5 Figure 1 Graph representing total contribution of different industries to the

5 figure 1 graph representing total contribution of

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Figure 1: Graph representing total contribution of different industries to the employment and economy of the UK (2019) (Source: Department for Business, Energy and Industrial Strategy, 2020) As per the graph given above, Department for Business, Energy and Industrial Strategy (2020) indicated that 5.82 million of small sector ventures are present in the country that constitute 99.3 percent of the total business. Further, the scholar added that the small scale industries generated employment opportunity for 16.6 million citizens and generated a gross revenue of 2.2 trillion pounds. Thus, it can be appropriately deduced that small scale entrepreneurial ventures are the heart of the UK economy and it positively leads the economy of the country to flourish. 2.1.4 Contribution of micro business in the growth of UK economy The growth of the micro industries is not far behind the SMEs, and the new micro entities have also expanded the financial aspects of the nation. As opined by Rosling (2019), 21 percent of the revenue generation comes from the micro businesses that recruits and operates with less than 9 employees in the company. 6
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Figure 2: Approximate number of different businesses in the UK (2015-2019) (Source: Department for Business, Energy and Industrial Strategy, 2020) According to the table illustrated above, it is observed that there is a surge in number of micro level entrepreneurial ventures, from 1069 to 1155. Though the rise in number of micro enterprises is lower than that of SMEs, however, it has significantly contributed to the economic growth of the UK. Besides, due to the generation of large number of jobs in the country, it has improved the living standard of the people, thereby progressively helping in advancement of the nation. 2.2 P4: The importance of small businesses and business starts-ups to the growth of social economy 2.2.1 Social Economy: Kaur and Bains (2013) defined social economy as the framework of economic activities and commercial operations undertaken by the business units to fulfil their missions in order to satisfy the stakeholders keeping social development in consideration. As per Roger Spear (2011), social economy guides the entrepreneurial ventures towards an approach that mutually benefits the society and the business. 7
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2.2.2 Four pillars of Social economy o Mutual: The new entities should propose a plan that mutually brings development for the socially challenged section of people, for instance the labour class, daily wage earners and offer financial support for such people. o Associations: The entrepreneurial firms should form designated associations for improving the prevailing conditions of the socially disadvantaged groups and ethnic minority section. o Charities: Funds should be raised for various social causes such as ethnic inequality, healthcare issues by the small businesses to promote and enhance the overall quality of living for all in the society.
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