Entrepreneurship and SME: Types, Contributions, and Importance

Entrepreneurship
This is defined as process for creating or
developing new business at marketplace
and bearing risk in order to make profits. It
is called the way for developing and
managing business venture, investment &
production opportunity in order to
undertake functions of productions like
raw materials, labour, new methods, tools,
techniques and finding new source for
business.
Entrepreneurial Ventures
It is defined as organization which
undertake opportunity and innovation for
producing social or economic value in
order to make profits. They are also called
administration or owner of business who
mainly focus on making profits. They
render services to all mid phase
organizations for achievement of goal and
objectives.
Different Types of Entrepreneurial
Ventures:
Small Entrepreneurial Ventures- It is
defined as small venture whose capital
investment, size, number of staffs and
profit is low. The individual runs and
manages their own business and hire local
employees of family or society. Example,
Travel Centre which provide travel
services at UK.
Scalable Entrepreneurial Ventures- It is
defined as those entrepreneurship which
can change the world by attracting
investors for doing investment (What Is
Entrepreneurship? – Types & Importance,
2019). They hire best and bright staff for
work performance. For example,
Facebook, Instagram and so on.
Large Entrepreneurial Ventures- It
is defined as those ventures which is large
in size and has more market share. The
new products and services are produced in
order to meet need and demand of users by
using innovation and technology. Example,
Samsung, Microsoft.
Social Entrepreneurial Ventures-
This is defined as those entrepreneurship
Entrepreneurship and SME

which focus on creating products and
services for meeting need of society.
Topology of Entrepreneurship
Lifestyle Firms- This is defined as
topology which focus on improving living
standard of people and perform operating
activities. They are liable for performing
business model work and achieve
competitive edge at local market.
Growth Firms- It is defined as
those topology which is mainly framed for
earning high profits and revenues with use
of innovative ideas and creativity. The
main purpose is to grow and earn
maximum revenues.
Relation of entrepreneurship typology
with entrepreneurial venture
Entrepreneurial
Venture
Relation To Typology
of Entrepreneurship
Small
Entrepreneurial
Ventures
Growth- For surviving
and sustaining at
market.
Scalable
Entrepreneurial
Ventures
Growth- The purpose is
to change world by
doing new ideas and
innovations at
marketplace.
Large
Entrepreneurial
Ventures
Lifestyle- For
enhancement of profits
and market share
through fulfilment of
society need and
requirements.
Social
Entrepreneurial
Ventures
Lifestyle- The main
purpose is to cater need
and demand of society
rather than making
profits and gains.
Differences

Relevant data and statistics
Micro business are those whose sales is
less than $2500000 per annum. It is the
subset of small firms which forms various
types of industries. This is owned firms
which has large number of employees as
comparing to micro business.
Contribution of SME upon Economy
There are various contribution which are
made by SME at different level of
economy that are mentioned below:
Local Level- SME has impacted
activities and operations at local economy.
This assist in providing job opportunities
to local individual for improving their
lifestyle and living standard.
Regional Level- the SME has
impacted local economy of nations by
providing employment opportunities in
order to remove unemployment at regional
level. The individual who has capability
and skills can grow and develop
organization in order to achieve goal and
objectives.
National Level- There are large
number of organization in United
Kingdom which provides employment to
15 million individuals. They have to use
innovative ideas and research for
manufacturing products and services and
enhance profit margins. This leads to rise
in national economy and opportunity for
business.
Source: (Brexit’s impact on small
businesses: the experts may be spot on
after all, 2019)
From the presented statistics data and
information, it has summarized that SME
plays an effectual and important role in