The State of Small Business in Barbados

National Survey of the Small Business Sector (Barbados)

Among female MSME owners, just 2% report secondary education or below, while 51% have technical or vocational training and a notably high 47% report holding a university degree. In contrast, male MSME owners show a stronger concentration in technical and vocational pathways, with 62% reporting such training, 35% holding a university degree, and 3% reporting secondary education or below. These results were comparable with those found in 2016, suggesting that MSME ownership in Barbados continues to be underpinned

All Owners

Female Owners

Male Owners

10% 20% 30% 40% 50% 60% 70% Percentage of Owners (%) 3.0% 2.0% 3.0%

62.0%

62.0%

51.0%

47.0%

35.0%

35.0%

Figure 2.6 Educational Attainment of MSME Owners Secondary or Lower Technical/Vocational University Education 0%

a relatively well-educated entrepreneurial base, with women maintaining a higher representation among university-educated business owners (see Figure 2.6).

Table 2.10: Educational Attainment of MSME Owner by Sex (%) – 2025 vs 2016

2025 – Educational Level (%) Share by Sex of Owner

Sex

Secondary or Below Technical/Vocational

University

Male

3 2 3

62 51 62

35 47 35

Female

Total

2016 – Educational Level (%) Share by Sex of Owner

Sex

Secondary or Below Technical/Vocational

University

Male

4 3 3

62 53 59

34 44 38

Female

Total

Note. All figures/values are percent values, rounded to the next whole number. University education represents those with at least an undergraduate degree qualification at college/university. Section 3: Financial Performance, Export Activity, and Economic Contributions 3.1 Annual Sales Revenue of MSMEs The sales revenue profile of MSMEs in Barbados remains heavily skewed toward the lower end of the income spectrum, underscoring the predominance of micro and small enterprises within the sector. Based on valid survey responses, just over half of MSMEs (53.2%) reported annual sales revenues of less than BDS $100,000 in the last financial year (2024). This confirms that the typical MSME in Barbados operates at a relatively small financial scale, with limited turnover and constrained capacity for internal capital accumulation.

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Small Business Association of Barbados