Small business development in stabilizing Alberta’s economy (Canada)

Abstract

AbstractThis paper considers small businesses as an effective sector that solves current problems in the structure of the economy. The study aims to develop a set of measures (tools) for involving small businesses in stabilizing Alberta’s economy. The methodology includes the monitoring of the economy within Alberta’s regional borders over time; statistical analysis of the small business sector before and during the pandemic in the structure of the economy; as well as grouping and converting quantitative measurements into a qualitative summary of the main economic principles. These steps are aimed at developing a set of measures (tools) for involving small businesses in the economy of the province and the country as a whole. The growth of small enterprises ensures a practice focused on productivity, innovation, and society, which is confirmed by the dominant share of small businesses in the gross domestic product created by the dominant share of small businesses in the gross domestic product created by the private sector of the province. Thus, focusing on the economic principles of small businesses, a complex of measures is proposed for mobilization to maximize the economic result at the provincial level in the context of strengthening the national economy. In practice, the findings will help the local government to determine a set of beneficial policies, contributing to the utilization of the advantages of the local economy in the sphere of business production. Entrepreneurs are provided with an opportunity to qualitatively utilize economic opportunities, recognizing the risks of the external environment.