Impact of Micro and Small Business on Economy

This report discusses the impact of micro and small businesses on the economy, including their contribution to turnover, economic growth, employment opportunities, and social welfare. It explores the importance of small and start-up businesses for the growth of the social economy.

Entrepreneurship
and Small Business
Management
1

TABLE OF CONTENT
INTRODUCTION...........................................................................................................................3
LO1..................................................................................................................................................3
P1 Different types of entrepreneurial venture type and relates to different typology.................3
Critically analyse typology of entrepreneurial ventures..............................................................5
P2 Difference and similarities between entrepreneurial ventures...............................................5
LO2..................................................................................................................................................7
P3 Illustrate impact of micro and small business on economy....................................................7
P4 Importance of small and start up business to growth of social economy...............................8
LO3..................................................................................................................................................9
P5 Characteristics, traits and skills that are presents in entrepreneur..........................................9
P6 Key aspect of entrepreneurial personality that reflects about its mindset and motivation...11
LO4................................................................................................................................................12
P7 The way background and experienced can hinder or foster entrepreneurship.....................12
CONCLUSION..............................................................................................................................13
REFERENCE................................................................................................................................13
2

INTRODUCTION
Entrepreneurship is an ability of individual to develop new and innovative business ideas
by incorporating specific amount of risk so that maximum amount of profitability can be earned.
Therefore entrepreneurship is starting of new business ventures so that people can easily satisfied
their needs through making various purchase of products and services. To be successful
entrepreneur an individual must have specific knowledge, skills and ability for smooth operation
of business in competitive environment. This report discuss about different types of entrepreneur
venture on the basis of scope, growth and development of particular business operation. It also
explained about impact of small and micro business on UK economy and it also describes about
various characteristics of successful entrepreneur.
LO1
P1 Different types of entrepreneurial venture type and relates to different typology
There are three types of entrepreneurial ventures i.e. public, private and voluntary that are
described as follows:
Private Enterprise
There are numerous organizations that are operated by owners without involving
government activities. These type organization are controlled by individuals or two, more
partners and offers different type of products and services to the customer. The main goal of
these organizations is to generate high revenue in the business market and builds good
relationship with the customer. There has as example of Next Plc is a private organization which
is headquartered in Leicester, England, UK. It is a British multinational clothing, footwear and
home accessories retailer company. It operates in multiple countries i.e. Asia, Europe, UK and
Middle East through it’s 500 retail stores (Doody, Chen and Goldstein, 2016). It mainly focuses
on customer’s needs, preferences and expectation and gives them value by offering desirable
products and services to them on time. it is mainly famous as clothing retailer because it keeps
wide variety in it’s clothing products i.e. kids wear, traditional, westerns and others so that
enables to fulfil each customer’s needs weather they are male, child or female and old aged
people. It has established loyal brand image in the customer’s mind through involvement in
consumer awareness marketing campaign. It operates in highly competitive environment and
possess highly skilled staff, technology so that enables to satisfy customer’s by meeting all
unsatisfied needs. Due strong management performance enables to take competitive advantage in
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the business market. Wide range of product portfolio helps Next plc to differentiate it’s brand
positioning from other brands effectively. It leads continuous improvement in the existing
products and it’s delivering services which improves customer’s shopping experiences. That’s
why private organization has main motto is to generate high profitability by retaining royal
customers for meeting it’s success in efficient manner.
Public Enterprise
These type organizations are operated by owners but profit shares between shareholder
and owner in order to raise business expansion for development of corporations. These type
organizations are mainly controlled by shareholders who are selected by general public so that
needs and expectation of people can complete at affordable rate. The main goal of the company
to give value of the public money and in return generate good profit. There has an example of
Tesco which is a public limited company and headquartered in UK. It operates in retail sector
with main goal to improve customer’s experience by offering standard quality products at
affordable price as much as possible and in returns earns lifetime loyalty of them for the brand
and it’s products. These type organizations expand it’s business in slow speed because it has aim
to serve best quality products and services to all people either they are local or foreign instead of
earning profit, and these products and services improves their living standards and disposable
income as well (Hörisch, Kollat and Brieger, 2017). Therefore, managers of Tesco plc always
plan to give such kind products while fulfil needs of UK’s people and meets their budget as well.
