Business and Entrepreneurship: Impact of Small Businesses

This report examines the significant impact of micro and small businesses on the UK economy, particularly in the context of Brexit and evolving global trade relations. It highlights the contribution of these businesses to the Gross Domestic Product and emphasizes their role in fostering economic growth through innovation and customer satisfaction. The report also discusses the legal frameworks governing companies in the UK, focusing on the benefits of setting up private limited companies and limited companies, including legal protection and access to funding. It concludes that small and micro businesses are crucial for the country's economic development, supported by references to relevant academic literature.

BUSINESS ENTREPRENEURSHIP AND
SMALL BUSINESS MANAGEMENT

 Introduction.......... Slide 3
 Interpret and access relevant data and statistics
to illustrate how micro and small business impact
on the economy.... Slide 4 to Slide 10.
 Benefits of setting up Private Limited Company
and its effect in socio economy.... Slide 11
 Benefits of setting up Limited Company... Slide 12
 Conclusion.... Slide 13
 References..... Slide 14
Table of Contents

 Small and micro business comes with the
new thoughts and ideas and it brings new
challenges.
 It has given opportunity to everyone to
build their new business and thus the scope
of earning.
Introduction

 In U.K small and micro economy has
revolutionised the economical growth of the
country.
 The economical status of U.K solely based
on the effect of the Brexit. In the Gross
Domestic Product data from July to
September it has shown that there was
0.5% higher which was more than 0.2%.
Interpret and access relevant data and statistics to
illustrate how micro and small business impact on the
economy.

 Following are the details how small business has
impacted the economy.
 Small and micro business comes with the new
thoughts and ideas and it brings new challenges.
 The good side of the small business is that building
trade relations with the non- EU countries have
increased. It has helped the growth of the economy.
 Small and micro business adds a huge to the
monetary advancement of the country as a whole
and it should be flourished thereafter.
 It has given opportunity to everyone to build their
new business and thus the scope of earning.
Continued

 The sustaining business also faces many
challenges during the growth.
 It has been seen during a research that in
the year of 2014, that there were
approximately 5.2 million business in U.K.
The most interesting part of it is that 99% of
the business is small or micro business
farm.
Continued

 The main aim of the small business farm is
the customer satisfaction.
 Standards are set to do things better so the
outcome can be the best.
 Standards are setup in such a way to get
the best result out of the knowledge and
skill from different sectors.
Continued

 Improvement of goods and services
required for business
 Quality plays a vital role.
 Engaging new and keeping the old
customers
 Costing cutting and looking after
profitability.
Continued

 Economical growth is determined by
business and its growth and its effect to the
social economy.
 U.K offers ample opportunity for business
setup, there are chances of investors from
overseas.
 Investors invest in different field such as
technological sector, finance sector and
many more.
Explain the importance of small business and
business start-ups to the growth of the growth
of the social economy.

 In U.K companies are formed and it is under
2006 Companies Act. According to this act
there are two types of companies are as
follows:
 Companies owned by Private Organization
 Companies based Public Limited
Organization
Continued

 It is totally legal body and the finances do
not get take part in personal finances.
 Protection against individual charge.
Personal belongings will not be affected in
case of business failure.
 Business creation in U.K is very easy and
simple and it easy to enhance your
earnings.
 It very easy to borrow money to increase
the funds and capitals.
Benefits of setting up Private Limited
Company and its effect in socio economy:

 Personal assets are protected until and
unless it is needed for company loss.
 Limited company gives the opportunity to
get huge funds from stock markets.
 Professionalism and loyalty increases the
growth of the business as it involves the
customers and suppliers bonding in the
business.
Benefits of setting up Limited Company: