Small Medium Enterprises, or SMEs for short, was a term coined by the European Union, the World Bank, the United Nations, and the World Trade Organisation. The term was used to categorise the majority of enterprises in a country's economy based on a few factors, the most important ones being the number of employees enployed by a firm, the turnover generated by the firm over a financial period, and the assets owned by the firm. Typically, SMEs make up the majority of firms in an economy around the world, keeping a large percentage of the population employed. Therefore, the well-being of SMEs is crucial to every government as they form the 'backbone' of their economies. For instance, in Singapore, SMEs make up an important part of the economy because they make up over 90% of the companies registered, employ 70% of the workforce, and contribute 50% of the GDP. With a strong and healthy SME environment, economies grow, technology progresses, and the innovation capacity is increased. Hence, it is in the best interests of every country to inculcate a sense of entrepreneurism so that economies can continue to enjoy the benefits of a strong and healthy SME environment in the future.