An Analysis of Smes Market in History of Azerbaijan

Azerbaijan State University of Economics (UNEC), Baku, the Republic of Azerbaijan

^* Corresponding author: cemile.hasanova@unec.edu.az, ORCID 0000-0001-8004-5898

Abstract

Research background: World experience shows that small and medium business in a civilized form is an important condition for the restoration of not only the economy. Periods of recession, stagnation and stabilization at a time when small and medium enterprises are the acceptable form of activity were observed.

Purpose of the article: The purpose of the study is to identify the weaknesses of small and medium enterprises in the local market, to analyze the main stages of development of such enterprises in Azerbaijan.

The research database includes works on the issues of local and foreign authors, decisions of the Cabinet of Ministers and the Ministry of Economy of Azerbaijan, normative-legal acts, statistical materials. The results will serve as the basis for further actions- the formation of innovative databases for data processing and analysis, the correct creation of the management structure of many business objects, the support of know-how and start-ups, financial literacy and the reduction of profit leakage.

The novelty and practical results of investigation: The importance of the impact of modern technologies and innovations on business development is also explained. The problems of business, which can hinder the diversification of the economy, were considered.