The most significant corporate challenges in the life of SME sector in the 21st century – Theoretical overview

Abstract

The importance of small and medium-sized enterprises in economic life was widely recognized after the 1980s, when the focus shifted from large companies to smaller enterprises. From this period onwards, these economic units are considered the core of development macro-, social and economic policy at the international level. In the last three decades, they have become key economic players in both developed and developing countries, especially in terms of the shift towards a more global business environment and the development of information technologies. During our topic selection, we asked what challenges the small and medium-sized enterprise sector must face in the era of the fourth industrial revolution of the 21st century. In connection with this, we have set ourselves the primary goal of getting answers to our question, with the help of which we have the opportunity to provide the managers of the SME sector with a comprehensive picture of the current situation typical of our days. The study is a theoretical overview, during which they are collected with the help of secondary data to present the most relevant organizational trials affecting the SME sector. In general, it can be said that the small and medium-sized enterprise sector must carry out innovative activities in order to maintain their competitiveness and continue to develop in a dynamic and competitive environment.