How can boosting efficiency in SMEs and entrepreneurship help the economy?
Entrepreneurship in itself is an important driver of economic growth, job creation and competitiveness. It is what leads to the creation of SMEs it becomes a major contributor to the global economy and development. SMEs have a key role in ensuring economic growth in a sustainable manner. SMEs make up more than 95% of all businesses in the whole world. They represent a path out of poverty for many people across developing countries.
What are SMEs exactly?
As there isn’t a set definition of SME that applies globally each country gets to set its own definition, and they decide to set specific limits. In the European Union, a business with less than 250 employees is considered an SME. While on the other hand in US, an SME can have a lot more, up to 1,200 employees.