When some people think of the business world, they think of the humongous multi-national companies that employ a ton of people and make billions upon billions of dollars. Unfortunately, their focus on the largest of companies allows them to ignore the micro, small, and medium-sized companies that are just as important to the economy as the corporate giants.

That’s why the United Nations decided to create a holiday to address this oversight. This holiday is called Micro, Small, and Medium-Sized Enterprises Day and it’s observed annually on the 27th of June. This is the day that pays homage to these smaller corporations and reminds everyone that they are just as important as mega corporations — if not more.

The History Of Micro, Small, And Medium Enterprises Day

This holiday was created by the United Nations General Assembly on April 6th, 2017. This resolution was co-sponsored by 54 UN Member States and was put under the supervision of the International Trade Center. This holiday has since been observed all around the world.

Facts About Micro, Small, And Medium Enterprises

Although many people may have heard the terms micro, small, and medium as it pertains to businesses, we’re guessing that not everyone has a clear idea of what these terms mean.

That’s why we’ve decided to do a little bit of research so we could list some facts that will clear things up for everyone reading today. With that said, let’s check out the following informative facts about micro, small and medium businesses.

• A Micro business is one that employs under 10 people.
• Small businesses can employ anywhere from 10 to 100 employees.
• Medium businesses usually employ anywhere from 101 to 999 employees.
• Microbusinesses face challenges in securing financing, attracting customers, and taking on several jobs at one time.
• In 2019, 64% of small business owners said that wanting to have greater income and/or being their own boss was the reason they started their own business.

Observing Micro, Small, And Medium Enterprises Day

This holiday is supported and organized by the International Trade Center, but a number of other organizations also partake in this holiday’s celebration. The International Labor Organization, the World Bank, and the UN Industrial Development Organization (UNIDO).

Organizations that observe this day take part in online meetings, hold special seminars and webinars that feature entrepreneurs from around the globe, and bring in innovative entrepreneurs to give speeches. On social media, the hashtag #MicroSmallAndMediumEnterpriseDay is used to spread the word about this holiday.