Problems Faced by Micro, Small, and Medium Enterprises: A Review

Mahender
Assistant Professor, Maharshi Dayanand University, Rohtak, Haryana, India. E-mail: mahinder.comm@mdurohtak.ac.in

Kapil Gora
Research Scholar, Maharshi Dayanand University, Rohtak, Haryana, India; and is the corresponding author. E-mail: kapil.rs.comm@mdurohtak.ac.in

Jagdeep Dahiya
Assistant Professor, Maharshi Dayanand University, Rohtak, Haryana, India. E-mail: jagdeep_dhy.eco@mdurohtak.ac.in

Micro, Small, and Medium Enterprises (MSMEs) are the backbone of both advanced and emerging countries due to their vast contributions to employment creation, trade facilitation, production and development, sales expansion, and elimination of regional imbalances. MSMEs account for the great majority of enterprises in almost all major countries worldwide. They are not able to contribute well to economic growth due to several challenges that impede their performance, including financial problems, lack of knowledge, and poor financial management. The main objective of this study is to explore the problems faced by entrepreneurs and examine their impact on the performance of MSMEs. The findings show that one of the significant issues MSMEs face is financial constraint.

Introduction
Micro, Small, and Medium Enterprises (MSMEs) are the most common business entities in developed and developing economies. They are widely perceived as contributing to the country's economic development at various stages (Lownes-Jackson et al., 2014; and Franco et al., 2021). India's MSMEs are also vital for its economy (Mittal and Raman, 2020). This sector is the backbone of the country's economy, and they appear to be critical to its future growth and development (Okello et al., 2020; and Prakash et al., 2021). Over the previous half-century, the MSME sector has grown into a highly competitive and dynamic segment of the Indian economy (Singh et al., 2016; and Maiti, 2017). They contribute to the global economy by manufacturing and delivering products and services and providing job opportunities for a significant portion of the population (Prijadi et al., 2020).

With 633.8 lakh enterprises offering approximately 1,109 lakh potential jobs, the MSME industry has an extensive network throughout the country (Annual Report, Micro, Small, and Medium and Enterprises, 2021).

However, MSMEs have been financially ruined in recent years due to demonetization and the implementation of the GST. The Covid-19 outbreak, nationwide lockdown, and worldwide economic depression have been causing chaos to the businesses. The human resources problem and insignificant exports exacerbated small enterprises' financial troubles (Bagodi and Raravi, 2021; and Mittal and Raman, 2021). Further, climate change, inadequate infrastructure, political instability, heavy documentation and a lack of market availability have hampered the expansion of enterprises in this region (Rajpal, 2014). The MSME sector contributes to the overall GDP of the country. A well-developed MSME sector is essential for a healthy socioeconomic environment and reducing regional development imbalances (Maiti, 2017; and Singh, 2019). The sector should be seen as an essential contributor to the transition to a market economy through creativity, facilitating technological advancement, entrepreneurial orientation and variations, job creation, revenue generation, economic productivity, and other elements of social development in general, and industrial growth in particular (Ahmad, 2012). With improved funding and advancement possibilities, the MSME sector, which primarily contributes to development and growth in developed and emerging nations, might thrive (Baker et al., 2020). Considering the area's strengths and weaknesses and the increasing significance of entrepreneurship and MSMEs to economic growth, steps have been taken to support and promote such activities (Thingo et al., 2015). The MSME sector includes startups, high-tech ventures, established Small and Medium-Sized Enterprises (SMEs), and microlending. Through credit promises and regulatory pressure, public assistance for the MSME sector can be significantly more successful than direct finance or subsidies (Hakeem, 2019). The startup initiative assists youngsters in launching innovative businesses by providing a suitable and socially progressive framework. The Stand-Up India Campaign promotes MSMEs in the countryside and semi-urban areas and among women and people from scheduled castes and scheduled tribes across the country (Nagayya and Rao, 2017). While unorganized sectors are considered, women entrepreneurship is expected to play an even more prominent role in MSMEs (Mukherjee, 2010).

MSMEs serve as support units for big enterprises and therefore play a significant role in the country's socioeconomic growth (Singh et al., 2016; and Singh, 2019). This sector offers a lot of possibilities for the country's economic development. Still, these enterprises encounter several restrictions and challenges in formulating, promoting, maintaining, and expanding their businesses (Gunjati and Adake, 2020). The relevance of MSMEs in economic development, alleviating poverty, employment generation, production, technology advancements and social development has been established and appreciated internationally across both developing and developed economies (Anshika et al., 2021). The purpose of this study is to review the impact of problems and financial problems on the performance of MSMEs and find answers to the following questions: What is the impact of various problems on the performance of MSMEs? Which problem mainly affects their performance?

