Problems and Prospects of Development of Small Business and Private Entrepreneurship in the Service Sector

This article examines research questions on the current state and perspectives for the development of small business and private entrepreneurshi... The article explores the role of small service firms in socio-economic development, new job creation potential, provision of innovative services and delivery of more personalized service to customers. It further assesses the key challenges in the growth of small business – capital bottlenecks, inadequate market ecosystem, absence of digital ability, and human resource matters. This article also discusses ways to address these issues, and outlines potential directions for the future.