scholarly journals INSTITUTITONS AND ECONOMIC DEVELOPMENT: THEORETHICAL PERSPECTIVE OF MISSED INSTITUTIONAL SUPPORT IN THE REPUBLIC OF CROATIA

2021 ◽  
Vol 37 (3-4) ◽  
pp. 201-224
Author(s):  
Katarina Marošević ◽  
Lorela Vukovac
Keyword(s):  
Economic Development ◽  
Growth And Development ◽  
Additional Data ◽  
Small And Medium Enterprises ◽  
Institutional Support ◽  
Economic Growth And Development ◽  
Primary Sector ◽  
The Republic ◽  
Medium Enterprises ◽  
National Economies

The activities of institutions have proven to be extremely important in achieving the economic growth and development of national economies. In addition, observed imbalances within the national economy can be minimized due to the contribution of institutions. Therefore, it is necessary to detect opportunities and activities that could, due to adequate institutional implementation, promote the development of a certain area. In the Republic of Croatia, in general, there is a low level of stimulating environment for small and medium sized enterprises as one of the economy drivers. Besides, the parts of the Republic of Croatia in which the primary sector predominates are generally much less developed (for instance, counties of Eastern Croatia). The aim of this paper is to examine the role and importance of institutions on economic development. In addition, it aims at detecting and describing the institutional obstacles in promotion of small and medium enterprises as well as in presenting the selected examples of missed institutional promotion within the primary sector, as an economic branch most represented in the parts of the Republic of Croatia whose development is much lower than the average or even the lowest. The paper predominantly uses theoretical descriptive methods with additional data given in order to confirm mentioned obstacles within the small and medium enterprises and primary sector.

scholarly journals Small and Medium Enterprises: Importance for the Kosovo Economy

2021 ◽  
Vol 18 ◽  
pp. 215-221
Author(s):  
Afrim Loku ◽  
Nadire Loku ◽  
Naim Baftiu
Keyword(s):  
Economic Development ◽  
Labor Market ◽  
International Institutions ◽  
Small And Medium Enterprises ◽  
Scientific Contribution ◽  
Documentary Sources ◽  
Scientific Papers ◽  
Medium Enterprises ◽  
National Economies

This study aims to broaden the understanding of the importance of SMEs (Small and Medium Enterprises) for the economy of Kosovo, especially in terms of economic development, labor market and innovation. The study was conducted through analysis of documentary sources such as relevant reports of national and international institutions as well as relevant scientific papers. The scientific contribution of this study is theoretical and aims to help researchers of the field for an expanded understanding of SMEs over national economies. This study provides a concise framework of important elements on the economic impact of SMEs on Kosovo's economy. Examination of available data has shown that the SME sector plays a crucial role for the Kosovo economy. The key role of SMEs was emphasized in terms of overall value generated and the labor market while innovation remains a challenge to be addressed by stakeholders

scholarly journals THE ANALYSIS OF FINANCIAL AND NON-FINANCIAL SUPPORT TO THE SECTOR OF SMALL AND MEDIUM ENTERPRISES IN THE REPUBLIC OF SRPSKA

2015 ◽  
Vol 1 (10) ◽  
pp. 89
Author(s):  
Boban Sašić
Keyword(s):  
Financial Support ◽  
Growth And Development ◽  
Quantitative Research ◽  
Small And Medium Enterprises ◽  
Research Problem ◽  
Business Activity ◽  
Financial Instruments ◽  
Business Climate ◽  
The Republic ◽  
Medium Enterprises

The aim of this paper is to analize the role and importance of financial and non-financial instruments of supporting the sector of small and medium enterprises (SMEs) in the Republic of Srpska (RS). For that purpose, in late 2013 and early 2014, there was conducted a quantitative research on a sample of 110 respondents on the whole territory of RS, with the aim of finding the answers to the following question: What is the reason that a large number of SMEs in RS fail to provide adequate financial and non-financial support to their business activity and what measures should be taken in order to improve the current situation? In order to specify the research problem, we ask ourselves if the existing instruments of financial and non-financial support to the sector of SMEs in the RS are sufficiently developed and accessible, as to contribute to the successful growth and development of the said enterprises? We found that the above mentioned instruments of support to the SME sector in RS are not sufficiently developed. Respondents were acquainted with the sole instruments and models of financial and non-financial support that exist in RS. According to the results of the empirical research, we conclude that creating and mastering the models and instruments of financial and non-financial support to SME sector in the RS and providing the adequate business climate for their successful functioning, will increase the availability of favourable financial means for SMEs, as well as the possibility of using the positive aspects of clusters, guarantee funds, factorings and other forms of entrepreneurship infrastructure.

