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Size of business

5 (a) Analyse the impact of small businesses on the development of a country. [8] Summer 2019 Paper 13

The EU defines small business as either having fewer than 50 employees or turnover of up to €10 million Nearly, all businesses start small. Amazon started in 1995 in a garage selling books online with a start up capital of $250,000. Today it is a multibillion, multinational company. In this way small business may be the building blocks for future large businesses and become significant players in national and international markets. This means they can have a huge impact in the economic development of a country by providing tax revenue. Small business can be more innovative. Facebook started in 2003 as a small business set up by a college student. By creating new ideas about how people interact socially in an innovative digital platform it grew to be a huge tech company. This not only inspired tech entrepreneurs to innovate in the USA but Facebook as continued to be involved in the research and development of new software and apps, like it’s move into Cryptocurrency in 2019. This has a huge impact on the technological and innovative development of a country.