Importance of Small Businesses for the Economy

This article discusses the importance of small businesses for the economy, highlighting their role in creating employment opportunities and contributing to growth and innovation. It emphasizes the value that small businesses add to the economy and the benefits they bring to local communities.

Entrepreneurship and
Small Business
Business Population Estimates for the UK and regions in 2018. 2019. [Online]. Available
through: <https://www.fsb.org.uk/media-centre/small-business-statistics>.

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1............................................................................................................................................3
P2............................................................................................................................................5
M1...........................................................................................................................................6
D1...........................................................................................................................................7
TASK 2............................................................................................................................................7
P3............................................................................................................................................7
M2...........................................................................................................................................9
P4............................................................................................................................................9
D2.........................................................................................................................................10
TASK 3..........................................................................................................................................11
P5..........................................................................................................................................11
P6..........................................................................................................................................13
M3.........................................................................................................................................14
D3.........................................................................................................................................14
TASK 4 .........................................................................................................................................15
P7..........................................................................................................................................15
M4.........................................................................................................................................16
D4.........................................................................................................................................16
CONCLUSION .............................................................................................................................16
REFERENCES..............................................................................................................................17

INTRODUCTION
Entrepreneur refers to an activity and procedure to create, launch and operate a new
business that is often a small business company. It is indicated to a susceptibility and willingness
to administrate, coordinate and improve a new business in context of gaining profitability. Each
type of business whether large or small have to be entrepreneurial in order to survive at
marketplace (Ács, Szerb and Autio, 2016). Entrepreneurship is can be a process of converting
new ideas and thoughts of a person and individual in to a business with the purpose of offering
its services and goods to the people to satisfy their needs and demands. This assignment will
discuss about different types of entrepreneurial ventures and the relation of them, with typologies
of entrepreneurship. Further will explain about the similarities and differences between
entrepreneurial venture, interpret relevant information regarding micro and small business
impact on the economy and importance of small business & start ups. Entrepreneurs
characteristics, traits and skills will describe with the background and experience which can
hinder and foster entrepreneurship (Business Population Estimates for the UK and regions in
2018).
TASK 1
P1.
Entrepreneurial venture can be mentioned as a venture that usages growth options and
creation for manufacturing economic and social value. It consists all kinds of activities of the
business concern from small companies to large enterprises. These kind of ventures are
concentrated on offering advisory services to early and mid stage organisations. There are
definite types of entrepreneurial ventures which are defined as follows:
Small business entrepreneurship- These kind of venture are small in nature, independent
and administrate or owned by private industry. In which sectors, these kind of business are
operated and run their business that industry are constricted in size or have restricted origins for
business production and its operations. This kind of organisation has small number of employees
like 100 or fewer. In small business enterprises hairdressers, grocery stores, electricians,
carpenters, plumbers, consultants are included. The turn over of these kind of business can be €2
million.

Scalable start up entrepreneurship- in these kind of entrepreneurship, individual start
their enterprise believing that their vision can modify the world (Anderson, 2015). The
entrepreneurs of these kind of venture are young and creative that has potential to improve and
develop a new market or making change or modifications to present market with the assistance
of creative goods and services. These kind of venture considered Facebook, Instagram, Online
shopping from electronics and other businesses.
Large business entrepreneurship- It indicates to that companies and organisations who
operate and run their business globally and transnationally to fulfil the needs and demands of the
customers by manufacturing products and services as per their needs and requirements
(Audretsch, Lehmann and Paleari, 2015). These firms consist large number of employees and
workers which can be more than 500. These type of enterprises consume more cost & capital and
use more origins to manufacturing goods and services and operating business. Large scale
venture include large companies who operate internationally like Apple, Google, Microsoft and
others.
Social entrepreneurs- These kind of business are establish and operate by the individuals
with the purpose of social welfare. In it, the entrepreneurs manufactures and create goods and
service for fulfilling social needs and resolving issues of the society. The main motive of these
kind of organisation to improve and develop the living standard of the people by providing then
employment or creating job option to them. These kind of entrepreneur venture mostly consider
NGOs who work fro social welfare. It consists those firms who offer educational programmes,
banking services and others.
Typology
It can be mentioned as a team and group, fixed and aggregation of entrepreneurship and
objectives regarding which it works. There are different typologies of entrepreneurship some of
them are mentioned as beneath:
Lifestyle entrepreneurship- It can be explained as a business concern that is acquainted
to accomplish profitability within a given time frame. It operate and runs it actions and
operations individually without participating others. It does not consider the success and growth
highly, if concentrate on the quality of life. It involve small companies which having moderate
investment funds in fixed liability.