scholarly journals MSMEs as Engine of Economic Growth in Nigeria: Challenges and Prospects of Scalability

2018 ◽  
Vol 2 (1) ◽  
pp. 1-10
Author(s):  
Emmanuel Okokondem Okon
Keyword(s):  
Economic Growth ◽  
Growth And Development ◽  
Developing Economies ◽  
Small And Medium Enterprises ◽  
Business Environment ◽  
Technological Systems ◽  
Economic Growth And Development ◽  
Area Of Concern ◽  
Medium Enterprises ◽  
A Company

Growing or expanding the Micro, Small and Medium Enterprises (MSMEs) sector of the economy is one key strategy to achieve economic growth and development. Micro, Small and Medium Enterprises (MSMEs) scalability (growth or expansion) have become an area of concern for economic growth in developing economies. People use the term in reference to computer or other technological systems, but those in business also use the word to describe the adaptability of a company (Thibodeaux, 2015) in today‘s fast-paced business environment where the focus on customer satisfaction is at an all-time high. This article discusses the concept of scalability as it relates to business and non-scalable components of business process as well as the importance of being scalable. It also looked at some of the challenges and practices that prevent effective scalability of MSMEs in Nigeria and the way forward.

scholarly journals The Business Environment and Problems of Small and Medium Enterprises in Kosovo

2014 ◽  
Vol 4 (1) ◽  
pp. 109
Author(s):  
MSc. Muhamet Hashani ◽  
Dr.Sc. Myrvete Badivuku-Pantina
Keyword(s):  
Economic Development ◽  
Small And Medium Enterprises ◽  
Business Environment ◽  
Economic Policies ◽  
Economies In Transition ◽  
Advantages And Disadvantages ◽  
The Republic ◽  
Business Survey ◽  
The Government ◽  
Medium Enterprises

A good business environment means a catalyst for small and medium enterprises, a good business environment facilitates development and sustainability of small and medium enterprises. The development of micro, small and medium enterprises (MSME) is very important to the economic development of a country, and intentionally, MSMEs are considered to be amongst the most efficient instruments for economies in transition, because of their production of sustainable economic growth, employment and poverty reduction.Small and medium enterprises are a generator of new products and technologies; they are are a source of new ideas and advanced strategies of management. Development and sustainability of small and medium enterprises depends on the business environment, which implies a series of social, legal, economic, political or institutional conditions, which are uncontrollable in nature, and affect the organizations’ functions.This study addresses the baseline documents which were taken into consideration by the Government of the Republic of Kosovo in developing economic policies, thereby analysing their advantages and disadvantages. By analysing reports, statistics on MSMEs and other documents, and further complementing the study by a research section (business survey), this paper aims at identifying the key problems faced by the MSMEs in Kosovo, and provide adequate recommendations which may be of service in resolving such problems, but also resulting into a better business environment, and economic development in general.

Impact of Small and Medium Enterprises on Economic Growth and Development

2013 ◽  
Vol 2 (1) ◽  
pp. 18 ◽  
Author(s):  
Muritala A Taiwo ◽  
Awolaja M Ayodeji ◽  
Bako A Yusuf
Keyword(s):  
Economic Growth ◽  
Local Government ◽  
Growth And Development ◽  
Raw Materials ◽  
Small And Medium Enterprises ◽  
Operating Cost ◽  
Modern Technology ◽  
Survey Method ◽  
Economic Growth And Development ◽  
Medium Enterprises

This paper seeks to investigate Small and Medium Enterprises as a veritable tool in Economic Growth and Development. A survey method was used to gather data from 200 SME/Entrepreneurial officers and Managers from five selected local government in Nigeria namely; Ijebu North, Yewa South, Sagamu, Odeda and Ogun Waterside Local government. Data was collected with a structured questionnaire and analyzed with several descriptive statistics to identify the perception of the roles of SMEs in Nigeria. The results of the study therefore reveals that the most common constraints hindering small and medium scale business growth in Nigeria are lack of financial support, poor management, corruption, lack of training and experience, poor infrastructure, insufficient profits, and low demand for product and services.  Hence, it therefore recommends that Government should as matter of urgency assist prospective entrepreneurs to have access to finance and necessary information relating to business opportunities, modern technology, raw materials, market, plant and machinery which would enable them to reduce their operating cost and be more efficient to meet the market competitions.

