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The Impact of Human Capital on Small Business Development
Corresponding Author(s) : Ulugmuradova Nodira Berdimuradovna
American Journal of Economics and Business Management,
Vol. 8 No. 6 (2025): June
Abstract
This study provides an in-depth analysis of the role and impact of human capital in the development of small businesses in the Republic of Uzbekistan. The impact of the components of human capital – education, professional training, skills, motivation and health status – on the economic efficiency of small businesses was studied using quantitative and qualitative methods. The results of the study show that a highly qualified workforce, professional training and effective motivation systems are important factors in the competitiveness and sustainable development of small businesses. Based on the results of the analysis, strategic recommendations were developed to develop human capital.
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- [1] U. N. Berdimuradovna et al., "Formation of labor resources in the field of small business and private entrepreneurship," JournalNX, pp. 126–128.
- [2] G. S. Becker, Human Capital: A Theoretical and Empirical Analysis with Special Reference to Education. Chicago, IL: University of Chicago Press, 1964.
- [3] T. W. Schultz, Investment in Human Capital: The Role of Education and Research. New York, NY: Free Press, 1971.
- [4] World Bank, Human Capital Index 2020 Update: Human Capital in the Time of COVID-19, Washington, DC, 2020.
- [5] UNDP, Inclusive Growth and Human Development Report, New York, 2023.
- [6] OECD, Skills for Jobs Indicators: Measuring Mismatches in the Labor Market. Paris: OECD Publishing, 2021.
- [7] A. Khudoykulov, “Directions for the development of human capital in small businesses,” Economics and Innovation, no. 3, pp. 45–52, 2022
- [8] S. Karimov, “The Importance of Management Competencies in Small Entrepreneurship,” Fundamentals of Entrepreneurship, no. 4, pp. 31–36, 2021.
- [9] D. Normurodov, “The role of human capital in the development of small businesses in rural areas,” Journal of Regional Development, no. 2, pp. 19–27, 2022.
- [10] The President of the Republic of Uzbekistan, Development Strategy of New Uzbekistan for 2022–2026, Decree No. PQ-60, Jan. 28, 2022.
- [11] Ministry of Employment and Labor Relations of the Republic of Uzbekistan, Statistical Bulletins, 2020–2024.
- [12] Ministry of Economic Development and Poverty Reduction of the Republic of Uzbekistan, Human Capital and Small Business Analysis Report, 2023.
- [13] G. J. Castrogiovanni, The Role of Human Capital Factors in Small Business Performance and Success, in Human Resource Management in Small Business, Edward Elgar Publishing, 2011.
- [14] H. McGuirk, H. Lenihan, and M. Hart, "Measuring the impact of innovative human capital on small firms’ propensity to innovate," Research Policy, vol. 44, no. 4, pp. 965–976, 2015.
- [15] U. N. Berdimurodovna and R. Asilbek, "Socio-economic nature of human capital and its theoretical foundations," Gospodarka i Innowacje, vol. 35, pp. 157–159, 2023.
References
[1] U. N. Berdimuradovna et al., "Formation of labor resources in the field of small business and private entrepreneurship," JournalNX, pp. 126–128.
[2] G. S. Becker, Human Capital: A Theoretical and Empirical Analysis with Special Reference to Education. Chicago, IL: University of Chicago Press, 1964.
[3] T. W. Schultz, Investment in Human Capital: The Role of Education and Research. New York, NY: Free Press, 1971.
[4] World Bank, Human Capital Index 2020 Update: Human Capital in the Time of COVID-19, Washington, DC, 2020.
[5] UNDP, Inclusive Growth and Human Development Report, New York, 2023.
[6] OECD, Skills for Jobs Indicators: Measuring Mismatches in the Labor Market. Paris: OECD Publishing, 2021.
[7] A. Khudoykulov, “Directions for the development of human capital in small businesses,” Economics and Innovation, no. 3, pp. 45–52, 2022
[8] S. Karimov, “The Importance of Management Competencies in Small Entrepreneurship,” Fundamentals of Entrepreneurship, no. 4, pp. 31–36, 2021.
[9] D. Normurodov, “The role of human capital in the development of small businesses in rural areas,” Journal of Regional Development, no. 2, pp. 19–27, 2022.
[10] The President of the Republic of Uzbekistan, Development Strategy of New Uzbekistan for 2022–2026, Decree No. PQ-60, Jan. 28, 2022.
[11] Ministry of Employment and Labor Relations of the Republic of Uzbekistan, Statistical Bulletins, 2020–2024.
[12] Ministry of Economic Development and Poverty Reduction of the Republic of Uzbekistan, Human Capital and Small Business Analysis Report, 2023.
[13] G. J. Castrogiovanni, The Role of Human Capital Factors in Small Business Performance and Success, in Human Resource Management in Small Business, Edward Elgar Publishing, 2011.
[14] H. McGuirk, H. Lenihan, and M. Hart, "Measuring the impact of innovative human capital on small firms’ propensity to innovate," Research Policy, vol. 44, no. 4, pp. 965–976, 2015.
[15] U. N. Berdimurodovna and R. Asilbek, "Socio-economic nature of human capital and its theoretical foundations," Gospodarka i Innowacje, vol. 35, pp. 157–159, 2023.