Impact of SMEs on the UK Economy and Corporate vs Public Entrepreneurship

ENTREPRENEURIAL
VENTURES

Table of Contents.
INTRODUCTION ..........................................................................................................................3
MAIN BODY...................................................................................................................................3
LO1..................................................................................................................................................3
P5 Impact of SMEs on the economy............................................................................................3
M3 Interpretation of data in specific reference to SMEs.............................................................5
D2 Influence of different businesses on different levels.............................................................5
LO2..................................................................................................................................................5
P6 Elaborate the similarities and dissimilarities between corporate and public entrepreneurshi 5
M4 Merits of entrepreneurship resulting in competitive advantage............................................7
D3 Benefits entrepreneurship can bring to the company.............................................................7
CONCLUSION ..............................................................................................................................7
REFERENCES................................................................................................................................1

INTRODUCTION
Small-to-medium enterprise is a kind of business which is small or can be work from
home office and sometimes can be a larger enterprise (Martin and et.al., 2020). According to
European Union, the term SME has been defined as a company, association or enterprise having
not more than 500 employees and working as an independent entity. But after the Brexit, SMEs
as per the British government has employees not more than 250. The article will discuss the
impact of SMEs on the UK's economy and its influence. The project will further elaborate the
relationship between public & corporate entrepreneurship and also differentiate between them.
MAIN BODY
LO1
P5 Impact of SMEs on the economy
Before starting with the impact of SMEs, firstly there is a need to understand the concept
of entrepreneurship. The term entrepreneurship refers to the process of establishing an
organisation or a business and the person who does is known as entrepreneur who with the help
of creativity or innovation launch it. In today's world, scope of entrepreneurship is very vast by
providing new opportunity to the customers by fulfilling the demand with the help of innovative
activity. It also helps to generate profit for the country as well as the entrepreneur and also
providing jobs. There are various kinds of entrepreneurship ventures but the primary used are:
 Small business venture: This venture mainly support the innovative technique and apply
to the current products. This business is mainly run with a motive to work on a small
scale rather than looking for expansion (Taylor, 2022). These are created with a sole
owner or by family and friends. Davison Canners is the illustration of this type.
 Large company venture: This entrepreneurship is opposite of small venture which
consistently follows innovation and always try to expand as they already have capital and
resources to grow. Tesco Plc is the retailer tycoon which is the correct example of this
venture.
 Scalable startup venture: The characteristic of this venture is that they know the
company's potential for growth. They rely on the innovation and technology for rapid
growth. For accessing funds, the startup business obtain funds from angel investors or
capitalists. Facebook is the example of this venture.