The SMEs were the focus of this study, which looked at their history, the impact of the COVID-19 crisis on SMEs, particularly their reliance on internet distribution channels to keep their businesses afloat, and the government's economic stimulus plan for small businesses. The findings of this study show that COVID-19 has a significant influence on small and medium-sized businesses in various ways. They have shown that small and medium-sized businesses (SMEs) are affected by their type and size. This study found that the disruption of corporate operations, decreased product supply and demand, low production, financial instability, and a change to the digital distribution channel were among the effects. The study also showed the relevance of government help for the survival of small and medium-sized enterprises (SMEs) in times of crisis. Governments have significant ramifications in adopting policies that provide additional stimulus packages for small and medium-sized businesses, such as financing, advisory services, and training. On top of all that, governments should encourage non-governmental organisations (NGOs) to provide financial and non-financial help to small and medium-sized enterprises (SMEs) to help them deal with the difficulties brought on by COVID-19 through advice, training, counselling, and psychological support. According to the findings of this study, small and medium-sized businesses should take lessons from the crisis and come up with new plans and strategies to ensure their long-term viability.

The importance of small and medium size enterprises (SMEs) in Taiwan’s economic development is well documented [for example, in a recent article, Wu et al. (2006) examine the contributions of SMEs to Taiwan’s exports]. However, most studies on SMEs have not systematically examined the structure, people and entrepreneurial process of a typical small family business in Taiwan. More specifically, it would be fruitful to understand Taiwan’s family business in terms of economic sociology. Such approach on Taiwan’s SMEs has been conducted by Hamilton and Kao (1990), Kao (1999) and Chen (1994, 2001, 2007) in the tradition of Max Weber. This chapter attempts to formulate a structural model of Taiwan’s small businesses using theories of human agency given by Max Weber (1921/1968) and Alfred Schutz (1962, 1967, 1970). This chapter argues that a typical family business in Taiwan consists of three major components: entrepreneur or boss (laoban) (Sect. 2.2), boss’s wife (laoban liang) (Sect. 2.3) and core team (bandi) (Sect. 2.4). The trinity of these components typifies a small business in Taiwan. Moreover, underlying small businesses in Taiwan is the Chinese family style of management which enhances competitiveness and flexibility in global markets.

Financial factors are crucial for the development of small and medium-sized businesses. The article dwells on the issue of the effectiveness of regional financial support for small and medium-sized businesses implemented in the form of preferential lending, and it also discusses “failures” that generate problems in the implementation of this support. The research object is Rostov region. The authors prove that it is difficult for small and medium-sized businesses to obtain a loan on normal terms due to instability of financial flows. As a result of the analysis, the authors reveal that the volume of lending to small businesses in Rostov region is steadily declining. The decrease in demand for loans from small businesses is connected with high interest rates on bank loans. The article emphasizes that concessional lending can solve the problem through the encouragement of business development in priority areas for the region. The correlation analysis is carried out on the basis of comparing the main indicators of the regional subprogram “Development of small and medium-sized businesses in Rostov region” and indicators of social and economic development of the region. According to the results of the analysis, there is an increase in the number of economic entities in the section of small and medium-sized businesses due to unemployment reduction in the region. However, this quantitative dependence in Rostov region is functionally unstable and probabilistic. At the same time, inefficient organizational and methodological activities of the state in supporting small and medium-sized enterprises have lead to the emergence of “failures” that generate the problem not of the lack of financial resources but of their low demand.

Numerous studies in the world of market economy show that the share of small and medium size enterprises is constantly increasing compared to large enterprises. This does not decrease the significance of large enterprises, but the dependence between them gets larger every day. National economies which manage to find the optimal combination between small, medium size and large enterprises are more successful than the others. Management of small and medium size enterprises (SMEs) in conceptual terms is similar to the process of management of large enterprises. An organization must be managed in order to function and this rule applies to small and medium size enterprises.