Male entrepreneurship- It consists to entrepreneurs who are owned and run the business
independently (Devece, Peris-Ortiz and Rueda-Armengot, 2016). In these kind of business, male
is the owner of the company and responsible to take decisions and formulating plans, policies,
rules and regulations to the firm. There are number of employees, workers and high cost or fund
are invested to operate the business. These entrepreneurs are concentrated on technology
affiliated companies. They are risk-taker and prostrate to experimentation.
Female entrepreneurs- These kind of small business venture consist those entrepreneurs
who are afraid to risk. These kind of entrepreneurs invests in mall scale companies and are hard
working and optimistic to maintain a balance between personal and professional life (Hossain,
2015). These individuals are highly conscious about their target audiences and work for fulfilling
social responsibilities.
P2.
The objective of entrepreneurial venture is to accomplish profitability through
establishing a new business venture which offer or have economic and social value. There are
several kind of entrepreneurial venture and they have certain differences and similarities which
are defined as follows:
Entrepreneurial ventures Differences Similarities
Small and large
entrepreneurship venture
 Small venture have less
number of employees
like 100 or fewer and
large organisations
have number of
workers such as 500 or
more are help in
running their business
globally.
 Small business venture
have limited resources
to to operate and run
their business. Whereas
 The main purpose of
both kind of business
ventures are to earn and
gain profit margins
from their business
operations or activities.
 Both kind of business
firms consider about
their target audiences
and pay attention so
that they can buy and
purchase their goods &
services according to

large business has more
origins or growth
options through which
they can operate their
business effectively
and adequately.
their requirement
(Malecki, 2018).
Social and scalable start up
entrepreneurship venture
 The objective of social
organisations, not to
earn profit. They work
for the welfare of the
society to improve their
living standard.
Whereas scalable start
up enterprises major
motive is earning
profit.
 Social organisation
operate its business
actions and activities
which are supported on
traditional approach
and do not aim at
creativity. While
scalable start up
enterprises use latest
technology and
creativity to operate
their business
operations.
 The major objective of
both social
entrepreneurial venture
and scalable start up
business is to satisfy
social needs and
responsibility to make
world better place
where people can
survive effectively (Rae
and Wang, 2015).
 Both type of
organisations
manufactures that kind
of products and
services which help in
fulfilling the needs of
society and assist in
resolving certain crisis.

M1.
There are several kind of entrepreneurial venture which has several goals and objectives.
They consider large business firms that have large number of employees, small business involves
employees not more than 500 (Read, Sarasvathy and Wiltbank, 2016). Scalable business venture
consist young and creative individuals whereas social entrepreneurship organisation work for the
welfare of the society and resolving their problems. All these kind of ventures include in public
and corporate industry like Sainsbury which is a large business firm that run its business in
corporate industry. A small hospital and banking institute comes under public sector, and others.
D1.
The scope and the developmental ventures which are being faced by the organisation
needs to be understood on several terms . The main idea here is to conclude all such factors and
explore as per the requirements. The main area of interest shall be to invest as per the
requirement. This case study will be working as per the requirement and shall be costed into the
new bifurcations.
Small scale entrepreneurship has a constricted scope fro improvement and success. Large
business company has wide scope for making development in their business in present and future
due to having more fund and capital (Vargas, 2015). Scalable start up business has scope for
getting future business growth options because they use creative thoughts technologies for
manufacturing their products and services. Social business venture has good scope for future
improvement and growth because these kind of business work fro the social benefits.
TASK 2
P3.
The business ventures have to fold as per the business size as per in a small business
setup responsibility and duties are very less and in medium theses are usually divided in this
scope. This can be bifurcated due to requirements and shall be differentiated due to excess
working things. In larger paces one has to clearly created due to in-depth creativity in the
organisation and shall be implemented due to differentiated on certain terms.

