Small and Medium Enterprises and Intrapreneurship: Impact on UK Economy

Introduction
Small and medium enterprises described as those
businesses that maintain number of employees, turn over,
liabilities and assets as per the certain level decided. For
instance, each country sets up their own criteria for small
and medium enterprises. This will include the definition of
small and medium sized enterprises and impact of SMEs
on UK economy. It will further define the intrapreneurship
and importance of intrapreneurship in public and corporate
organization.

About SMEs
Small and medium sized enterprises referred to as business
that consist certain number of workforces, revenues and
assets. Small and medium size enterprises a significant role
in employment generation and economy(Masood and
Sonntag, 2020). Each country constitutes its own set of
definition and regulations for small and medium sized
enterprises. In case of United Kingdom, small and medium
sized enterprises defined as a business with having less than
250 employees in the enterprises. As per the data small and
medium sized enterprises makes about 99% of business in
United Kingdom.

The United Kingdom government categorized the small and medium enterprises(SMEs) into three
types based upon the number of employees and revenue as following:
 Micro sized business: In this type of SME, it consists less than 10 employees and the annual
revenue is less than or equal to €2 million.
 Small sized business: In this total number of employees are less than 50 and the annual
turnover is less than or equal to €10 million.
 Medium sized business: Here total number of employees are less than 250 and the annual
turnover is less than or equal to €50 million.
Small and medium sized enterprises are spine of the United Kingdom economy that provides
employment.
For example:
 Southern Business Technologies
 Williams Performance Tenders
 RL Maynard

SMEs popularity
Small and medium sized enterprises are popular in various sectors of United
Kingdom economy. As per the statics of 2019 shows that quartet of small and
medium enterprises are involved in real estate, business sector, renting and then
construction. These are widespread in following sector as:
 Manufacturing
 Hotels and restaurants
 Transports
 Communication
 Health services
 Agriculture and fishing
 Retail and wholesale