DYNAMICS AND FACTORS OF BUSINESS SUCCESS OF MIDDLE-SIZED 'GAZELLE ENTERPRISES' IN RUSSIA

The success of medium-sized businesses in Russia is overwhelmingly determined by the presence of so-called "star" enterprises. By their very existence and development, they prove the possibility of successful achievement and show other start-up enterprises the path to success. 'Gazelle enterprises' or gazelles (fast-growing enterprises) are an example of such entrepreneurial leaders. This article analyses the success of fast-growing enterprises' in Russia on the basis of financial statements in comparison with the success of "ordinary" medium-scale businesses from 2009 to 2013. The results conclude that rapid growth is more typical of "younger" enterprises and that fast-growing enterprises have a much higher share of added value in revenue. The ability to generate added value contributes to rapid growth in the future. Comparing the profitability of sales between typical and fast-growing enterprises elucidates which 'gazelle enterprises' were proven to be more successful according to growth ability and profit-generating ability.