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The Impact of Global Recession on Small Businesses

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The British economy officially entered recession in January after two consecutive quarters of negative GDP growth, which is the traditional definition of a recession. For the third quarter of 2009, statistics showed the biggest declines occurred in the hotel and restaurant industries, which fell by 1%; construction, which decreased by 1.1%; and agriculture, forestry, and fishing, which declined by 1.Britain’ s economy is mired in its longest recession on record, as government figure a shock 0.4% drop in GDP. Britain officially entered recession on 23rd January 2009 when the office for National Statistics reported that the economy had shrunk through the last two quarters of 2008.

There were job cuts, factories were shut down and families began counting their pennies. The unemployment crisis picked up the pace, with more jobs losses in the retail sector and vacancies hitting a record low. Does this recession have a major impact on small businesses in Britain? How will this affect the young entrepreneurship program in secondary schools in the United Kingdom? This study will also be based on a literature review from previous research on the impact of global recession on small businesses in the United Kingdom. In my dissertation, I specifically want to look at how young entrepreneurship programs are set up in two secondary schools in the United Kingdom.

How are they adopting to the recent recessions and what are the related problems are they experiencing because of the recession? How do small businesses in Britain survive this recession? In relation to this, it is with a hope that the young entrepreneurship program in Brunei could help reduce unemployment in Brunei, as well as in other countries that are still in the younger stages of development.

I would like to propose the implementation of the Young Entrepreneurship program to be taught as part of the curriculum in Secondary Schools in Brunei in hope of reducing unemployment. Prior research done by John Kitching mentioned that small businesses are treated as highly susceptible to external shocks, such as recessions, with firm performance declining in line with GDP.

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