SMEs or small and medium-sized enterprises are a crucial component of any economy. These businesses are the backbone of growth and economic development. However, not everyone knows that SME is not the only term that can be used to refer to these businesses. Other terms include microenterprises, small businesses, and startups. Microenterprises refer to businesses with fewer than ten employees. Small businesses are usually privately owned corporations with less than 500 employees, while startups are newly formed companies aiming at creating a unique product or service. Regardless of the term used, SMEs, microenterprises, small businesses, and startups all play a vital role in promoting economic growth and securing employment opportunities.