Literature Review
The number of workers, the value of marketable securities, production capacities, essential components of input variables, quality of technology used, capital employed, managerial elements, economic progress, investment, turnover constraints in the manufacturing and service sectors, and the unique difficulties that MSMEs face, have all been used to study MSMEs in different countries (Lownes-Jackson et al., 2014; and Abiodun and Entebang, 2015). In India, the definition of MSME has been a point of contention (Kumar et al., 2009). According to the current definition by the Ministry of MSMEs, India, MSMEs are categorized and recognized based on their investment in the manufacturing and service sectors, along with their turnover (Annual Report, Micro, Small, and Medium and Enterprises, 2021). The MSME ministry's goal is to provide financial assistance to the entrepreneurs (Kumar et al., 2009; and Hakeem, 2019). The percentage of MSMEs in India's total GDP was 29.34% in 2014-15, according to the Annual Report of the Ministry of MSMEs (2021), and it was reduced to 29.25% in 2017-18, but increased to 30.27% in 2018-19. This indicates that India's MSME sector has contributed considerably to the country's GDP. There is no distinction between the manufacturing and service industries (Annual Report, Micro, Small, and Medium and Enterprises, 2021). MSMEs benefit massively from Supply Chain Finance (SCF) because it does not necessitate detailed credit information. SCF extends beyond reverse factoring to include pre-shipment financing like raw material finance and vendor-managed inventory financing, as well as post-shipment financing like bills receivable financing. Finance-based solutions and supply chain-based solutions are the two primary categories of SCF solutions (Alora and Barua, 2019).

Data and Methodology

The authors conducted a comprehensive search on Scopus, a globally recognized abstracted and citation database. The authors used the keywords "Problems" or "Financial Problems" and "MSME" or "MSMEs" to explore the available papers from different disciplines - Business, Management, Accounting, Economics, Econometrics, and Finance. After reviewing the abstracts of the publications, the authors eliminated irrelevant ones that did not relate to the problems and their impact on the performance of the MSMEs.

Figure 1 compares the country or territory-wise publications from 2006 to 2021 for up to 15 countries/territories. India and Indonesia have the highest publications, i.e., 25 from both countries. Brazil, Germany, Ghana, Japan, Singapore, the United Arab Emirates, and the United States have fewer publications, i.e., one publication from each country/ territory.

Figure 2 compares the publications from 2006 to 2021 for up to 15 countries/territories in a year. There was only one publication in the years 2006 and 2007. From 2016,

publications increased compared to earlier years. Year 2021 shows the highest number of publications, i.e., 20 publications, related to problems of MSMEs.

Discussion
Tambunan (2011) discussed the recent growth of MSMEs in Indonesia and their present difficulties, based on their performance, particularly their contribution to GDP and productivity, as well as their restrictions. The key challenges are high raw material costs, marketing issues, and a lack of financing. Munim et al. (2020) pointed out the financial gaps in emerging economies that have been analyzed and are significant. Crowdfunding is a novel technique to help close financial gaps. The study explores the factors that affect crowdfunding contribution intentions in Bangladesh, which is a developing country. del Pilar et al. (2020) analyzed various Critical Failure Factors (CFFs) with regard to decision making and strategic stakeholder management. To prevent the premature closure of microbusinesses, they developed a structural framework of CFFs. They explore the CFFs linked to premature closure of microbusinesses in the Philippines to create a structural framework that would provide stakeholders with insights based on CFF interactions. Sharma (2018) sought to understand how MSMEs in the Middle East and North Africa (MENA) region handle innovation. To compete with major corporations, MSMEs face operational and financial challenges. There are obstacles such as lack of necessary business and management skills, a less proactive entrepreneurial culture, and rivalry from huge corporations. MSMEs face substantial entry hurdles and sometimes have difficulty obtaining external financing.

