Learning Objectives

At the end of this chapter you should be able to:

1. Discuss different approaches to the definitions of small firms

2.Describe the importance of small firms in European economies

3.Describe the importance of small firms for job creation

4. Discuss the association between entrepreneurial activity and economic growth

5. Discuss international comparisons on the importance of small firms

6. Describe the factors that account for the increased importance of small firms in modern economies

7. Discuss differences in the importance of small firms in European transition economies.