Small an micro business plays and essential role in contributing to economies of nation
by using creativity an technology for a society in which they set up or operating their business. It
also offer to stimulate growth of an economy by offering job options to the individuals of the
locality who are unemployed and not have job in large corporate industries. It can be monitored
like a search engine in development and growth of a company.
The most essential role of small and micro organisations is that they provide employment
opportunity to the local people and provide their contribution to national authorities by making
payment of the taxes on time. The impact of micro and small business on the economy on United
Kingdom can be shown more effectively by assessing relevant statistical information (Wiklund,
Patzelt and Dimov, 2016). With this motive, it is demonstrated by the table which is mentioned
as beneath that indicates private sector business in British and number of employees who are
working in 2018 in this sector:
According to the preceding table, it can be shown that a micro and small business
enterprise is employing less than 250 individuals. In 2018, there were 5.7 millions small firms
which are operating their business in UK which were the 99% of all organisations (Ács, Szerb
and Autio, 2016). It shows the importance of small and micro business in the economic growth
of the nations. Micro environment offers 33% job opportunities to individuals which is more
than medium scale firms. Apart form it, small business companies provides 15% employment to
individual which outcomes in 15% turnover. These visual communication shows that these
sectors create large impact upon growth and success of the economy in term of rate and
development. The entire scenario of UK businesses is mentioned beneath in form of a chart:

On the basis of preceding graphical information, it can be analyse that small and micro
businesses play a crucial role in improving and growing the economy (Anderson, 2015). These
kind of entrepreneurship venture help in offering job options to the individual and creating job
by using new thoughts and creativity. In current era, small business venture are providing
employment options more than 17 million people in UK which is accounts fro around 60% of
private industry hob opportunities. It monitors the significance and grandness of small
companies in contributing economy growth.
M2.
There are different types of business firms which are categorised on the basis of size of
the company like small, medium and large companies. Small, firms refers to those companies
who have small number of workers and generate low revenue, Medium enterprise re those firm
who have employees relatively more and make more revenue (Audretsch, Lehmann and Paleari,
2015). Apart from it, in large corporations, there are number of workers and they generate high
revenue. All these industries offer job opportunities to the people which help in improving their
living standard. It also assist in improving or making contribution in social and nation al
economy. As per the visual communication of private sector businesses in UK 2018, it is
calculated that small businesses are offering employment to more than 17 million people in UK
which accounts around 60% of private sector employment.

P4.
Small Businesses are backbone of all communities and economy, these businesses adds
great value to economy and also rendering number of benefits. Which is why small business are
important for economy, some of those importance are elaborated in next section:
 Creates employment- Small businesses are really good source of employment, they
brings growth, innovation to economy in which are working. Through innovation and
growth employment opportunities automatically starts developing which opens door of
growth and development for local people of economy. This is one of the most
influencing and effective impact small businesses have on the economy(Invernizzi and
et. al., 2017). One very special characteristic of small businesses is that they attract fresh
talents with innovative ideas and with better talents for their development and benefiting
the whole economy.
 Contributes towards the government- When money starts circulating in economy as
people had jobs and work for their living and for having better life with the present
opportunities created by small businesses. Then living standards of public start rising,
their purchasing power will increase and they can now spend money on their luxury
needs. Which will indirectly contributes to the governance as they start getting finances
by way of taxes and now government can spend money for welfare of economy and
betterment. This is why small businesses hold great importance in economy for its
growth and expansion. This money raise through taxes will ultimately be used for
improvement and development of society and of social environment providing safe and
sound conditions for people to live and businesses to flourish.
Start-up's are the young, freshly introduced companies or entities which are founded by an
entrepreneurs with their unique ideas. Start-up's initially funded by the founder or the business
with help of personal connections like friends or families(Audretsch and Belitski, 2017). These
also holds huge importance in economy which are as follows:
 Brings proactivity into economy- Start-up's changes the dynamics of the society by
bringing or introducing new mind-sets or ideas or innovation into the economy. These
innovations and inventions will change the mentality of people making them realise their
duties and responsibilities and need to make a good career for themselves. The population
will start learning new thing, develop better skills and tends to increase their knowledge.

