Micro, Small, and Medium-Sized Enterprise Day is on 27 June. This day celebrates and recognizes businesses and enterprises that employ 250 persons or fewer. Micro, small and medium-sized enterprises account for more than 90% of all businesses and around 70% of jobs worldwide. 50% of the world’s gross domestic product comes from micro, small and medium-sized Enterprises. They are a huge asset to our economy. The United Nations General Assembly drives this Micro, Small, and Medium-sized Enterprises Day. The aim is to raise public awareness of their contribution to sustainable development and the global economy. It also has the goal of strengthening the SMEs so that they are viable in times of crisis.
History of Micro Small and Medium Sized Enterprises Day
Micro, Small, and Medium Enterprises are critical for creating jobs, reducing hunger and poverty, and stimulating entrepreneurship and innovation. They are also known as SMEs — this terminology is used by the World Bank and the U.N. They are a pivotal feature of communities and economies and micro, small, and medium-sized enterprises are vital in achieving Sustainable Development Goals. Legislation regarding SMEs was passed in 2006. Enterprises are classified into two categories — manufacturing enterprises and service enterprises.
In 2021, the United Nations hosted three events to celebrate the pivotal role that these entrepreneurs play in strengthening the global economy. The first was called ‘Empowering the Green Recovery’, which focussed on what SMEs could do to survive crises and challenges. This was a truly global affair with entrepreneurs from Argentina, Ghana, Indonesia, Kenya, and Senegal participating,
It is believed that in 2030, 600 million jobs will be needed due to the increase in the workforce. This has made micro, small, and medium enterprises a high priority for governments around the world. Most formal jobs are created by micro, small and medium businesses and figures show that they create seven out of ten jobs. 98% of all exports in the U.S. are via SMEs. They are thus really important and need to be protected and grown.
Micro Small and Medium Sized Enterprises Day timeline
The International Council for Small Business convenes a small business panel at its 61st World Congress at the United Nations, in New York City.
The International Council for Small Business calls on the United Nations to establish a dedicated Name-Day for small and medium enterprises.
27 June is declared Micro, Small, and Medium-sized Enterprises Day in April 2017.
The United Nations, in conjunction with International Council for Small Business, host a Micro, Small, and Medium-sized Enterprises Day Knowledge Summit in New York.
Micro, Small, and Medium-sized Enterprises Day goes online with two virtual events.
Micro Small and Medium Sized Enterprises Day FAQs
What are examples of micro business?
Some examples are lawn and landscaping companies, street vendors, carpenters, plumbers, and independent mechanics.
What is the difference between small enterprise and medium enterprise?
In the U.S., there is no distinct way to identify small and mid-size enterprises. The European Union offers clearer definitions, characterizing a small-sized enterprise as a company with fewer than 50 employees and a medium-sized enterprise as one with less than 250 employees.
How many types of micro, small and medium-sized enterprises are there?
The enterprises are classified into two divisions: manufacturing enterprises and service enterprises.
How to Observe Micro Small and Medium Sized Enterprises Day
Participate in an event
Several organizations such as International Trade Center, the International Labor Organization, the United Nations Industrial Development Organization, and the World Bank host events online and in person. Grow your small business by attending such events.
Support and spread the word about your local enterprise. Support and buy from the small businesses in your area – from the bakery to the yarn shop. They all require more customers.
Learn more about the power of SMEs by watching one of the United Nations Micro, Small, and Medium-sized Enterprises Day videos. There are many online resources available.
They create the most jobs
Micro, small and medium-sized enterprises are responsible for generating the most formal jobs.
The workforce is growing
More than 600 million jobs will be needed by 2030 to handle the growing global workforce.
They support locals
Micro, small and medium-sized enterprises are more likely to hire from groups with lower chances of finding employment such as young people, older workers, and less-skilled workers.
Women have a pivotal role in business
Women own and lead up to one-third of all businesses operating in the formal economy worldwide, and millions more run small informal enterprises in developing economies.
They are informal
The majority of Micro, small and medium-sized enterprises are also informal enterprises, which provide livelihoods for 60% of the world’s workers.
Why Micro Small and Medium Sized Enterprises Day is Important
We love supporting local business
Micro, small and medium-sized enterprises increase local demand for services. This is good for the local and regional economies.
They create opportunities for growth
They create significant employment opportunities and income generation. This helps alleviate poverty.
The day creates awareness
On this day, we want to highlight the significant achievements and success rates of micro, small and medium-sized enterprises. It is amazing to see just how much of the market these small enterprises have garnered.
Micro Small and Medium Sized Enterprises Day dates