Voluntary enterprise
It is a charitable type organization that are mainly designed to give services and support
to the public in term of financial support, medical support and others so that they live their
lifestyles effectively like other potential people. 165,800 voluntary organizations have
established in UK and offers social services to the public. The main goal of these type enterprises
is to eradicate poverty across the UK and give better lifestyle to those people who unable to take
these kind services. There is an example of charitable organization i.e. Oxfam which is founded
in 1942, UK. The main motto of the organization is to improve people life by eliminating all
social evils i.e. gender inequality, unemployment and poverty (Hsu, Simmons and Wieland,
2017). This organization fight against inequality that keeps people poor mentally and physically
as well and supports people to redeem their lifestyle by offering education support, financial
supports and others. it is not controlled by organization but it is operated large number of people
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as voluntary. These type organization does not have aim to gain benefit and it’s staff does not get
any salary. So, it can say it is non-profit organization which is organized or established by group,
of people or organizations for human welfare.
Critically analyse typology of entrepreneurial ventures
Lifestyle Ventures
The lifestyle ventures of an entrepreneur are basically affiliated with meeting the
requirements. The main goal of such kind venture is to improve quality of people life by offering
innovative but good quality products. These type entrepreneur’s do not have good concentration
on market and it’s competitors. Such kind organizations have limited resources of incomes but
operate in specific segments instead of multiple segments. The major drawback of the lifestyle
ventures is that it requires creative workforce along with good investment in R&D department
then it can differentiate it’s products from other brands.
High Growth venture
The main goals of high growth ventures are to generate high revenue from the
competitors by offering good quality products to the customer (Pavlova, 2017). High Growth
ventures keeps attention on market especially instead of customers and offers those products and
services to them which leads competitive advantage as result automatically contributes growth of
the corporations. The workforces of these type corporations are highly innovative. The major
drawback of the high growth venture is that it requires skilful employees and advance
technology to operate business in competitive market.
Small profit venture
It is a process that is used to launch new business, product, service and procedures in
exiting corporations which develops values and generates small revenue growth through
entrepreneurial actions. These type ventures require strong management who can analyse
business environment effectively then enables to determine opportunity and threats for the
business. The main goal of entrepreneurial venture is to develop capabilities that enables
corporation to stimulate new business growth in efficient manner (Rawhouser, Villanueva and
Newbert, 2017).
P2 Difference and similarities between entrepreneurial ventures
Difference between private, public and voluntary organization
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Basis Lifestyles firm High growth firm Small profit
enterprise
Decision making
authority
In such types of
organisation
investors or top
organisation take
crucial decision for
achievements of
company objectives.
Decision are take on
basis of external
environment
condition and
innovation in
technologies.
Individual and their
Member take
important decision
so that maximum
benefits can be given
to people and firm
can earn limited
amount of
profitability.
Scale of operation Lifestyles firm have
small or big scale of
operation as per
their availability of
capital, resources.
But in most of the
cases private have
small operation as
compared to high
growth enterprise.
It can be stated that
scale of operation is
much wider as
compared to
lifestyles company as
they established with
an motivate to earn
profitability and
growth.
Due to limited
resources, fund
company have small
scale business
operation in the
market.
Objectives or goals
of firm
Objectives of
lifestyles enterprise
is to earn more and
more profit through
offering better
customers
experience so that
owner can live
Objectives of high
growth firm is to
earn profit and
market share by
introducing or using
new and innovative
technologies to meet
customers needs.
Main goals of small
organisation are is to
earn sufficient
amount for itself and
family member
through effective
operation of
enterprise in market.
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luxury lifestyles. (Hoppe, 2016).
