contributing to the development of SMEs
The number of SMEs in xxxx are approximately 95,502 units consisting of micro-enterprises (65,227 units or 68%), small businesses (27,913 units or 29%), and medium-sized enterprises (2,362 units or 3%). Although it has a prominent position in supporting the local economy, they continue to experience various problems which are mostly related to capital, product marketing, business management, and business productivity. The lack access to funding are the most frequent barrier faced by SMEs, this is because of two standard banking assumptions that prevent bankers from giving loans: loans cannot be approved without collateral and credit history. Therefore, many loan sharks give loans to micro-enterprise at extremely high interest rates (240% p.a.), which ultimately makes it difficult for them to develop their businesses.
As I am concerned what the micro-enterprise challenges today, I expect to fulfill my aspiration in contributing to the development of SMEs in my region, through building microfinancing for micro-enterprises by adoption social business model of Grameen Bank. With this microfinancing, investors give small loans to micro-enterprise, so they can run a business and become self-sufficient.
I believe the Master of Commerce perfectly fits my career needs by providing a curriculum with a solid business core and a specialty in innovation and entrepreneurship. The proposed study will equip me the concepts and skills necessary to identify and develop opportunities to launch a startup, new product or service. Moreover, this program also provide individual and group projects. I will be mentored through the iterative process of creating value, and developing prototypes to validate business idea.
In summary, by completing this course, I believe I will be better prepared to be an entrepreneur, launch and join a startup business.