MSMEs are broadly defined as businesses with turnover of less than N500million per annum and or less than 300 employees. Studies by the IFC show that approximately 96% of Nigerian businesses are MSMEs. 4% are government MDAs (Ministerial Departmental Agency) & corporations and MNC (Multi National Corporations).
A small scale enterprise is a privately owned and operated business, characterized by a small number of employees and low turnover. The US Small Business Administration,
MSME is made up of *M*icro or cottage enterprises, *S*mall Scale Enterprises and *M*edium *E*nterprises – 3 of them. 99.8% of this 96% are *micro/
Sources: Bureau Of Statistics, ChannelsTv.
1. *Micro Enterprises* – by CBN, 2018, are enterprises with less than 10 employees, and less than N5,000,000 (<N5m, excluding cost of land and buildings). Less than N5millions & 10 employees.
2. *Small Enterprises* – are businesses between 10-49 employees, and N5,000,000 to N50,000,000 (<N50m excluding cost of land and buildings). Between 10-49 employees & N5m-N50m/
3. *Medium Enterprises* – are enterprises that have between 50 -199 employees, and N50,000,000 to N500,000,000 (<N500m excluding land and buildings). Between 50-199 employees & N50-N500m/
Refer to: Small and Medium Enterprises Development Agency (SMEDAN).
It appears the days of MNC & the corps are phasing out. Oil party days are numbered. Politics is big business if you can sell what you can for position you want. But a bigger business exist: more than politics – CREATE IDEAS, CREATE WEALTH, CREATE OPPORTUNITIES, CREATE FUTURE… AND TAKE PEOPLE TO IT. I mean, become an ENTREPRENEUR.
†:SHELL started like that.
† Coca-Cola started like that.
† McDonald started like that (Colonel Sander’s gratuity of $100 at age 65)
† Nestlé started like that.
† Microsoft started like that.
† Dangote started like that.
† Unilever (former: PZ) started like that.
† Amazon started like that. (Jeff Bezos coy, the richest man on earth)
† Facebook started like that.
† Zenith bank started like that. (with N20m)
† Coscharis started like that.
† Schlumberger started like that.
† CNN started like that.
† on and on and on…
*START SOMETHING TODAY!!!*
In next 10 years, I’ll return to put your company in the updated list.
Empower you and others. *Get angry, get tired of working for others*. Start making your money, brain, time, energy, resources and money start working for you.
Certainly, MSME is the way to go.
Leader Mike is a Consultant, Coach and Writer on Leadership, Finance Management, Motivation, Entrepreneurshi