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Economics

Study Notes

Small businesses

Level:
AS, A Level, IB, BTEC Level 3
Board:
AQA, Edexcel, OCR, IB, Eduqas, WJEC

This study note considers smaller businesses and how they survive and thrive in markets dominated by large, scaled competitors.

Number of people in employment in businesses in the United Kingdom (UK) in 2018, by employment size (in 1,000s)

5 key reasons why firms may choose to remain small

  1. Lifestyle choice of the owner(s) - maintaining a sense of control over work-life balance
  2. Desire to keep overhead (fixed) costs to a minimum
  3. Avoiding the costs involved in meeting regulatory burdens associated with bigger businesses
  4. Maintaining quality control over the good or service provided
  5. Keep a high level of flexibility an adaptability to respond to changing market conditions

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