Stats related to SMEs and impact of SMEs on economy

This report provides statistics related to SMEs and their impact on the economy of the nation. It covers the number of SMEs, employment provided by SMEs, turnover of SMEs, and the number of SMEs registered under VAT and PAYE. It also discusses the impact of SMEs on different regions of the country and the overall economy.

PROJECT

Table of Contents
INTRODUCTION...........................................................................................................................2
TASK 1............................................................................................................................................2
TASK 2............................................................................................................................................2
Stats related to SMEs and impact of SMEs on economy of nation............................................2
TASK 3............................................................................................................................................5
Different trait, characteristic and skill set require by different successful entrepreneur............5
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................9

INTRODUCTION
Small and medium-sized enterprises (SMEs) or small and medium-sized businesses (SMBs)
are businesses whose personnel numbers fall below certain limits. These reports highlights the
understanding upon different aspect of entrepreneurship and different type of entrepreneur
venture. After that the report highlights the different stats which are related to the SMEs and
different impact which are brought by SMEs on the economy of the nation. After that the report
goes on to explain the different trait, characteristic and skill set which is require by a
Entrepreneur to be successful in the market. In the end the report used to highlights the role and
importance of education, background and culture from which entrepreneur used to belong to.
TASK 1
(Covered in ppt)
TASK 2
Stats related to SMEs and impact of SMEs on economy of nation
Number of SMEs
There are in total 5.9 million private sector organizations who used to operate in the
nation at the starting of the year 2019, out of these 5.9 million private sector organization 5.82
million organization are small business organization, 35,600 organization are medium sector
organization and 7700 organization generally used to operate at the large scale basis. So from the
above data it is clearly state that out of the total number of private sector organization more than
99 percent of the organization are small and medium scale organization (Albort-Morant and
Ribeiro-Soriano, 2016).
Number of employment provided by SMEs
As explained above that there are 5.9 million organization who used to operate in the
organization, out of the total number of the organization 1.4 million employee used to employee
the organization and 4.5 million organization do not used to employee any employee in the
organization. It has been identified that 99.3 percent of the employed business employee are
generally employed by the small scale in the nation. Whereas medium scale organization used
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employee 0.6 percent of total business population and where as 0.1% of total business population
(SMEs Stats, 2019).
Number of employee provided by SMEs
Looking at the total employment which is provided by the different scale organization it
has been identified that Small scale organization used to provide the employment to 13.2 million
number of the employee in the market, at the same time medium scale organization used to
provide the employment to 3.5 million employee in the local market of the UK and large sector
organization used to provide the employment to 10.9 million employee in the UK market. So it
can be said that Small and medium scale business used to provide the good sort of the
employment to different employee in the market. At the same time it has been also find out that
these employment generally used to be for shorter period of time in the organization
Turnover of SMEs
It has been also found that SMES in the market also used to help the nation in earning
good amount of the money in the nation as well. As it has been identified that in the year 2019
SMEs turnover was 2168005. Other than that turnover all the organization was 4,149,973 (SMEs
Stats, 2019).
Number of SMEs register under VAT and PAYE
Data provided it has been find out that 2.6 million private sector organization are register
under VAT and PAYE, this is 45 percent of total number of private sector organization. At the
same time 55 percent of total number of business does not used to operate under VAT and PAYE
in the nation. Understanding it in better way it has been find out that 13% if sole proprietorship
and 51% of ordinary partnership were register in VAT or PAYE.
Impact of SMEs on different nation of UK
Impact of SMEs is diversified in all the countries of the UK. It can be better be
understand with the help of understanding the impact of England and Scotland.
ENGLAND SCOTLAND
There are in total 5.2 million SMEs which used At the same time there are 334000 SMEs used
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to operate in the market. England SMEs used
to provide the employment to 13.2 million
employee in the nation.
to operate in Scotland. Which used to give the
employment to 1.2 million job. It is smaller in
size but amount of population of Scotland is
also very less as compare to the England.
Impact of SMES in Different region of the country
London South East England
There are 1.1 million SMEs which used to
operate in the market. Data used to identify
that SMEs in the region used to accounts for
3/5 of total employment in the region.
At the same time in South East England there
are 940,000 SMEs in the region and also this
SMEs in the nation used to account for the
employment of 3.5/5 employment in the
region.
Impact of SMES on economy of nation
Creation of employment: It is the first impact which is brought by the amount of the
SMEs in the nation, as it has been identified that due to SMEs in the nation is able to provide the
employment to more number of the employment to human resource of the nation. This has
eventually helped the company in reducing wastage of human resource in the nation. Looking at
the negative impact of the same in the market, it has been identified that almost all the
organization used to shut down in the initial stage of incorporation of the business. This
eventually used to help the nation in seeing the employment on the temporary basis. So it can be
said that SMEs used to reduce the amount of unemployment in the nation but at the same time
the employment which are generally created by SMEs was for shorter period of time in an
organization (Ateljevic and Page, 2017).
Poverty: It is another important impact which is brought by the SMEs on the economy of
the nation as it has been identified that giving that sort of employment to the consumer in the
market has helped the nation in reducing the amount of the poverty in the nation. As almost all
the employee are having job and used to get the salary to carry out the different need of
themselves and their family. Also, it has seen that SMEs in the market used to help the nation in
seeing good amount of the money presence in the market, these eventually help the nation in
reducing amount of the poverty which is generally prevailing in the market. Looking at the
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negative impact of this it has been identified that almost all the SMEs used to incorporate on the
finance which is done by the different bank in the nation. SO it eventually used to increase the
liability of the company in the long run.
Local improvement: It is another important impact which has been brought by the SMEs
in the market, as it has been identified that due to that number of the SMEs nation used to see
god amount of innovation in the market, this has eventually helped the different nation in seeing
good amount of the local improvement in the nation. At the same time there was negative impact
which was also seen due to the same in the nation, as it has been identified that due to that large
number of SMEs in the nation has impacted the amount of the human resource which was
possess by the nation. Reason behind the same is that all the Smes in the market used to use
different natural resources of the nation. This has reduced the amount of the natural resources
presence in the market.
Competition: SMEs in the nation also used to increase the amount of the competition in the
market, as it has been identified that all the SMEs in the nation used to incorporate on the basis
of different innovative idea in the market. This eventually used to increase the amount of the
competition to be survived by different firm in the nation. This eventually has helped the citizen
of the nation in getting good quality of the product in the nation to improve their lifestyle. As
they used to get better quality of the product to satisfy their need in the market (Doern, 2016).
TASK 3
Different trait, characteristic and skill set require by different successful entrepreneur
J. K Rowling is a British author, film producer and Television producer. J.K. Rowling is well
known for writing a Book Harry Porters. There were many different challenges which was faced
by the entrepreneur in the initial stage but with the help of different skill set entrepreneur was
able to overcome the variety of the challenges and becoming one of the successful entrepreneur.
Different type of the Characteristic, Skills and trait which has been shown by the entrepreneur
are as follows:
Characteristic
Goal Oriented: It is the first characteristic which is shown by J.K. Rowling, as it has
been identified that there were many publisher who have suggested J.K. Rowling to drop the idea
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of carrying on with the story of Harry porter but J.K. Rowling was goal oriented and never let it
go and one day it has helped her to publish one of the best book of all time.
Patience: It is another important characteristic which was shown by J.K. Rowling as it
has been identified that J.K. Rowling has to face the variety of the problem in the market in the
initial stage but she was very patience with the different activity she has to carry as a result it has
helped her in becoming successful in the market.
Skill Set
Decision making: It is one of the biggest skill set which was shown by J.K. Rowling in
the market, as it has been identified that there are many different type of decision which are
taken by the J.K. Rowling from the starting itself this has eventually helped the J.K. Rowling in
overcoming the variety of the issue and also has helped her to get ready for future uncertainty as
well (Gielnik, Zacher and Schmitt, 2017).
Problem solving: It is another important skill set which was there in J.K. Rowling as it has been
identified that J.K. Rowling has seen the good amount of the challenges in the starting stage but
with the help of the problem solving skill J.K. Rowling was able to come the variety of the issue
very easily and it helped her in becoming successful.
Traits
 Openness: This is the first trait which was seen in J.K. Rowling as it has been identified
that J.K. Rowling was very open in the nation in context of imagination and insight. Also,
it has been find out that J.K. Rowling was having very good interest toward different
topic. It has been also find out that Rowling used to invest good sort of the resources to
learn new thing and enjoy the experience.
 Conscientiousness: It is another trait which has been identified in the J.K. Rowling as it
has been identified that she used to invest a good amount of the time in preparing for
some time which she planning to do. She used to priories the important work first and
that all things (McMullen, 2019).
 Extraversion: This is the trait which is not shown by J.K. Rowling as she is the one who
used to prefer solitude and never the one who used to enjoy being centre of attraction, so
it can be said that J.K. Rowling was not the one who loves to be centre of the attraction.
So this trait was not found in J.K. Rowling.
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 Agreeableness: It is the trait which was found in the J.K. Rowling as it was understood
that J.K. Rowling was the one who has shown a good attributes in relation to the trust,
kindness and affection as J.K. Rowling was he one in the market who used to cares about
the other others and feels empathy and concerns about the other people.
 Neuroticism: This trait was also shown by J.K. Rowling as it was find out that J.K.
Rowling has gone through good amount of the stress and emotional stability, as she was
finding it hard to find out the publisher who can publish the book of J.K. Rowling in the
market.
