International MSME Day 2024 (June 27): is Micro, Small, and Medium-Sized Enterprise (MSME) Day, a special day to honor companies with 250 or fewer employees. These companies employ around 70% of the world’s workforce and account for over 90% of all enterprises, which makes them extremely significant. Remarkably, they also provide half of the global economic production.
The United Nations Initiative
The UN General Assembly instituted MSME Day to raise awareness of the critical role that small enterprises play in both the global economy and our local communities. The day also seeks to ensure that these companies can withstand difficult times.
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History of MSME Day
Small businesses are important not only for the wealth creation but also for employment generation, poverty eradication, and innovation. The World Bank and the U.N. refer to them as SMEs. In 2006, special rules were introduced to support these businesses and they were classified into two categories: manufacturing and service businesses.
UN Events in 2021
The United Nations held three events in 2021 to illustrate the significance of small businesses in enhancing the world economy. There was one event in which the topics covered were on how small businesses can cope in the face of adversity, an event entitled ‘Empowering the Green Recovery’. Some of the countries where the entrepreneurs came from include Argentina, Ghana, Indonesia, Kenya, and Senegal.
The Future of SMEs
It is estimated that by the year 2030, we will have an additional 600 million people in the workforce due to increased employment. This is because small businesses are a major concern to governments across the globe. They are the ones who have been generating most of the employment, where seven in every ten persons are employed. In the United States, for instance, about 98% of everything we sell to other countries is produced by small businesses.
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The Significance of Micro, Small, and Medium-Sized Enterprises Day
1. Supporting Local Business: Small businesses are important in our neighborhoods because they generate the need for local goods and services and thus improve the standard of living in our communities.
2. Opportunities for Growth: Not only do these businesses employ people, but they also assist them in earning money, hence eradicating poverty and strengthening our economies.
3. Creating Awareness: On MSME Day, we want everyone to see how great these small businesses are and what they have been able to accomplish in the market.
Therefore, Micro, Small, and Medium-Sized Enterprise Day serves as a special day that focuses on the celebration of small businesses for their remarkable contribution to society. As we commemorate them, it is also important that we do our part in providing the support and care that these businesses need to thrive and prosper.
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How to Celebrate International MSME Day 2024
1. Shop Local: Consume products and services from local MSMEs to support your community. From buying groceries from the nearby shop to ordering a cup of coffee from the local café, the money you spend here goes directly into the owners’ pockets.
2. Spread the Word: To promote MSME Day, make sure to come up with any form of content and share it online. Promote the achievements of local businesses, talk about their impact on the community, and persuade others to buy from them.
3. Attend Local Events: MSME Day is a day celebrated across the world where many communities hold events and workshops to celebrate the day. These are events where you will gain more information regarding the difficulties and possibilities for small businesses as well as how you can assist them.
4. Offer Support: If you have some skills or resources that may be of value to the MSMEs, then it might be useful to lend your support. It could be in the form of being a mentor, offering your time, or even offering products and services at a discount, and it goes a long way.
5. Advocate for Policy Changes: Promote policies that help MSMEs grow, for instance, affordable capital, government policies that ease bureaucracy, and funding in critical sectors like infrastructure and technology. Some of the things you can do include writing to policymakers, engaging in advocacy campaigns, and supporting organizations that aim to enhance the business environment for MSMEs.
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Way Forward
Let’s take a moment to consider the vital role that micro, small, and medium-sized businesses (MSME) play in promoting innovation, accelerating economic growth, and creating jobs globally as we celebrate International MSME Day in 2024. These companies represent the foundation of resilience and prosperity for both local communities and the global economy. We must keep up our advocacy, patronage, and teamwork to empower and assist MSMEs.
We can create a more inclusive and sustainable future where MSMEs prosper and carry on enhancing our lives and communities by supporting their cause and pushing for laws that encourage their expansion. Let’s pledge to support the entrepreneurial spirit and recognize the outstanding contributions made by MSMEs to society.