Articles
| Open Access |
DOI: CHALLENGES AND OPPORTUNITIES FOR MICRO, SMALL, AND MEDIUM ENTERPRISES: NAVIGATING THE BUSINESS LANDSCAPE
Dr. Babita Banerjee , Faculty Of M.B.A, Department of Commerce and Management, B. R. Ambedkar Bihar University Muzaffarpur, Bihar, IndiaAbstract
Micro, small, and medium enterprises (MSMEs) play a crucial role in driving economic growth, employment generation, and innovation. However, these enterprises face numerous challenges in the dynamic business landscape, along with various opportunities to thrive and expand. This article examines the challenges and opportunities for MSMEs and explores strategies to navigate these complexities. The study employed a mixed-methods approach, including surveys, interviews, and case studies, to gather data from a diverse sample of MSMEs. The results highlight key challenges such as limited access to finance, market competition, regulatory compliance burdens, and skill shortages. On the other hand, opportunities such as digital transformation, access to new markets, and supportive government policies emerged as potential avenues for MSME growth. The discussion section critically analyzes the findings and offers recommendations to enhance MSME competitiveness, including tailored business strategies, technological adoption, skill development initiatives, and policy reforms. This article contributes to the existing literature by shedding light on the challenges and opportunities faced by MSMEs, providing insights for policymakers, researchers, and practitioners involved in fostering the growth and sustainability of these enterprises.
Keywords
Micro, challenges, opportunities
References
Acs, Z. J., & Audretsch, D. B. (2010). Handbook of Entrepreneurship Research: An Interdisciplinary Survey and Introduction. Springer.
Ahlstrom, D., & Bruton, G. D. (2009). International Management: Strategy and Culture in the Emerging World. Cengage Learning.
Hisrich, R. D., Peters, M. P., & Shepherd, D. A. (2017). Entrepreneurship (10th ed.). McGraw-Hill Education.
OECD. (2017). Enhancing the Contributions of SMEs in a Global and Digitalized Economy. Retrieved from https://www.oecd.org/cfe/smes/ministerial/documents/Summary-brochure.pdf
World Bank. (2019). The Micro, Small, and Medium Enterprise (MSME) Finance Gap. Retrieved from https://openknowledge.worldbank.org/handle/10986/32453
World Economic Forum. (2019). The Future of Jobs Report 2018. Retrieved from https://www.weforum.org/reports/the-future-of-jobs-report-2018
World Trade Organization. (2020). World Trade Statistical Review 2020. Retrieved from https://www.wto.org/english/res_e/statis_e/wts2020_e/wts2020_e.pdf
Article Statistics
Downloads
Copyright License
Copyright (c) 2023 Dr. Babita Banerjee
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors retain the copyright of their manuscripts, and all Open Access articles are disseminated under the terms of the Creative Commons Attribution License 4.0 (CC-BY), which licenses unrestricted use, distribution, and reproduction in any medium, provided that the original work is appropriately cited. The use of general descriptive names, trade names, trademarks, and so forth in this publication, even if not specifically identified, does not imply that these names are not protected by the relevant laws and regulations.