“Micro, small and medium-sized businesses are key to creating the 600 million new jobs needed by 2030 to keep pace with the growth of the world’s working-age population”

 Amina J Mohammed

United Natin Deputy Secretary

SME Competitiveness Outlook 2019

The International Council for Small Business(ICSB), that is devoted to the interests and advancement of small businesses globally, ascertained that Micro-, Small and Medium-sized Enterprises (MSMEs) account for over 90% of all businesses and around 70% of jobs worldwide– which is a decisive capacity in stimulating economic growth and providing employment for the pools of people who are desperately in need for help, they are usually women, young entrepreneurs, and  poor communities.

Back in 2017, in order to acknowledge the high imperativeness of Micro, Small and Medium-sized enterprises in fostering innovation, creativity and hard work for all– and accomplishing the goals of the 2030 Agenda for sustainable development. The Untied Nations General Assembly declared 27 June to be celebrated as MSME Day by adopting the resolution 71/279.

Micro, Small and Medium Enterprises, the First ones to the Rescue

As mentioned earlier, Enterprises in the MSMEs stratum are accountable for major employment and income generation opportunities across the whole world and have been proven to be a prime source dedicated towards the eradication of poverty and stimulation of development.

MSMEs tend to employ people who are inexperienced and aren’t likely to land a job in  massive organizations. They at times could be the sole source of employment in ruler areas. MSMEs are also known to be the “base of the pyramid”. 

MSMEs are the first responders to societal needs and provide the safety net for inclusiveness.

MSME Day 2019

It’s 2019, there has never been a greater need for investments into small and mid-sized businesses, most especially in developing countries. The UN General Assembly realises that as this [MSME Day 2019] is quite dedicated to raising awareness of such needs. However, it is not limited to just raising awareness, since it is also a celebration of this gigantic contribution that small companies make to the global economy. Oftentimes away from the limelight, without any sort of a recognition.

The United Nations entity and the International Trade Centre are working in tandem for MSME as one (The UN entity) supports the globalization of Micro, Small and Medium-sized enterprises and the other (The International Trade Centre) works with partners on a string of events marking the MSME Day all around the world.

Being a small organization: Double-edged sword

While it is facile for smaller businesses to supple themselves when you have  a  world that is changing,  it is the size that often makes them impuissant; as far as finance goes—it is always a plight.

Discerning international opportunities and navigating trade-related procedures can be a massive hassle for small businesses compared to their larger counterparts. The Sustainable Development Goals (SDGs) of the 2030 Agenda realized the importance of MSMEs.

SMEs are an important element in the implementation of SDG 8 (decent work and economic growth) and SDG 9 (industry, innovation and infrastructure). SDG targets 8.3 and 9.3 call for enhancing the access of SMEs to financial services. 

Final thoughts:

It is a nice gesture for  the UN to dedicate an entire day all MSMEs.  It should be our responsibility, as  people, to extend felicitations and express appreciation to MSMEs for what they have done and been doing for people, be it– innovation, taking risks, providing employment on a larger scale[90%] or inspiration to tens of thousands of young aspiring entrepreneurs.

Kudos to you, MSMEs.