THE ESSENCE AND IMPORTANCE OF SMALL BUSINESS IN THE MODERN ECONOMY
Within the framework of this study, the essence and significance of small business are considered, which not only contributes to the development of specific areas of the economy, but also ensures the economic well-being of society as a whole. The object of the study is small business as a special type of purposeful activity, which is based on an innovative idea and goal focused on making a profit from the sale of goods or the provision of various services. The subject of the study is the socio-economic content, functions of small business, factors ensuring the importance of small business development for the Russian economy. The purpose of this scientific article is to analyze modern approaches to determining the essence and role of small business, to identify on the basis of it the basic guidelines for the development of small business in modern conditions. The author defines the institutional basis for the development of entrepreneurship, identifies the advantages and disadvantages of small business, describes the key factors of its development. As a result, the author has formed a conclusion about the significant role of small business in the socioeconomic development of the Russian Federation.