CEM revealed that 48% of microentrepreneurs in Antioquia work seven days a week

The Center for Micro Enterprise Studies (CEM) presented the results of the Antioquia 2023 Micro Enterprise Survey, a pioneering study in the department that covered a sample of 2,273 formal and informal units in the nine regions of Antioquia. The objective of the study was to expand knowledge of microenterprises, delve into their needs, expectations, profiles and business performance, and identify development opportunities and promote joint actions.

Juan Miguel Giraldo Ospina, CEM coordinator, explained that the survey resulted in a characterization of the micro entrepreneur and his productive unit in aspects such as conditions for its creation, operation, growth, development, formalization, financing and institutional support.

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  Some data that this study revealed are the following:

  • Market Coverage: 55% of entrepreneurs have coverage in the local market and only 3% in the international market, which represents an opportunity for the development of new markets with the support of institutions.
  • Digital Tools: 35% of productive units use digital tools to interact and sell, but only 7% have a planned strategy.
  • Location: 67% of microentrepreneurs are in strata 1, 2 and 3.
  • Income and Economic Situation: 72% of entrepreneurs sell less than $3,000,000 per month, 69% do not have a fixed monthly salary and 48% work seven days a week.
  • Access to Credit: 41% of informal entrepreneurs require loans for less than $5,000,000 and 36% go to a bank or financial institution to cover urgent expenses.

  Demographic characteristics

  The survey also revealed information on the demographic composition of micro entrepreneurs:

  • Gender and Formality: 66% of women operate their business informally.
  • Age: 48% of micro entrepreneurs are between 26 and 45 years old.
  • Education: 43% of formal entrepreneurs have higher education.
  • Antiquity: 43% of micro entrepreneurs established their company more than five years ago.
  • Property: 74% indicated being independent and sole owner of their business.
  • Projection: 76% plan to have their business indefinitely.

  The survey included formal and informal micro companies to understand their dynamics in all dimensions. According to Law 905 of 2004, a Micro Formal Company registers assets between 0 and 500 SMMLV, while a Micro Informal Company is any business with up to 10 workers that does not have the Public Commercial Registry before a chamber of commerce.

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