Small business plays an important role in resolution of social and economic issues of Penza Region, so the significance of its role in ensuring the regional economic security is doubtless. The study has included the analysis of the present state of small entrepreneurship in the region and the effect of external and internal factors on the development of this economic section. The obtained data has allowed the author to systematize factors that mostly determine small business development, to stress out key moments of the regional support of small business, to formulate the main issues of effective management. Upon the results of the study, the author has proven the necessity to use project management in the activities of the entrepreneurship subjects. Implementation of project management by small business subjects is considered through the example of projects competiting for obtaining the grant support provided to first-time entrepreneurs. The use of the project management method suggested by the author will will enable them to develop successfully and to produce competitive products which is the basis for the establishment of the region’s economic security.
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