Global Practices in Promoting the Sustainable Growth of Small Businesses

Juraboev Haliljon Xamidjon ugli

doi:10.37547/ijmef/Volume05Issue05-14

International Journal of Management and Economics Fundamental

69

https://theusajournals.com/index.php/ijmef

VOLUME

Vol.05 Issue 05 2025

PAGE NO.

69-72

DOI

10.37547/ijmef/Volume05Issue05-14

Global Practices in Promoting the Sustainable Growth of
Small Businesses

Juraboev Haliljon Xamidjon ugli

Management Development Institute of Singapore in Tashkent lecturer, Namangan State Technical University researcher, Uzbekistan

Received:

31 March 2025;

Accepted:

29 April 2025;

Published:

31 May 2025

Abstract:

The article is devoted to the sustainable development of small businesses and analyzes the experiences

implemented around the world. The article focuses on studying the strategic directions, financial mechanisms,
digital technologies and innovations used to support small businesses. The results of the study show that the
success of small businesses depends on the favorable business environment created for them, financial resources,
education and skills development, including interregional cooperation.

Keywords:

Small business, sustainability, financial support, digital technologies, innovations, interregional

cooperation.

Introduction:

Small businesses are one of the main

components of the economy, they play an important
role in ensuring the economic stability of the country
and creating new jobs. Especially in recent years, small
businesses have become of particular importance in
ensuring economic growth and social stability in
developing countries. The development of small
businesses and ensuring their sustainability is an
extremely urgent issue for Uzbekistan. Since small
businesses often have limited resources and
opportunities, their success largely depends on the
training of qualified managers and employees,
innovative approaches, and the development of
interregional cooperation.

As is known, in order to study many factors of small
business development, to increase their efficiency and
ensure their sustainability, the topics studied include
education and training, interregional cooperation and
exchange of experience, as well as the introduction of
innovative technologies. In this article, we will try to
analyze world experience and its importance for the
sustainable development of small businesses, as well as
practices in Uzbekistan.

METHOD

Analyzing the literature on the role of education and
skills development in the development of small
businesses, scientific research in this area considers it

necessary for small business owners to constantly
update their skills. The importance of small business
development and its sustainability for the national
economy has been studied in their works by Western
scholars Hasmi Damanhouri and Rana, Warren and
Szustek , Bird & Davis-Nozemak , Tuntivivat, Jafar,
Seelhammer and Carlson , etc. In particular, in Europe
and North America, programs and special training
courses aimed at supporting small businesses have
proven to be effective. For example, the European
Union's COSME program helps support small and
medium-sized businesses in the field of international
trade and innovation. Also, the Small Business
Innovation Research (SBIR) program is being
successfully implemented in the United States, which
provides grants for research and innovation projects
for small businesses.

In addition, the role of sustainable development in
small businesses has been studied by scientists from
the CIS countries: B.I. Rodikov, G.Yu. Rasputina , T.T.
Agabaliev , I.M. Gurova , E.V. Gorshenina and N.A.
Khomyachenkova, A.S. Kosheleva, and others.

The object of the article is to study the laws of
sustainable development in private small business and
entrepreneurship, drawing on world experience.

The purpose of the scientific article is to develop
scientific proposals and recommendations aimed at

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International Journal of Management and Economics Fundamental (ISSN: 2771-2257)

identifying directions and approaches that allow the
implementation of factors affecting the sustainability
of small business and private entrepreneurship in the
country of Uzbekistan, taking as a model the world
experience.

RESULTS AND DISCUSSION

Small businesses stand out as one of the key elements
of economic development. They not only create jobs,
but also play a major role in ensuring economic growth
and stability. The sustainable development of small
businesses is largely achieved through financial
support, education and training, as well as interregional
cooperation.

The importance of financial support

One of the biggest obstacles to the development of
small businesses is the lack of financial resources. This
issue is given special attention in world experience. In

particular, according to the state resolution “Measures

for financial and institutional support for the

development of small businesses” (2023), Uzbekistan

emphasized the importance of financial support in the
development of small businesses. Thus, it is important
to create loans and subsidies for small businesses, as
well as financial institutions supported by the state.
However, for this process to be effective, small
businesses must be educated in areas such as financial
management and risk management. Therefore,
financial support should be expanded and unified.

