Small Business Ecosystem

Abstract

The article provides an analytical overview of different interpretations for the definition of 'business ecosystem'. The authors consider various types of business ecosystem: business ecosystem, innovation ecosystem, digital ecosystem. They highlight the main components of the ecosystem, the features of the business ecosystem and the benefits that can accrue to the organizations that make it up. The business ecosystem is shown to represent a new form of interaction between organizations that aims to create a new value proposition for customers. Thus, organizations belonging to the ecosystem also receive additional benefits. The authors propose to use the concept of a small business ecosystem to distinguish the small businesses involved in the ecosystem as a separate group. They consider the unique factors for assessing the economic viability of organizations that are part of an ecosystem, identify stakeholders and their needs, and outline the challenges inherent in the small business ecosystem. A category of 'need' has been proposed for sustainable development within an ecosystem and for maintaining the viability of an organization. The paper shows that more developed small business ecosystems can better withstand external challenges and shocks, such as declining incomes, and can better exploit development opportunities. It concludes that the small business ecosystem will enable a single form of a small proportion of successful small businesses to create a new business configuration that reflects the needs of all economic actors and exploits synergies in creating value for customers, increasing the economic viability of small businesses.