Impact of Small and Micro Companies on the Economy

This article analyzes the impact of small and micro companies on the economy of a country, highlighting their role in providing goods and services, creating jobs, and contributing to GDP growth. It also discusses the importance of supporting and promoting small and micro businesses for the overall development of the economy.

Entrepreneurship and
small business
management

Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Explanation of various types of entrepreneurial ventures and their relationship with
different types of entrepreneurship..............................................................................................1
P2. Evaluation of the similarities and differences that entrepreneurial ventures possess............2
M1. Identification of different entrepreneurial ventures to understand entrepreneurship in both
corporate and public sector..........................................................................................................2
D1. Examination of scope, growth, and development of the entrepreneurial ventures...............3
TASK 2............................................................................................................................................3
P3. Analysis of the impact of small and micro companies on the economy of a country in a
larger aspect.................................................................................................................................3
P4. Detailed examination of the role and importance of small firms and start-ups in growth of
the economy that is related with social aspect.............................................................................4
M2. Analysis of small, medium, and large scale firms differences that they put on the
economy of a nation.....................................................................................................................4
D2. Examination of the impact that small business put of various levels of economy that is
local, regional, and national and that too with international reference........................................4
TASK 3............................................................................................................................................5
P5. Detailed analysis and evaluation of the various characteristics traits and skills that
successful entrepreneurs possess which makes them different from other mangers of the
business........................................................................................................................................5
P6. Assessment of the personality of entrepreneurs that reflects their mindset and motivation. 6
M3. Evaluation of appropriate strategies that helps in improvement of market positive and
further taking a competitive edge over others in the market.......................................................6
D3. Analysis of different characteristic traits and skills of entrepreneurs that makes them
successful and also differentiates them from other manages by using suitable examples for it..7
TASK 4............................................................................................................................................7
P7. Evaluation and analysis of background and experience that could hinder or foster
entrepreneurship by using appropriate examples........................................................................7

M4. Identification of the link between various entrepreneurial characteristics and the level of
influence that experience and personal background put on successful entrepreneurs.................8
D4. Detailed evaluation and analysis of the factors that is background and experience and their
impact on entrepreneurs in both positive and negative aspect....................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneurship and small business management both are closely related with each other
as both are established to earn profit and growth in the long run so that it will help to establish a
market value of the firm in the industry as per the goals and objectives of the company (Botha
and Bignotti, 2016). This report covers various aspects that are related with different types of
entrepreneurship ventures and their relationship with other parts that are closely related with
various types of entrepreneur. Part from this the report also covers different similarities and
differences that entrepreneurial ventures, detailed analysis of micro and small firm’s impact on
the economy of a country, and its importance in growth and development of the society in the
long run. Further various characteristics traits and skills of successful entrepreneurs are discussed
that makes them different from others, their personality is also evaluated that reflects their
motivation and mind-set, and also evaluation and analysis of background and experience is done
to understand that it hinders or fosters entrepreneurship.
TASK 1
P1. Explanation of various types of entrepreneurial ventures and their relationship with different
types of entrepreneurship
Entrepreneur: An individual who makes attempt to establish a company and manage its
operations for generating revenue is termed as an entrepreneur. These are by nature influenced
and motivated to put long hours in setting a venture off to ground along with investing
everything for pursuing dreams.
Entrepreneurial venture: It is a company which puts focus on innovation together with
opportunism at centre for making social or economic value (Laukkanen and Tornikoski, 2018). It
drive changes with pertaining and potential trends to enable success. Certain kinds of
entrepreneurial venture are as defined:
Small business venture: A business that makes revenue to support family along with
modest lifestyle is said to small business venture. It do not seek for venture capital funding or
large scale profit rather looks to meet needs of community. Examples of small business venture
includes Davison Canners, Imaginera, TrustedHousesitters and Marshfield Bakery.
Scale start-up: A category of entreprenurial venture that believes to change the globe is
defined as scale start-up. They look for rapid expansion as well as big profit returns. It hire

