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Small and medium-sized enterprises

Small and medium-sized enterprises (SMEs) or small and medium-sized businesses (SMBs) are businesses whose personnel and revenue numbers fall below certain limits. The abbreviation "SME" is used by many national agencies and international organizations such as the World Bank, the OECD, European Union, the United Nations, and the World Trade Organization (WTO).

In any given national economy, SMEs outnumber large companies by a wide margin and also employ many more people.[1][2] On a global scale, SMEs make up 90% of all companies and more than 50% of all employment.[3] For example, in the EU, 99% of all businesses are SMEs.[3] Australian SMEs makeup 98% of all Australian businesses, produce one-third of the total GDP (gross domestic product) and employ 4.7 million people. In Chile, in the commercial year 2014, 98.5% of the firms were classified as SMEs.[4] In Tunisia, the self-employed workers alone account for about 28% of the total non-farm employment, and firms with fewer than 100 employees account for about 62% of total employment.[5] United States' SMEs generate half of all U.S. jobs, but only 40% of GDP.[6]

Developing countries tend to have a larger share of small and medium-sized enterprises.[7][2] SMEs are also responsible for driving innovation and competition in many economic sectors.[8] Although they create more new jobs than large firms, SMEs also suffer the majority of job destruction/contraction.[9]

According to the World Bank Group's 2021 FINDEX database, there is a $1.7 trillion funding gap for formal, women-owned micro, small, and medium-sized enterprises. Additionally, over 68% of small women-owned firms lack access to finance.[10][11]

  1. ^ Compare: Fischer, Eileen; Reuber, Rebecca (2000). Industrial Clusters and SME Promotion in Developing Countries. Issue 3 of Commonwealth trade and enterprise paper, ISSN 2310-1369. London: Commonwealth Secretariat. p. 1. ISBN 9780850926484. Retrieved 18 November 2020. In most countries, small and medium-sized enterprises (SMEs) make up the majority of businesses and account for the highest proportion of employment.
  2. ^ a b Olorunshola, Damilola Temitope; Odeyemi, Temitayo Isaac (2022-01-01). "Virtue or vice? Public policies and Nigerian entrepreneurial venture performance". Journal of Small Business and Enterprise Development. 30: 100–119. doi:10.1108/JSBED-07-2021-0279. ISSN 1462-6004. S2CID 249721896.
  3. ^ a b Gómez, Katia Fach; Titi, Catharine (2023-12-01). "Facilitating Access to Investor-State Dispute Settlement for Small and Medium-Sized Enterprises: Tracing the Path Forward". European Business Law Review. 34 (7): 1040–1041. ISSN 0959-6941.
  4. ^ "Chile", Financing SMEs and Entrepreneurs 2016, OECD Publishing, 2016-04-14, pp. 155–173, doi:10.1787/fin_sme_ent-2016-11-en, ISBN 9789264249462, retrieved 2018-10-01
  5. ^ Rijkers et al (2014): "Which firms create the most jobs in developing countries?", Labour Economics, Volume 31, December 2014, pp.84–102
  6. ^ United States. Commission for Assistance to a Free Cuba (2004). Report to the President. Department of State publication, volume 11164. Colin L. Powell. U.S. Department of State. p. 233. Retrieved 18 November 2020. In the United States, small business accounts for 50 percent of jobs, 40 percent of GDP, 30 percent of exports, and one-half of technological innovations.
  7. ^ Compare: Antoldi, Fabio; Cerrato, Daniele; Depperu, Donatella (5 January 2012). Export Consortia in Developing Countries: Successful Management of Cooperation Among SMEs. Berlin: Springer Science & Business Media (published 2012). p. v. ISBN 9783642248788. Retrieved 18 November 2020. Small and medium-sized enterprises (SMEs) are highly significant in both developed and developing countries as a proportion of the totl number of firms, for the contribution they make to employment, and for their ability to develop innovation.
  8. ^ Cueto, L. J.; Frisnedi, A. F. D.; Collera, R. B.; Batac, K. I. T.; Agaton, C. B. (2022). "Digital Innovations in MSMEs during Economic Disruptions: Experiences and Challenges of Young Entrepreneurs". Administrative Sciences. 12 (1): 8. doi:10.3390/admsci12010008. hdl:10419/275280. ISSN 2076-3387.
  9. ^ Aga et al. (2015): SMEs, Age, and Jobs: A Review of the Literature, Metrics, and Evidence, World Bank Group, November 2015.
  10. ^ Bank, European Investment (2024-03-07). "EIB Gender equality and women's economic empowerment - Overview 2024". {{cite journal}}: Cite journal requires |journal= (help)
  11. ^ "The Global Findex Database 2021: Women and Financial Inclusion" (PDF).

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