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Policy Guidebook for SME Development in Asia and the Pacific

image of Policy Guidebook for SME Development in Asia and the Pacific
As drivers of economic growth and prosperity, small and medium enterprises (SMEs) play a key role in economic development. However, the SME sectors of developing Asia-Pacific economies face issues (both general and nation-specific) that hinder their growth. There is a strong need to tackle such issues while taking into account the variety of experiences, policies and programmes of different countries. Covering major SME constraints — business enabling environment, entrepreneurial culture, access to finance, innovation and technology adaptation, business development services, and market access — this publication proposes public policy guidelines with an aim to develop a vibrant SME sector. It serves as a training manual for entrepreneurs, trainers as well as business associations for SME capacity building.

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Contributions, challenges and prospects of SMEs

Most people have a broad sense of what constitutes an SME, if only a rather stereotypical image of a young and relatively fragile business. There is a temptation to liken SMEs to the student generation of the corporate community, containing considerable growth potential if only their energy and enthusiasm can be harnessed and channelled in the right direction. Whereas some SMEs will go on to great things in later life, many will probably achieve more modest goals and sadly most will come to a premature end for one reason or another (Shane, 2008).

English

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