Eniola and Entebang (2017) examined the financial literacy of SME owners-managers and its effect on firm performance in three states in southwest Nigeria. Adetiloye et al. (2020) identified the problems that hinder women entrepreneurs' access to finance, with the ultimate goal of ensuring long-term access for micro, small, and medium women-run enterprises. Savings, loan terms, business registration, and the number of bank accounts maintained by female entrepreneurs were significant determinants. Regular usage of financial institutions for monetary operations also promotes access to credit. Naidu and Chand (2013) examined the severity of the financial obstacles faced by Fiji's SMEs. Failure to acquire domestic and foreign financing, inadequate cash flow, high commencement charges, costly natural resources, high retail price, massive losses, inadequate cash flow, high commencement charges, costly resources, high risky debt and writeoffs, value-added tax, import duty, high cost of maintenance, increased transportation costs, capacity to meet financial commitments. Babajide et al. (2020) studied the advances, innovations, and innovative financing windows available to MSMEs in overcoming financial exclusion in Nigeria, and evaluated MSMEs' finance gap in Nigeria and gave practical solutions. In addition, the study made recommendations for future financial service providers like the government and regulatory agencies in the burgeoning industry. Beck and Demirguc-Kunt (2006) focused on how financial and institutional development might help SMEs overcome growth barriers and access external capital. Access to funding is a serious obstacle for SMEs. Mushtaq et al. (2021) defined two levels of financial access: basic and advanced. The company's bank balance and the credit limit from a financial company defined basic financial access. The bank financing the company's expenditures and cash reserves determined the advanced financial access. According to them, in the absence of welldeveloped institutions, certain financing techniques such as leasing and factoring can effectively promote greater access to credit. Mittal and Raman (2021) investigated the impact of financial limitations on entrepreneurial success in sales, profitability, and asset accumulation. According Naidu and Chand (2012a), the financial challenges that MSMEs encounter can be divided into three sections, i.e., financing, administrative and operational challenges, and sales and debtor concerns. One of the most severe challenges experienced by MSMEs in the manufacturing industry is managing sales and debtors. Ahmad (2012) investigated how problems vary from one location to another and from one sector to an other-and even within the identical sector, how difficulties vary from one corporation to another and from one business owner to another due to financial, interpersonal, political, and cultural differences. These obstacles may be multi-faceted and excessively complicated, comprising insufficient infrastructure, difficulty acquiring qualified workers, a lack of advertising, administration, manufacturing, human resources, money, scientific direction, etc.

Prakash et al. (2021) explored the impact of external and internal variables on MSMEs' development. Raw material availability, financial troubles, workforce obstacles, technological inefficiency, electricity shortages, ineffective marketing, competitors, experience and understanding hurdles, administration and governance problems, institutional inefficiency, and so on were among the constraints. According to the researchers, these constraints impede the promotion and expansion of MSMEs in developing countries. Prijadi et al. (2020) explored MSME funding in Indonesia and looked at how it differed based on the stage of growth of the business. The research also revealed certain structural issues with microfinancing and offered helpful remedies. Franco et al. (2021) examined the impact and interaction between failure factors and entrepreneurial resilience in Angolan MSMEs. The researchers listed several aspects that influence the performance of an organization. According to Pardo and Alfonso (2017), these determinants may be categorized into six dimensions: financial, external environment, organizational, operational/technical, marketing, and human resources. To see how failure factors affect MSMEs' hardiness, resourcefulness, and optimism (entrepreneurial resilience), Baker et al. (2020) studied SMEs' financing choices and activities, seeing how the owner/manager traits influence such preferences and activities and why they choose certain sources of money. Domestic finance, bank funding, funding via federal programs, foreign investment, financial institutions, and neighborhood friends and family members were among the sources of financing. Abiodun and Entebang (2015) analyzed firm performance impacted by dependent and independent variables. One of the main obstacles to the success of SMEs in Africa has been identified as access to financial assistance. Innovative financing plays a critical role in supporting enterprises in overcoming financial problems and contributing to economic growth. Singh et al. (2016) analyzed cross-country data to explore the most important hurdles to SMEs' growth in 119 developing countries, as well as the characteristics that determine how business owners view obstacles. As per the research, access to funding, taxation policies, rivalry, electricity, and political pressures were the five most important challenges identified by SMEs management. Jahanshahi et al. (2011) examined the correlation between government policies and the growth of entrepreneurship in India's MSMEs. The researchers evaluated the contribution of MSMEs to creating jobs in the country. Sharma and Kharub (2015) identified and analyzed the major obstacles faced by MSMEs such as absence of human resource management, entrepreneurial and managerial abilities, planning and development strategies, fiscal assistance, infrastructure and technological know-how, marketing research, and government rules and procedures. The researchers explored the association between constraints and performance metrics, such as product, innovation, and sales performance. Kumar (2018) analyzed the manufacturing, production, and service sectors, the influence of the Skill India, Start-Up India, and Stand-Up India schemes and how the Stand-Up India initiative has addressed the financial issues that MSMEs confront. The researcher concluded that the Stand-Up India program could help SCs/STs/ women entrepreneurs create and develop their production and manufacturing units by assisting in project planning and financial management. Kharub and Sharma (2017) measured MSMEs' competitive advantage using Porter's Diamond framework. The results contributed to a deeper understanding of the Diamond model's numerous drivers in the context of Indian MSMEs. A literature review was conducted to identify several essential aspects that contribute to the development of competitive advantage.

