World MSME Day, which this year was held on Sunday, 27 June, is a UN-declared occasion observing the contribution that micro, small and medium enterprises have made to the global economy.
Implemented in 2017, the day seeks to identify and pay tribute to key business trends driving growth and contributing to long-term sustainable and economic prosperity.
One of the major trends outlined in this year’s event was the rise of “womenprenuers”, which Australian Small Business and Family Enterprise Ombudsman Bruce Billson noted is an emerging trend in the Australian market, “with women-owned, women-led enterprises increasing at a faster rate than male-owned businesses”.
“On World MSME Day, I want to thank all small and family businesses for their vital contribution to Australia’s prosperity, wellbeing and community,” Mr Billson said.
“Female entrepreneurs have been acknowledged on World MSME Day as being a crucial part of the global SME ecosystem who are looking for new growth opportunities.
“In Australia, about 38 per cent of small businesses are owned by women and we are likely to see that number continue to grow. In the decade to 2019, of the 171,000 newly established businesses in Australia, two-thirds were led by women.
“Research has found the economic opportunity for Australia by boosting the number of female entrepreneurs to parity with men would be worth between $71 billion and $135 billion to the nation’s economy.”
Another key trend identified was the resilience of small businesses across the globe.
Speaking on the Australian market’s perspective, Mr Billson said: “The past 18 months has been incredibly challenging for small businesses, but I have been inspired by the courage and agility shown by our small business community.
“Our Small Business Counts report noted ABS data revealing 40 per cent of small businesses have changed the way they provided products and services as a result of the pandemic.
“More than ever, we have seen the deep personal commitment it takes to run a small business, and I thank Australian small and family businesses for their fighting spirit, hard work and determination.”