CHALLENGES AND OPPORTUNITIES FOR MICRO, SMALL, AND MEDIUM ENTERPRISES: NAVIGATING THE BUSINESS LANDSCAPE

Abstract

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.