Micro, small, and micro businesses (MSMEs) constitute a dynamic and profitable part of Malaysia's expanding economy. The number of micro, small, and medium-sized enterprises (MSMEs) in Malaysia has grown dramatically over the years as more workers choose to work for themselves.

Micro SMEs, which are a subset of small SMEs, can grow in a number of sectors, most notably manufacturing, services (such as restaurants and hotels), primary agriculture, construction, mining, and quarrying.

Micro-entrepreneurs need many of the same abilities as their larger counterparts to succeed, regardless of the industry.

Malaysia's economy has changed significantly over the past few decades, moving from being dependent on the sale of raw goods like tin and rubber to aiming to become an industrialized country.

It's also important to remember that the bulk, or 78.5%, are micro SMEs, which play a big role in creating jobs and boosting the economy of our nation.
 

The difficulties micro SMEs confront

Even though they make up the majority of SMEs in Malaysia, micro firms are frequently seen as high-risk ventures.

Micro SMEs in Malaysia face a variety of problems, and the majority of them have faced comparable difficulties. These include, among other things, funding, information technology, human resources, managerial inefficiencies, bureaucracy, accessibility to the market, and competitiveness.

Having a business strategy is crucial as it aids in comprehending the present state of the market, possible rivals, patterns, and hazards. Business goals can then be imagined, and any difficulties might be noted.

Less than five full-time employees, including you as the owner, make up a micro business. Additionally, there is a shortage of trained workers as a result of the majority of them starting their microbusinesses remotely, which leads to management and technical inefficiencies.
It is indisputable that these difficulties are having an impact on Malaysia's microbusiness sector's development and contribution. In today's dynamic, globalized world, micro SMEs would likewise vanish if their competitiveness did not rise.

It is hard to run a firm without sufficient funds or funding. Funding is required to assist in financing the launch of your company, ongoing operating costs, and other costs.
This problem might be regarded as the main obstacle that micro SME owners must overcome. We are aware that not everyone is as fortunate as others, even though some people could have solid financial reserves and easy access to capital.