Entrepreneurship and Small Business: Economic Impact Report

This report delves into the world of entrepreneurship and small business management, examining their profound impact on the economy. It begins with an analysis of micro and small enterprises, interpreting data to illustrate their significance within the UK's economic landscape, including contributions to GDP, employment, and revenue. The report then explores the relevance of small businesses and startups, highlighting their role in driving economic growth at local, national, and international levels, and providing examples of successful ventures. Furthermore, it differentiates between small, medium, and large businesses, assessing their distinct contributions. The report also investigates the qualities and attributes of successful entrepreneurs, using examples of prominent figures like Elon Musk, Mark Zuckerberg, and Duncan Bannatyne. It examines arguments for business performance, considering situational and motivational factors, and analyzes the interplay between entrepreneurial personality, motivation, and background experiences. The report concludes by synthesizing these findings, offering insights into fostering entrepreneurial success.

Entrepreneurship & Small Business Management
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Table of Contents
Introduction......................................................................................................................................3
Part B...............................................................................................................................................4
Section 1......................................................................................................................................4
Examination of the impact of micro and small enterprises on the economy by interpreting
the data gathered......................................................................................................................4
Explanation of the relevance of small businesses and start-ups to the economic system
through relevant examples.......................................................................................................6
Examination of the distinctions among small, medium, and large businesses, as well as their
contributions to the economy at local, territorial, federal, as well as international levels.......7
Section 2......................................................................................................................................8
Demonstration of the qualities and attributes of entrepreneurship and the businesses they
have driven to grow with examples of prominent local and multinational entrepreneurs.......8
Examination of several arguments for business performance, as well as the effects of
situational and motivational conditions...................................................................................8
Examination of the links between entrepreneurial personality, motivation, and mentality....9
Analysis of how one's background and experiences impede or promote entrepreneurial
abilities, using contrasting instances and critically evaluating their beneficial and
detrimental effects on entrepreneurial success........................................................................9
Conclusion.....................................................................................................................................11
References......................................................................................................................................12
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Introduction
The globe's greatest yet most profitable company firms began as narrow businesses run by
individual business owners as well as then grew in size increasing popularity over years.
Businesspeople' popularity is due to ingenuity, sheer determination, discipline, as well as other
attributes. Economic community kinds, the effects of small businesses mostly on market,
fundamental components of the entrepreneurs' imagination and ecological impacts on
entrepreneurial business will all be investigated & analyzed in this paper.Several large
corporation strategies and entrepreneurial characteristics and explanations will be dragged up for
the purpose of this article so that the consumer will be inspired and empowered to start their own
business and spur economic growth.
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Part B
Section 1
Examination of the impact of micro and small enterprises on the economy by interpreting
the data gathered
Each activity has the potential to affect the nation's infrastructure. Because the number of small
and micro businesses is vast, they provide one of the greatest amounts of a country's GDP. Small
and medium enterprises always have played a significant role in Britain's economic prosperity
although it is the cornerstone of the country's economic accomplishment. The United Kingdom
must set out its own small and medium enterprises in order to boost the market that has suffered
greatly as a result of Coronavirus and Brexit.
Figure 1: In comparison to medium and big businesses, small businesses make a significant
contribution to the UK’s National economy (Source: market-inspector.co.uk, 2017)
Contribution to Companies:
Micro, small and medium enterprises are abundant in the United Kingdom, accounting for about
3.5 million of the country's overall firms. Micro and small businesses account for 98 per cent of
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the Total UK company or establishment while medium-sized businesses account for 0.6 per cent
as well as big businesses account only for 0.1 per cent and Small and micro enterprises are the
backbones of Britain's overall market organisation, implying that they are the financial platform's
foundation.
Employment Contribution:
Micro and small businesses are the most powerful advocates for a lower tax burden in the British
Isles. Small and micro-enterprises account for 49 per cent of overall work throughout Britain,
whereas big enterprises account for 40 per cent and moderate firms for much less than 35 per
cent (Zunckel & John Nyide, 2019).This is optimistic that now the expansion of small and micro
enterprises would reduce the deficit inside the United Kingdom. Small companies employ over
14 million employees, with most of those working in the industry, although they include both
professional and low skilled workers.
