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

5 figure 1 graph representing total contribution of

This preview shows page 5 - 9 out of 16 pages.

5
Image of page 5
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
Image of page 6
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
Image of page 7
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.
Image of page 8
Image of page 9

You've reached the end of your free preview.

Want to read all 16 pages?

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes