PROVIDING SUPPORT AND DEVELOPMENT OF ENTREPRENEURSHIP IN THE CONDITIONS OF GLOBAL CHALLENGES


Keywords: entrepreneurship, entrepreneurship support infrastructure, entrepreneurship support institutions, global challenges, COVID-19.

Abstract

Topicality. In the context of global challenges, in particular related to overcoming the consequences of the COVID-19 pandemic, providing support and development of entrepreneurship is becoming especially relevant. Indeed, if large enterprises are able to overcome the problems facing them, at the expense of their own reserves, then micro-,small- and medium-sized enterprises, that provide a large number of jobs, are at risk in the absence of support from both the state and others institutions for support and development of entrepreneurship.
Aim and tasks. The aim of the paper is to determine the main trends in the development of entrepreneurship in Ukraine in the context of global challenges, substantiate the need to stimulate entrepreneurial activity and identify the main problems of forming an effective infrastructure for its support. To achieve this goal, the theoretical aspects of entrepreneurial activity were identified, the changes that occurred in the business sector in the context of global challenges were analyzed, the features and problems of the existing infrastructure for supporting entrepreneurship were considered.
Research results. The development of entrepreneurship is the key to the economic growth of the country as a whole. The analysis has showed that entrepreneurs in Ukraine are now quite successfully adapting to global challenges, in particular those associated with the COVID-19 pandemic. However, there are a number of obstacles that hinder the development of entrepreneurship, namely the introduction of changes in legislation (for example, the mandatory submission of primary documentation) and the tax burden, the impact of which has not been graded by the state in the context of a pandemic. The need to provide support for the development of entrepreneurship in the context of global challenges has been substantiated in the paper. In particular, it seems to be very important for ensuring the development of micro, small and medium-sized businesses, that have much less reserves for eliminating the consequences of economic instability in comparison with large enterprises. Despite a fairly large network of institutions for supporting entrepreneurship, the activities of many of them are declarative and do not fully meet the needs of business entities. The process of formation of effective business support infrastructure in Ukraine is constrained by the low level of business confidence in the government and, as a consequence, the lack of an well-established interaction.
Conclusion. The key direction of ensuring effective support and development of entrepreneurship in the context of global challenges is the establishment of effective interaction between institutions of various forms of ownership. Prospects for future research in the field of support and development of entrepreneurship are associated with the development of an effective mechanism for interaction between the state, business and international donors to ensure the development of entrepreneurial activity in Ukraine.

Author Biography

A.A. FAILKOVSKA

PhD (Economics)
Odessa National Economic University
Preobrazhenska Str., 8, Odesa, Ukraine

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Published
2021-08-20
How to Cite
FAILKOVSKA, A. (2021). PROVIDING SUPPORT AND DEVELOPMENT OF ENTREPRENEURSHIP IN THE CONDITIONS OF GLOBAL CHALLENGES. Economic Innovations, 23(3(80), 362-372. https://doi.org/https://doi.org/10.31520/ei.2021.23.3(80).362-372