The Impact Of Small Business On The Uk Economy

There are more than four million small business organisations all over the UK and they are contributing half of the UK’s GDP and UK’s employment. Hence, marketing for small businesses is seemed to be neglected (Department for Business Innovation and Skills, 2012).

Small business are said to be the backbone of the United States economy. It said that small businesses contribute to growth and vitality in the specific area of the United States economic development. Small businesses play a huge role in how the business world is shaped. Entrepreneurs are smart, creative and innovative however, those same entrepreneurs need to have some knowledge that the study of microeconomics focuses on. With the study of microeconomics, their product or future business will succeed in an economic view point.

In the economy, the small businesses are vital to the success of it. It serves the requirements of larger businesses. Small businesses meets local needs. Developing the right skill and to make an contribution to an organization means being entrepreneurial. In a small business the owner know who are the person he/she are dealing with that he/she can put a face to the customer he’s/she’s in contact with. Small business can make quick decision on what is required. Small business owners do not need to seek an advice to others and approval. Small business operates in a small space with low lighting and heating. People choose small business to reap the rewards for themselves (“The importance of entrepreneurship in small businesses, n.d.).

When considering to form a new business the ‘Starting a Business’ within the Starting & Managing tab is the first and most important place that every individual should start off at. The section helps ease the decisions that are involved in starting a business, most importantly it prompts the reader a reality check to see if starting a business is right for them, ultimately saving time and money. In addition it outlines the whole business structure from writing a business plan and choosing a business structure that will property fit the plan, the process of registering a new business, the physical location, laws involved, business financials and hiring employees. This while information should be known by individuals who plan on starting a business with the hopes of longevity and

Small businesses are the heart of the United State economy. There are 28 million small businesses in America and count for more than 54% of sales (Small business trends, n.d.). Many of those businesses are started by entrepreneurs who are willing to take risks and develop their visions and dreams of owning a business in today’s competitive market. That was the case when Victoria Carolina Pocasangre opened Pocasangre Olivia Dental, a small dental practice in the heart of Clovis, California five years ago.

Small and Medium Enterprises (SMEs) as defined by the US business Act of 1953 refer to business enterprises that is independently owned and operated and that isn’t dominant in its operation. One with fewer than five hundred employees. According to Bank of Ghana (2006) under the Funds for Small and Medium Enterprises Development defined small and micro enterprises as firms with assets (excluding land) of between 25million Ghana cedis and 5million Ghana cedis. A lot has been said and written about SMEs the world over. It has also formed the subject of discussions in so many seminars and workshops both locally and internationally. In the same vain, governments at various levels (local, state

There are around five million small businesses in the UK, which is approximately more than 50% of the economy. (Rich, 2016). Here is an example of one of the most successful

As the foundation of the U.S. economy, small businesses employ 50 percent of the U.S. population. In 2010 the U.S. Census reported 27.9 million small businesses categorized by size (20-499 employees). Accounting for 64 percent of the net new jobs created between 1993 and 2011 and since the recent recession, from mid-2009 to 2011, small firms accounted for 67 percent of the net new jobs ("Employment Statistics | SBA.gov," 2014). Unfortunately, rising costs and inefficient economic policy threaten the basic building block of our economy. This ordinance further compounds the economy’s sluggish recovery. Repelling this ordinance is the first step towards removing unnecessary financial burdens.

This report is about a small firm ‘START UP’ (Global Touch UK Private Limited) of the author’s choice in the business to consumer sectors. Thus, the author has presented it as a case study in written report format in the form of an outline business plan for the next five years. Moreover, he has covered the nature of the business start-up, the objectives for the next five years, capital requirements (investment and working capital) and likely sources and the vision and mission set for

(Business Management: a contemporary compilation). The Growing interest in the area of Entrepreneurship has developed in changing roles of small businesses. Small Entrepreneurship has great potential in developing countries. Due to Statistics and analysis of several countries, it is shown that Small Industries have grown faster than large industries. Large Industries lost jobs as Small Industries created workplaces. The Focus is on Small Industries which led to the main source of employment in the country.

Small businesses are mighty minnows, reflecting the competitive spirit that a market economy needs for efficiency; they provide an outlet for entrepreneurial talents, a wider range of consumer goods and services, a check to monopoly inefficiency a source of innovation, and a seedbed for new industries; they allow an economy to be more adaptable to structural change through continuous initiatives embodying new technologies, skills, processes, or products (Ibielski 1997, p. 1).

Small medium sized enterprises and small and medium sized businesses are often referred to as SMEs. These are companies whose number of employees or turnover falls underneath certain limits. The EU defines companies with fewer than 50 employees as small, and those

Efficiency and effectiveness that results in productivity and competitiveness is very important for SMMEs and more important for its high rate of employment. An exploration study by Menchaca (2014) indicates that seven out of ten jobs are being generated by small businesses. For that reason, it is significant to analyse and implement new strategies that can offer SMMEs great advantage into its production capacities and assist into becoming more competitive.

According to the Government spending with small and medium-sized enterprises report (referenced below) by House of Commons Committee of Public Accounts, the United Kingdom government is putting conscious efforts to make the public-sector marketplace more accessible for SME’s.

The importance of small and Micro Enterprises (SMEs) in the economy of any country cannot be overlooked. In fact for nearly 15 years, most researchers dealing with economic planning have highlighted the significance of these enterprises stating that they are a key player in realizing any country’s economic goals. As such, governments as well as other organizations with interest in development are laying plans and strategies to promote the establishment of Small and Micro Enterprises. This is seen as a move to ensure that there is full participation of SMEs in the country’s economy. The Small and Micro Enterprises have been known to contribute to a large extend as a source of innovation, entrepreneurial skills as well as source of employment. For example, statistics in 25countries of the European Union show that 99% of the jobs provided to its citizens come from the micro, small and medium-sized enterprises. Rowe (2008) points out that the British economy relies heavily on the participation of SMEs. On the other hand, 99% of the UK’s economy is composed of small and micro enterprises.