THE ROLE OF ENTREPRENEURSHIP IN THE ECONOMY: THE CASE OF NAVOI REGION

Аннотация

This study analyzes the role and significance of entrepreneurship in the national economy. Entrepreneurship is the driving force of a market economy, playing a crucial role in creating new jobs, introducing innovations, and increasing societal welfare. The research examines the role of small and medium-sized business entities in economic development, the government support provided, and the growth rates of the private sector. Additionally, it highlights opportunities for expanding the domestic market, enhancing export potential, and addressing social issues through the development of entrepreneurship. Key words: Entrepreneurship, Economy,Innovation, Jobs / Employment, Private sector, Market economy,Competitiveness, Tax revenues, Social stability, Economic growth, Government support, Regional development Introduction. The Role of Entrepreneurship in Sustainable Economic Development under Modern Market Relations. In the conditions of modern market relations, the role of entrepreneurship in the sustainable development of the economy is steadily increasing. The economic potential and competitiveness of any country are directly related to the level of development of its entrepreneurial environment. Entrepreneurship is important not only for creating new products and services but also as a means to ensure employment, implement innovative ideas, and increase the welfare of society. Therefore, this article provides a comprehensive analysis of the role of entrepreneurship in the economy, its main directions, and factors influencing its development. The Role of Entrepreneurship in the Economy. Today, entrepreneurship is recognized worldwide as an important factor in the sustainable development of market economies. Entrepreneurship is not just a type of economic activity; it is a socio-economic force that introduces innovations, creates jobs, and contributes to the progress of the country. In Uzbekistan, too, the development of entrepreneurship is one of the priority directions of state policy. 90 ACADEMIC RESEARCH IN MODERN SCIENCE International scientific-online conference Entrepreneurship — The Driving Force of Economic Development. Entrepreneurship plays a significant role in the economy in several ways. First, it serves to fill the market by producing new products and providing services. Second, entrepreneurship creates new jobs, which helps reduce unemployment. Third, through the private sector, tax revenues to the state budget increase, which in turn allows for the allocation of funds to social sectors. Innovation and Competitiveness. Entrepreneurs constantly strive to seek innovations, increase efficiency, and implement innovative technologies. This helps improve production processes and achieve international standards of product quality. As the competitive environment intensifies, entrepreneurs are forced to develop new approaches, which positively impacts overall economic development. Entrepreneurship and Social Stability. Entrepreneurship also has important social significance. Local entrepreneurs, by conducting their activities in regions, districts, and villages, contribute to regional development. This leads to improvements in infrastructure, increases in income, and the resolution of social problems. Therefore, the development of entrepreneurship holds an important place in the state’s social policy. Entrepreneurship is considered the heart of the economy. It serves as the basis for economic growth, social stability, and innovative development. In our country, reforms aimed at supporting entrepreneurship are being carried out, taking into account its invaluable role in the economy. In the future, systematic work in this area will enable the formation of a sustainable and competitive economy. Today, entrepreneurship is recognized as the driving force of any country’s economy. In countries based on a market economy, entrepreneurship is not only a factor of economic development but also a key element of social stability. Especially in an era of increased economic competition under globalization, the role of entrepreneurship in achieving stability through innovations, creating new jobs, and implementing modern management methods is invaluable. Therefore, this article thoroughly discusses the role of entrepreneurship in the economic system, its types, socio-economic impact, and prospects for development. 1-table The Role of Entrepreneurship in the Economy (Uzbekistan, as of 2024) 91 ACADEMIC RESEARCH IN MODERN SCIENCE International scientific-online conference Nationwide Indicators Navoi Region (Uzbekistan) Registered business entities 600,000+ 25,000+ Share of SMEs in GDP 55.5% 48.3% Share of population employed in 76% 70% private sector Share of tax revenue from private 67% 61% sector Share of SMEs in total exports 35% 22% Number of subsidized entrepreneurship projects 35,000+ 1,250+ (2023–2024) Women-led business entities 28% 24% Source: based on data from the Navoiy Regional Department of Statistics Entr