What are the characteristics of micro, small and medium enterprises? Explain how they contribute to the economic development process of a country.

Micro, Small, and Medium Enterprises (MSMEs) play a crucial role in the economic development of any country, acting as a backbone for employment, innovation, and industrial development. These enterprises differ in terms of size, scale of operation, and capital investment, but they share several common characteristics that contribute to their impact on the economy.

Characteristics of Micro, Small, and Medium Enterprises (MSMEs):

1. Size and Scale of Operations: The defining characteristic of MSMEs is their size. Micro enterprises are typically the smallest, often with fewer than 10 employees and limited annual turnover. Small enterprises are larger, employing between 10 to 50 people, while medium enterprises have between 50 to 250 employees. The size directly influences the scope and scale of their operations.

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