Small Business have Effect on Economy of UK

Entrepreneurship and Small
Business Management

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
1. Identifying the effect of small business on economy of UK. ................................................3
2. Illustrating the significance of small business to economy and growth of social economy.
.....................................................................................................................................................5
CONCLUSION ...............................................................................................................................5
REFERENCES................................................................................................................................7

INTRODUCTION
Each big organization started out small business led by an entrepreneur. An entrepreneur
is a person who basically owes as well as manage business. Meaning of an entrepreneur is that an
entrepreneur mainly emphasizes on developing a market for their products or services on the
basis of business plan. Small business is basically an interdependent own as well as operated
organization which are generally limited in size and in terms of revenue.
The report emphasizes on analysing the way small business have effect on economy of
UK. Study have focus on illustrating the significance of small medium enterprise to economy.
MAIN BODY
1. Identifying the effect of small business on economy of UK.
Small business can be defined as non subsidiary which are independent organization
which consist of only few numbers of workers. These organisations generally have few
operations and operates business ta small scale. In context of United Kingdom, small medium
enterprise has made significant contribution in the economic development of nation. These
enterprises has supported United kingdom in overcoming the financial crisis after Brexit. There
are approx. 5.6 million of small medium enterprise in UK. In context of United Kingdom, the
small medium enterprise in UK consists of 93.3 percent of private sector business. During the
year 2018, there were approx. 5.7 million private sector business in UK (Gonçalves, Gaio and
Robles, 2018).
During the last few years small medium enterprise in UK has contributed towards
generation of 16.3 million of employed and provided the incomer sour e top local people. Small
business enterprises in UK has combined turnover of 2.0 trillion £. Over the last few years the
small medium enterprise in United kingdom has bought approx. 60 percent of funding. In context
of United kingdom the small medium enterprise in UK plays crucial role in the development of
nation. Ion relation to the UK, the small medium enterprise in nation during the year 2016 to
2017 enabled government to earn the 5.6 billion £ income. It is the reason small medium
enterprise is considered to be as backbone of UK economy (Johnson, 2018). The small medium
enterprise by facilitating the innovation attracts investors and influence them to make
investment. In addition to this, the small medium enterprise in UK has assisted nation in
maintaining the balanced economy. These organisations has supported other big enterprises in