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Impact of Entrepreneurship and Small Business Management

University: UK College of Business and Computing

  • Unit No: 9
  • Level: High school
  • Pages: 12 / Words 2883
  • Paper Type: Assignment
  • Course Code: T/508/0495
  • Downloads: 130
Question :

This sample will let you know about:

  • Discuss about the Impact of Micro and Small Businesses.
  • Discuss about the Importance of SMEs.
Answer :
Organization Selected : N/A

INTRODUCTION

Entrepreneurship is a practice of that person which has quality of start or creates a new business according to the market opportunities. Entrepreneurship is completely held by the entrepreneur which always looking for search new business opportunities in the market. The entrepreneurship is generally started when a person realizes anything missing in market. Then with their high input and risk taking ability that person tries to provide missing thing to the market. In other hand the small business management is something different from the entrepreneurship. The management practices which conducted at small scale in the any small firm or company for the purpose of gain high growth in the market this is generally called small business management. Owners of the small business mainly manage their all business operations. Here is the owner no need to gain high business knowledge and education to manage small business and enterprise. This is discusses the different types of entrepreneurial ventures and typology of entrepreneurship. Here is also included the major impact of small businesses.

LO1

Impact of Micro and Small Businesses

Number of SMEs start ups

Currently there are approximately 5.9 million businesses are running their business activities in the private sector of the United Kingdom. In which these businesses are classified as 5.82 million are small businesses (including 0 to 49 employees), 35600 are medium-sized businesses (including 50 to 249 employees), and rest 7700 are large businesses (including 250 and more than 250 employees). In 2019 businesses under the private sector are increased by 3.5 % in the comparison of 2018.


Number of employing businesses

In these 5.9 million private sector businesses, 1.4 million businesses had employees. On other hand 4.5 million businesses had not any employee (Kedmenec and Strašek, 2017). Small businesses in the United Kingdom are 99.3% part of the overall business population of UK and rest 0.6% are medium-sized and 0.1% large b

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