Great Britain Micro Business White Paper

Online microbusiness1 venture density offers a lens through which we can understand modern market dynamics and the ways in which web-based entrepreneurial microbusinesses can offer alternative sources of household income, an escape from unemployment, and a career development path. In contrast to the notion that online businesses are distant and impersonal, lacking physical presence and making no significant impact on local communities, we find that these microbusinesses can have an impact on economic conditions and well-being of individuals, and benefit local communities and economies by creating economic and social value through entrepreneurship and innovation. Specifically, online micro businesses can benefit local communities by generating new employment and income opportunities, as well as by creating and servicing new, innovative, and competitive markets. While major cities are often credited as being engines of regional and national economic growth, it is often the case that there are significant differences between the various local areas of a city, with some having a higher venture density than others.