Micro-, Small and Medium-sized Enterprises Day

Micro-, Small and Medium-sized Enterprises Day

Micro, Small and Medium-sized Enterprises Day is an occasion dedicated to celebrating the significant contributions of these businesses to the global economy. Recognising their role in fostering innovation, creating employment opportunities, and promoting local economic growth, the observance aims to raise awareness and encourage support for these vital enterprises. Important aspects of the day include showcasing successful entrepreneurs, sharing information on business support resources, and emphasising the importance of inclusive, sustainable growth.

Even though the United Nations General Assembly declared the 27th of June as the International Day of Micro, Small and Medium-sized Enterprises in 2017, the Observance has swiftly gained relevance in South Africa. The country's high unemployment rate and the need to boost economic growth have highlighted the importance of micro, small and medium-sized enterprises. In South Africa, these businesses contribute about 40% to the country's Gross Domestic Product and provide employment to around 7.9 million people. Given this critical role, the Observance seeks to motivate South Africans to create, support and promote these enterprises.

Typical customs and activities during the Observance in South Africa include conferences, seminars, and workshops that highlight available resources, provide business advice, and offer networking opportunities for entrepreneurs. Marketplaces showcasing products and services of local businesses are also organized, allowing communities to bolster their own economies by supporting these enterprises. In accordance with the global Observance, South Africa also celebrates Micro, Small, and Medium-sized Enterprises Day on the 27th of June, driving home the importance of these businesses in creating a dynamic, inclusive, and prosperous economy for all.

Facts about Micro-, Small and Medium-sized Enterprises Day

• According to the International Council for Small Business (ICSB), formal and informal micro-, small and medium-sized enterprises make up more than 90% of all firms in the world. They also account for 70% of the total employment and 50% of the global gross domestic product (GDP).
• According to the UN, more than 600 million jobs will be needed by 2030 in order to handle the growing global workforce.
• MSMEs are proving to be more resilient and adaptable to economic shifts and market disruptions, being key drivers in ensuring an economy's sustainability. They have shown their mettle during the economic downturns and the ongoing COVID-19 pandemic.
• In South Africa, women-owned businesses make up around 47% of all MSMEs.
• MSMEs in South Africa face an extremely high failure rate. Around 70-80% of new ventures fail within the first year, often attributed to a lack of access to capital, insufficient business skills, and inadequate support structures.

In the News and Trending in South Africa for Micro-, Small and Medium-sized Enterprises Day

Top things to do in South Africa for this observance

• Learn more about the power of micro-, small and medium-sized enterprises .
• Discover 5 things SMEs need to survive.
• Use MSME Day as an opportunity to show your support for small businesses by shopping or dining at locally-owned establishments. This not only helps strengthen the local economy but also provides the much-needed exposure and support these entrepreneurs need.
• Spend the day exploring local markets, where you can find unique products and services provided by small businesses, and support local artisans or food vendors. Some examples include the Neighbourgoods Market in Johannesburg, the Hout Bay Market in Cape Town, or the I Heart Market in Durban.