Analysis of Entrepreneurship and Small Business Management - Unit 9

This assignment provides an analysis of the growth and impact of Small and Medium Enterprises (SMEs) in the UK economy. It examines the increase in SMEs since 2000, highlighting the rise in non-employing businesses and their contribution to job creation and national income. The assignment further explores the importance of government support for startups and existing small businesses, especially in the context of Brexit, and suggests strategies for economic revival and employment generation. It also discusses the role of SMEs in providing employment opportunities and their impact on both local and global markets, including how they can meet the needs of specific populations and leverage economies of scale. The assignment draws on various sources to support its findings, providing a comprehensive overview of the subject matter.

Unit 9: Entrepreneurship and
Small Business Management

TABLE OF CONTENTS
Q1...........................................................................................................................................3
Q2...........................................................................................................................................3
Q3...........................................................................................................................................3
Q4...........................................................................................................................................3
REFERENCES...........................................................................................................................5

Q1.
Based on the table given, the overall SMEs in UK has increased approximately, by
2.4mn taking year 2000 as the base year which includes the 299,000 employers which is an
increase of 27%. In the overall given time period, the small employing businesses raised by
27% while the medium size business employers grew by 33% while the large businesses
raised by 7%. It can be clearly interpreted from the above that the SME businesses is growing
at a much higher rate which is mainly because of the rise in the non-employing works. It has
a huge impact over the UK economy as it is the main contributor and supporter for the
community as these creates jobs for the society and is the major source of income for the
nation.
Q2.
Since the small companies helps in increasing the economic growth of the country
and after Brexit the nation is required to create new business strategies with the aim of
reviving the business. For this, it is important for the government to offer to help to the new
businesses and the start up (Navruzzoda, 2019). Providing support to the start-ups along with
the existing small businesses it will provide immense support to the economy to revive and
survive in the changing condition. It is also important because it will bring employment
opportunities for the people and reducing the problem of unemployment which will be caused
because of Brexit. The various offers can eb initiated by eth government for encouraging start
ups in terms of safe and secure sources of finance at lower interest rate or providing
deduction or subsidies. In long term, it will be very beneficial for employment and social and
economic development.
Q3.
The SMEs is considered as an important source for the economy as a whole in terms
of increasing job opportunities and the job losses as well (Zabaznova and et.al, 2020). Small
and medium businesses is the one that provides most of the employment to the economy
which is because of the increase in the non- employing businesses while large businesses
mainly works on further meeting the need of the business without giving much emphasis on
the nation’s economic growth as it works on meeting up the changing and also they are
already employing large number of employees so more than that cannot eb expected. The
growth rate of large companies is just 7%.

Q4.
In terms of locally, the small businesses can survive by serving by meeting with the
needs of the small population. This help in meeting with the business requirement of local
market as a whole (Pike, Rodríguez-Pose and Tomaney, 2017). On account of regional
economy, small businesses will assist in meeting up with the regional needs and requirement
leading to development and progress of that region and nationally, it will add to the economic
development of the nation. In global market, it can take the advantage of the small scale
business along with eth economies of scale along with various flexibility associated with it
which will help in bringing more benefits to the economy through international transactions.

REFERENCES
Books and Journals
Navruzzoda, L. B., 2019. THE ROLE AND IMPORTANCE OF SMALL BUSINESS AND
PRIVATE ENTREPRENEURSHIP. Мировая наука. (4). pp.84-86.
Pike, A., Rodríguez-Pose, A. and Tomaney, J., 2017. Shifting horizons in local and regional
development. Regional studies. 51(1). pp.46-57.
Zabaznova, T. A. and et.al, 2020. The Role of Small and Medium Businesses in the
Formation of Pleasure Economy. In Digital Future Economic Growth, Social
Adaptation, and Technological Perspectives (pp. 283-290). Springer, Cham.