Entrepreneurship and Small Business Management Concept
Added on -2021-02-21
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Entrepreneurship and SmallBusiness Management
Table of contentINTRODUCTION...........................................................................................................................1TASK 2............................................................................................................................................1a) Define concept of SME and evaluate growth and financial contribution of micro, small andmedium organisation to UK economy.........................................................................................1b) Examine role of SME’s and analyse how they contribute in national economy.....................3CONCLUSION................................................................................................................................8
INTRODUCTIONEntreprenuership can be termed as the practice of establishing and setting up of thebusiness by takeing calculative financial risks. This activity is followed in return of a decentamount of profitability. There are various types of business such as micro, medium and large.They all contribute in economic growth and GDP of nation. Every type of business provideproducts and services and contribute in their own way. The report covers data and stats related tohow micro and small business impact on economy. Also, it evaluate importance of SME oneconomy.The traits and skills of a entreprenuer that make them apart from the business managers isevaluated. The aspects of their personality, that makes them a successful entreprenuer and thelevel of the operations which are carried out on the various level of economies will be carriedout. The charachterstics of a successful entreprenuer and on its motivations and mindset is given.Also the factors related to the background and experience for hindering and fostering theentrepreneurship is evalauted.TASK 2a) Define concept of SME and evaluate growth and financial contribution of micro, small andmedium organisation to UK economySME are known as small and medium business enterprises that size and scope depend ontheir products and services. Also, size depends on number of employees, annual sales, asset, etc.They are the main pillars of nation. This is because they provide various types of products andservices and generate employment within the nation. SME are business that operate at small area and provide variety of goods and services.There are many SME’s in UK which highly contribute in GDP. They contribute to a great extent1
to economy of UK. The micro level and SME's that operates in the UK are the biggest source ofearning and growth to their economy and improve the overall financial stability to the enterprise.Illustration 1: Impact of SME on Growth of EconomySource: Mazzarol, 2017The above statistics showcase the depth of the positive growth and contribution of microand Small enterprise on the financial stability of UK. As per an estimate, micro and SME levelbusinesses have created about 600 million job opportunities which has helped in improving thefinancial stability of organisation. This will help in improving the social well being, improve theemployability rate and enhance the service measures which are followed on a larger scale.The purchasing capacity and social economic development is boosted by the micro and smallfirms. However, despite having such an important role in economy, 42% SME's are notconstantly funded (Cucculelli and Bettinelli, 2015). 2
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