Rethinking ‘Knowledge in Use’ in Small Businesses: A Perspective

Abstract

Small businesses are the backbone to every economy and according to the United Kingdom (UK) Department for Business, Innovation and Skills, accounts for about 48% (12.9 million) of employment and about 36% (1.6 trillion) in business turnover, job creation and local communities. In a period where the Covid-19 pandemic and war in Ukraine has damaged economic activities, small businesses are under pressure with breakdown in supply chains and inflationary situations leading to loss in sales and closures. Though many governments, including the UK government have devised special measures to support small businesses, this has not been not had the required effects across the board as failures increase and the perception of success is low, for example the UK Department of Business, innovation and Skills (2018) reports that there was a decrease of small business in the UK of 1.5% (about 82,000 businesses) between 2021 and 2022 and 6.5% between 2020 and 2021. This article takes the view that small businesses could look more inwardly and rethink their ‘knowledge in use’ as a critical success resource to adapt and survive in a chaotic environment. It also provides suggestions for small business owners and policymakers. Understanding this would require knowledge of self and the fundamental reasons for being in business, that of being an entrepreneur and therefore being entrepreneurial. Small businesses as compared to bigger businesses revolve around their owner-managers who are entrepreneurs.