Entrepreneurship and Small Business Management in United Kingdom

Added on - 21 Feb 2021

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Entrepreneurshipand small businessmanagement
Table of ContentsINTRODUCTION...........................................................................................................................1Task 2...............................................................................................................................................1a) Concept of SME and its development in the economy of United kingdom...........................1b) examine and analyse the role of SME....................................................................................3TASK 3............................................................................................................................................61.) Differentiate between the entrepreneur and a manager.........................................................62. Explain the skills and characteristic of the entrepreneur........................................................7a. Entrepreneurial characteristics.-..............................................................................................73. With the help of big five models analyse the nam food owner entrepreneurial personality...84.Maslow Pyramid with Entrepreneurial characteristics and Entrepreneurial success...............95. Various factors that can foster or hinder entrepreneurial success........................................106. Evaluation of influence of background and experience on entrepreneurs...........................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONEntrepreneurship can be referred as the term of the establishment of business by theindividual or the group of person on the basis of some innovative ideas that can be new to themarket development. The innovative ideas are supported by the government and society both soto overcome the challenges that are prevailing in the market. The development of such type ofthe small business in the economy will enhance the level of growth in the economy. In thisreport the statistical data of small enterprise will be there which shoes the development ofeconomy with help of small business. The comparison between the region of united kingdom ofthe effect of the small business along with the comparison of the different sector that is retail andmanufacturing. The comparison is done for the better understanding of the concept.Task 2a) Concept of SME and its development in the economy of United kingdomSME refers to the small medium enterprises which depends on by whom it is defined.The small medium business enterprise are the business which require less amount of investmentalong with works at small scale with fewer numbers of employees. SME business are thebusiness which are driving growth I economy, creating lot of job opportunity through openingof new market(Tarhini, and et.al., 2015,). Through the vital contribution of SME, the backboneof the UK economy. SME turns to be seedbeds for innovations as they motivate and encouragethe talented entrepreneur to put there ideas against the challenges to compete in competition.After being the back bone of UK economy, there are still many(almost 50%) small andmedium enterprises that are lacking the financial investment. These companies have thecontribution of 33% in growth of economy along with 45% generation of employment.Since the 2015, the private sector of the UK economy has 5.5 million private sector bushiness. Inpast 5 years, SME's are having the external funding. In the creation of employment, the MSME'sare playing important role as they create the platform to convert there idea into innovation. Thereare almost 99.3 % of private sector jobs in which 99.9% were the part of small business startedfrom the year 2016.16.3 jobs were provided by the private sector in UK economy in which 60%per given by the small medium enterprises. In the year 2018, the total turnover was£2 trillion.1
The new ideas lead to the innovation and the development of such small mediumenterprises in the economy. In the last 2 years small business in manufacturing industry hasshown the growth of 32% and still has the expectation of the higher growth (Tarhini, and et.al.,2015,) . In the year 2015. UK the SME's had given the business of 97% in all the sectors of theeconomy. In the year 2018, 375 of total turnover and employment of 485 was represented bythe small business.The government of UK is trying to develop the strategies more growth and development of thesmall business by invention the amount of £725 million in the research and development.There is the huge impact of small and medium enterprise as am major part of the privatesector jobs are accomplished by them in which 50% are expanding over. There are innovator andnon innovators which includes the exporter and non exporter. They all are playing role in thecontribution of revenue in economy.2
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