Entrepreneurship: Importance of Small Business for Economic Growth

This presentation delves into the significant impact of micro and small businesses on the economy, emphasizing their crucial role in economic growth and development. It highlights the contributions of small businesses and start-ups, particularly within the UK, and their importance in fostering a robust social economy. The presentation examines how these businesses contribute to employment opportunities, innovation, and the overall standard of living. It also touches upon the challenges and the adaptability of small businesses, using the BREXIT scenario as an example of how micro and small businesses can help mitigate economic downturns. Furthermore, it discusses the various characteristics of successful entrepreneurs, the importance of risk-taking and innovation, and provides a concise overview of the key aspects of entrepreneurship and small business management. The presentation concludes by underscoring the importance of entrepreneurship in driving economic development and the ability of entrepreneurs to positively influence the economy.

ENTREPRENEURSHIP AND SMALL
BUSINESS MANAGEMENT

Cover Content
•Introduction
•Micro and small business impact on economy
•Importance of small business for growth of social economy
•Conclusion
•References

Introduction
• Entrepreneurship is the dynamic process of creating or innovating new things in order to
attract customers. A business concern innovate new products and services by taking risk within
organisation. The main aim of entrepreneur is to introduce from new product and services for
influencing the people and increase the profitability. Entrepreneurs are the backbone of
economy who generates more revenue and contributes for social economy. This PPT reflect
about how micro and small business impact on economy and importance of small and start up
business

Micro and small businesses impact on economy
• Micro and small business enterprises are quite small in size that has does not have more
than 50 employees who works with them for the same company. It has been seen that these
companies are very small in size whose balance sheet does not have greater values. On the
other hand employees limit of micro enterprises is equal to or less than 5 employees. It has
been further analysed that these businesses are mainly run by partners or sole proprietors.
This increases number of employment opportunities within the nation. It has been seen that
entrepreneurs have passion and extraordinary skills which helps them in becoming different
from another entrepreneurs so that there venture could become successful at market place

Cont…
• It has been analysed that the renown event that is BREXIT have directly influenced business
performance of United Kingdom as when UK have planned to part away from European
union then it has directly declined in business performance of whole nation. This have also
affected economic growth of the nation. It has been seen that, in this situation small and
micro sized companies have helped government of UK to manage with this situation so that
they can manage the economic conditions of the nation in effective manner.

Importance of small business and business
start up to the growth of social economy
• Small businesses and start ups are not only contributing in the economic growth of nation but
it directly contributes in the overall growth of the society. It has been analysed that UK has
numerous of small businesses and start ups which helps this nation in making their economic
condition stable. Along with this, it has been further analysed that these business of small
scale and start up owes highly importance in the growth of social economy of United
Kingdom. Some of the core importance in the enhancement of economic growth of nation
are stated as below in detailed manner:
• Standard of living
• Innovation:

Cont…
• Low overhead
• Developing personal relationship
• Develops employment opportunities

Conclusion
• On the basis of above stated PPT, it has been analysed that there are various types of
entrepreneurs who works for their passion so that their profitably can be raised. Along with
this, they can easily influence economic development of nation in positive manner. It has
been further seen that entrepreneurs have capability of taking risk and brining innovation in
the society so that overall business can grow effectively. These entrepreneurs have
numerous of skills and characteristics which helps them in attaining business objectives in
quick manner. It has been analysed that there are some differences as well as similarities
among entrepreneurs which helps in identifying that how effectively they are performing
their work in right manner

REFERENCES
• Bosma, N. and et.al., 2012. Entrepreneurship and role models. Journal of Economic
Psychology. 33(2). pp.410-424.
• Bridge, S. and O'Neill, K., 2012. Understanding enterprise: Entrepreneurship and small
business. Macmillan International Higher Education.
• Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
• Drucker, P., 2014. Innovation and entrepreneurship. Routledge.

•THANK YOU