Role of Mindset and Motivation factor in the success of the entrepreneur
Mindset is set of the attitude which is set by someone toward achieving the goal, In the
case of J.K. Rowling it has been find out that J.K. Rowling was having the very clear mindset
and was very confident that the idea which is possess her. As a result this mindset has helped the
entrepreneur in overcoming the variety of the issue very easily. Mindset generally help the
entrepreneur in planning the different activity more easily these has eventually helped the J.K.
Rowling in getting ready for the future activity and these has helped the J.K. Rowling in making
different type of alternate plan, this has helped the J.K. Rowling in improving efficiency of the
different task which was carried out by Rowling (Fayolle, and Gailly, 2015).
Different motivational factor also used to play a very crucial role for entrepreneur in
seeing good amount of the success in the organization. As motivational factor generally used to
keep the entrepreneur at the same line, this eventually used to help the entrepreneur in seeing
good amount of the success in the market. In the case of the Rowling the motivating factor was
to bring something new to the market, as till that point of the time there was no such type of the
novel which was introduced in the past as a result these motivated to carry out different operation
in an organization.
TASK 4
Background & experience of entrepreneur can hinder or foster them
Behind success of person or individual there are some elements available which makes
them able to achieve set aims and objectives of their life. In context of J.K Rowling, she is
inspired herself from pass experience she learned a lot while starting her journey (Travis, 2019).
She had idea for harry potter while delayed on tube travelling from machete to London in 1990s.
She began to plan out 7 books of series, she wrote in longhand many of which were on scraps of
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paper. She failed at many times but not give up and always tries to work much better than before.
Being a single mother she works really very hard to take a good care of her child. These types of
circumstance make her a successful entrepreneur and foster her career rather than past few years.
Her mother and father were really supportive in nature they support her to deal with all issues in
life and make her more stronger. So it can be said that background of person foster them to
become a great businessman or women in the world.
After getting much knowledge and experience from her life she moves towards building
her own self and now she become a successful writer in whole globe that is really a very good
example for those who never try their self after getting fail in life. There are many people
accessible in world who are facing issues and their experience or background hinder them.
Relation between entrepreneurial traits and influence of personal background as well as
experience
Personal experience and background allow an person to set up their successful company
or business. With appropriate and effective characteristics individual can gain long term success
which make them able to become successful entrepreneurs. For example, J.K Rowling traits and
personal experience influence her to become a great writer. She set her image in market by
learning from experience and creative thinking ability as it allow her to think beyond limits that
no one can try to cross. She is self motivated lady, takes her decision individually without taking
high stress even when she get separated from her husband with child.
Another example can be used is Bill gates, he is a gentle man face many issues while
managing his business. He get rich after dealing with major circumstance that may be affects it
planning and business growth strategies but with good traits he perform really very well. He can
take decision after analysing overall business situations internally or externally which is quite
beneficial in term of increasing productivity and profitability rather than before. He learns from
his mistakes that is when he allows Google to develop Android that may be impact negatively.
CONCLUSION
After going through the above it has been summarized that there are many different type of
entrepreneur venture and all the venture are very different from each other in context of
characteristic. After that the report concludes that there are many similarity and different
between entrepreneur venture. After that the report concludes different stats related to SMEs in
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the nation. After that the report concludes the different characteristic, skill set and traits which
are possess by J.K. Rowling. In the end the report concludes the role of education and
background in entrepreneur success.
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REFERENCES
Books and Journal
Albort-Morant, G. and Ribeiro-Soriano, D., 2016. A bibliometric analysis of international impact
of business incubators. Journal of Business Research. 69(5). pp.1775-1779.
Ateljevic, J. and Page, S.J. eds., 2017. Tourism and entrepreneurship. Routledge.
Bradley, S.W. and Klein, P., 2016. Institutions, economic freedom, and entrepreneurship: The
contribution of management scholarship. Academy of Management Perspectives. 30(3).
pp.211-221.
Doern, R., 2016. Entrepreneurship and crisis management: The experiences of small businesses
during the London 2011 riots. International Small Business Journal.34(3).pp.276-302.
Fayolle, A. and Gailly, B., 2015. The impact of entrepreneurship education on entrepreneurial
attitudes and intention: Hysteresis and persistence. Journal of small business
management.53(1). pp.75-93.
Gielnik, M. M., Zacher, H. and Schmitt, A., 2017. How small business managers’ age and focus
on opportunities affect business growth: a mediated moderation growth model. Journal of
Small Business Management. 55(3). pp.460-483.
McMullen, J. S., 2019. A wakeup call for the field of entrepreneurship and its evaluators. Journal
of Business Venturing.
Travis, S.P., 2019. The Deeper Magic: Christ-like Figures and Faith in the Fantasy of JK
Rowling and JRR Tolkien (thesis).
ONLINE
SMEs Stats, 2019 [ONLINE] Available through:
<https://assets.publishing.service.gov.uk/government/uploads/system/uploads/
attachment_data/file/852919/
Business_Population_Estimates_for_the_UK_and_regions_-
_2019_Statistical_Release.pdf.>
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