Impact of micro and small businesses on UK economy

This article discusses the impact of micro and small businesses on the UK economy, highlighting their role in driving innovation, creating new business opportunities, and contributing to GDP growth. It also explores the importance of small businesses for the growth of the social economy and the differences between small, medium, and large businesses. The international impact of small businesses is also examined, emphasizing the increasing investments and technical advancements in the global digital world.

Unit 9: Entrepreneurship
and Small Business
Management

TABLE OF CONTENT
QUESTION 1........................................................................................................................................3
Impact of micro and small businesses on UK economy.........................................................................3
QUESTION 2........................................................................................................................................3
Importance of small businesses for growth of social economy.........................................................3
QUESTION 3........................................................................................................................................3
Differences between small, medium and large businesses................................................................3
QUESTION 4........................................................................................................................................4
Impact of small businesses within international levels......................................................................4
REFRENCES............................................................................................................................................4

QUESTION 1
Impact of micro and small businesses on UK economy
The impact of micro an small business companies within UK economy can be
analyzed through the above data where it shows that from year 2000 to 2019, there has been
wide continuous rise among development levels of UK economy with the various innovative
start ups and ventures blooming in which has widely also bringing on innovation among
business scenario. Micro and small business have given UK economy new push within
economy of innovative development within new services, consumers market share business
opportunities for building on wide platforms for new GDP growth and to yield onto new
rational creativity.
QUESTION 2
Importance of small businesses for growth of social economy
The social economy has been gaining strongly growing with wide start-ups and
ventures coming on operations among business world where there has been continuous
improvement levels in growth among wide aspects, leverage onto new ideas and creative
services for various operational advancement. The small businesses have become an
important part within economy levels where people consumers market preferences are also
potentially enhanced, companies are competitively building on various parameters of
technical advancement (Barbosa,Castañeda-Ayarza and Ferreira,2020). Small businesses
have also profoundly beginning to become an integral part of social economy with
productive knowledge development and wider functional strength within goals, ken synergy
of leveraging new GDP growth paradigms. Employment levels of various parts of industries
have also been widely increasing among goals formulation, keenly promoting strong
innovation among new competitive digital business world.
QUESTION 3
Differences between small, medium and large businesses
 Small business: The number of employees are 10 – 50 employees where there is less
capital with limited funding options available and les synergy and scope of
innovation within future. The small business companies enable entrepreneurs to built

new businesses with limited capital options and wide range of industries are
competitively seeing up new raise of small companies.
 Medium business: The number of employees are around 50 -250 where companies
are bigger in operations and services than the small businesses and also the further
reach among consumers market is vividly growing among wider paradigms within
business competitive world.
 Large business ventures: The operations are wide with more than 250 employees
working in companies and wide range of diversity, use of technology to pool in
resources and also promote new end goals for formulation of new end businesses
within global paradigms.
QUESTION 4
Impact of small businesses within international levels
The small business impact within local, regional and national levels can be
understood with the fact that there are wide range of new companies coming up with new
innovative start-ups, which has opened up various creative working opportunities for business
avenues and also profoundly increased goodwill of UK economy. Internationally also the
UK economy is widely developing with new innovation business opportunities where
investments are also rapidly increasing along with yield onto new rational focus for technical
advancement for competitive growth within global digital world (Azoulay, Jones and
Miranda,2020).
REFRENCES
Books and journals
Azoulay, P., Jones, B. F., and Miranda, J., 2020. Age and high-growth
entrepreneurship. American Economic Review: Insights, 2(1), pp.65-82.
Barbosa, M., Castañeda-Ayarza, J. A. and Ferreira, D. H. L., 2020. Sustainable strategic
management (GES): Sustainability in small business. Journal of Cleaner
Production, p.120880.