THE ESSENCE AND CONTENT OF ASSESSING THE ECONOMIC RISK OF SMALL ENTERPRISES' ACTIVITIES IN MODERN ECONOMIC CONDITIONS
Abstract
The article is devoted to the analysis of current issues related to the assessment of economic risk in the activities of small enterprises operating under modern economic conditions characterized by increased uncertainty, market volatility, and institutional transformations. For small enterprises, which are typically limited in financial, informational, and organizational resources, the ability to adequately assess economic risks is a key prerequisite for ensuring sustainability, adaptability, competitiveness, and long-term development. The paper analyzes and systematizes modern theoretical approaches of domestic and foreign scholars to defining the essence of economic risk and the content of its assessment. Particular attention is paid to the evolution of scientific views on risk assessment, which demonstrates a gradual shift from narrowly quantitative interpretations toward integrated methodological frameworks that combine quantitative, qualitative, behavioral, and institutional components. The study emphasizes that traditional risk assessment models are largely focused on large enterprises and financial institutions and therefore require significant adaptation to the specific conditions, scale, and management features of small business operations. The article examines the content of economic risk assessment and its role in the management system of small enterprises. It is substantiated that economic risk assessment should be viewed not only as a diagnostic tool for identifying potential losses, but also as a strategic instrument that allows transforming uncertainty into a manageable parameter of economic activity and supporting proactive managerial behavior. The article outlines the importance of integrating quantitative indicators with expert assessments and behavioral aspects of managerial decision-making. Based on the generalization of scientific approaches, the authors propose an author’s definition of economic risk assessment as a comprehensive and continuous process aimed at supporting informed managerial decisions, improving risk responsiveness, and enhancing business resilience under conditions of uncertainty.
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