Small businesses are an essential part of our economy. They provide jobs for more than 50 percent of private sector employees and contribute to nearly 80 percent of new job growth. They play a critical role in generating economic activity and ensuring that the global economy grows and remains vibrant. Small business owners should be at the heart of our most important international development goals, and my organization is committed to helping them create more sustainable businesses.
Today, there are more than 360 million micro, small and medium-sized enterprises (MSMEs) in developing countries – mainly family-owned businesses with fewer than 10 workers. Many MSMEs rely on natural resources or agricultural products to create their businesses, and thus contribute to environmental degradation when they grow. Our organization is exploring how we can help these entrepreneurs reduce their impact on the environment by making more sustainable decisions.
Research has shown that small businesses are better at managing risk because they are flexible and adaptable. We all know that global risks are increasing, so it is important to find ways of helping these entrepreneurs manage those risks. This can be done by developing a financing system or a savings mechanism that helps them smooth their revenues and work capital over time so they have access to money when they need it for business operations.
In addition, we must provide small businesses with the tools to innovate and adopt digital technologies. Almost everyone agrees that technology can help mitigate many global challenges, but almost no one disagrees that it exacerbates others. However, the potential benefits greatly outweigh the negatives, so international development organizations must do what they can to ensure that small business owners have access to technology.
We are just at the beginning of our conversation about how to help MSMEs overcome the challenges they face in order to help grow economies and create jobs. International development organizations must take small businesses into account when creating their programming so that we can achieve our goals for economic growth, job creation and environmental sustainability. In addition, we should use our platforms to provide MSMEs with the advice and resources they need to succeed.
The world needs more small businesses. Anybody who cares about the future of the global economy should be committed to helping them grow because small businesses are the foundation of our economy.
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