The article highlights the main directions of state support for small and medium-sized businesses and the functions of the state as a supporter of business development, which consists in providing not only financial but also information support, creation and maintenance of institutional support and infrastructure. The reasons of ineffective activity of the enterprises, connected with the unbalanced state policy and the lack of protection from the state are also considered. The current directions of support of small and medium-sized businesses, including those taking into account European programs, are described. State support for small and medium-sized businesses today can be considered insufficiently effective, as evidenced by a number of examples and the consequences of ill-considered decisions of the authorities, which, with the aim of stabilizing the economy in the state, have a tangible impact on the activities of small businesses and endanger the existence of a significant part of it. The development for small and medium-sized businesses is important for the country in terms of social and economic character. Effective development of this sector of the economy requires state support at the proper level. Ukraine does not have such support because of the large number of deterrent factors. A number of measures have been proposed for small and medium-sized businesses development. Among them – the universal methods of state regulation and acceleration. Also, in order to stimulate the activities for small and medium-sized businesses, it was proposed to consider the experience of European countries. Small business abroad serves as a basis for a stable economy and is the basis for the EU's social and economic development. Small business stimulates the development of competition, the introduction of the latest technology. Therefore, European society for small and medium-sized businesses, the main purpose of which is to balance the interests of the state and business, provide optimal conditions for entrepreneurship, increase the competitiveness o for small and medium-sized businesses and the country in particular. Ukraine has no clear strategy for regulating for small and medium-sized businesses, the financing system for the formation and development of small businesses is imperfect, legal and organizational issues for micro enterprises remain unmanageable.

This article presents the findings of a survey study of small and medium-sized enterprises (SMEs) with regard to their supply management. The main purpose of this article is to understand how SMEs manage their purchasing activities and which purchasing development component is relevant to purchasing performance. This research examines the potential existence of systematic differences between small businesses and medium-sized businesses with regard to purchasing practice and development. Results indicate there are significant differences between how small businesses and medium-sized businesses manage their purchasing practice. This study found purchasing development is related to the purchasing performance of SMEs and that relevance of certain components of purchasing development are more than others to this relationship. Bias differs between small businesses and medium-sized businesses.

This article shows the impact of the war on small and medium-sized businesses in Ukraine during the full-scale invasion of the Russian Federation, which started on February 24, 2022, and ended in September 2023. The object of the study is small and medium-sized enterprises that carry out business activities in Ukraine during a full-scale invasion. The research objective is to determine the business strategies and Internet marketing strategies used by small and medium-sized enterprises after full-scale invasion. The purpose of this study is to identify the most effective Internet marketing strategies and Internet marketing tools that helped small and medium-sized businesses survive the full-scale invasion of Ukraine by the Russian Federation and continue to grow. The study was conducted through in-depth interviews with representatives of small and medium-sized businesses from different regions of Ukraine and from different fields of activity. Based on the categorical analysis of the responses, three periods of enterprise survival were summarized according to the chronology of military and political events in the country. The relevant Internet marketing strategies of small and medium-sized enterprises are identified. Business strategies and Internet marketing strategies that helped small and medium-sized enterprises increase their pre-war economic performance are also highlighted. Certain reasons for the deep crisis of small and medium-sized enterprises are outlined. The intensity and effectiveness of the use of Internet marketing tools by small and medium-sized businesses after a full-scale invasion are determined. The peculiarity of the results is the study of Internet marketing strategies and successful business strategies of small and medium-sized enterprises during the war. The scientific novelty of thisstudy is that it classifies the periods of survival and growth of small and medium-sized enterprises and identifies the most effective Internet marketing strategies for these periods. The efficiency and intensity of using Internet marketing tools were also systematized. The results obtained in the study will help small and medium-sized enterprises overcome crisis conditions and identify areas for the effective use of digital marketing. The findings are of practical value for small and medium-sized enterprises in other countries where there is a possibility of armed conflict.