Figure 4: Contribution of small and medium businesses to jobs (Source: marchantsavvy.co.uk,
2021)
Turnover contribution:
The micro and small sector contributes about £1.5 trillion in estimated yearly revenue, and is the
2nd biggest pillar of Britain's economy overall, accounting for 33percent of gross estimated
revenue. The private market accounts for 45-48 per cent of its revenue. Big corporations account
for 53% of annual revenue, whereas smaller businesses account for less than 14%(Zunckel &
John Nyide, 2019).
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The overall profit under the United Kingdom is still heavily reliant on small and micro-
enterprises. This kind of enterprise can start up with less difficulty and more potential if the
community assists micro as well as small scale businesses. If somehow the state assists small as
well as medium businesses, the market can begin to recover from the effects of the coronavirus.
They are classified as inventors, producers, buyers, government sector, and private industry
workers among other things.
Explanation of the relevance of small businesses and start-ups to the economic system
through relevant examples
Small and start-up businesses have a huge impact on the growth of the public promotion of
economic development. Such enterprises are indeed the cornerstone of Britain's country's
economic growth, along with going to have an influence on national, international, and local
levels through offering quality products and facilities to their consumers within a competitive
price point (Cho, 2014).Micro and start-up businesses also hire under-skilled as well as
inexperienced workers because people can't afford to offer them enough, as well as therefore
contribute to the nation's low cost of living(Zunckel & John Nyide, 2019). Micro and start-up
businesses make up the majority of Britain's businesses, therefore they account for a large
percentage of construction openings. In the United Kingdom, the financial enterprise hires
approximately 14 million population.
Several small companies, including such handy-crafts, tiny bakers, and barber shops, are created
as well as operated by females in the United Kingdom Ladies are becoming more autonomous
and powerful as a result of this campaign. Women manage about 2 million companies in the
United Kingdom, accounting for 18percentage points of all smaller companies (Cho, 2014).
Joyce and Raissa created, own, and operate Double Dutch, a quality beverage company in the
United Kingdom.Smaller and beginning firms are always striving to improve their products and
services for customers. Start-ups create a new commodity that decreases overall appetite while
still meeting domestic consumption. Several start-ups are involved in a variety of societal
construction projects as well as Sustainability reporting.Chip Board, for instance, is a cutting-
edge biomaterials company that seeks to turn wastage into compostable biopolymers material.
They transform the ground as little as possibly dirty by using all types of agricultural pollution,
from potatoes to ground coffee (Cho, 2014).
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Examinationof the distinctions among small, medium, and large businesses, as well as their
contributions to the economy at local, territorial, federal, as well as international levels
Small and medium enterprises play a significant role in promoting economic growth, but they
also have a significant impact on the overall economic system large enterprises, on either side,
have such a significant effect on the economy while having little effect on local
consumption.Large corporations help to boost the national and state economy. In all, Britain has
over six million industry groups, which contribute to increase opportunities for over 29 million
citizens and earn an average lifetime income of even more than £5.4 billion in 2019. Small to
medium enterprise best practices could be used at federal and regional levels.Companies
improve living conditions, contribute to the reduction of poverty, promote female equality, and,
very significantly, fulfil customer's requirements that are one of the primary factors contributing
to the improvement of Britain's income level (Hack-Polay, et al., 2020).
Big companies also collaborate with governmental agencies to provide services to international
and foreign manufacturing companies. As a result, they boost the continent's Gross
national product and spread the province's civilization from around the globe (BURNS, 2011).
Major companies are occasionally observed engaging with Corporate responsibility as well as
conducting social development projects and influencing the market economy in diverse manners,
and yet they all start to increase the nation's economic feasibility, therefore the administration
would have to provide opportunities for most businesses to enhance the collective ecological
environment(BURNS, 2011).
