Abstract
Purpose: The purpose of the article is to study the concepts and criteria for classifying businesses to the category of Small and Medium-sized business according to the legislation of the Russian Federation. In the course of the study, the authors analyzed the criteria by which the subjects are identified as Small and Medium-sized enterprises and, accordingly, are entitled to receive state support. Design/Methodology/Approach: The authors’ analysis is based on the literature review and statistical data analysis regarding the concept of entrepreurship and its legal background. Findings: The authors presented analytical data on business entities, citizens engaged in entrepreneurial activity, state support of entrepreneurial activity and introduced a conceptual classification benchmark. Practical implications: Authors’ findings could be applied in improving the legal and economic entrepreneurial frameworks of Russia. Originality/Value: The contribution of the article is the authors’ approach in classifying SMEs (Small and Medium-sized entities) and their state support as well as recommendations regarding the entrepreneurial activity and its development.
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