specialised people and receive funding from venture capitalist. Some examples about scale start-
up are Instagram, CCD, Facebook, Amazon and Twitter.
Social entrepreneurship: There are ventures that aims for resolving social problems
with offerings is categorised to social entrepreneurship. It is an approach for developing, funding
along with executing solutions to issues pertaining in social, cultural along with environmental
aspects. Examples associated to social entrepreneurship are Children's University, Dot Dot Dot,
NHS and Care Home UK.
Large company entrepreneurship: An enterprise which have finite levels of life cycle
is described to large company entrepreneurship (Botha and Bignotti, 2016). It is generally for
advanced professional that have knowledge about ways to sustain innovation. It creates new
services addition to commodities in accordance to consumer preferences so that demands are
met. Samsung, Google, Microsoft, Tesco and Apple.
Entrepreneurial typology:
Male typology: The entrepreneurial typology which is established and managed by male
entrepreneur is said to male typology. Small business entrepreneurship is related with male
typology because male have strong decision making power and responsibilities towards family.
Female typology: In changing era, there are enterprises that are established and managed
by female entrepreneur which are said to female typology. Female typology is linked with social
entrepreneurship as women are more emotional and have some connections with community so
that issues about society as well as environment are solved promptly.
Growth typology: An entrepreneurial typology which creates break out and rapidly
expand in form of revenues are growth typology. This category of typology is related with large
scale business as entrepreneurs of these business establish business to achieve upward growth
through wide production and mass job creation.
Lifestyle typology: Entrepreneurial typology which seeks to create changes in lifestyle
despite of making profits is named as lifestyle typology. It is closely linked with scale startup
venture as entrepreneurs of such venture have aim to change their lifestyle along with that of
others.
P2. Evaluation of the similarities and differences that entrepreneurial ventures possess
There are various types of similarities as well as differences between entrepreneurial
ventures and all of them are described below in detail below-

Differences:
Basis of
differentiation
Small business Scale startups Social
entrepreneurshi
p
Large company
Meaning It is said to venture
that meets needs of
local community
and earn for family
living.
It refers to
enterprise that
takes innovative
idea along with
search for
repeatable
business model to
achieve high
growth.
It is described as
a company that
looks after
framing and
executing
solutions
pertaining in
society(Saseendra
n and Salman,
2019).
It is a business
that involve solid
life cycle and
provides new
kinds of offerings
to make larger
revenues.
Objective Objective behind
small business
entrepreneurship is
to meet needs of
local community
and earn for family
living.
Objective of
entrepreneur of
scale start-up is to
look towards
things that are
missing in market
as well as
developing
solutions for
them.
Objective of
social
entrepreneurial
venture is to solve
problems or
issues within
society through
suitable products
or services.
Objective of large
company
entrepreneurship
is to make huge
revenues and
sustain
innovation.
Resources
required
 Premises and
equipments.
 Support
system.
 Industry
Know how.
 Business
plan.
 Appropria
te funding.
 Experienc
ed
 Effective
support
system.
 Influencin
g staff.
 Monetary
 Land and
Building.
 Technolog
y.
 Human
resources.

employees
.
resources.  Funds.
 License
and
permits
Similarities:
 The main similarity that is most common between all the ventures including small
business, scale start-ups, social enterprise and large entrepreneurship is that all are
established with a motive to earn profit and to leave a mark in the market and to be
successful in the long run so that it can be beneficial for all that is firm, nation, and
society.
 All business venture comprising social enterprise, scale start-ups, small business and
large company have similarity that all hire employees having different skill set and
knowledge level so that all operations are carried out effectively as well as promptly.
 All the companies put their best move forward so that the business could be able to
sustain in the market for a long period of time and to beat the competition that is
prevailing in the similar industry in which the firm is operating and doing its business
(Gimmon, Yitshaki and Hantman, 2018).
M1. Identification of different entrepreneurial ventures to understand entrepreneurship in both
corporate and public sector
There are a number of ventures and all are closely related with one of the other aspect of
entrepreneurship and also it possesses a lot of importance in the long run from the nation’s point
of view and all of them are explained in detail below-
 Both public and private firms focuses on accomplishing its goals and objectives that are
laid down at the starting of the company and mainly it is to give the best quality product
and services to the society so that it can achieve its goal to earn profitability and to
sustain in the market for a longer period of time can be achieved in a correct as well as in
a precise manner.
Apart from these both uses a variety of latest tools and technologies in order to maximise its
profits by using the available resources in an effective and efficient manner so that it could also
add to the improvement of the society in the long run (Huynh and Patton, 2018).