Singh and Singh (2018) identified the factors influencing new technologies through a study of auto parts MSMEs in northern India. Based on this, the researchers identified 75 significant parameters impacting technology usage in Punjab's auto parts manufacturing MSMEs. Schmidt and Hoffmann (2019) pointed out that MSMEs frequently find it difficult to obtain funding for their initiatives, despite the rising availability of financing programs for innovation. The researchers scrutinized the guarantees employed in bank operations since the program's inception. The lack of assurances from financial institutions stands out as one of the causes, according to the researchers. Mittal and Raman (2020) examined the impact of budget deficit on a company's financial structure policies, categorizing the financing gap as demand, supply, knowledge, and empathy. Naidu and Chand (2012b) (Table 1) contrasted the difficulties encountered by MSMEs in Fiji with those faced in the United Kingdom.

According to them, financial troubles constitute the most serious difficulty MSMEs encounter in both the retailing and manufacturing sectors. Nurhayati et al. (2021) investigated the reasons and outcomes of innovation capability and thus added to our knowledge of innovation capability. According to this study, the direct and indirect impacts of sharing knowledge regarding innovation performance are favorable but not substantial. Although the antecedents are negligible for innovativeness, the structures of the antecedents nevertheless operate as a motivation to enhance innovation capability. Alora and Barua (2019) highlighted the obstacles to MSMEs' implementing SCF. Organizations worldwide have gradually started implementing SCF solutions to reduce payment defaults and improve the payment process. One of its most important priorities in the supply chain network is financial difficulties. Finance, human resources, firm cooperation, organizational policies, information systems, and macro institutional barriers were observed. Anshika et al. (2021) studied the impact of financial literacy determinants on MSME enterprises. The researchers found that entrepreneurs with a higher degree of education have a considerably higher level of financial literacy, and that the organization's profitability ratio is the most influential factor in view of entrepreneurs' financial literacy. According to the report, organizations should set aside a portion of their income to teach their staff on financial literacy. Adhikary et al. (2019) investigated the impact of Government Credit Guarantees (GCGs) on Indonesian MSMEs' development. GCGs are favorably connected with MSMEs' growth at the industry level. GCGs are shown to be deeply connected with the value addition of small and medium firms, as opposed to microenterprises, which demonstrate no association between GCGs and enterprise value-added, according to the researchers. Suryanto et al. (2020) and Candraningrat et al. (2021) studied the role of financial technology (fintech) in the growth of MSMEs in Indonesia. Fintech enterprises that significantly boost MSME growth in Indonesia include services such as Peer-to-Peer (P2P) lending, venture capital, e-wallet, and personal finance. According to the survey, fintech makes it easy for MSMEs to get capital, make digital payments, expand their market share, and handle financial reporting concerns.

Conclusion
In this study, the problems faced by MSME entrepreneurs were examined. MSMEs face various hurdles such as human resource management, financial and regional and those related to market research, infrastructure, raw materials, entrepreneur experience, education, and budget allocation. Compared to the other problems examined, financial issues constitute the severest challenge that MSMEs confront. Furthermore, governmental and Fintech organizations and NBFCs play different but significant roles in overcoming the financial constraint.

Government institutions provide subsidies, NBFCs provide loans at various interest rates, and fintech firms provide funding digitally, all of which can help MSMEs develop very quickly, all of which can help MSMEs. P2P lending, equity crowdfunding, e-wallet, and personal finance are examples of fintech companies that have supported the development of MSMEs. Public and private partnerships, should ensure required amount of financial aid to MSMEs. It would not only help them to improve their technical know-how but also encourage them to take technological initiatives.

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