Similarities between private, public and voluntary organization
Management: It is one of the common similarities between high growth, small and lifestyles
organisation as they all effective manage various resources so that particular objectives can be
achieved. Manager of various ventures ensure that resources are effectively utilised so that
optimum outcome can be gained and firm can easily expand its business operation.
LO2
P3 Illustrate impact of micro and small business on economy
Business that employees less than 10 employees and operates in market to meet needs of
few individual for earning better living of it and family member. On the other hand small
businesses have limited resources, capital and employees ranging from 50- 250 that work
together for providing better services to customers and earn minimum amount of profitability
(Stam, 2019). Therefore there are various impacts of micro and small business on economy such
as in international market small business have contributed towards 1.9 million new jobs in 2015
thus approximately 70% new employment have been generated. There are large number of SME
in UK economy that have impact on overall performance and productivity of UK economy. As
per research it have been founded that £1.15 billion have alone exported by small enterprise of
UK to other countries thus have added value to GDP and economic growth. Various impacts of
small business and micro enterprise in growth and success of company are as follows:
Turnover: There are 99.5% of enterprise in UK that belong to small and micro scale business
that have significant contributed towards turnover of organisation. Therefore micro and small
business have lead to 51% of turnover of private sectors in 2018 therefore it is backbone of
healthy economic (What Are SMEs & Why Are They So Important for the UK Economy, 2019). It
drives growth in GDP, provide numerous employment opportunities to people living in UK so
that living standard of people can be enhanced.
Economic growth: It can be stated that small and micro business are essential for economic
growth as helps in bringing new skills and ideas within particular country. SME are close
connected with people so they are able to effective satisfied needs and wants of various
individual and earn sufficient amount of profitability. Such organisation also helps in increasing
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competition and finds new ways to perform different task and activities so that overall outcome
can be gained.
Employment opportunities: SME have contributed 60% of overall job opportunities in UK thus
employing around 16.3 million people. Small and micro business has contributed towards
brining innovation, growth and prosperity for well-being of individual that are living in society.
Thus, it can be illustrated that small business through generating employment opportunity helps
in growth and sustainability of UK economic.
P4 Importance of small and start up business to growth of social economy
Start-up businesses are enterprise that has initially started their operation to provide few
ranges of products and services for satisfaction of specific individual. Small and start-up business
are crucial for local economic such as Wales, south west England and Northern Ireland as
facilities equal distribution of wealth and income. Various importance of small and start up
business for growth of social economy is as follows:
Growth of enterprise in US: 99.9% business belongs to small scale industry in US that have
created approx 1.9 million jobs thus it is estimated that overall 30.2 million small and start-up
business have contributed in generation of total 58.9million local job opportunities. Therefore it
can be stated that Small enterprise have helped in increasing living standard of people and
enhanced disposable income of local communities.
Hires local workers: Small enterprise generates employment opportunities for local worker or
employees as they does not moves to big cities as large corporation or in another sense small and
start up business recruit people that are not recruited by large firms (HLADY RISPAL and et.al.,
2016). Most of the large organisation are depend open small enterprise for outsource activities
thus it helps in generation of good and effective employment opportunities for local citizen.
Adapt various changes: Small enterprise can easily adapt to various external environmental
changes such as customers needs, preference and technological changes. Due to indefinite
organisational structure and limited employees, resources firm is able to maintained strong
relationship with customers and able to brining various changes and innovation to earn minimum
amount of profitability.
Contribution to local government with taxes: It can be stated that when customer make
purchase form small scale enterprise it helps in giving back money to local communities in form
of tax. Such as small business that have high sales volume pay higher taxes thus contributed
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towards growth and development of local communities and social welfare of individual.
Therefore they are backbone of the industry as helped in improving living standard of people
through increasing their disposable income.
Increase competition: Small and start up business helps in bringing new innovation and
creative ideas within society by increasing competition level. Start up business owner comes
with new idea in order to cover large market area and earn sufficient amount of profitability so
influence large organisation to take steps for innovating products and services to retain market
position. Therefore positive competition in the society helps in development or improvement in
quality of products and services so that better experienced can be provided to them.