D1. Examination of scope, growth, and development of the entrepreneurial ventures
As it can be seen from the above that entrepreneurial venture is a large aspect that has
many small aspects involved in it and thus its scope is very vast in nature because a firm possess
multiple options in it and thus it has the potential to take the firm towards its goals and
subsequently achieved it too with utmost efficiency and effectiveness. There are various ways
too that are open for each and very firm to develop in it and it provides every firm equal
opportunity to grow and prosper in the long run and it’s up to the after that in which direction it
wants to go but it tends to give ample alternatives to develop. Apart from this there are multiple
opportunities that are prevailing in every industry that provides enough growth opportunities to
all firms irrespective of the industry in which it operates as well as it also gives companies
alternative opportunity to grow and prosper internationally without much problems (Kuzieva,
2020).
TASK 2
P3. Analysis of the impact of small and micro companies on the economy of a country in a larger
aspect
Micro and small business possess a lot of value and it can be said as the backbone of each
and every country and the one which has a strong micro and small firms background that nation
can progress and prosper more in the long run as compared to the nation that is not that good
enough in this aspect. These firms are very important for every country as it provides basic
facilities to the society as well as it helps to increase the GDP that is very crucial as well as
critical for the growth and development of the society as well as the country. It can be seen from
the example of the UK is that the country was lacking behind many other nations in small and
micro enterprises in the late 20th century but it has taken many decisions so as to improve the
condition of these companies in the country which has proved very beneficial for the nation and
its citizens. Now the UK is one of the largest country in terms of micro and small businesses in
the country and it can be said that it is very essential as well as important for each and every one
to back up its small and micro firms so that it can be useful in the growth and development of the
economy of that country (Laukkanen and Tornikoski, 2018).
Chart showing impacts which small and micro businesses have on economy of a nation:

Illustration 1: Impact of small and micro businesses on UK's economy. 2021
(Source: Impact of small and micro businesses on UK's economy. 2021)
From the mentioned chart, it can be interpreted that small and micro businesses have
favourable impacts on developing economy of UK. In past five years that are 2015 to 2020, it is
seen that small and micro businesses have employed around 15.7 million people and are
continuing on the trend that devising around 25000 jobs each year. These will also added around
£ 1.2 Billion in the economy of UK by end of 2021 that will lead to positive contribution (Impact
of small and micro businesses on UK's economy, 2021). Small and micro sized venture have
made great improvements in building roads that has improved infrastructure of UK to great
extent. Small and micro businesses impact a lot on the economy of the UK as it helps in
providing goods and services to those sector that are lacking behind and thus acts as a tool of
improving the conditioning and positioning of the society towards a better way. Apart from that
it also helps in creating a lot of employment opportunities that subsequently helps in increasing
the standard of living of the citizens that are living in the society and thus as a result increase

spending are done which as a result generates revenue opportunities for the country that proves
beneficial in increasing the Gross Domestic Product of the UK and thus it can be said that small
and micro enterprises plays a very crucial as well as important role in the growth and
development of the country like UK.
Illustration 2: Impact of small and micro businesses on UK's economy. 2021
(Source: Impact of small and micro businesses on UK's economy. 2021)
As per the chart, it is analysed that small and micro businesses contributes to great extent
towards other businesses, employment along with turnover. It is determined that small businesses
contribute to nearby 76.0% to other businesses while micro business contributes to approx 19.7%
to development of other businesses in UK (Impact of small and micro businesses on UK's
economy, 2021). Moreover, small businesses helps government of the nation by contributing in
employment to 17.6% population. Likewise, micro businesses contributes to 15.3% employment
generation in the economy of UK.
P4. Detailed examination of the role and importance of small firms and start-ups in growth of the
economy that is related with social aspect
Social economy is termed as rich diversity of organisations that shares common features
along with values. In social economy, small and startup firms help in attaining growth which is
concerned with social aspect. Key importance of small and startups in growth of social economy
are as follows:
Generating employment: Small and starts-ups plays important role in developing social
economy as they devise group of skilled as well as semi skilled workforce that supports
expansion and future industrial development. Within social economy, small and start up
businesses have employed around 16.3 million of population that contributes to around 60% of
total jobs within UK. It is also analysed that these ventures accounts to 70% jobs in private sector
which supports local or community economy to bring growth, innovation together with
prosperity which facilitates equal distribution of wealth and that of income giving rise to social
economy of UK (Madzimure, 2020).

