Recent Evidence of Small Business Development in Transition Economies
International Journal of Entrepreneurship, Vol. 12, No. 1, pp. 71-85
15 Pages Posted: 27 Dec 2017
Date Written: September 30, 2008
This study investigates the role of small business development (SBD) in transitional economies of Commonwealth Independent States (CIS) and makes economic and financial recommendations for international policymakers. A range of current SBD research that examined entrepreneurship from an economic perspective was reviewed. An economic research paradigm was developed to provide a macro view of CIS countries and then it was applied to Kazakhstan in Central Asia. In general, factors that enhance SBD include improving institutional environments, increasing credit availability and promoting competition. Specifically in Kazakhstan, a survey of entrepreneurs and small business owners was conducted to determine how SBD creates markets and how it transforms lives. To enhance and sustain economic stability and reduce reliance on state-owned natural resource industries, CIS should implement alternative development strategies that promote SBD. Selected policy and practical implications are identified which facilitate SBD through initial investment funds that create capital formation and credits.
Keywords: entrepreneurship, small business development, small business owners, transitional economies, Kazakhstan, Central Asia, Commonwealth Independent States
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