Customer satisfaction: Most of the people are highly satisfied with operation of small and start-
up business as they have innovative ideas, better products that are available at reasonable rates so
that need of people can be fulfilled (Wynn and Jones, 2019). Small enterprise and start up
business in order to grow and survive in competitive market pays maximum attention for
satisfaction of customers needs beyond their expectancy. So, it can be illustrated that small and
start up business effective meets requirements of diverse individual through manufacturing
products as per their choice.
LO3
P5 Characteristics, traits and skills that are presents in entrepreneur
Entrepreneur is an individual that have planned to start, operate new business by taking
in associated risk in order to earn maximum profit margin. On the other hand business manager
is person that is responsible for managing resources such as physical and human so that
particular objectives can be achieved within limited time frame and cost. There are various skills,
characteristics, traits that differentiate entrepreneur from good business manager that can be
illustrated as:
Disciplined: Successful entrepreneur are focused with their business work or activities thus
avoid number of distraction for effective achievements of particular goals. They perform each
and activities on specific time so that available opportunity can be optimum utilised and firm can
earn large amount of profit (Jones and et.al., 2018). For example: Chay Blyth is highly
disciplined about its business work that helps it to build such a huge organisation in competitive
market. Jenny also used to perform its various activities on time so that customers can be
delivered services within limited time and cost.
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Self starter: It is another characteristic of entrepreneur that stated that it alone takes decision to
implement new idea or start business so that requirements of customers can be fulfilled. Chay
was the first person that sails nonstop westwards across worldwide thus decided to establish a
business to earn profitability. Jenny costa liked to make chutney, jams and pickle from waste
products as she saw her mother doing the same so she decided to take first mover advantages by
making tasty and delicious chutneys and jams for satisfaction of customers’ needs.
Confidence: Entrepreneur has high confidence in their idea or strategy made that helps them to
gain competitive advantages and to bear higher amount of risk for smooth operation of business.
Jenny costa have confidence on various food products that it made form surplus vegetables and
fruits therefore it helps her to face different challenges and stay positive for smooth operation of
enterprise. Chay was also confidence about new idea of challenges business that is used to break
down various barriers of adventure sports thus it helps business to quick grow and expand
(Whatever happened to round the world yachtsman Chay Blyth, 2019).
Creativity and innovation: These types of skills, characteristics are mostly present in each
entrepreneur so that they can bring innovative and creative ideas within firm and it can get
competitive advantages in the market. Both entrepreneur such as Jenny and Chay through
brining innovative ideas to start new business have helped in increasing competition level
and satisfaction of customer’s requirements. Therefore, creative and innovative skills help
them to launch new products that can fulfilled unsatisfied needs of large number of people.
Passion: It is most important and essential skills that present in individual that motivates or
inspire it to take steps so that particular outcome can be gained. Chay liked sailed or faced
various challenges therefore passion traits helps him to work effective so that particular goals can
be achieved. Similarly Jenny since childhood like to make jams, pickle and other delicious food
products form surplus thus it contributed towards development of successful entrepreneur of UK.
Goal oriented: Successful entrepreneur are highly dedicated towards their goals as they
continuous plans various strategies so that goals can be achieved. Both chay and jenny
were focused about their goals that help them to face different challanges.
Independent: Entrepreneurs have specials capabilities, abilities to take crucial decision of
firm so that it can gain competitive advantages. Chay and jenny independently decided to
start and operate business in order to achieve their respective goals.
Inquisitive: Entrepreneur are always interested in learning new things or gaining
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knowledge that can be useful in brining change in society and helps in gaining competitive
advantages. Chay always learn new things or get knowledge about challenges business
from its previous business.
Therefore all such skill are present in entrepreneur rather than business manager as it
follow stick policies and regulation that need to be followed by individual for smooth operation
of business (Kreiser and et.al., 2019). Manager does not like to perform function but it is forced
to manage people for getting particular salary whereas entrepreneur is highly passionate about
business operation. Entrepreneur are highly dedicated and determined about task and
responsibilities that need to be performed that inspired them to put best efforts for getting better
and effective outcome.
P6 Key aspect of entrepreneurial personality that reflects about its mindset and motivation
There are various key aspects of entrepreneurial personality which explained about its
motivation and mindset level such as its mindset and motivation level that influenced it to put
more and more efforts for achievements of business objectives (Obeng, 2019).
Passionate: Not every individual since born is genius or overachiever but in actual personality,
behaviour or attitude of person helps it to become of the successful entrepreneur in today world.
Chay was highly passionate about business that can be reflected by its mindset and motivation
level as he is inspired to take different challenges of business in order to earn profit. High
motivation helps him to stay positive and strong to take crucial decision for problem solving of
particular individual so that best outcome can be gained (Pucci, Nosi and Zanni, 2017). Jenny
personality also represent that she liked to make different food products for surplus of vegetable
therefore such always inspired him to take first mover advantages, think innovative so that
business can be run in better manner. Therefore there passionate personality helps entrepreneurs
to easily faced different challenges of enterprise so that overall profit and market share can be
gained.
Resilience: It is another aspect of entrepreneurial personality that can be seen in both Jenny and
Chay learn from failure rather than deciding to stop particular operation. They always try to learn
new things and self motivated themselves so that business can be easily operated in competitive
advantages. Both entrepreneurs learn from their previous experiences and make specific changes
so that company can easily grow and expand its business operation (Jansson and et.al., 2017).
Therefore, it can be resilience can be reflected form personality of successful entrepreneur that
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helps him to stay motivated.
Positive Synergy and confidence: Chay and jenny have positive Synergy that helps them to stay
positive, motivate in every situation of firm. They both are highly confident, determined about
their innovative business ideas that helps company in gaining competitive advantages and
maximum customers satisfaction. It can also be stated that they have mindset that if they do not
takes steps than who is responsible for implementing new ideas so such personality traits of
entrepreneur helps them to run business successfully. They have full confidence in particular
ideas and are ready to make high investment of time, effort, money and resources in particular
field so that best outcome can be gained.
Flexibility: Entrepreneur has a flexible mindset as they are ready to adapt different changes of
environment that can be used by business to gain differentiate position form other competitors in
the market. They review their plans in order to make optimum utilisation of available
opportunities and meet needs of customers in most effective manner (Megaravalli and
Sampagnaro, 2019). Both Chay and Jenny for growth and sustainability f business in competitive
market have make various changes in plans so that business can face challenges and earn more
profitability.
Visionary: Most of the entrepreneurs are high visionary that helps them to make continuous
innovation in particular ideas or make modification in products and services so that diverse need
of individual can be fulfilled. They always plan different strategies that help company in gaining
long term profit margin and maximum customers support. Chay and Jeeny through critically
thinking on their project risk, cost and benefits that they will yield helps them to take accurate
decision and make new innovation. Therefore visionary is mindset of entrepreneurs that helps in
continuous motivation to brining news ideas in organisation for growth and sustainability of
enterprise in long run.
LO4
P7 The way background and experienced can hinder or foster entrepreneurship
Background and experienced of individual hinder and foster entrepreneurship it can be
illustrated through examples of two successful entrepreneurs of UK that have planned to
implement new ideas in order to earn maximum profit margin (Pérez‐Luño, Saparito and
Gopalakrishnan, 2016). Therefore the way their background and experienced has foster
entrepreneurship can be illustrated as follows:
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Chay Byth was well known for yachtsman and adventure as he has various achievements
in non stop sailing westwards rounds the world in 1971. He decided to bear various challenges
and to start a business of challenged business. At age of 15 Chay was apprenticeship for frame
worker in town’s knitwear factory then after 3 years joined army there I have rowed boat. He has
been at British steel for 292 days and its biggest fear was overboard as in this yatch continues
sailed and individual is finished thus such threat experienced have foster in development of
various skills of successful entrepreneurs in Chay. Therefore all such previous experience about
sailing has contributed or foster in development of business ideas of challenges business in 1989.