This will ultimately benefit economy as more knowledgeable and skilled people are now
exist in it which will automatically direct economy towards growth.
 Increase in GDP- A vital role start-up's play in enhancing and growth of an economy in
which they are existing and another way growth can be seen is by Gross domestic
product (GDP) of the country. Economies can become leaders around the world by just
supporting and motivating start-up's. This is because more revenue will be generated in
market making it more and more efficient with every passing day and resulting in growth
of that economy.
D2.
Small business usually have a huge impact on the overall business organisations present
in the country. One needs to understand small groups of business outlets or sole traders are
usually the actual audience or target market as well, since they can influence a lot of people. This
can even provide certain amount of mouth influence and categorisation in the outlook.
After seeing and evaluating importance of small businesses and start-up's have on growth
plus development of economy it can also have some of the negative effects too(Sandberg,
Immonen and Kok, 2019). These disadvantages have huge impacts on different levels of
economy, local, regional and national. The most affecting and impactful factor is the failure of
these businesses or entities because if they fail that means all levels of economy are going to be
affected with large implication. Sometimes these impacts can lead to failure of the whole
economy of that country making many people and businesses suffer from it. Therefore, its not
always beneficial to have many small businesses or start-up's in economy for growth, basically
government cannot depend on just these two types of businesses(Stuetzer and et. al., 2018).
TASK 3
P5.
Entrepreneurs are persons who develop their business with their new and unique ideas
bearing all the risks and rewards attached to it. They are the whole and soul of business,
innovating fresh ideas with their skills, knowledge and expertises playing vital role in economy.
Peter Jones
Characteristic:

 Risk taker- One characteristic is risk takers, they believe in taking risks and working
with their intuitions. Peter Jones says and truly practice this in business operations, taking
risk is part of their entity and its working style.
 Build relationships- This is also a very effective characteristic of business of Peter
Jones. He develop good relationships with people and cherish those relationships and
thinks that people are life blood and engine of his business. This way he develops a
competitive edge and hold advantage over his competitors.
Skills:
 Time management- Skills of managing time effectively is very important for every
entrepreneur. Peter Jones have good idea about it because of the experience he holds in
this industry and he practice this while performing activities which makes him stand out
from others.
 Strategic thinking- Developing this skill is key to success which is followed by Peter
Jones in his business. For business to be successful an entrepreneur should learn to dig
deeper of a problem for solutions and for exploring new business opportunities(Sussan
and Acs, 2017).
Traits:
 Vision- A successful entrepreneurs focuses on the bigger picture and create vision of
their business concentrating on future results and objectives. Peter Jones has this trait of
think out of the box and for future differentiating him and his business.
 Flexibility- Another trait every entrepreneur should develop is of flexibility, they should
be very flexible and adaptive of the situation or conditions they are doing business in.
Duncan Bannatyne
Characteristic:
 Self motivated- Duncan Bannatyne is really very motivated and enthusiastic individual
which is a very strong characteristic he holds. He started doing business with very low
amount and at very young age but his level of motivation was so high which made him
successful entrepreneur.
 Risk seeker- This characteristic both the entrepreneurs have in common, they are not
afraid of taking risks. This is proved by all the unique and differentiated business he has
which do not holds any similarities(Blair and Hitchens, 2018).

