DEFINE THE ROLE AND ECONOMIC BENEFITS OF MICRO, SMALL AND MEDIUM ENTERPRISES: A LITERATURE REVIEW

Abstract

The purpose of this paper is to shed more light on the potential small and medium enterprise sector. In the discussion, small business will be seen in a broader sense and focus not only on small and medium enterprises, but also on the small and medium enterprise sector. This research seeks to explain the potential benefits of this sector. The paper explains why to be a small enterprise and what the real impact of the small and medium enterprise sector can be on economic growth and development if supported by the right government and business environment. The small and medium enterprise sector is one of the important factors of economic growth. The small and medium enterprise sector has very different characteristics from large enterprises. However, what is less understood is why the economy actually needs so many small firms and why they are so important. This journal article summarises why this sector is considered strategic and what makes it so valuable for economic growth and development and can increase competitiveness in national and regional economies.