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Section 2
Demonstration of the qualities and attributes of entrepreneurship and the businesses they
have driven to grow with examples of prominent local and multinational entrepreneurs
Performing entrepreneurs have certain unique characteristics and abilities that set them apart
from executive managers of other organizations. The organizational framework and systems are
shown to embody entrepreneurial characteristics and characteristics. Such qualities aren't present
in the supervisors.Entrepreneurs are much more inclined to be inventive and imaginative than
others. Fresh concepts and emotions often cross the minds, prompting them to do excited by the
opportunity to create things that can satisfy the needs of prospective clients (DOWN, 2010).
Administrators are not generally intellectual; instead, they imitate what entrepreneurs have
produced or invented, including Daniel Zhang, Alibaba's director, and Jack Ma, the company's
inventive founder as well as an innkeeper.Management teams would not like to take any chances
and prefer to work with businessmen. Entrepreneurs, but at the other extreme, prefer to
undertake risks numerous times since their threat capacity allows them to reap greater financial
benefits. Elon Musk has taken chances before and achieved each period, which is a unique
criterion for being popular around the globe.Two characteristics that assist Entrepreneurship in
becoming effective are interpersonal well as negotiation abilities. Such requirements, however,
could be contained in supervisors(DOWN, 2010). Entrepreneurship interaction and management
qualities are much more powerful, so they can handle and guide all types of people thanks to the
improved interpersonal abilities.Mark Zuckerberg, the founder of Facebook, has exceptional
interpersonal and negotiation abilities, which have led to the organization's growth. Management
teams also have certain attributes as well as characteristics that are not beneficial to the company,
however, some features are absent in them, which distinguishes them from becoming a good
leader.
Some of the local and international successful entrepreneurs are Philip Green, Duncan
Bannatyne and mark Juckerburg. Duncan Walker Bannatyne is a benefactor, businessman, and
novelist from Scotland. Motel, fitness center, resort, press, television, and real estate are among
his corporate entities. His entrepreneurial career started nearly as soon as he arrived in Stockton-
on-Tees, with the acquisition of an ice cream truck for £450. Mostly during Edinburgh Frozen
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Yogurt Wars, he rapidly grew by purchasing extra vehicles. Philip Green is the chief Executive
officer of Arcadia Group, which includes English Household Shopping, Topshop, and Dorothy
Perkins, among other well-known retail branded products. Green went out of his own and at a
young age, dropping out of education at the period of 15 to start as a footwear merchant. Mark
Elliot Zuckerberg is a media mogul, social media personality, and billionaire from the United
States. He is most recognized for professional at Facebook, Inc. and serving as the company's
president, CEO, and majority investor. Being a college drop student he is an example of a
successful entrepreneur followed by millions of people and his net worth is $117.8 billion.
Examination of several arguments for business performance, as well as the effects of
situational and motivational conditions
Various variations of start-up motives drive people to participate in the entrepreneurial
enterprise. Good forces that ‘pull' individuals through innovation are often distinguished from
underlying impacts that ‘push' them out.Many qualities and attributes are associated with
entrepreneurs. Individuals must be capable of strong leadership and management. They include a
variety of expertise and expertise, and the businessman may communicate with a variety of
individuals, referred to as stakeholders, such as consumers, manufacturers, retailers, staff, the
state, investors, and marketers, with a negotiable attitude and they must prepare, organize, and
distribute the projects, as well as develop the venture's vision and mission (GRIFFITHS &
WALL, 2011). Whenever it relates to whether these characteristics are innate or inherited, there
is some debate. Since studying the backgrounds of numerous founders, it was discovered that
they're really innate and inherited. A businessman like Jack Ma has cultivated these
characteristics through hard work and dedication.
An entrepreneur's character attributes to perform a crucial part in establishing a firm, and they
are determined sufficient to overcome many obstacles and these characteristics play a role in
internalising new ideas and monetizing them by satisfying market opportunity.The entrepreneur's
motivation is aided by complacency(GRIFFITHS & WALL, 2011). Whenever an entrepreneur
does something with an optimistic mentality he can make the most of his effort and cost.
