Role of SMEs in UK Economy

Enterprise and Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1. Concept of SME and contribution of small, micro and medium organisation to UK
economy......................................................................................................................................1
2. The role of SME’s and analyse how they contribute to the national economy. ....................5
a) Compare the impact of SME’s for two UK regions................................................................5
b) Compare the impact of SME's for the UK utilising two different industries.........................5
c) Compare the impact of SME’s for two EU countries.............................................................6
TASK 2............................................................................................................................................6
Section 1......................................................................................................................................6
Explore the type of entrepreneurial ventures and investigate the similarities and differences
between them..............................................................................................................................6
Section 2:.....................................................................................................................................9
Difference between an entrepreneur and a manager...................................................................9
Lea Lange’s entrepreneurial personality.....................................................................................9
Correlation between entrepreneurial characteristics and entrepreneurial success....................10
Critically evaluate the influence of factors have in fostering or hinder entrepreneurial success
...................................................................................................................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship is termed as a procedure in which an entrepreneur initiate steps that are
associated to initiation, designing, managing, running and launching innovate and unique
business venture with an aim to bring something new in marketplace. With this process
entrepreneurs aim towards satisfying needs and demand of individuals in a well defined and
effective manner (Ghezzi and Cavallo, 2020). Entrepreneurs are the individuals those who take
advantage of new idea along with associated risks in order to offer maximum level of
satisfaction to community while assuring long term sustainability of venture. Entrepreneurship is
most important aspect of economic growth, as in this entrepreneurs significantly serve
individuals needs along with offering innovation in country (Kickul and Lyons, 2020). Along
with this, entrepreneurs also have significant contribution in country revenue generation and
GDP. They also provide number of employment opportunities that automatically enhances
individuals living standards. In order to enhance number of entrepreneurial ventures ratio
government is taking various form of steps in order to make significant reduction in regulatory
burden upon entrepreneurs. In United Kingdom measures like granting permits in easy and quick
manner to innovative entrepreneurs along with the greater use of technology are some of the
significant role of government that aim toward effectively nurturing entrepreneurial sector. In
this report formative discussions has been made on SME concept along with impact of SME's for
two regions of UK (Popkova and Sergi, 2020). Report also include comparison among SME's
impact for two EU countries. In addition to this concept of an entrepreneur along with type of
entrepreneurial ventures and similarities and difference between them is also induced in this
report. Lastly project include big-5 model and Mslow's Pyramid to effectively evaluate existing
correlation among entrepreneurial success and characteristics.
TASK 1
1. Concept of SME and contribution of small, micro and medium organisation to UK economy
Small and medium enterprises are basically defined as an independent firms that mainly
have fewer employees. These organisations are consider as engine of most of the countries
economy (Lou, E.C and Goulding, 2020). Small, micro and medium organisation play crucial
role and acts as one of the most important and significant part of nation economy, as they have
major contribution in country growth and development at wider scale. In accordance with
1