Produced by an independent European network of research institutes, the "First annual report of the European Observatory for SMEs, 1993" aims to provide a comprehensive analysis of small and medium-sized enterprises (SMEs) within the European economy. As SMEs represent well over 90% of all enterprises within the Community they account for a considerable portion of economic activity as well as providing 50% of all jobs. It is important, therefore, that as much as possible is known about SMEs in the Community. How and why they operate; the problems faced in trying to grow and develop their activities; all the issues that go into running a business. This 437-page report sheds light on these issues, reviewing major trends affecting small and medium-sized enterprises, and including information on such areas as enterpreneurship and business dynamics, markets and sales, employment and productivity, and capital and finance.