Skills:
 Confidence- Many people lack confidence and that the very big reason behind their
failure. A successful and efficient entrepreneur have this skill of being confident in all
situation and specially while taking any business decisions.
 Creativity- Being creative is the foremost skill every business person should have
because entrepreneurship concept is sustainable when fresh and innovative business ideas
are being introduced. This skill will make the business and entrepreneur be very
competitive and to be best amongst others.
Traits:
 Passion- Entrepreneurs have many different traits and one of them is being passionate
and dedicative towards their business and their ideas. For achieving success a business
person has to have passion and confidence in his ideas which will enhance their skills and
be beneficial for their operations.
 Versatile- This is an essential trait for entrepreneurs to develop, it refers to the ability of
businesses adapt to the changes and operate accordingly. This is required because of the
continuous changing environment and the requirements.
P6.
For this analysis ocean personalities model is used for understanding what impacts these
different aspects of has various individuals and on their mindsets and motivating power.
OCEAN personalities model is a tool representing five personality traits in managers or
individuals doing business. These five traits are discussed in next section:
Openness- The first trait is has features of insight and imagination, people who loves to
know new things, develop skills and gain more knowledge about changing environment and
scenarios lies in this trait section. They usually scores to high in openness, having great interest
in new things and in learning variety of ways of performing business activities. Duncan
Bannatyne was scored in this trait as he always adopted diversified business options which will
connect him here in this factor which refers to having open mind. This trait motivated Duncan
Bannatyne to change mindset to develop more and dynamic businesses and to always take risk in
business for becoming successful(Gaddefors and Anderson, 2017).
Conscientiousness- People with trait are very prompt decision maker, always organized
in their task, work through proper methods and after through evaluation of those methods or

practices. In other words people who are highly conscientious first make plans, then decide their
behaviour accordingly and set target and deadlines. Individuals who do not like structures,creates
mess and not at all care about things have low score on this trait. Peter Jones has this trait he was
fast decision maker and works on every plan immediately. This way he always be motivated and
keep his mindset open for gaining more knowledge and learning new things.
Extraversion- Trait of extroversion has various features which links with high amount of
emotions, talkativeness and assertiveness. High scorer on this trait are free and gain their energy
from several social conditions, being around people help them feel motivated, excited and
energetic for working helping in developing good mindset. Low score of this trait are more
isolated from world and from other parties, they feel very awkward and difficult to talk or
communicate with people.
Agreeableness- This personality dimension includes characteristic as trust, kindness,
affection and other social behaviours. People who have interest in other people and in knowing
them or people who love to help others and actually enjoys that or individuals who wishes to
make others happy and add more happiness in their lives score high on this trait. On the other
hand, people who are mean with others, manipulates them for getting their things done etc. ranks
really low.
Neuroticism- Its a trait having characteristics like sadness moodiness and emotionally
unstable, people who are high on this trait are very moody and anxious and always be sad and
demotivated affecting their mindset along with others who are with them. The low scores are
tend to be very strong emotionally and do not break easily in-front of people they take time and
work very precisely.
M3.
Characteristic, skills and traits are three factors of entrepreneurs which highlights their
behavious and the ways in which are going to react. These also tells how they thing, plan and
proceed in their respective businesses. Peter Jones and Duncan Bannatyne are two successful
entrepreneurs are selected and their characteristic, skills and traits are studied. They have one
characteristic in common that both of them were ready to face all the risks involved in their
operations(Angulo-Guerrero, Pérez-Moreno and Abad-Guerrero, 2017). They were motivated
enough, having several skills to manage their activities and other works of their entity for
performing better and in effective manner. Few traits of them also made them what they are