Figure-1. Organizational and institutional structure of the comprehensive

program "Continuous Support for Small Business"

The role of education and training

Education and skills play a key role in ensuring the long-
term success of small businesses. The experience of
Uzbekistan and other developing countries shows that
providing small business owners with modern business
knowledge significantly improves their performance. In
particular, in Scandinavian countries such as Norway
and Denmark, through courses and online platforms
aimed at small business owners, they teach them how
to effectively manage businesses by developing a
business plan, financial planning, and management.
Through such educational programs, small business
owners' knowledge improves not only theoretically,
but also practically. Thus, the development of the

education and training system creates a great
opportunity for small businesses to contribute to
economic growth.

Interregional cooperation and exchange of experience

Another important aspect of small business
development is interregional cooperation and
exchange of experience. Through this process, small
businesses can enter new markets and find innovative
solutions. For example, the European Union, through
its Erasmus for Young Entrepreneurs program, allows
new business owners to do internships in experienced
companies in other countries. The European Union's
COSME program also creates opportunities for small
businesses to exchange experience, helping them learn

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International Journal of Management and Economics Fundamental (ISSN: 2771-2257)

new technologies and modernize their products. The
European Union's COSME program also creates
opportunities for small businesses to exchange
experience, helping them learn new technologies and
modernize their products. Through these programs,
small businesses acquire the knowledge and
technologies necessary to market their products
internationally.

In addition, programs such as the Cross-Border
Business Incubator between the United States and
Mexico have created significant opportunities for small
businesses to enter new markets and expand their
customer base. . This experience can also be tested by
Uzbek businesses and open up opportunities for them
to enter international trade. Thus, through
interregional

cooperation

and

exchange

of

experiences, small businesses will be able to learn new
technologies and modernize their products.

Application of innovative solutions and technologies

Today, the role of innovative solutions and
technologies in ensuring the success of small
businesses is unparalleled. Developing competitive
products and marketing strategies is important for
small businesses, which rely on the implementation of
modern technologies. In particular, online platforms

and digital marketing are effective tools for small
businesses. Uzbekistan also has state programs aimed
at developing the application of digital technologies in

small businesses. For example, through the “Digital

Uzbekistan 2030” program, small businesses will have

the opportunity to offer their products, manage
marketing and strengthen customer relations through
digital platforms.

In addition, education and training are necessary for
small businesses to effectively apply innovative
solutions and technologies in their activities. By using
innovative technologies, small businesses become
competitive and create opportunities to promote their
products in global markets.

CONCLUSION

Small businesses play a major role in economic
development, but for their sustainable development,
several factors need to be taken into account. Financial
support, education and training, interregional
cooperation, and the use of innovative technologies
have a significant impact on the success of small
businesses.

Therefore,

Uzbekistan

and

other

developing countries should implement the following
proposals to support small businesses:

Figure-2. Main Directions and Strategies in the World Experience of Small Business

Development

1.

Expanding access to financial resources and

credit. Access to financial resources is essential for
small businesses to grow their operations. At the same

time, it is necessary to develop educational programs
on financial management and risk management for
small businesses.

Main Directions and

Strategies of Small Business

Development in the World

Experience

Financial support

mechanisms

Creating favorable

conditions for small

businesses

Digital technologies and

innovations

Interregional cooperation

and exchange of

experience

Education and skills

development

International Journal of Management and Economics Fundamental

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International Journal of Management and Economics Fundamental (ISSN: 2771-2257)

2.

Expanding education and training programs.

Providing small business owners with modern business
knowledge can make their operations more efficient.
Online learning platforms and international experience
exchange programs create additional opportunities for
small businesses.

3.

Development of interregional cooperation.

Through the experiences of countries such as the
European Union and North America, small businesses
should have opportunities to access international
markets and learn new technologies.

4.

Encourage the use of innovative technologies.

The use of innovative technologies is increasingly
important for small businesses, as it increases their
ability to market their products globally, enter new
markets, and create competitive products.

Therefore, it is necessary to implement all necessary
measures to develop small businesses and ensure their
sustainability. Cooperation between the state, the
private sector, and the public plays an important role in
this process.

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