Defining the Economic Role and Benefits of Micro, Small and Medium-sized Enterprises in the 21st Century with a Systematic Review of the Literature

There has been a lot of research and studies on the running of small businesses. The objective of this paper is to provide a comprehensive picture of the potential of the micro, small and medium-sized enterprise sector. In the analysis, the world of small businesses will be reviewed in the broadest possible sense and the focus will not only be placed on SMEs, but also on the MSME sector, which includes very small micro-enterprises. The study will seek to shed light on the potential benefits of this sector. It highlights the importance of the sector, as well. All this has been done earlier, but this paper goes beyond general statements. It explains why it is good to be a small company, why it can be beneficial to operate as a MSME and what the real impact of this sector could be on economic growth if the necessary support and the right business environment were provided. By now everyone knows that the MSME sector is one of the engines of growth. Everybody knows that this sector has very different characteristics from large companies. However, what is less understood is why the economy actually needs so many small companies and why they are really important. This paper attempts to briefly summarise why this sector should be considered as a strategic priority and what makes a small business really valuable for economic growth and competitiveness in the national economy.