Pessimism refers to missed opportunities and a lack of inspiration. Catharine Cooke, the founder
of MyYearBook.com, had a greater sense of enthusiasm than most people, which led her to start
the company at the time of 15.To succeed as an entrepreneur, one has to be willing to accept loss
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and disaster. Whether this character feature is lacking, the entrepreneur may be unmotivated to
launch a fresh business.Vision is the result of a person's larger ambition and desire. Thinking
aids in the coaching of vision, because when the perspective becomes established by the
investor's mindset and he is sufficiently inspired to launch a creative company.
Examination of the links between entrepreneurial personality, motivation, and mentality
The links between entrepreneurial personality, motivation, and mentality make an entrepreneur
the best and successful entrepreneur and a strong connection is required due to that. Being an
optimist is a positive attitude. Enthusiasm is a key component of a positive mentality, so it allows
businesses to think creatively as well as innovatively as to how to achieve the objectives.A
unique number of assumptions, skills, and brain functions that motivates entrepreneurship
conduct are known as an entrepreneurship mentality (Leung, et al., 2021). Everyone with an
economic viewpoint is more likely to get a humanitarian view, be so many more, and realize that
wealth is added by solving issues towards others; etc.Wide personality types like perfectionism
and agreeableness do not forecast certain results as well as specific personality characteristics
like innovation and creativity.An entrepreneurial recognize possibilities and seizes opportunities
by producing long-term benefit for him and society.Personality traits have a big influence on
how people do it. Firms with lower investment decisions, sociability, mental stability, and
openness to experience are more likely to go into business for themselves.Entrepreneurial
inspiration is the act of motivating an individual to constantly remain in the path of the dream,
putting forward their great attempts in order to accomplish their entrepreneurship objective.If
somebody is in the correct frame of mind it's easier to stay motivated as a businessman.
Positivity, mindfulness, and a solid support structure may all assist people to keep their passion
for operating the company afloat.An entrepreneurial mindset enables one to become self-
motivated which in turn helps in being effective for new ventures and altogether the entrepreneur
can get become a person with an entrepreneurship mindset and personality.
Analysis of how one's background and experiences impede or promote entrepreneurial
abilities, using contrasting instances and critically evaluating their beneficial and
detrimental effects on entrepreneurial success
Individual context and experiences may very well be beneficial and detrimental to
entrepreneurial, implying that background and experiences have a significant impact on
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entrepreneurial intention.Historiography, finance situation, parental support, academic backstory
inspiration, cultural heritage, and other factors all play a role in an entrepreneur's surroundings.
Appreciative parents and neighbours may inspire a businessman and assist him in raising money
for a better project; but, when the businessman's community does not encourage his project, he
will lack the confidence to begin the enterprise.The educational experience can provide an
individual with such a broad range of expertise and expertise that can enable the entrepreneurial
to be so much more imaginative as well as ambitious while also nurturing the concept. The
venture's culture and history already have a significant influence and for instance, Nike's creator
Phil Knight has resigned, allowing his son, who also is a movie director, to keep his spot.
Another of the causes for his business is his mother's encouragement, experience, and ambition
(The Halsten Enterprise, 2021).
Experiences are a person’s feature that allows them to consider objectively, become positive, and
also be opportunistic. Failing as learning through past knowledge allows the businessman to have
a better understanding of the issue and improve his predictive capabilities. The entrepreneur's
imagination is flooded with new concepts as a result of past achievement. Elon Musk's 2nd
entrepreneurial venture, the tedious business, for example, was much more effective than his
first, SpaceX, because he used his lived expertise to inform his judgment.
Specific perceptions and histories can aid an entrepreneur in both thriving and failure, but strong
emotional history experience mostly contributes to progress, and interactions sometimes direct
people in good and bad.
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Conclusion
Micro companies are critical to the financial system however the global community has suffered
greatly as a result of the Coronavirus disease outbreak.The administration of the United
Kingdom is attempting to improve their development by emphasizing small businesses. This
assignment has shown numerous factors and aspect of being a successful entrepreneur with
proper analysis and real-life examples.
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