Title: Entrepreneurship and small business in Eastern Europe: overcoming challenges, sustaining growth

Authors: Barbara Weiss; Dianne H.B. Welsh

Addresses: SolBridge International School of Business, 151-13 Samsung 1-dong, Dong-gu, Daejeon 300-814, Korea ' Hayes Distinguished Professor of Entrepreneurship, University of North Carolina Greensboro, P.O. Box 26170, Greensboro, North Carolina 27402-1760, USA

Abstract: Small business entrepreneurship is an indicator of market competitiveness and minimal risk both market and systemic. This paper analyses the political, economic, and societal conditions in seven emerging European economies including Russia (EEE7) - Belarus, Poland, Romania, Russia, Serbia, Slovenia, and Ukraine - in order to assess the state of small and medium-sized enterprises (SMEs) following the onset of the global economic crisis. We identify the specific challenges, both systemic institutional ones and those due to the knock-on effects of the crisis, facing small businesses in these countries. We then draw conclusions about the ability of SMEs to help bring about recovery and sustain the growth of their respective economies and perhaps that of the region as a whole. Implications for the role of entrepreneurial capitalism contributing to the economic growth and market sustainability of small geographically contiguous countries located between larger regions and region states in other parts of the world are discussed.

Keywords: emerging economies; small business; Eastern Europe; small and medium-sized enterprises; SMEs; financial crisis; uncertainty; systemic risk; market risk; risk analysis; market sustainability; entrepreneurship; economic growth; Belarus; Poland; Romania; Russia; Serbia; Slovenia; Ukraine.

DOI: 10.1504/IJGSB.2013.054890

International Journal of Globalisation and Small Business, 2013 Vol.5 No.3, pp.148 - 169

Received: 09 May 2012
Accepted: 24 Sep 2012

Published online: 27 Dec 2013 *

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