On the other hand in case of Jenny Costa get idea to develop business of Rubies in the
rubble after getting various information regarding rejection of large amount of fruits and
vegetable by public. She has done MA in economic and mathematics and have experienced as
working in Odey asset management in London. Jenny beliefs that there is enough food for
everyone yet people have limited quantity of food products for satisfaction of their need and
demands. She get passion to start new business form her mother as it used to grow vegetable and
tries to preserve everything that individual can’t eat (Interview with Founder of Rubies in the
Rubble Jenny Costa, 2019). Jenny and her mother have work hard to make ketchup, mayonnaise
and chutney that have inspired her to become of the leading entrepreneur of UK. Therefore,
despite there was no entrepreneurs in Jenny life she got an idea to optimum utilise resources and
fulfil needs of customers so that sufficient amount of profit can be earned. Jenny since
childhood with his mother have make various experiment to preserve surplus vegetable and
make tasty, delicious food thus such innovation helps it to earn more profit, customers
satisfaction and grow of business in UK.
Tania boler have decided to established company named Elvie after a previous experienced at
time of pregnancy where she able to identify how much pain a women have to bear. So, it
realised her the way little technology could helps women so such a experienced have foster her
to become one of the successful entrepreneurs of UK.
Tessa was another entrepreneur that knows about importance of food as her father was farmer
that used to work day and night for manufacturing food products for people and her mother
always used to save food. So such family backgrounds have inspired her to start a new
entrepreneur to save food wastage for satisfaction of needs of different individuals.
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CONCLUSION
It can be concluded that entrepreneurs need to have various skills in order to established
and run business effectively and earn more profitability. It can be stated that scale of operation
and objectives of public, private and voluntary organisation are different from each other.
Entrepreneurs have different skills and characteristics such as risk taking ability, creativity and
innovation that helps in smooth operation of business. At last it can be concluded that
entrepreneur personality reflects their mindset and motivation level that helps in growth and
expansion of company in particular industry.
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REFERENCE
Book and journals
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Kreiser, P. M and et.al., 2019. Corporate entrepreneurship strategy: extending our knowledge
boundaries through configuration theory. Small Business Economics, pp.1-20.
Megaravalli, A. V. and Sampagnaro, G., 2019. Predicting the growth of high-growth SMEs:
evidence from family business firms. Journal of Family Business Management.
Obeng, B. A., 2019. Strategic networking and small firm growth in an emerging
economy. Journal of Small Business and Enterprise Development.
Pavlova, K.V., 2017. GENESIS AND TYPOLOGY OF ENTREPRENEURSHIP AND
PRIVATE BUSINESS IN BULGARIA AFTER YEAR 1989.
Pérez‐Luño, A., Saparito, P. and Gopalakrishnan, S., 2016. Small and Medium‐Sized
Enterprise's Entrepreneurial versus Market Orientation and the Creation of Tacit
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Pucci, T., Nosi, C. and Zanni, L., 2017. Firm capabilities, business model design and
performance of SMEs. Journal of Small Business and Enterprise Development.
Rawhouser*, H., Villanueva, J. and Newbert, S.L., 2017. Strategies and Tools for
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Sarma, P. and Borah, B., 2016. A Study on Women Entrepreneurship—Its Management and
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Business Problems: An Overview. Journal of Art & Social Sciences, 1(1).
Stam, E., 2019. The Multidisciplinary Entrepreneurship Scholar. In From Industrial Organization
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Wynn, M. and Jones, P., 2019. Context and entrepreneurship in knowledge transfer partnerships
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Online
Whatever happened to round the world yachtsman Chay Blyth, 2019, [Online]. Available
Through :< https://www.express.co.uk/life-style/life/476078/Round-the-world-
yachtsman-Chay-Blyth-where-is-he-now>.
Interview with Founder of Rubies in the Rubble Jenny Costa, 2019, [Online]. Available Through
:< https://exeleonmagazine.com/interview-with-founder-of-rubies-in-the-rubble/>.
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%20sector%20in%202018.>.
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