Generating competition along with encouraging innovation in range of industries:
Small and start-up businesses provides social economy with healthy supply of new ideas in order
to make marketplace more dynamic. These businesses have shaken respective industries for
advancing technologies resulting to huge innovations. Entrepreneurs of such businesses
identifies new market as well as opens up new market that contributes greatly in development of
social economy of UK.
Responding to changes: Business environment is changing, so is social economy. Small
and scale starts-up businesses understand needs addition to requirement of local residents so to
respond effectively towards their changes. At present, small and scale start-ups account to
approx 99.5% business that significantly fosters productivity of overall social economy (Mishra,
Mishra and Mishra, 2018). Moreover, these businesses also invest resources so to bring plenty of
initiatives among organisations within the society of UK that leads to positive contribution in
developing social economy of the nation.
M2. Analysis of small, medium, and large scale firms differences that they put on the economy
of a nation
All of the firm whether it is small, medium, or large in size all contributes their share in the
growth, development, and welfare of the country as well as society. Though it can be said that
each one of the firm carry equal importance because of their needs, requirements, and demands
in the market they all possess different value from the country’s point of view. While small firms
contribute in job creation opportunities, availability of products and services to each and every
citizen, etc. Whereas medium scale companies mainly focuses on growth and development of
their firm so that they could make a place in the market so as to contribute in the growth and
development of the country as well as society and its citizens. The large scale firms contribute
directly in the development and growth of a nation and also help it to improve its GDP and per
capita income and also it proves very useful for the society and its people in the long run.
D2. Examination of the impact that small business put of various levels of economy that is local,
regional, and national and that too with international reference
As it can be understood from the above that small firms carry a lot of importance not only for the
country but for its citizens and society too. Thus it becomes very important as well as crucial for
every country to put special focus on this aspect as it helps in various aspects that are very
critical from the country’s point of view. Small business helps in the improvement of local aspect

of a country by providing different types of products and services that are essential too to the
society and also gives various job opportunities and helps in the development of the society as
well as its growth in the long run. Small firms also prove very useful in promoting the regional
aspects of a particular geographical location and thus by it way it helps to promote the regionalist
factor of a particular place throughout the world. It is also very beneficial from the nation’ point
of view as it contributes to the gross domestic product and per capita income of a country which
is one of the most important aspect for a nation and thus these are the ways by which the small
scale firms helps in all the directions whether it is local, regional, or national it contributes in all
of the above (Malgas and Zondi, 2020).
TASK 3
P5. Detailed analysis and evaluation of the various characteristics traits and skills that successful
entrepreneurs possess which makes them different from other mangers of the business
There are a number of different characteristic traits and skills those successful
entrepreneurs’ posses that differentiates them from other ordinary business managers working in
the similar industry as they are. All of them are discussed below in detail-
Characteristics traits of successful entrepreneurs-
 Motivation- All the entrepreneurs that are highly successful in the current as well as past
scenario all of them have one thing in common that is motivation and all of them are
highly motivated by themselves and does not require any external source of it and that is
one of the most important trait that differentiates them from other business mangers.
Creativity- Entrepreneurs that are successful almost each and every one of them was creativity
in their fields and thinks beyond the limits so as to make such a innovation that could change
every one person that will use it in a positive way and this trait aspect ordinary managers lack
(Mishra, Mishra and Mishra, 2018).
Skills of successful entrepreneurs-
 Ambition- It is one of the main skills that almost all successful entrepreneurs have as all
of them have a goal and objective that helps them to achieve that in the long run and this
skill is lacked by the ordinary business managers.
 Risk taking- It is the most essential as well as important skill that each and every
successful entrepreneur possess. Entrepreneur often take risks so as to do something

different that ordinary managers can’t think because high reward comes with risk and
every successful entrepreneur knows that aspect and thus carry this important skill with
them in the long run so that it can help both that is the firm as well as the individual.
P6. Assessment of the personality of entrepreneurs that reflects their mindset and motivation
The personality of different entrepreneurs often reflects their mindset and motivation as
they possess the capability to change the world within a limited period of time and by using
simplest tools and techniques that they have. All of the above are explained briefly below-
Positive mental attitude- All the entrepreneurs have a highly positive mental attitude towards
each aspect and it also proves very beneficial for them in the long run and thus reflects their
motivation and mindset. They often takes every aspect in a positive way and thus it is one of the
best aspect as it is also a useful tool in encouraging other too no matter what the situation is and
thus it also helps in growth and development of the individual as well as of the firm (Newman,
Schwarz and Ahlstrom, 2017).
 Ability and tenacity to learn from failures- Almost each and every entrepreneur have
this ability and it is very useful too and also reflects their motivation and mindset. Often
entrepreneur takes failures as a tool to learn and regards it as an important factor and thus
it helps them to overcome all the challenges by learning from the failures and not
repeating the same mistake as earlier.
M3. Evaluation of appropriate strategies that helps in improvement of market positive and
further taking a competitive edge over others in the market
There are various strategies that can be adopted in order to improve the positive in the
market as well as to gain a competitive edge other others in the industry and all of these are
explained below in detail-
 Technological changes- It is very important in the current scenario to use upgraded and
advanced technology in order to gain advantage over other competitive firms that are
prevailing in the same industry in which firm is operating. Apart from this the firm can
use technological improvement to its advantage by using all the aspects in an appropriate
and precise manner and thus it will prove very beneficial for the firm as well as
individual in the long run.
Analysis of data- It is one of the most essential as well as crucial aspect from the company’s
point of view as analysis and evaluation of data can help it to evaluate the market conditions in