scholarly journals Microfinance Sector and Sme Financial Suport in Albania

2017 ◽  
Vol 5 (1) ◽  
pp. 243
Author(s):  
Alma Delija
Keyword(s):  
Economic Development ◽  
Rural Areas ◽  
Financial Services ◽  
Growth And Development ◽  
Poverty Reduction ◽  
Small And Medium Enterprises ◽  
Decisive Role ◽  
Goods And Services ◽  
The Individual ◽  
Medium Enterprises

The creation of the microfinance sector and its functioning in Albania has played an essential role and has been and is a powerful tool for the development of small and medium enterprises (SMEs) of Albanian agribusiness. Microfinance has played an ever more decisive role in increasing output, reducing unemployment, improving the level of living conditions and welfare of the population, especially in rural areas, creating new jobs, contributing significantly to economic development Of the country. The growth and development of SMEs plays a fundamental role in the national economy, serving as a driving force in the country's economic development. Empirical evidence suggests that the growing SME sector and the dynamism of their development can strongly contribute to achieving a broad range of development objectives, such as: Achieving income distribution and poverty reduction; Creating employment; Savings mobilization; And production of goods and services that meet basic basic needs of the individual and society. Despite the great contribution to the growth and economic development of the country, the growth and development of SMEs in our country has been hampered by financial access, poor management skills, and lack of training opportunities and high input costs. Liquidities' sluggishness and low access to finance for SMEs is the biggest obstacle to them. SMEs have limited access to financial services provided by formal financial institutions to meet their liquidity and investment needs.

scholarly journals Small and Medium Enterprises (SME’s) Funding and Deposit Money Banks in Nigeria

2020 ◽  
pp. 64-73
Author(s):  
Okere, Peter .A ◽  
Njoku, Gospel O ◽  
Nwosu Eleazar C
Keyword(s):  
Economic Growth ◽  
High Risk ◽  
Growth And Development ◽  
Electricity Generation ◽  
Small And Medium Enterprises ◽  
Job Creation ◽  
Economic Growth And Development ◽  
Sustainable Water Supply ◽  
The Government ◽  
Medium Enterprises

This study theoretically investigated the reasons why banks are reluctant in granting credit facilities to the Small and Medium Enterprises (SMEs) in Nigeria. The study identified the indispensable roles of SMEs as the most viable engine for job creation, economic growth and development, and the need for the development of the Small and Medium Scale Enterprise (SMEs) in Nigeria. Adopting the theoretical approach, the study observed that banks are willing and capable to provide the necessary funds needed by SMEs but so many factors have hampered them. SME operators are compelled to provide their own electricity, water and, in some cases access roads to offset deficiencies in public infrastructural facilities. This is detrimental to viability and efficiency in production and is considered as high risk by the banks. Banks as a business entity have to make profit and maintain enough liquidity needed to meet up with other obligations of other stakeholders. The inability of the deposit money banks to extend the needed credits to the SMEs is due the unfriendly environment in which these SMEs operate. This study therefore recommends that government should totally adopt the Indian Model of SMEs development. Again, the environment for doing in Nigeria should be improved by the government most especially the electricity generation, sustainable water supply, quality roads.

scholarly journals Professionalization of managerial functions in SMEs in Serbia with a special emphasis on the financial function

2021 ◽  
Vol 18 (3) ◽  
pp. 71-88
Author(s):  
Nenad Ravić ◽  
Marija Đekić ◽  
Nikola Radić
Keyword(s):  
Growth And Development ◽  
Small And Medium Enterprises ◽  
Survey Method ◽  
Small Enterprises ◽  
Knowledge And Skills ◽  
Efficiency And Effectiveness ◽  
Managerial Knowledge ◽  
The Republic ◽  
Medium Enterprises ◽  
Financial Function

Managerial knowledge and skills are some of the most crucial factors of the survival and sustainability of small and medium enterprises. Achieving growth and development of small enterprises requires the implementation of a professional approach to management and to the organization. This paper shows the results of an empirical research carried out in the first half of 2020 by having applied the survey method. An e-questionnaire was designed for the purposes of this research and it was distributed to micro, small and medium enterprises and entrepreneurial stores in Serbia. The goal of the research was to examine the occurrence of professionalization of managerial functions in the SME sector in Serbia, with a special emphasis on the financial function. The research results have shown that professionalization of managerial functions in the SME sector of the Republic of Serbia is not sufficiently represented and that with an increase in the level of professionalization of managerial functions becomes a great potential for the promotion of the efficiency and effectiveness of management in small and medium enterprises.

