Entrepreneurship and Economic Growth in the UK: A Dissertation Study

This dissertation study analyzes the contribution of entrepreneurship in improving the economic growth of the UK. It examines the concept of entrepreneurship in the UK environment, assesses the role of entrepreneurial practices in economic growth, and suggests ways to improve entrepreneurial practices to enhance economic growth. The study uses primary data collection and quantitative analysis.

Dissertation
(The contribution of entrepreneurship in improving
the economic growth of the UK)

Abstract
The present study is based on entrepreneurial practices and its significance in economic growth
of UK. Main aim of report is to analyze the concept of entrepreneurship in context of UK
environment. Further, it will also assess the role of entrepreneurial practices in economic growth
of the country. The report aims to analyze suitable ways to improve the entrepreneurial practices
in order to improve the economic growth of the respective nation. In addition, suitable
methodology has been used in the present project in terms of primary method of data collection
along with quantitative approach to analyze and evaluate the data further. Here, questionnaire
has been used to gather the information from respondents for successful completion of the
project. It is analyzed that entrepreneurship is an important aspect from the prospective of
economic growth & development. This is likely to contribute towards enhancement and
development of UK significantly.

Table of Contents
Chapter One: Introduction...........................................................................................................................4
Background of study................................................................................................................................4
Rational of report.....................................................................................................................................4
Research Aim:.........................................................................................................................................5
Research Objectives................................................................................................................................5
Research Questions.................................................................................................................................5
Methodology...........................................................................................................................................5
Report structure.......................................................................................................................................6
Chapter Two: Literature Review.................................................................................................................6
Introduction.............................................................................................................................................6
Concept of entrepreneurship in context of the UK...................................................................................7
Impact of entrepreneurship on economic growth of the UK....................................................................8
Ways that would be used by an entrepreneur for improving economic growth of the UK.....................10
Conclusion.............................................................................................................................................11
Chapter Three: Research Methodology.....................................................................................................12
Introduction...........................................................................................................................................12
Research Philosophy:............................................................................................................................12
Research Approach :..............................................................................................................................13
Research Method...................................................................................................................................13
Data collection method..........................................................................................................................14
Research inquiry method.......................................................................................................................14
Selection Criteria...................................................................................................................................15
Data Analysis:.......................................................................................................................................15
Research Ethics.....................................................................................................................................16
Validity & Reliability............................................................................................................................16
Chapter Four: Findings/ Analysis/ Discussion...........................................................................................16
Chapter Five: Conclusion..........................................................................................................................29
Reflection..................................................................................................................................................30
References.................................................................................................................................................32

Chapter One: Introduction
Background of study
In the present time, entrepreneurship is considered as a highly crucial activity to ensure
the economic growth by generating ample of job opportunities so that one can easily grow &
succeed. Basically, entrepreneurship is a practice to start, operate as well as run a new business
organization. It depicts the ability of entrepreneur to start a new business with an aim to earn
significant amount of profit. Generally, entrepreneurship is all about starting a new business by
bearing all the risks with an aim to make higher amount of profit. In the modern era,
entrepreneurship is considered as an activity to transform the world by resolving the issues.
Innovation is significantly associated with entrepreneurial activities (Werthes, Mauer and Brettel,
2017). Here, entrepreneur is a person who takes risk to start and run a new business. They are
likely to facilitate innovation so that the issues can be resolved in an efficient manner. Here,
entrepreneurial practices are considered highly crucial for the economic prospective as it creates
job opportunities. Entrepreneurs take risk to start a new venture where they do not only employ
themselves but also creates employment opportunities for others. Their ambition to start a new
business eventually helps in creating new jobs. With the growth of business, new jobs are also
likely to create (Malecki, 2018). In context of UK, the entrepreneurship is considered as highly
imperative to ensure the growth of the country. It is seen that United Kingdom has numerous
entrepreneurs who are likely to contributes towards the growth of the economy significantly. The
study is about role of entrepreneurial activities in enhancing the economic growth of UK.
Further, this will also help in examine how entrepreneurship affects economic growth of UK.
Moreover, ways to enhance the economic growth through entrepreneurial activities have also
been included in the given report.
Rational of report
The main aim of conducting the present project is to understand the significance of
entrepreneurship. The study is based on entrepreneurial practices and its significance from
economical prospective. It is found that entrepreneurship is highly important practice that also
contributes in economic growth as well. It is about creating, developing and organizing a new
venture which also helps in developing ample of job opportunities. In addition to this,

