The Lord Young Report 2011-15 Background . Commissioned by then PM David Cameron in order to get a sense of the situation small businesses were in and the challenges they faced . First report into small firms since the Bolton Report of 1971 Summary . States that small businesses account for 48% of employment and 33% of private sector turnover, that there are 5.2 million now in the UK . This is in sharp contrast with what the Bolton report predicted; small firms wouldn't be able to compete with larger businesses and economies of scale, and would thus cease to exist . Also mentions that in recent years the number of new businesses being set up has risen (17% during the time of the report being carried out) . Mentions the role of technology such as the internet and smartphones in helping people set up their businesses - states that the internet alone presents a £19bn worth business opportunity for small firms . Praises role of the new Government in helping encourage entrepreneurship Different types of Small Businesses . The Report mentions different types of small business - notably micro entrepreneurs and sole trader/self-employed businesses - These are by far the most common type of small business, accounting for 76% of private sector businesses . Social Enterprises, meaning a business that is set up to meet a need or improve the lives of people, are also becoming increasingly common - rising from 240,000 in 2010 to 300,000 during the time of the report being carried out . Technology has also made "Home Based" businesses easier to be set up and managed, as the service provider (often self-employed/sole trader) can keep in contact with clients easily from home . It has also become easier to sell goods and services online - While in store sales in during Christmas 2014 fell compared to previous years, online sales grew by 14% during the year Reasons for starting a Small Business . Young stresses that many people have started a new business due to opportunity rather than necessity (escaping unemployment) . The report also states that more and more people are intending to start a new business, from 4.2% in 2008-10 to 7% by 2011-13 . Young also outlines that young people (aged 18-24) are the most likely to want to start a business (12.1% in 2011-13) Looking to the Future
. The Report mentions the need for more digital skills in the future to keep up with technological advances that will also help businesses to grow . "Enterprise in Education" is mentioned several times in the report, meaning that Young wants to see more mention of entrepreneurship in Schools, with teachers being trained so that they can talk about it as a future career option to their students . Young also wants to see more careers advice given to students prior to when they are about to leave school - he says this is can be too late and can potentially narrow young