What the way we live and work. If effective,

What
can stimulate small entrepreneurship in Azerbaijan in current volatile
situation? Before pondering routes how to promote small businesses it is
essential to comprehend their role in economic development of the country and
why precisely we have to support these small entrepreneurships. Entrepreneurs
are regularly thought of as national estates to be remunerated, cultivated
and motivated to the best conceivable degree. Business visionaries can change
the way we live and work. If effective, their alterations may refine our
standard of life. Path-breaking proposals by entrepreneurs, as new
merchandise and administrations, result in new jobs, which can create a
cascading impact or upstanding circle in the economy. The incitement of
related organizations or businesses that help the new venture adds to further
economic development. In addition, entrepreneurial ventures actually create
new riches. Existing organizations may stay restricted to the extent of
existing markets and may hit the glass ceiling regarding salary. Improved
offerings, technologies or products from entrepreneurs empower new markets to
be produced and new riches made. The cascading effect of higher income and
increased employment put up on better national income in form of higher government
spending higher tax revenue. This income can be utilized by the legislature
to put resources into human capital and struggling sectors. To put it
plainly, small businesses do not only create riches from their
entrepreneurial endeavors but also produce the conditions and employments for
a thriving society. The most successful and permanent approach to empower
small business enterprises is government arrangements. Government ministers
can play an important part in promoting innovation and enterprise. Their part
is to guide the administrative divisions and organizations to concentrate on
the issue and create viable approaches. A minister who has a decent
comprehension of what entrepreneurial ecosystems are, the manner by which
they shape and the role and restrictions of government approach is
well-placed to create more effective results. For an enterprise to have
broader influence in promoting sustainable development and on job creation,
policymakers can upgrade the administrative condition by tending to
administrative hindrances that block young entrepreneurs from beginning up,
presenting on the web enrollment and simplified controls, limiting the stigma
encompassing business failure and encouraging restarts. Arranging business
advancement services to small enterprises is fundamental to guarantee that
they get satisfactory support. The private and public sectors, and also other
significant accomplices, can meet up to enhance skills development and
education, and better adjust the aptitudes procured by youth with labor
market needs. Building the capacity of instructors to teach business
aptitudes and entrepreneurship skills among students is important. Moreover,
there is a need to improve the capacity of professional training and
apprenticeship. Policymakers can play an influential position in supporting
innovation and development by giving impetuses that will promote private
sector investment. They could likewise stimulate the foundation of positive
administrative structures and development policies, and investment in
advanced education and R&D, and training. Investments should be made in
the technological framework to set the establishment for a flourishing
digital economy, give the stimulus to the spread of innovation and guarantee
that youth have an access to, information of, and the capabilities and
competencies to take and advantage of technology and generate services and
commercial products. In addition to undertaking monetary changes,
governments, with the help of substances in the financial area and
non-governmental organizations (NGOs), could investigate how to better
budgetary inclusions. High banking fees, lack of financial literacy and
collateral requirements are key blockages for young entrepreneurs. Proposed
measures incorporate the foundation of guarantees and financing empowered by
capacity building. Another way to stimulate small entrepreneurs is through
financial support. Public finance has a critical part to play in encouraging
enterprise by creating public credit ensures plans, capacity building grants
and specialized help to extend loaning activities, fostering the utilization
of new banking innovations, and granting financial literacy and sufficient
supervision of budgetary items offered to young entrepreneurs. Special
consideration needs to be given to help innovative firms in the area of
sustainability and green technology. To this end, innovation reserves have
been instrumental in impelling small entrepreneurs. However, public budget
isn’t the main wellspring of monetary help for small business enterprises.
Various private subsidizing instruments have risen lately, which can possibly
expand access to fund for micro, small and medium-sized enterprises (MSME)
and add to the acknowledgment of sustainable development goals. Conventional
financing components, for example, banks, stay essential for small and medium
entrepreneurship (SME) financing. Yet banks have strong risk aversion with
respect to SME loaning, especially in developing nations, in light of the
fact that SMEs have constrained settled resources that can be utilized as a
guarantee. Angel financing and venture capital are vital wellsprings of
private financing for business enterprises. Business angels have a tendency
to be casual and work on a smaller scale than that of venture capital and
regularly offer lower exchange expenses to their customers. While generally
constrained in developing nations, they have been instrumental in giving the
stimulus to the rise of innovative new companies in some emerging countries.
Venture capital gives financing at the start-up phase enterprise development
and has turned out to be fundamental in impelling high-development business
enterprise. While venture capital is relied upon in an important part of the
developed world, it is growing in significance in some parts of the
developing world. All in all, small entrepreneurships play a crucial role in
the economic and financial development of a country. They create new
employment opportunities; they increase the national income; they cause
community development. It all adds up to their increased importance nowadays
and this importance adds all the way to the reasons why small
entrepreneurships should be encouraged and supported. This can happen in a
variety of ways such as government policies, public and private financing,
trainings etc. Apart from these above-mentioned ways, tax incentives, trade
policies, and decreased interest rates are some of the applicable options for
stimulating young enterprises. Anyways no matter which way is utilized it is
important to achieve the growth of these entrepreneurships. As William
Shakespeare once said: “All is well that ends well”.