“In Singapore, 99% of registered businesses are Small Medium Enterprises (SMEs), defined as earning less than $100 million annual sales or with fewer than 200 employees. However, 70% of these SMEs are in fact micro Small Medium Enterprises (mSMEs), defined as businesses that earn less than $1 million in annual sales.
The population of micro-entrepreneurs will be even larger if we are to include informal, unregistered businesses. These comprise home-based businesses, freelancers in a growing gig economy and the self-employed. While there are no official figures on the number of unregistered home-based businesses, we can reasonably assume that it is a 6-figure number. Gig workers already form 170,000 or 10% of Singapore’s resident workforce and this looks set to grow, while self-employment numbers have remained steady at 8-10%1.
Seen from this perspective, there is therefore a large group of people involved in some form of micro business and entrepreneurial work. Coupled with employability challenges that non-PMETs face, efforts to develop the growth of mSMEs offer much potential and interesting possibilities for real economic growth.”
Read the full article by Ms Harasha Bafana here: https://karyawan.sg/unlocking-the-potential-of-our-communitys-microsmes-for-economic-upliftment/