MICRO SMALL AND MEDIUM-SIZED ENTERPRISES DAY

MICRO SMALL AND MEDIUM-SIZED ENTERPRISES DAY, JUNE 27, 2023

Micro, small, and Medium-sized Enterprises Day is set on June 27th annually to celebrate businesses and enterprises that employ below 250 persons and account for more than 90% of all businesses and about 70% of jobs globally. 50% of the global gross domestic product comes from micro, small, and medium-sized enterprises, making them a tremendous asset to our economy.

The United Nations General Assembly drives this day to raise awareness of the contribution of micro, small, and medium enterprises to sustainable development and the global economy. The UN General Assembly also aims to strengthen SMEs to make them viable during crises.

HISTORY BEHIND MICRO SMALL, AND MEDIUM-SIZED ENTERPRISES DAY

Micro, Small, and Medium Enterprises, or SMEs, are essential in creating job opportunities, reducing poverty, and stimulating entrepreneurship and innovation. SMEs are a pivotal feature of our communities and economies and are vital in achieving Sustainable Development Goals. Legislation regarding SMEs was passed in 2006. Enterprises are categorized as manufacturing enterprises and service enterprises.

In 2021, the United Nations hosted three events to celebrate the pivotal role that entrepreneurs in these categories play in strengthening the economy. First, it was ‘Empowering the Green Recovery,’ which focused on what SMEs could do to survive crises and challenges and involved Argentina, Ghana, Indonesia, Kenya, and Senegal.

Due to the increase in the workforce, it is estimated that 600 million jobs will be needed, thus making micro, small, and medium enterprises a high priority for governments worldwide. It is said that they create 70 % of jobs, and 98% of all exports in the US are done through SMEs.

FIVE INTERESTING FACTS ABOUT MICRO, SMALL, AND MEDIUM ENTERPRISES DAY

  1. Biggest Employer

Micro, small, and medium-sized enterprises create the most formal jobs.

  1. Growing Workforce

The global workforce is growing fast; thus, more than 600 million jobs will be needed by 2030.

  1. Supporting Locals

Groups with lower chances of getting employment, such as young people, older workers, and less-skilled workers, are more likely to get hired by micro, small, and medium enterprises.

  1. Role of Women in Business

Over a third of all businesses operating in the formal economy worldwide are owned by women, while several million run informal enterprises in developing economies.

  1. They are Informal.

Most micro, small, and medium enterprises are informal and provide livelihoods for 60% of workers globally.

WHY DO WE NEED THE MICRO, SMALL, AND MEDIUM-SIZED ENTERPRISES DAY?

Supporting our local businesses

Local demand for services increases with these micro, small, and medium enterprises, which is good for the local and regional economies.

 Growth Opportunities

They help alleviate poverty by creating employment opportunities and income generation.

Awareness Campaigns

This day helps highlight the significant achievements and success rates of the SMEs 

Statistics on Small and Medium Enterprises

  • The U.S. boasts 32.5 million small businesses
  • There are 1.5 million jobs created by small companies every year, representing 64% of all new jobs created in the U.S.
  • Over 90% of the business population are SMEs.

Are you a small business operating in the U.S.? 

It's time to get the recognition you deserve. For years most business awards have been focused on celebrating big corporations, but the Best of America Small Business Awards is the only business award for small businesses. Small businesses make up 99% of U.S. companies; this shows how big small companies are for our economy.  

BASA is the real deal, as it is prestigiously independent and was created with an unwavering love for small businesses. The award aims to showcase the best small businesses' notable efforts in growing and building economies, communities, and a better working world while encouraging more small businesses to get excited about new opportunities.

With over 100+ categories to choose from, the award is not influenced by big corporations and has no nepotism, vetting process, or big guys, always winning nature. BASA's independent council of judges only cares about one thing- your work!

 

The BASA statuette is a hand-made work of art uniquely created in Italy by the internationally acclaimed artist Ithaca. Learn more at www.basawards.com.