Next to micro is small to midsize business. The difference between small and micro small companies ranges between 20 to 99 employees. “Small and midsize enterprises can exist in almost any industry but are more likely to reside within industries requiring fewer employees and smaller up-front capital investments. Common types of SMEs include legal firms, dental offices, restaurants, and bars,” said Investopedia.”Small and midsize enterprises (SMEs) are businesses that have revenues, assets, or a number of employees below a certain threshold. SMEs play an important role in an economy, employing vast numbers of people and helping to shape innovation.”

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The good thing about small and medium enterprises is that they are flexible to make or break the economy. “They represent about 90% of businesses and more than 50% of employment worldwide. Formal SMEs contribute up to 40% of national income (GDP) in emerging economies. These numbers are significantly higher when informal SMEs are included. Small and Medium Enterprises (SMEs) play a major role in most economies, particularly in developing countries. SMEs account for the majority of businesses worldwide and are important contributors to job creation and global economic development,” World Bank Group said. “According to our estimates, 600 million jobs will be needed by 2030 to absorb the growing global workforce, which makes SME development a high priority for many governments around the world. In emerging markets, most formal jobs are generated by SMEs, which create 7 out of 10 jobs. Small and Medium Enterprises (SMEs) play a major role in most economies, particularly in developing countries. SMEs account for the majority of businesses worldwide and are important contributors to job creation and global economic development.”