Abstract:

Micro, small businesses play an important role in the economy of our country. In fact, they are vital to every country’s economy, particularly in developing countries. In Belize, micro, small and medium enterprises generate over 70% of the private sectors employment and income and contributing significantly to Gross Domestic Product. The purpose of this study was to determine the challenges and constraints faced by micro, small businesses in the capital city of Belmopan and suggest ways to promote business growth and survival in the market. The data was collected using both questionnaires and structured interviews with owners and managers of micros, small businesses in Belmopan. The convenience sampling method was used to select samples from the population. The data analysis revealed that micro and small businesses in Belmopan are faced with several challenges that impede their business growth and survival. The utmost challenge is the lack of finances, followed by multiple taxation and market competition. The results reflected that due to these constraints, businesses have been led to acts such as the evasion of taxes and importation of goods through other mediums, for a chance to compete and be profitable.