THE STATUS AND PROSPECTS OF DEVELOPMENT OF SMALL AND MEDIUM BUSINESSES (ENTREPRENEURSHIP) IN THE REPUBLIC OF ARMENIA AND THE RUSSIAN FEDERATION

Abstract

Small and medium enterprises play a vital role in shaping the economy of a country. They can be considered as an attractive and large-scale innovation system. Due to the socially and economically beneficial impact of small and medium enterprises, this sector is considered as an area of strategic interest in the economy. The importance of small and medium enterprises is also recognized by governments. Therefore, they regularly provide incentives for small and medium businesses. This paper presents a comparative analysis of the systems of state support for small and medium-sized businesses in Russia and the Republic of Armenia.