Challenges Experienced by SMMEs and Interventions by the South African National and Provincial Government: A Literature Review
Keywords:small medium and micro enterprises, economic development, entrepreneurship
Small, Medium, and Micro Enterprises (SMMEs) are pivotal players in economies worldwide, especially in developing and emerging economies, where they contribute significantly to job creation, poverty alleviation, and innovation. Despite their limited capital and financial resources, SMMEs play a vital role in new product development and technological innovation, driving industrial renewal and economic growth. This study employs a qualitative content analysis approach to examine the challenges and opportunities confronting SMMEs. Data for this analysis were drawn from various scholarly sources, including journals, books, and reputable academic publications. The findings of this theoretical literature review underscore that while SMMEs aim to foster economic growth and formalize their presence, regulatory and legislative frameworks often present stringent compliance requirements, posing significant challenges. This research highlights the potential of national and provincial public sector institutions to facilitate SMME growth and development, ensuring their stability and prominence within the economy.