Developing and Growing Sustainable Micro, Small and Medium Enterprises - Global Template

Abstract

Poverty is a global concern. Yet, poverty is growing in most countries of the world. The human faces behind poverty conditions across the globe point to the need to make poverty reduction a fundamental goal. The experience of the ‘Asian Tigers’ has proved that poverty can be reduced by 20% in two decades by developing and growing
sustainable micro, small and medium enterprises (MSMEs). This review study examines a global template for developing and growing MSMEs, and discusses the role of enterprises in economic development, various stages of enterprise development, marketing and customer care, and management ethics and practices, in order to
address the need for continuous stimulation and encouragement of enterprise development in every country for healthy economic growth and sustainable development. Since national economies are grown and poverty reduction achieved through the development and growth of sustainable MSMEs, and slow pace of economic development is largely attributable to poor development and growth of the MSMEs sector in developing countries, the paper, therefore, recommends the encouragement of the development and growth of sustainable MSMEs in every country by way of sound policies and curriculum development.