ENTREPRENEURSHIP

Detailed explanation-1: -It is apparent that SMEs play an important role in all OECD economies: they make up over 95 per cent of enterprises and account for 60 to 70 per cent of jobs in most OECD countries.

Detailed explanation-2: -It defines small business by firm revenue (ranging from $1 million to over $40 million) and by employment (from 100 to over 1, 500 employees).

Detailed explanation-3: -According to the Small Business Administration, there are over 32 million small businesses in the U.S. 81 percent of them have no employees. The average profits of those small businesses are around $53, 000 per year.

Detailed explanation-4: -Labor-Oriented: Small businesses generate a lot of labor. They give many employment opportunities to those living in rural and semi-urban areas. The small businesses help to lift the weight of unemployment in any economy. This is a significant role that they play predominantly in a country like India.