UK Social Economy Growth: Importance of Small Sized Businesses

This report examines the impact of entrepreneurship, small businesses, and micro-enterprises on the UK economy, highlighting their significance in economic growth and social development. It details the differences between small, medium, and large businesses based on turnover, employment, and growth, emphasizing the increasing role of micro-enterprises post-recession. The report also explores the importance of small-sized businesses in the growth of the social economy in the UK, discussing their impact at local, regional, and national levels, including job creation, skills development, revenue generation, GDP contribution, and foreign exchange earnings. The analysis references various academic sources, providing a comprehensive overview of the role of SMEs in the UK economy.

Entrepreneurship and Small
Business Management
(Task 2)

Introduction
Taking financial risks to increase the financial status of
a person by their innovative ideas can be stated as a
entrepreneurship. Entrepreneurs are having skills to
develop their own business ideas in actualization.

P3 Impact of the small business and
micro enterprises on the UK economy .
Most of the small business entrepreneurs use their
innovative ideas which staring their small business.
Enterprises which are working on the small scale and
having turnover less than 2 millions are consider as a
small scale enterprises.

P3 Impact of the small business and
micro enterprises on the UK economy .
Most of the small business entrepreneurs use their
innovative ideas which staring their small business.
Enterprises which are working on the small scale and
having turnover less than 2 millions are consider as a
small scale enterprises.

Continued...
Difference between small, medium and large
businesses on the basis of the support in the UK
economy:
Turnover

Continued...
Employment

Continued...
Growth

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Impact of the micro and small business enterprises:
After the recessional period in the world economy, micro
enterprises are having huge growth in their business.
 Support in economical growth

Continued...
 Balance in the economy

P4 Importance of the small sized business in the
growth of the social economy in the UK.
Social Economy: Joint venture of the private and
public sector to provide benefits and facilities to
society. Significance of the SME'S are described under
these points:

Continued...
Local level: On a district level it has a huge impact on
the economy and market. Some of the impacts are here
under these points:
 Jobs
 Skills

Continued...
Regional level: This is focused on a particular area
and it's economy where the SME'S are providing
support in the economy. It's brief are are explained in
these points:
 Economy rotation
 Revenue generator