entrepreneurs start a new business so that they can earn higher amount of profit. Also, they are
likely to innovate new and updated ways to deal with the business problems significantly. In the
modern time, the main aim of entrepreneurs is to develop innovative ways with an aim to deal
with problems in profound manner (Farani, Karimi and Motaghed, 2017). The report is useful for
personal & professional growth of investigator. In terms of professional context, this will help in
developing different knowledge base such as communication, presentation, data research,
analysis and more. Further, the project report will also make the entrepreneur enable to grow
personally by developing various competencies and skills. These skills will further contribute in
enhancement of the overall personality of the researcher in profound manner.
Research Aim:
“To determine the contribution of entrepreneurship in improving economic growth of the UK”.
Research Objectives
 To develop basic understanding regarding the concept of entrepreneurship in context of
the UK.
 To examine the impact of entrepreneurship on economic growth of the UK.
 To investigate the ways that would be used by an entrepreneur for improving economic
growth of the UK.
Research Questions
 What is the basic understanding regarding the concept of entrepreneurship in context of
the UK?
 What is the impact of entrepreneurship on economic growth of the UK?
 What are the ways that would be used by an entrepreneur for improving economic growth
of the UK?
Methodology
To complete a project report successfully, it is important to follow an appropriate
methodology. By following a suitable methodology, it is possible to get authentic and valuable
results that will prove helpful in successful completion of the research project. The present
project is based on suitable methodology including various components like research philosophy,
approach, strategy, choice, method of data collection, ethical consideration and more. In present

scenario, there is selection of primary method of data collection wherein the information will be
gathered through respondents. This information is useful in making meaningful conclusion to get
authentic outcomes in future period of time. Along with this, quantitative methodology has been
selected to analyze the data using suitable graphs, charts, tables and more.
Report structure
 Chapter one-Introduction: It is the first and crucial chapter that includes primary
information of the project including aims, objectives, rational of the project and more.
The main aim of this chapter is to make the readers familiar to the context of the research
study.
 Chapter Two-Literature Review: This is the second crucial chapter where the opinion,
view-points or various authors are included. It is important to develop significant
knowledge base regarding the topic.
 Chapter Three-Methodology: Under this, the appropriate methodology to complete the
project study successfully will include. In present situation, there is use of primary
method of data collection along with quantitative methodology where charts, graphs will
be used to analyze the data.
 Chapter Four-Findings: This chapter of the study will cover analysis of the information
using suitable tools such as charts, bar, graphs, tables and more so that the readers can
make valuable inferences through the available data.
 Chapter Five-Conclusion: It is the last chapter of dissertation that covers summarized
information of project report so that the readers can understand the final outcomes of the
project.
Chapter Two: Literature Review
Introduction
Literature Review covers opinions, thoughts and view-points of authors who have been
conducted study on the similar topic previously. The main aim of writing LR is to develop
knowledge & understanding regarding the topic. While undertaking a study, it is important to
write literature review so that the researcher can understand the topic broadly. Additionally, it is

a piece of academic writing that demonstrate knowledge of a specific topic in particular context.
It is a written view of authors about a particular topic. There are ample of sources of getting
authentic literature such as publications, journals, articles and more (Wakkee and et. al., 2019).
In present situation, the previous studies based on entrepreneurial practices and its significance
have been examines so that the researcher can write meaningful report effectively.
Concept of entrepreneurship in context of the UK
As per the point of view of Qian, (2018), entrepreneurship refers to the concept of
developing and running a new business with primary intention to gain profit by bearing huge
risks within corporate world. In simple words, entrepreneurship can be understood as the
willingness of entrepreneur to start a new venture. Also, entrepreneur plays an important role in
economic growth & enlargement. Entrepreneurship is all about starting a new business by
bearing all the risks with an aim to make higher amount of profit. In the modern era,
entrepreneurship is considered as an activity to transform the world by resolving the issues.
Innovation is significantly associated with entrepreneurial activities. To become a successful
entrepreneur one needs to have risk taking ability as the respective activity includes ample of
risks from the development of venture to running and managing the venture successfully. In
addition, they also need to have other skills like communication, negotiation, presentation, time-
management, decision-making and more (Kuratko and Morris, 2018). These skills &
competencies makes an individual enable to run the business in an appropriate manner. In UK,
there are numerous entrepreneurs who are doing small business and also contribute in
enlargement of the economy by generating employment, developing innovative products and
more. In UK, 5.9 million small businesses were present in 2020. