Impact of Micro and Small Businesses on the Economy

This article discusses the impact of micro and small businesses on the economy, including their contribution to GDP, job creation, and attracting foreign investment. It also highlights the importance of these businesses in driving innovation and raising tax revenue.

Entrepreneurship and Small
Business Management
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Contents
INTRODUCTION...........................................................................................................................4
MAIN BODY..................................................................................................................................4
Different types of entrepreneurial ventures and how they relate to the typology of
entrepreneurship..........................................................................................................................4
P2 Differences and similarities between entrepreneurial ventures..............................................6
TASK 2............................................................................................................................................8
P3 Impact of micro and small businesses on the economy.........................................................8
P4 Significance of small businesses and start-up's on growth of social economy....................10
TASK 3..........................................................................................................................................11
P5 Characteristic, traits & skills of successful entrepreneurs....................................................11
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mindset................................................................................................................................14
TASK 4..........................................................................................................................................15
P7 Different environment that hinder as well as foster entrepreneurship.................................15
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................17
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Table of Contents
INTRODUCTION...........................................................................................................................4
MAIN BODY...................................................................................................................................4
Different types of entrepreneurial ventures and how they relate to the typology of
entrepreneurship...........................................................................................................................4
P2 Differences and similarities between entrepreneurial ventures..............................................6
TASK 2............................................................................................................................................8
P3 Impact of micro and small businesses on the economy. ........................................................8
....................................................................................................................................................11
P4 Significance of small businesses and start-up's on growth of social economy....................12
TASK 3..........................................................................................................................................13
P5 Characteristic, traits & skills of successful entrepreneurs....................................................13
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mindset................................................................................................................................15
TASK 4..........................................................................................................................................18
P7 Different environment that hinder as well as foster entrepreneurship..................................18
CONCLUSION..............................................................................................................................19
REFERENCES..............................................................................................................................20
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INTRODUCTION
It is very important to manage and control different activities of entrepreneur and small
business activities. This will help in performing organisational activities in more significant and
effective manner (Burns, 2016). Entrepreneur can be describe as the business which is
performing business activities in creative manner as well as providing innovative product which
is as per the need of customers. This report will include different types of entrepreneur ventures
as well as its relation to typologies of entrepreneur. In this similarities or difference of different
ventures has been analysed. Impact of micro and small business on economy is determined along
with this, importance of start up and small business for social economy. Apart form this,
characteristics, skills and traits of different successful entrepreneur is analysed and along with
this different aspects of entrepreneur personality is evaluated. In this report, background and
experience on hinder or foster of entrepreneurship is analysed.
MAIN BODY
Different types of entrepreneurial ventures and how they relate to the typology of
entrepreneurship
Entrepreneurship can be describe as the capability or potential of individual for
performing different business activities as well as taking different financial risk in order to earn
more profits. It is important for entrepreneur to consider different factors and elements that will
lead to support in enhancing performance of organisation and attaining desired goals of business.
There are different types of entrepreneur ventures.
Large company Entrepreneurial venture: It is determine that this companies mainly
offer new product with a motive to satisfy requirements of customer and to make use of
advanced technology in an effective manner (Burns and Dewhurst, 2016). The main objective of
large entrepreneurial ventures is to expand its business operations and gain higher profits in an
effective manner. The examples of large entrepreneurial ventures is Google, Microsoft, Samsung
and so on. It is determine that such ventures make use various methods for expansion such as
Licensing, Franchise, Joint venture and so on.
Small business Entrepreneurial venture: It is analysed that small business contributes
large number of share towards the growth and development of economy. IN today's scenario,
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there are more number of small companies as compare to other entrepreneurial ventures. The
primary objectives of small ventures is to earn profit for fulfilling their basic requirements and to
improve their lining standard as well. The examples of small business ventures are grocery
stores, carpenters, consultants and so on. It is determine that small ventures contributes around
22% part in improving conditions of society and economy as well.
Social Entrepreneurial Venture: The main motive of such entrepreneurial ventures is to
enhance living standard of people prevailing in societies and fulfil their requirements in an
effective manner. Herein, the aim of developing product is to resolve social issues and fulfil
social needs as well (Ratten, 2016). For example, Safepoint Trust is a small venture which
establish non-reusable synergies through redesigning the medical tools in a proper manner. It is
analyse that Safepoint Trust till now develop more than 4 billion synergies and provide it in more
than 42 countries in order to help people and improve societies as well. Another example is
NHS, it is a public enterprise that aid in improving health of people who does not have the ability
to get treatment n a proper manner.
Scalable Entrepreneurial Venture: It is consider as those entrepreneurs who launch
business with an objective to change the world. In addition to this, they hire talented employees
and is funded by the venture capitalist. Scalable entrepreneurial venture main motive is to
analyse a suitable business model that help in gaining success and growth at marketplace.
Facebook, Instagram, online shopping are such an instances of scalable en trepreneurial ventures.
It is analysed that all the above types of entrepreneurial ventures execute operations as
well as activities which plays significant role in developing different typologies. In addition to
this, it is determine that typologies has influence on the manner of decisions taken by
entrepreneurs. The typologies of entrepreneurial ventures is given below:
Typologies of entrepreneurship ventures
It is determine that typologies is basically categorising this as per their form. In addition
to this, segmentation is rely on structure, plan form, style and many more. Below are the
typologies of entrepreneurial ventures:
Lifestyle ventures: It is analysed that such ventures get establish with an objective to
satisfy income level as they are not focus on expansion and growth as well (Laudano, Marzi and
Caputo, 2018). In addition to this, lifestyle ventures consist of limited number of employees and
is mainly situated at a single place only. Moreover, lifestyle ventures does not have any physical
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location to work. Most of this venture provide their offerings online and for this they require
mobiles, computers, laptops. This typology relates with small business entrepreneurship as their
objective is also to satisfy their basic needs and there amount of investment is small.
Survival ventures: The primary objective is to fulfil their basic requirement and enhance
their living standard in an effective manner. In addition to this, survival ventures perform
activities in order to retain in market. It is determine that such venture ensure that they earn
higher profits. This typology is associated with small business entrepreneurs as they also work
for attaining profits and survive in market for longer time period.
Managed growth ventures: It is analysed that managed growth ventures mainly focus
on enhancing their operations at global level so that they can earn higher profits. they recruit
talented and skilled employees and offer unique products as well as services in order to attain
growth and success at marketplace (Julien, 2018). It is analysed that managed growth venture
typology is related with scalable business ventures as their aim is to change the perception of
people and also hire talented staff members.
Aggressive growth ventures: It is determine that such ventures are more innovative &
make use of advanced technology that help in sustaining for longer time in market and attain
competitive advantage as well. Its main objective is to earn profits by expanding operations at
international level. This venture is related with the large business entrepreneurial ventures that
main objective is to expand business and earn higher profits as well. In addition to this, large
entrepreneurial ventures also make use of innovative technology in order to provide unique
product and service to customers.
P2 Differences and similarities between entrepreneurial ventures
Similarities:
 Social enterprises mainly emphasis on satisfying requirements of people living in
societies. Scalable entrepreneurial ventures identify customer needs which directly leads
to customer satisfaction (Welter, Baker and Wirsching, 2019). Large company
entrepreneurial ventures determine that such ventures provide goods and service with an
objective to fulfil requirements of customers so that they can sustain in market for longer
time period and earn higher profits as well.
 Social enterprises increase living standard of people and improve their conditions
prevailing in societies. It is analysed that profits earned by Scalable entrepreneurial
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ventures is contributed for growth and development of society. In Large company
entrepreneurial ventures, they contribute their share of profit in society as a CSR
activities. Another similarity which has been analysed that social enterprise follow all the laws and
regulations that is formed by government. In case of scalable entrepreneurs, It is
essential for such enterprises to grant permission from government in order to execute all
its activities and functions in a proper manner. Large entrepreneurial ventures follow
rules and policies developed by government so that activities is implemented without any
interruptions.
Differences:
 The primary motive of social enterprise is to resolve issues and fulfil requirements of
people so that their living standards is raised in an effective manner (Ferreira, 2017). On
contrary, It is analysed that scalable entrepreneurial ventures main aim is to change the
viewpoint of people & attract them to invest on their company. In addition to this, Large
ventures bring innovation in market by analysing market trends and customer
requirements as it help them to attract more number of people. It aid them to earn higher
profits and sustain in market for longer time period.
 In social enterprise, no recruitment process is going through as candidates join them a per
their interest towards welfare of societies (Collins, 2017). On the other hand, Scalable
entrepreneurial ventures hire effective and talented employees that help company in
gaining higher success and growth as well whereas in Large company entrepreneurial
ventures recruitment take place of those people who have the potential to perform all
activities and operations in an effective manner that directly leads to attainment of
objectives on given time period.
 Example of social enterprise: National Health service
Example of Scalable entrepreneurial ventures : Instagram, Facebook and so on.
Example of Large company entrepreneurial ventures: Google, Microsoft and many more.
From the above study, it is concluded that there is difference in these types of ventures
but the aim of all ventures is to earn higher profits and expand their business in an appropriate
manner. In addition to this, all such venture contribute parts towards development and growth of
societies.
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TASK 2
P3 Impact of micro and small businesses on the economy.
Small Business: It is an independent and operated company that is limited within the size
and it is analysed that its revenue is wholly based on particular industry in which it deals
(Gielnik, Zacher and Schmitt, 2017). For example, if a bakery has 10 workers then it is
undertaken as small business but in case of manufacturing industry, it is less than 500 staff
members.
Illustration 1: Development of dependent SME categories
The given graph shows the impact of small business on UK economy. Analysis and
interpretation of above graph is given below:
 It is determine that there is around 24% of contribution by small businesses in the
development and growth of economy of UK. In addition to this, it is a major portion
which impact positively on GDP of country and make United Kingdom economy on
higher reach in terms of establishment of new businesses.
 Along with this, it is identify that small companies offer more jobs that decline the
unemployment rate of country in an effective manner (Amato, 2017).
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 Moreover, increase in the number of small companies in United Kingdom arise interest of
foreign customers to invest in their country that has an advantage to UK as it can raise its
tax rates.
Micro Business: These enterprises are performing on small scale and involve less than 10
employees. In addition to this, it invest less amount of funds as their balance sheet involve a
certain or particular level of amount. Moreover, it is determine that micro business works as
independently and earn around $250,000 within a year. Plumbers, Carpenters are such an
example of micro businesses.
From the above graph, it is interpreted that micro business has around 17% of
contribution towards development as well as growth of economy. In addition to this, it gives
employment opportunities in market that decline rate of unemployment from the country. This
entrepreneurs bring innovation in market that attract other people to invest in country and raise
the economic conditions in an effective manner (Boermans and Willebrands, 2017). Moreover,
small businesses is increases in UK and its government has the opportunity to charge high tax
rates and spent them for the welfare of country and strengthen its economic conditions as well.
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Illustration 2: UK SME Data, Stats & Charts, 2020
The image above shows the significant growth in number of businesses belonging to
separate sizes and scope according to their nature and their offerings. From the graph it is evident
that micro, small and medium sized businesses are increasing with the similar pace and rendering
huge increment to the economy (Hoogendoorn, 2016). The impact of such businesses is more
job opportunities, better lifestyle, economic growth and betterment of the society along with
rapid innovation and invention taking place in country.
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Illustration 3: Essential Facts You Should Know about SMEs in the UK, 2019
The graph above shows the exact statistics of the UK about the impact SME's have over
the economy developing better jobs, rendering higher turnover and number of businesses are
regularly increasing. The figures shows that 48% of employment is provided to people by SME's
and these number are frequently increasing leading people to welfare and better lifestyles.
Moving further almost 99% of businesses in UK are belonging to SME's category proving that
the economy is supported by them and they are acting a pillars for the UK economy. At last
small businesses are contributing major 34% of turnover to the economy which is just 20% less
than those of large organisation. It is interpreted clearly that small businesses are supporting the
economy as well as bringing growth and betterment.
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P4 Significance of small businesses and start-up's on growth of social economy
Social economy: It is a mixed economy that involve features, characteristics of private as
well as public sector. In addition to this, it signifies how values, beliefs, ethics, norms changes
the behaviour of customers towards purchasing and shape their trends of buying as well. Their
main motive is to improve social conditions and welfare of societies, not to earn higher profits. in
addition to this, such organisation is performing on both national and international boundaries
and is undertaken as voluntary organisation (Klapper, Biga-Diambeidou and Lahti, 2018).
One of the example is Safepoint Trust.
Social Entrepreneurs: It is defined as a person who establishes a business with an aim to resolve
social issues and for welfare of the society. Social entrepreneurship is essential as it provides a
framework for an entity to find their own success in aiming of help others. It is determine that
such entrepreneurs are such a source of motivation.
Four pillars of social economy:
Foundations: These are non-profit corporations or charitable trust that give grants to
individual, institutions and organisations for charitable purpose such as religion, education,
culture and many more.
Mutuals: These enterprises is mainly provide social security schemes, insurance services
and many more whose main objective is to fulfil requirements of common people.
Charities: These are the community groups that support and improve the societies that
has direct impact on the growth of economy.
Associations: It is consider as last pillar of social economy that sates relationship
between individuals, groups and many more. Co-worker, friendship are such an example of
associations.
Significance of social business and Start-ups
Innovation: It is analysed that small businesses bring innovation and new ideas in market
in order to attract more number of people. In addition to this, it mainly establish those goods and
services that satisfy requirements of people and enhance their living standard (Anggadwita and
Dhewanto, 2016).
Provide Job opportunities: It is determine that small business and start-ups offer more
than 60% job opportunities in market that has positive influence of reduction of unemployment
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rate. They focus on hiring talented and effective candidate who perform all activities in proper
manner and make reach company towards success.
Poverty Alleviation: Small companies plays vital role in declining poverty level from the
country. There are many small businesses and start-ups is establishing that offer many jobs in
market. This improve the living standard of people who get the jobs and reduce poverty level.
Moreover, this directly contributes towards the improvement of economic conditions and welfare
of country in an effective manner.
Public Welfare: Start-up's bring innovation in market due to which the knowledge of
people is increased as they get knowledge about new product as well as services. In addition to
this, some of the small businesses in UK provide training to their employees in order to enhance
their knowledge level and aware them about the trends prevailing in market at present (Bae,
2018). This will directly leads to public welfare and improvement of societies condition.
Revenue generation: In UK, there is increase in number of Start-ups and small business
which has a positive influence on the overall growth and development of economy. In addition to
this, most of the Foreign people is taking interest in opening their businesses in the market of
UK, which is an opportunity for government to increase tax rates and charge it from foreign
businesses that will leads to increase in generation of revenue.
TASK 3
P5 Characteristic, traits & skills of successful entrepreneurs
Steve Jobs:
Traits
 Innovation & creativity: Steve jobs is engaged in continuous innovation by making
adequate market research before selecting a strategy.
 Feedback approach: Steve jobs has always focussed on feedback approach where they
make detailed research in market before selecting a proper strategy according to
prevailing market conditions a & demand of customers.
Skills
 Emphasise: Steve jobs has always laid down emphasis on working towards their laid
down objectives and goals in specified period of time.
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 Motivator: Steve job as a successful entrepreneur has made efforts in motivating their
workforce to enhance their overall productivity and performance so that they are
contributing more towards organisations objectives.
Characteristic
 Problem solving: It is one of the most suitable approach that is used by successful
entrepreneurs for the purpose of working towards resolving of t heir issues and handling
their established brand image by looking after the problems that customers are facing as
soon as they arise.
 Risk-taker: For launching of every new product there is requirement to take risk and
Steve jobs have made timely innovations by assuming high amount of risk whether
products will be accepted or not by their customers (Bruton, Zahra and Cai, 2018).
Bill gates
Traits
 Risk-taker: For launching of every new product there is requirement to take risk and
Steve jobs have made timely innovations by assuming high amount of risk whether
products will be accepted or not by their customers.
 Put customers first: Boll gates have always worked towards working according to their
internal and external stakeholders. They focus on demands of their customers and needs
of their employees.
Skills
 Mindfulness: Bill gates have a approach towards solving problems and issues that are
faced by their employees so that their full potential can be recognised.
 Time management: Bill ages has effective time management skills that is helping them
in managing all the functions and operations of their business.
Characteristic
 Leadership: As a successful entrepreneur Bill gates is working towards achievement of
higher competitive advantage that can help them in handling all their teams across
different functional departments of the organisation.
Difference among entrepreneurs & business managers
Entrepreneurs bring an innovative idea or a product and service that aim is to attain
success and gain profits as well (Satar and John, 2019). whereas, managers are those person who
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coordinate, manage and control all the activities in order to achieve objectives within stipulated
time period.
Focus: Entrepreneurs main focus is to provide unique and innovative product and
service at market in order to develop market position in an effective manner. On the other side,
Managers mainly emphasis on meeting with targets and for this they execute overall activities in
a systematic and proper way.
Status: Entrepreneur take risk and bear all the losses as they are the owners of their
business only whereas are not owners of an organisation, they are the stakeholders of company.
Motivation: To attain goals and to earn profits encourage entrepreneurs to work with full
potential (Fotopoulos and Storey, 2019). On contrary, To expand business and to increase
productivity and profitability influence managers to implement activities in a systematic manner.
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mindset
Entrepreneurial personality: It can be define as ability of individual in organisation to
manage different work and influence behaviour of other so that it can use skills and ability of its
own for completing the work from other. This can also be describe as there value within the
individual where they can perform in an effective manager. These personality also impact on
performance of individual in organisation and reflect the entrepreneurial motivation and mindset
for working as entrepreneur in organisation. There are some traits in entrepreneurial personality
of individual which will help in entrepreneurial motivation and mindset these are mentioned
below:
Passion: Passion can be define as internal feeling and string attachment of an individual
to do some specific kind of work where they feel better and can work with more confidence and
motivation. In this context. This will impact on entrepreneurial motivation and mindset of
individual for performing better. This is because entrepreneurship provide various opportunity
to individual where they can fulfil there personal objectives and passion.
Motivation: Motivation also act as factor which derive entrepreneurial motivation and
mindset in individual. This can be seen in example of Bill Gates, where he founded motivation
from the old school mobile phone to start new operating system (Yan and Yan, 2016). This can
be seen that motivation is important factor which help organisation in gaining advantage and
leading by change to set entrepreneurial motivation and mindset in individual.
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Creativity: It also become a reason behind entrepreneurial motivation and mindset
because entrepreneur are the creative person who invent different methods and personality traits
to give direction to there business as well as bring change in current business situation. This can
be seen from the example of some famous entrepreneurs like bill gates, Steve Jobs and many
more. They all are creative person and drive there mind towards entrepreneurial motivation and
mindset so that the can bring innovation in business and can change its direction.
Risk taker: It is that entrepreneurial personality which is directly related to
entrepreneurial motivation and mindset. This is because it is seen that every entrepreneur in risk
taker in his own life. This can be seen from the example of Steve jobs who lost his life while
working on job. This is because he is suffering from cancer but still he working for
Apple INC. so that he can provide a proper base to organisation where they get success. This
reflect that entrepreneur are the risk taker in organisation and this make them entrepreneurial
motivation and mindset.
To analyse traits of entrepreneurs OCEAN model is used:
OCEAN Model – It is termed as management of identifying various traits of an
entrepreneur. It is important to manage personality as well as traits of a person. The various roles
& responsibilities is given below:
(Source: The ocean model of personality,2019)
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Illustration 4: The ocean model of personality

Openness: It is consider as the most important trait of this model that is needed to have
in every entrepreneur. In addition to this, it is significant for an entrepreneur to have insight as
well as imagination. It means the personality should be dynamic and creative in the same time.
It is determine that both the entrepreneurs Steve Jobs and Bill Gates have necessary skills that
assist them to cope up with the changes as per the situation arise in businesses.
Neuroticism: Neuroticism means emotional instability, sadness and feelings of sulkiness.
All these have to be avoided by entrepreneurs so that they are able to minimize negativity in their
behaviour and also at workplace. Bill Gates has been a positive person since beginning so he is
always encouraging his employees to work with a positive attitude (Mosbah, 2020). Steve Jobs
has not been that positive person as he left school at a early age and has to face lot of hardships
in his life and in reaching position where he is today.
Agreeableness: This quality makes an entrepreneur more kind and trustable by all its
employees and subordinates. This also leads to a cooperative behaviour by entrepreneur. Which
helps subordinates to communicate without any hesitation, this leads to a healthy relationship
between entrepreneur and its employees.
Consciousness: It is very important for every entrepreneur to effectively manage all their
operations. This leads to increase in productivity of employees. Conscious mind is very
necessary for enhancing productivity at workplace. Steve Jobs and Bill Gates both are
entrepreneurs who work with required consciousness.
Extraversion: Extrovert personality means a person is expressive and is willing to share
his ideas, views and thoughts with others. This helps a person in being more energetic and
outgoing. This trait is very necessary to be present in all entrepreneurs. Steve Jobs has a introvert
personality but Bill Gates posses traits of extrovert personality.
Entrepreneur are the person who always stay motivated for using the opportunities.
“Entrepreneur aren’t responsible to anyone other as an entrepreneur, and that sometimes
means that it’s hard to get moving without anyone to make you” this make them dedicated
towards there work (Collins, 2017). This is quality and charter of entrepreneur in organisation
where they can perform there roles in effective manner by fulfilling their obligations.
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TASK 4
P7 Different environment that hinder as well as foster entrepreneurship
It is analysed that almost all the entrepreneurs has unique way to work and to gain growth
& success as well. In this, two successful entrepreneurs has taken that is Steve Jobs and Bill
gates.
Steve Jobs: A successful entrepreneur and an American inventor, designer and the
chairman of Apple computer. He was born in the year 1955 and a graduate student from
University of Wisconsin. Steve jobs is known for its personal computer revolution and the co-
creator of iPhone, iPad, iPod and the person who open first Apple store. He faced a lot of
challenges and cause with neuroendocrine cancer and due to this he died in 2011. Steve Jobs
believes that a good experience is gained only by practicing and experiencing it. In addition to
this, the reason of its success is its skills, characteristics, upbringing, family, experience and
many more. It is analysed that he is passionate towards its work and focus on completing the task
in a systematic and timely manner. He faced a lot of issues and challenges at the time of gaining
position of chief executive officer in Apple. All such things made him a successful and a
renowned entrepreneur.
Background: Steve Jobs was born in the year 1955 and he is an inventor who played
vital role in success and growth of Apple computers. Steve Jobs attended a school in California
and after that he enrolled in Reed college which is situated at Oregon. Steve Jobs education was
featured with excellent results that shows his potential towards learning and implementing as
well. he struggled with formal education & his mentors reported he was handful to learn and
teach as well. The parents of Steve is supportive, his skills and knowledge help Steve Jobs to
gain growth and became a successful entrepreneur.
Bill Gates: He is an American philanthropist, developer, investor, software and business
magnate. Bill Gates was born in the year 1955 and is renowned as founder of Microsoft
Corporation. He was a student at the University of Washington and belongs from the upper
middle class family. Bill Gates has seven principles in life which make him a successful leader is
seek forgiveness, not permission, value your work, get in early, take risk, focus on learning and
take responsibility. The family of Bill Gates supports him and make the study at higher
universities. He has a good experience as he focuses on bringing innovation at marketplace
(Amato, 2017). One of the major skill that help Bill Gates to gain success is risk taking and
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conflict management as well. In addition to this, he get failed at so many times but stand with the
same passion and due to this, he is now a successful entrepreneur, developer and business
magnate as well.
Background: He was born in the year 1955 and grew up in a middle class family with
his family. The rise of Bill Gates is not so different in terms of debating born. The life of Bill
Gates shows a pattern of actions which states that how a legend can be a historical business
leaders. One of the major reason of its success is its skills such as working tirelessly, helping
others, listening to others, pursuing what he loves and so on (Davari, and Taherkhani, 2018). He
is continuously evolving with learning and all this skills made him a successful entrepreneur.
CONCLUSION
From the above discussion, it has been concluded that entrepreneurs are those person who
bring an innovative idea and implement it in an effective manner. In addition to this, it is
determine that small businesses contributes a large part towards the growth as well as
development of economy. The primary objectives of all the entrepreneurial ventures is to gain
profits so that they can improve their living standard in an appropriate manner. Moreover, it is
determine that UK is one of the country that gain growth and development because of raise in
small entrepreneurs.
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