The development of small and medium-sized businesses is the key to the successful development of a market economy. International experience shows that for the successful development and functioning of small and medium-sized businesses, it is necessary to create an effective legal framework, protect and provide appropriate legal and financial support from the state. The purpose of the article is to identify factors affecting the development of small and medium-sized enterprises in Kazakhstan, analyze the characteristics, trends and problems of small and medium-sized enterprises, as well as develop proposals for improving the efficiency and financing of small and medium-sized enterprises in the current crisis of the global economy. The authors analyzed the dynamics of the activities of small and medium-sized businesses in different sectors of the national economy over the past 10 years and identified the main factors influencing its development, pressing problems and current trends. The study used various methods of dialectics: analysis, generalization, synthesis, induction, deduction, statistical data on the number of small and medium-sized enterprises in the Republic of Kazakhstan for 2010-2020 and conclusions using the SWOT analysis method. The impact of the COVID-19 pandemic on the development of small and medium-sized businesses in Kazakhstan since its entry into the domestic economy in March 2020 was considered. The study identified the following main problems that reduce the efficiency of small and medium-sized enterprises, such as: weak links between science and production, bureaucracy and inflexibility of administrative and state structures, insufficient efficiency of mechanisms for state financing of small and medium-sized businesses. The authors give recommendations on improving the efficiency of small and medium-sized businesses, as well as state support for entrepreneurship in Kazakhstan in the context of a pandemic and a modern recession.

PurposeThe purpose of this paper is to examine the influence of social media adoption on the performance of construction small and medium-sized enterprises (SMEs).Design/methodology/approachConstruction SMEs owners and managers in Nigeria were surveyed using questionnaires to gather data. Partial least square structural equation modeling (PLS-SEM) was employed to assess measurement reliability and validity, as well as the hypothesized paths provided in the conceptual model that formed part of the final conclusions.FindingsThe empirical finding showed that social media usage increased knowledge accessibility, reduced costs and improved customer relations and service for organizations. Overall, social media adoption was significantly and positively related to SMEs business performance. Also, the paper revealed that learning capability mediates the relationship between social media and SMEs performance.Research limitations/implicationsData for the study came from only one industry and one related line of business; thus, including more companies from different sectors or industries could be more interesting. The study's findings contributed to the growing body of knowledge about the impact of social media on the efficiency of businesses. Small and medium-sized businesses also need to understand and recognize the impact of social media on the organization's performance in order to achieve a long-term competitive edge from the adoption of social media.Practical implicationsAccording to the findings, small construction firms can benefit from marketing the brands through social media channels and improved learning capability. In terms of accessibility, cost savings and improved relationships with customers, research shows that social media promotion can be beneficial to businesses. A study like this has the potential to show how social media can help striving small businesses interact cost-effectively with customers all over the world, opening new doors for sales and continuous improvement.Originality/valueThe relationship between SME performance in Nigeria and the use of social media has received very little attention despite social media's promising potentials, particularly for small businesses. The authors hoped that this study will fill a gap in the authors' understanding of how social media affects the performance of small and medium-sized businesses (SMEs) in the construction industry.

Subject. For a long time, small business has been an important integrating part of the country’s economic and social system and plays a significant role in the economy of any country, as it ensures the stability of market relations (opens up new places for citizens to work in order to create a business); carries out high production efficiency (for deep specialization and cooperation), which has a beneficial effect on the stability of economic growth and strengthening market relations. A modern market economy is not able to work and be developed without small business. Its formation and development is one of the main goals of economic policy in conditions of normal functioning of the market mechanism. New progress is impossible without an objective assessment of the existing conditions of domestic small business, on the basis of which it will be possible to effectively design and implement social and economical programs to support it. Goal. Assessing the functioning of small businesses in the region. Method or methodology. In the course of the work, general scientific methods were used: comparison, analysis, synthesis, analogy. Results of the work. The Lipetsk region in 2022 occupies a leading position with a significant lead in the number of small and medium-sized businesses, with a significant advantage compared to the Tambov region, which ranks second in the ranking. In general, the Lipetsk region over the past years has been one of the most prosperous in the Central Federal District, with stable economic potential. The areas of the Lipetsk region, in which a high rate of dynamics in the development of small and medium-sized businesses is observed, require additional attention. According to these parameters, the leading position in the region is occupied by the Lipetsk district, followed in descending order by the Lev-Tolstovsky, Dobrovsky, Dobrinsky, Gryazinsky, Chaplyginsky and Eletsky districts. Conclusion. Public administration in the field of supporting small and medium-sized businesses is based on several tools, the leading of which is the national project «Small and Medium-Sized Enterprises and Support for Individual Entrepreneurial Initiatives» with the help of which individuals can fully unleash their business potential, increase their income and find like-minded people, developing both your business and the region in which the business is located.