SMEs IN THE SLOVAK REPUBLIC AND THEIR INNOVATIVE ACTIVITY
Journal Title: Journal L`Association 1901 SEPIKE - Year 2018, Vol 2, Issue 3
Abstract
It is generally acknowledged, that small and medium-sized enterprises (SMEs) are the basics of all economies, as well as a key source of the economic growth, dynamism and flexibility. SMEs are important for bringing innovative products and techniques to the market. However, theory small business is poor. Business theorists have paid attention to the prosperity of large enterprises. Until 1990, in the Slovak Republic, 'small enterprise' category didn't exist. In terms of development, particular attention was paid to SMEs in 1971, when so-called Bolton's report (Great Britain) came into being. It changed the attitude towards SMEs. According to Bolton's report: (1) SMEs have a relatively small market share and cannot significantly affect the market; (2) SMEs are managed by owners-entrepreneurs, owners' families, co-owners and they are not mediated through the formal managing structure; (3) SMEs are independent enterprises; they are not a part of another larger enterprise. The viability of SMEs has steadily grown and significant features were attributed to them, as they have become the most powerful engine of any market economy due to their flexibility.
Authors and Affiliations
Katarina BELANOVA
Keywords
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