The paper "Managing Small Business - Rayz" is a perfect example of a business case study. Small businesses are vital to developing and developing nations and are usually owned by private owners that support between 15 and 50 employees as a classification by the European Union with a balance sheet total of less than € 10 million (Europa 2015). Small businesses are considered to be the backbone of an industrialised economy. In the United States, small businesses employ approximately 68 million workers which represent roughly 50 percent of all jobs available in the private sector (USBA 2009).
Over the last 10 years, small businesses represent between 60 and 80 percent of new job growth in the United States. To illustrate, private-sector small businesses contribute $2.1 trillion of the total $4.8 trillion in total private-sector payrolls (USBA 2009). In the United Kingdom, small businesses are just as critical to the economy. In the year 2014, the UK maintained 5.1 million small businesses that provided payroll to approximately 12 million workers (Ward and Rhodes 2014). Small businesses in the UK account for 12 percent of export activities and 11 percent of import activities (Ward and Rhodes), making them substantial in supporting growth in the economy and the provision of tax revenues to the UK government.
In fact, it is estimated that approximately £ 45.4 billion worth of annual tax revenues came directly from small businesses between 2010 and 2011 (Ward and Rhodes). It was once believed that small businesses served a niche market, however growth and success in small businesses now make these companies the core focus of UK economic policy (Mindful Money 2011).
This again illustrates the vital importance to the economy of developed nations as these businesses hire approximately half of the entire labour force in the UK. Small businesses promote innovation which impacts multiple sectors of the entire economy and improves the lifestyle of consumers around the world. The small business is focused upon in this research is such a contributor to the Saudi economy. In this research study, an exploration of a small business, Rayz, was conducted.
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