The problems of establishment and functioning of small business enterprises in St. Petersburg

Aim . The work aimed to identify the main problems of establishment and functioning of small business enterprises, as well as to suggest possible ways to overcome them, which can potentially contribute to improving the position of small business in the economy of St. Petersburg. Objectives . The work seeks to characterize the current state and prospects for the development of small business; to reveal the key problems of small entrepreneurship functioning and ways to solve them in the current economic situation in St. Petersburg. Methods . The work employed a modern methodology of socio-economic research, including the application of system and process approaches, as well as comparative analysis, empirical and analytical methods. Results . A range of problems arises at small business enterprises in St. Petersburg. The major problems include limited access to financial resources; difficulties in overcoming bureaucratic barriers, including long periods of registration, obtaining permits and licenses; a high level of competition from large corporations with significant financial and technological resources; insufficient government support, despite the subsidy and preferential loans programs. Conclusions . The increase the sustainability and competitiveness of small business enterprises in St. Petersburg requires the strengthening of integration of modern technologies into production processes in order to reduce costs and improve product quality, as well as optimize cost and financial flow management to increase profitability and accelerate asset turnover. It also requires more frequent use of available government support programs, including subsidies, grants and preferential loans; expanding the geographic presence of small businesses by entering new regional markets to increase the customer base and diversify risks; improve the reputation of little-known enterprises through participation in social initiatives and focusing on the modernity and innovativeness of their products.