THE ECONOMIC IMPORTANCE OF SMALL BUSINESS AND PRIVATE ENTREPRENEURSHIP DEVELOPMENT IN THE CONTEXT OF SUSTAINABLE REGIONAL DEVELOPMENT

Abstract

This article examines the economic significance of small business and private entrepreneurship in ensuring sustainable regional development. The study analyzes the role of small businesses in accelerating economic growth, generating employment opportunities, enhancing regional investment attractiveness, and promoting innovation-driven development. Furthermore, the economic, institutional, and social factors influencing the development of small business and private entrepreneurship are investigated, with particular attention given to their contribution to regional competitiveness. The findings indicate that strengthening support mechanisms for small businesses, expanding access to financial resources, and fostering the adoption of innovative and digital technologies are among the key prerequisites for achieving sustainable regional economic development.