Entrepreneurship represents the development as well as the driving force of every single economy. Regardless of whether it is a small, medium or large enterprise, each individual entrepreneur seeks to take responsibility for the risk when starting a particular business venture, since every business or idea that is being pursued also needs a new entrepreneur. From this it is evident that each and every small idea that goes through implementation can become a big business that will give the opportunity for further development of entrepreneurs, and at the same time will stimulate the development of the economy. The right entrepreneur is considered to be the one who tries to put the idea into action, and ultimately succeeds. As far as small businesses are concerned, they are realized through the establishment of their own businesses or companies in order to realize their business plans. Small companies often face various problems and the conditions of a very relentless market competition. However, small businesses are considered one of the most fundamental sources of competitiveness in terms of innovation potential. Due to their specifics, they are different from large companies. The main objective of this paper is to present some of the specificities of small and medium-sized enterprises, how they affect the overall economic situation and how innovative strategies are implemented.