Small and medium size enterprises (SMEs) or small and medium size businesses (SMBs) are business whose personal numbers fall below certain limits.
The abbreviation "SMEs" is used by the international organizations such as world bank, European Union, the United Nations, and world trade organization (WTO)
SMEs outnumber large companies by wide margin and also employ many more people for example: Australian SMEs make up 98% of all Australian business, produce one-third of the total GDP and employ 4.7 million people.
In Chile; in the commercial year 2014, 98.5% of the firms were classified as SMEs.
In Tunisia, the self employed workers alone account 28% of the total non-farm employment and firms with fewer than 100 employees account for about 62% of total employment.
In developing countries smaller (micro) and informal firms, have a larger share than in developing countries.
SMEs are said to be responsible for driving innovation and competition in many economic sectors.
They are the source of job creation in any modern day economy.
Although they create more new jobs than large forms, they also suffer the majority of job destruction contraction.
SMEs are heavily influenced by their chief executive officer AKA CEO
The CEO of SMEs are often the founders, owners, and managers of SMEs for typically the CEO is the stragegist, champion and leader for developing the SME