today like the personality dimension of openness was in Duncan Bannatyne. On the other side,
Peter Jones was an extrovert believing in making good relations with people who are related to
him and his business like customers or suppliers.
D3.
The traits, characteristic and skills which lead Duncan Bannatyne and Peter Jones
towards success are mentions above with proper explanations. But in this section highlights are
being provided about those factors and practices which made them successful and achieve what
wished for. Those are time management and strategic skills of Peter Jones which made all his
ideas work accordingly so that nothing goes wrong which can hinder his business. Risk taking
attitude, openness and creative mind of Duncan Bannatyne lead him toward success not just in
one field but in dynamic and continuous changing business environment and in different
scenarios.
TASK 4
P7.
Backgrounds and personal experiences of individuals help them in developing good
entrepreneurial instincts enabling entrepreneur practising appropriate techniques and skills for
enhancement of business.
Both Peter Jones and Duncan Bannatyne are from different backgrounds, faced several
difficulties and failures. Both of them do not have anything in common except one thing that
they both are entrepreneurs plus have successful businesses in their fields. Peter Jones is a
business tycoon and a star of a popular TV show(Bylund and McCaffrey,2017). He started his
business in the age of 16 by making personal computers for people, gradually he developed
interest in many industries and business types as has trait of extraversion. In recent time he has
worked on opening a academy for up coming entrepreneurs of UK and has his net worth is $365
million.
Duncan Bannatyne initially started his career by working few jobs but he opened his
business by purchasing an ice cream van and expand with time by buying more vans. Soon he
developed more interest in other businesses as well so planned to diversify and made his foot in
various fields of operations. Backgrounds of entrepreneurs have huge role in fostering and
hindering the entrepreneurship because if they do not feel confident enough and if entrepreneurs

are not motivated they won't get success. But this case can just be opposite if people are coming
from strong supportive backgrounds because initial finances are raised from personal relations
and their background of individual works.
Experience also plays a vital role in boosting a business because the more experienced
and knowledgeable the persons are the better they know about business and its activities. New
skills are developed, better knowledge is gained, new techniques are discovered and inventions
or innovation take place when a person is experienced. As it is very obvious that all the learnings
individuals has pays them off at some point of time in their lives and that when the concept of
experience proves to be very effective in while doing business. Therefore, the conclusion can be
drawn that backgrounds from which a person came from the values they follow and implement
in their business will have their effects on activities or operations which can be beneficial if
practised properly. But if this is not the situation then it can be very harmful for entity and its
activities.
M4.
Characteristic of the business of an entrepreneur are linked from their backgrounds and
past experiences. Out of those experiences the entrepreneurs chose best practices make them
according to the requirements of business and then implement them in business for attaining best
results and achieving predetermined goals and objectives of businesses. For example in the
organisation employees are considered ti be the assets of firm, their recruitment and training is
very important for organisation and they need to properly be skill in nature to understand all such
issues related to them.
D4.
As discussed earlier that backgrounds and experience has positive impacts on
entrepreneurship but things can not be predicted and may revert in negative form. Creating
disadvantages for the activities and operations of business and influencing the expected
outcomes or results. These disadvantages can lead to failure of business and even affecting
growth of economy too when the impact is on maximum level(Roundy, 2017). Therefore, it
proven backgrounds and experiences has its pros and cons attached with it, now it depends on
the entrepreneur that how useful they are making their experiences for their current business and
for future activities.

CONCLUSION
As per preceding information, it can be monitored that entrepreneurs the people who
convert their fresh and new idea and thoughts in to a business. Whereas entrepreneurship refers
to the process and activity of converting these ideas in to a business. It play an essential role in
establishing a small business at small level in form of small business enterprise. There are
several kind of entrepreneurs and their typologies such as small scale entrepreneur enterprise
which establish by limited number of worker and less capital. Differentiation and similarities
among these kind of business venture like small and large companies, in which small firms has
less number of employees where large business has number of employees to operate their
business. But the motive of both kind of business enterprises is to earn profit margins. Small
business help in offering job opportunities to the people and help in making contribution in the
growth of national and social economy. Different characteristics, traits and competencies of the
entrepreneurs make them different form business administrators. The background and experience
can hinder and foster them in attaining their set goals and objectives.

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Online
Types of Entrepreneurship . 2019. [Online]. Available Through:
<https://www.feedough.com/what-is-entrepreneurship-types-importance/>.
Business Population Estimates for the UK and regions in 2018. 2019. [Online]. Available
Through: <https://www.fsb.org.uk/media-centre/small-business-statistics>.