Entrepreneurial Ventures: SMEs, Intrapreneurship, and UK Economy

This report provides an overview of entrepreneurial ventures, focusing on the role of small and medium enterprises (SMEs) in the UK economy. It defines SMEs, highlighting their contribution to employment and economic growth, and compares them to larger businesses. The report further explores intrapreneurship, differentiating between public and corporate intrapreneurship, and evaluates its benefits. It concludes that SMEs are crucial for economic development, fostering employment opportunities, and driving innovation, while intrapreneurship offers significant advantages for businesses by promoting internal innovation and talent development. The report references academic sources to support its analysis of SMEs and intrapreneurship.

Entrepreneurial
ventures

INTRODUCTION
MAIN BODY
Small and medium enterprises
Affects of small and micro businesses on economy
Evaluation of small and micro businesses with large
businesses
intrapreneurship
Public intrapreneurship
Corporate intrapreneurship
benefits of intrapreneurship and its contribution
evaluation of the benefits of the intrapreneurship
CONCLUSION
REFERENCES

INTRODUCTION
Small and medium enterprises can be defined as
the firms which are engaged in employing less
number of employees. Small and medium
enterprises are the important source of growth for
the development of UK's economy. Many individuals
in developing are working with the small and
medium sized companies and have enhanced their
living standards. SMEs are playing a vital role in
boosting a countries economy. Thus it is important
for the countries to encourage the setting of small
and medium size businesses (Fal’tsman, 2019).

Small and medium enterprises
Small and medium enterprises are the
independent firms which are engaged in
employing less number of employees. The
small firms are those firms which employ
less than 50 employees while the medium
enterprises employ less than 250
employees. Small and medium enterprises
plays a major role in boosting the
countries economy. The SMEs are
generating around 50% of the
employment opportunities around the
world. They are important for developing
countries as they develop innovative
products and services and increase
economic growth.

Affects of small and micro businesses
on economy
Small and medium businesses are said to
be the backbone of the backbone of the
UK economy. They are contributing
towards the UK's economy by generating
employment opportunities and designing
new and innovative products. The small
businesses are employing over 16.3
million people, this will enhance the living
standards and improves social welfare.
There are more than 5.6 million SMEs
which have emerged throughout the UK,
which is account for 99.9% of the business
population.

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• This graph shows that the small
enterprises are contributing
more in the UK's economy in
comparison with the medium
and large businesses.
• In addition, the small businesses
are generating 47.8%
employment in UK's economy,
whereas the turnover for the
large businesses is more than
both the small and medium
sized businesses.

Evaluation of small and micro
businesses with large businesses
• The large businesses are generating over
39% of employment opportunities and
delivering a turnover of 48%, whereas the
small and medium sized businesses are
account for 61% of the employment.
• The large businesses are offering their
products and services to the upper class
customers and generate considerable
amount of money (Hanaysha and et. al.,
2022). The large businesses are often
focusing on building their brand image in the
society by providing their services globally.

Intrapreneurship
Intrapreneurship is defined as the
entrepreneurship which is having existence
in the business organization.
Intrapreneurship is easy as the individuals
will get the support of the existing
organization. The main aim of the
intrapreneurs is to complete a project with
effective management.

Public intrapreneurship
Public intrapreneurs can be
defined as the leaders working
in the public sectors. They can
work with the local as well as
with the national government
representatives. Public
intrapreneurs help the public
sector to create innovative
products and harness social
entrepreneurship which helps
the general public
(Kulmaganbetova and et. al.,
2020). It can be aid as the
collaboration between the
public sector and the private
intrapreneurs, which helps in
yielding better productivity and
value for the taxpayers.

Corporate intrapreneurship
Corporate intrapreneurship can be
said as the development of new
businesses, products and services
in the existing business which will
help in generating new revenues
and helps in enhancing the
business activities. Through
corporate intrapreneurship the
businesses can find out what they
could do better with their
products and in business
operations. Intrapreneurship is
important in corporate
environments as it helps the
businesses to adapt to the
changes and helps the employees
to grow as intrapreneurship keeps
them engaged.

Benefits of intrapreneurship and its contribution
• Intrapreneurs are in-charger of the
new process in an enterprise at time
when entrepreneur establish and run
their own business.
• Booming intrapreneurs utilise old or
existing models and resources for
leading execution which provides
benefit in the business.
• The individual who work in an
organisation arguably get some
threat as compare to those who runs
their own business.

Evaluation of the benefits of the
intrapreneurship
• This is been assessed that
intrapreneurs tends to get aid from
inside of workplace. An intrapreneur
assist to develop idea of innovation
and the entrepreneur take an original
idea to the arrangement (Woo, 2018).
This is represented in inner drive and
internal business deal and also this do
not take risk and chase a opportunity
as an entrepreneur do.
• Along with the expertise and skills,
the intrapreneur facilitate in outline a
larger pool of young talent. This is
possible to acquire competitive
benefit from creating a favourable
workplace culture and ideas and
solutions.

CONCLUSION
From the above report it is concluded that small and medium
enterprises are the backbone of every countries economy. They
are engaged in providing maximum number of employment
opportunities and accelerates the growth in the gross domestic
product of the countries. Small and medium enterprises helps a
country to grow and earn foreign direct investment from other
countries. It also brings new and innovative products within the
market which helps in fulfilling the needs and wants of the
customers.

REFERENCES
• Fal’tsman, V.K., 2019. Problems of forecasting in
small and medium business. Studies on Russian
Economic Development, 30(1), pp.10-14.
• Hanaysha and et. al., 2022. Impact of innovation
capabilities on business sustainability in small and
medium enterprises. FIIB Business Review, 11(1),
pp.67-78.
• Kulmaganbetova and et. al., 2020. Innovative
potential of small and medium
business. Entrepreneurship and Sustainability
Issues, 8(2), p.1286.