Stats related to SMEs and impact of SMEs on economy
Verified
Added on ย 2023/01/11
|18
|3360
|98
AI Summary
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.
Contribute Materials
Your contribution can guide someoneโs learning journey. Share your
documents today.
PROJECT
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
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, characteristicand 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 scalein the nation. Whereas medium scale organization used 1
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. ENGLANDSCOTLAND There are in total 5.2 million SMEs which usedAt the same time there are 334000 SMEs used 2
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
to operate in the market. England SMEs used to provide the employmentto 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 LondonSouth 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 employmentof3.5/5employmentinthe 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 3
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 whichis 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 4
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 ๏ทOpenness: 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. ๏ทConscientiousness: 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). ๏ทExtraversion: 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. 5
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
๏ทAgreeableness: It is the trait which was found in the J.K. Rowling as it was understood that J.K. Rowling was theone 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. ๏ทNeuroticism: 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 6
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. Relationbetweenentrepreneurialtraitsandinfluenceofpersonalbackgroundaswellas 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 7
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. 8
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
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 attitudesandintention:Hysteresisandpersistence.Journalofsmallbusiness management.53(1). pp.75-93. Gielnik, M. M., Zacher, H. and Schmitt, A., 2017. How small business managersโ 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 SMEsStats,2019[ONLINE]Availablethrough: <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.> 9
10
11
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.