detail and thus it can make its products and services accordingly so that it could add value to the
firm (Omojola, 2019).
D3. Analysis of different characteristic traits and skills of entrepreneurs that makes them
successful and also differentiates them from other manages by using suitable examples for
it
There are various different types of characteristic traits and skills that successful
entrepreneurs possess and all of them are explained below in detail with the help of suitable
examples-
 Focus- It is very important as well as essential for entrepreneurs to be highly focussed in
their work in order to achieve growth and development in the long run. Bill Gates is one
of the most successful entrepreneurs and focus is one of the aspect that is very important
in his life as he is very focused towards his work that is to attain enough knowledge about
all the factors that can influence and affects its firm. Elon Musk is also one of them that is
highly focused towards his work towards the betterment of the technology and to make
such a product for the society that is of high importance.
Passion- Both Bill Gates and Elon Musk are passionate about their respective work and this has
also proved very beneficial as both of them are the most successful entrepreneurs not only of
their time but of the current scenario too (Saleem, 2017).
TASK 4
P7. Evaluation and analysis of background and experience that could hinder or foster
entrepreneurship by using appropriate examples
Background and experience can hinder or foster entrepreneurship in both positive and
negative aspect as it carry a lot of value and it is explained in detail below using appropriate
examples-
 Background- It is very important aspect as a person that has a background of
entrepreneurship possess a greater advantage as compared to the one of non
entrepreneurship background. Bill Gates does not have a background that is related to
entrepreneurship but he did not take it as a disadvantage and came out from all odds and
became one of the most successful entrepreneurs of all time. Similarly Elon Musk also
didn’t have an entrepreneurial background but he worked hard day and night so as to

overcome these challenges so as to become a successful entrepreneur (Zhu, Kara and
Zhu, 2019).
 Experience- Bill Gates though did not have a background that could support him to
become an entrepreneur but he gained a lot of experience in his early days and made
various programs for different companies before founding one of the biggest firms in the
world that is Microsoft. Elon Musk too gained experience since his childhood and made a
game tic-tac-toe that was unique of its kind and sold it to a gaming company before
founding Tesla and SpaceX which is one of the highest market value firm in the current
situation (Saseendran and Salman, 2019).
M4. Identification of the link between various entrepreneurial characteristics and the level of
influence that experience and personal background put on successful entrepreneurs
There is a link between characteristics of entrepreneurs and background and experience that a
person has because if an individual have a background of entrepreneurship then it automatically
brings the necessary and appropriate changes in that person by seeing others around and thus it
can also be said that for a successful entrepreneur one has to start from home. Further it is also
related with experience of an individual because a person with that characteristics have more
chances to get experience that is needed in it and that too within a limited period of time as
compared to other person that lacks it (Soundararajan, Jamali and Spence, 2018).
D4. Detailed evaluation and analysis of the factors that is background and experience and their
impact on entrepreneurs in both positive and negative aspect
Background and experience is very crucial, critical, and at the same time essential too from the
entrepreneur’s point of view because it possess a lot of value and carry the potential of growth
and development of an individual but at the same time it can damage and destruct the image of
that person too it not used in a correct and precise manner. It can be better understood with the
help of an example that is it can be seen that a person having a strong background have higher
chances of gaining experience and that too within a limited frame as compared to the person
lacking these aspects so it becomes a very important aspect and is given equal value too in the
current scenario (Welter, Baker and Wirsching, 2019).

CONCLUSION
Entrepreneurship and small business is one of the most important as well as essential aspect
for each and every firm as it helps in maintaining a level of economy and also it is very
beneficial in improving the society too at the same time. From the above it can be concluded that
there are various types of entrepreneurial ventures and all of them has equal importance in the
current scenario, though there are many similarities and differences but a country must have a
combination of all in order to be successful in the long run. Apart from this it can also be
concluded that all the firm whether it is small, medium, or large possess a lot of importance for
all that is nation, its citizens, and society. Further there are many skills and characteristics traits
that successful entrepreneurs possess that differentiates them from other business mangers and
both Bill Gates and Elon Musk though didn’t have any background but gained enough
experience and knowledge on their own in order to become one of the most successful
entrepreneurs of all time.

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Online:
Impact of small and micro businesses on UK's economy. 2021. [Online]. Available through:
<https://www.besthealthtourism.com/how-much-do-small-businesses-contribute-to-the-
uk-economy/>
Impact of small and micro businesses on UK's economy. 2021. [Online]. Available through:
<https://www.merchantsavvy.co.uk/uk-sme-data-stats-charts/>