Global Competition and Small Business in the Light of 4th Industrial Revolution

The article analyses global experience dealing with attaining competitiveness of companies of small and medium business, studies forms, methods, specific features, goals of the new stage of shaping demand and supply on the basis of achievements of the 4th industrial revolution. The author highlights the role and place of certain countries in the development of global competition through figures of economic growth, export of goods and services and proportion of the population. The forecast of global economy growth rate in the post-pandemic period is important for researching changes in the global economy structure and trends of the global competition development. Characteristic features and indications of the new stage of the industrial revolution were analyzed as they have serious impact on small business by providing opportunities for fast growth in competitiveness. The author distinguishes different groups of risks typical of the 4th industrial revolution, which could influence seriously small entrepreneurship in the world. The impact of external global factors on shaping entrepreneurial psychology and behavior was revealed, as well as on forms and methods of managing small and medium business by integrated criteria approach. The role of state regulation in global competition and its influence on small business segment were investigated. Special attention was paid to state regulation and measures of supporting small and medium business in China. Information about finance and credit tools for supporting small and medium business in different countries was analyzed. Concrete recommendations were given dealing with best world practices of using achievements of the 4th industrial revolution in operation of companies of small and medium business and with infrastructure development, which could solve problems of capital raising. The problem was researched in view of goals set within the frames of national projects, including labour productivity and business profitability increase. The situation in the field of finance support of small entrepreneurship was studied in connection with pandemic conditions within the frames of effective infrastructure, new programs and accumulated experience. For comparison information about Russia and the US was used.

export of goods and services, small and medium entrepreneurship, labour productivity, e-content, risks, state regulation, COVID-19 pandemic

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