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 millionprivate 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 UKhas 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 relationto 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 enterprisebyfacilitatingtheinnovationattractsinvestorsandinfluencethemtomake 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
Found this document preview useful?
Related Documents
Impact of SME's on UK Economylg...
|11
|760
|51
Small business and entrepreneurial ventures MANAGEMENT TABLE OF CONTENTSlg...
|19
|5363
|345
Entrepreneurship & Small Business Managementlg...
|14
|3365
|57
Contribution of Micro and Small Firms in UK Economylg...
|14
|930
|97
Reportlg...
|16
|4621
|97
Entrepreneurship and Small Business Management in United Kingdomlg...