The significant social and economic factors of business development in the segment of SMEs

Anotace

Nowadays, entrepreneurship in the segment small and medium-sized enterprises (SMEs) plays a key role in the economy of the European Union and the majority of countries of the world. It is well known that SMEs have specific features and fulfill important tasks in an economic system. Herewith, it should be noted that the majority of these SMEs are run by migrants or employ migrants. Additionally, one should bear in mind that SMEs significantly contribute to higher employment and GDP, help to create a more intensely competitive environment which has great importance in relation to price and quality of products and services. Also, SMEs with their flexibility help to fill the market space and they are bearers of important innovations. Moreover, SMEs must fight for customers and must seek the best location for them in the market. Consequently, SMEs ensure competition and thereby act against monopolistic tendencies.