Analysis of the investment attractiveness of entrepreneurial activity in the pre-war period and during the active phase of hostilities

<jats:p>This article presents a comprehensive analysis of the investment attractiveness of entrepreneurial activity in Ukraine during the prewar period and during the active phase of hostilities. It evaluates and compares key performance indicators of large, medium, small, and micro-enterprises in Ukraine during the pre-war period and during the active phase of hostilities, and identifies major trends in the transformation of the business environment and their impact on investment attractiveness. It was found that during the pre-war period, the development of entrepreneurship was largely determined by economic, financial, tax, and regulatory factors. With the onset of full-scale war, the priority factors became physical security, access to energy resources, preservation of the labor force, logistical support, the possibility of relocation, and enterprises’ ability to adapt their business models to crisis conditions. A decline in employee numbers was observed across most enterprise categories, indicating the negative impact of war-related risks on the labor market. At the same time, enterprises’ sales volumes and financial results showed a trend toward recovery and growth. The case has been made for strengthening the role of small and microenterprises as the most flexible segment of the economy. Small enterprises have demonstrated their ability to adapt quickly to changing economic conditions, adopt digital technologies, relocate operations, and respond to new consumer needs. At the same time, this segment remains the most vulnerable to insufficient financial resources, rising costs, and external risks. Significant sectoral and regional differentiation in entrepreneurial activity has also been identified. The study found that the investment attractiveness of entrepreneurial activity in Ukraine during wartime has not diminished but is transforming in line with new economic and security realities. For a potential investor, not only the profitability and financial stability of a business are important, but also the level of military risks, geographical location, energy independence, logistical stability, human resources, and the ability to adapt quickly. Keywords: entrepreneurial activity, investment attractiveness, investments, the prewar period, the active phase of hostilities.</jats:p>