Entrepreneurship and Small Business Management

Entrepreneurship and Small
Business Management
Table of Contents

INTRODUCTION.................................................................................................................................3
MAIN BODY........................................................................................................................................3
Micro and small businesses impact on UK economy.........................................................................3
Importance of small businesses and small business set ups...............................................................4
Difference in small, medium and large business houses....................................................................4
Small, medium and large businesses make economy.........................................................................5
CONCLUSION.....................................................................................................................................5
REFERENCES......................................................................................................................................6
INTRODUCTION
Entrepreneurship is all about converting an idea into a successful business model. In
this report projection will be done in favour of micro and small business houses as if how

they improved economic growth of United Kingdom. Impacts put by small business houses in
the UK economic growth will also understand in this report. Furthermore, understanding will
be established in this report in respect to differences between small, medium and large scale
businesses established in Unite Kingdom. Impact of small scale businesses at different level
of economy will also be understood in this report.
MAIN BODY
Micro and small businesses impact on UK economy
On the basis of the information available about the small business set ups based in
United Kingdom. On the basis of the information available 4.4 million business houses are
associated with the different segment of service sector. Majority of service sector
organisation based in UK are belong to small scale enterprises as majority of businesses in
this context are belongs to technical professionals and different others. Micro and small
businesses have changed the dimensions of UK economy not in respect to turnover along
with them also serve employment opportunity to graduates both young and experienced. As
per the figures it can be projected that retail sector consist up the total sales turnover of 34%
cater 18% employment opportunity, transportation consist up 5% turnover cater to 6%
employment opportunity and so as other small businesses in UK contribute in the overall
growth of the economy along with generate employment opportunity in United Kingdom (Li
and et.al., 2016). Among the different industries service industry which caters approximately
99% of small scale businesses serve the turnover 79% of the total and cater employment
opportunity to 71% professionals and graduates based in United Kingdom. Small businesses
not only contribute in name of sales turnover but along with they also cater the employment
opportunity in United Kingdom. Employment creation is a big area of economic growth of
the country. In United Kingdom majority of business houses are either belong to small
businesses or micro businesses which provide an immense support to the government in form
of economic growth of country’s gross domestic products along with serve the employment
opportunity to all the young and experienced professionals situated in United Kingdom.
Importance of small businesses and small business set ups
Small businesses are the back bone of the United Kingdom economy as
approximately majority of the business houses situated in United Kingdom are come under
the guidance of small scale enterprises. They play a huge role in boosting the economic