Micro Small and Medium Sized Enterprises Day 2023: Date, History, Facts

The 27th of June is Micro, Small, and Medium-Sized Enterprise Day. This day honours and recognises businesses and organisations with 250 or fewer employees. Micro, small, and medium-sized businesses account for more than 90 percent of all businesses and approximately 70 percent of global employment. Micro, tiny, and medium-sized businesses generate fifty percent of the world’s gross domestic product. They are a tremendous economic asset. Micro, Small, and Medium-Sized Enterprises Day is sponsored by the General Assembly of the United Nations. The objective is to increase public awareness of their contribution to global economy and sustainable development. It also aims to fortify SMBs so that they remain viable during times of crisis.

The background of Micro Small and Medium Sized Enterprises Day

The creation of employment, the reduction of hunger and poverty, and the promotion of entrepreneurship and innovation rely heavily on MSMEs. They are also known as SMEs; the World Bank and the United Nations use this term. Micro, small, and medium-sized businesses are crucial to attaining the Sustainable Development Goals, as they play a pivotal role in communities and economies. In 2006, legislation pertaining to SMBs was enacted. There are two categories of enterprises: manufacturing enterprises and service enterprises.

Three events were held by the United Nations in 2021 to honour the crucial role that these entrepreneurs play in bolstering the global economy. The first was titled “Empowering the Green Recovery” and focused on what small and medium-sized businesses could do to survive crises and obstacles. Entrepreneurs from Argentina, Ghana, Indonesia, Kenya, and Senegal participated in this genuinely international event.

It is estimated that 600 million positions will be required by 2030 due to the rise in population. This has made micro, small, and medium-sized businesses a global priority for governments. Seven out of ten formal employment are created by micro, small, and medium businesses, according to statistics. 98% of all U.S. exports are conducted by small and medium-sized enterprises. Therefore, they are extremely essential and must be protected and cultivated.

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5 FACTS

The majority of formal employment is generated by micro, small, and medium-sized businesses.

By 2030, more than 600 million positions will be required to accommodate the expanding global labour force.

Micro, small, and medium-sized businesses are more likely to hire from groups with lower employment prospects, such as younger workers, elderly workers, and those with fewer skills.

Women own and operate up to one-third of all formal businesses in the globe, and millions more operate small informal businesses in developing economies.

Sixty percent of the world’s workforce is supported by informal enterprises, which account for the preponderance of micro, small, and medium-sized businesses.

MICRO SMALL AND MEDIUM SIZED ENTERPRISES DAY DATES