Small and Medium-sized Enterprises (SMEs)
Small and Medium-sized Enterprises (SMEs) are businesses that maintain a certain size based on the number of employees and annual revenue. Generally, small enterprises have fewer than 50 employees, while medium-sized ones can have up to 250. SMEs are crucial to the economy as they create jobs, stimulate innovation, and contribute to local communities. They often face unique challenges, such as limited access to financing and markets, but they also have the flexibility to adapt quickly to changes and customer needs. Supporting SMEs is important for sustainable economic growth and competitiveness.
Additional Insights
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Small and medium-sized enterprises (SMEs) are businesses that are classified based on their size, typically measured by the number of employees and annual revenue. Small enterprises usually have fewer than 50 employees, while medium-sized ones range from 50 to 250 employees. SMEs play a crucial role in the economy, contributing to job creation, innovation, and local development. They often receive less attention than larger corporations but are vital for competition and diversity in the market, supporting communities and driving economic growth. Generally, they face unique challenges, such as access to financing and navigating regulations.