Analysis of Major Problems Faced by Small Firms in North India

2015 ◽  
Vol 15 ◽  
pp. 150-160
Author(s):  
Davinder Singh ◽  
Jaimal Singh Khamba ◽  
Tarun Nanda
Keyword(s):  
Economic Growth ◽  
Developing Countries ◽  
Economic Development ◽  
Small Firms ◽  
Small And Medium Enterprises ◽  
Developed Countries ◽  
North India ◽  
Small Enterprises ◽  
Employment Generation ◽  
Medium Enterprises

Micro, Small and Medium Enterprises (MSMEs) have been noted to play a significant role in promoting economic growth in less developed countries, developing and also in developed countries. Worldwide, the micro and small enterprises have been accepted as the engine of economic growth of any nation. Small and Medium Enterprises are the backbone of the economies, because it trigger employment, output, export, poverty alleviation, economic empowerment, economic development etc. in developed as well as in developing countries. It is more important to developing countries as the poverty and unemployment are burning problems. MSMEs have been playing a momentous role in overall economic development of a country like India where millions of people are unemployed or underemployed. Therefore, the growth of small sectors is essential for the growth in the GDP, employment generation, total manufacturing production and export. India, being one of the fastest growing economies of the world, needs to pay an honest attention for the utmost growth of MSMEs for its increased contribution in above areas.

scholarly journals PETA RENCANA (ROADMAP) RISET ENTERPRISE RESOURCE PLANNING (ERP) DENGAN FOKUS RISET PADA USAHA KECIL DAN MENENGAH (UKM) DI INDONESIA

2012 ◽  
Vol 6 (2) ◽  
pp. 140
Author(s):  
Putu Wuri Handayani ◽  
J.W. Saputro ◽  
Achmad Nizar Hidayanto ◽  
Indra Budi
Keyword(s):  
Enterprise Resource Planning ◽  
Business Processes ◽  
Small And Medium Enterprises ◽  
Resource Planning ◽  
Fast Response ◽  
National Data ◽  
Critical Issues ◽  
The Republic ◽  
Medium Enterprises

Usaha Kecil dan Menengah (UKM) di Indonesia telah dapat berkontribusi terhadap PDB (Produk Domestik Bruto) nasional sebesar 55.56% berdasarkan data Biro Perencanaan Kementerian Negara Koperasi dan UKM Republik Indonesia, pada tahun 2008. Untuk memperluas pangsa pasar dan meningkatkan daya saing UKM, UKM membutuhkan suatu aplikasi yang dapat mengintegrasikan dan mengotomatisasi proses bisnis UKM. Aplikasi ERP dapat menjadi salah satu solusi untuk UKM dikarenakan keuntungan yang dapat diberikan seperti memberikan informasi dengan waktu respon yang cepat, meningkatkan interaksi antar bagian dalam suatu organisasi, meningkatkan pengelolaan siklus pemesanan barang, dsb. Beberapa isu kritis yang dihadapi oleh UKM adalah terbatasnya dana dan kapabilitas teknologi informasi yang dimiliki. Dalam memahami kebutuhan layanan yang diperlukan oleh UKM untuk aplikasi ERP dan untuk menyediakan arahan bagi UKM serta menanggapi kurangnya riset ERP di Indonesia maka riset ini bertujuan untuk menggambarkan peta rencana jangka panjang dari agenda riset ERP yang akan dilakukan untuk UKM di Indonesia. Small and Medium Enterprises (SMEs) in Indonesia has been able to contribute to the GDP (Gross Domestic Product) of 55.56% based on national data Planning Bureau of the Ministry of Cooperatives and SMEs of the Republic of Indonesia, in 2008. To expand market share and improve the competitiveness of SMEs, SMEs need an application that can integrate and automate business processes of SMEs. ERP applications can be one solution for SMEs because of the advantages that can be provided such as providing information with fast response time, increase the interaction between the departments of an organization, improving the management of ordering goods cycle, etc. Some of the critical issues faced by SMEs are the limited funds and information technology capabilities they have. In understanding the needs of the services required by SMEs for ERP applications and to provide guidance for SMEs and response to the lack of research about ERP in Indonesia, this research aims to describe the long-term plan maps of the ERP's research agenda that will be made for SMEs in Indonesia.

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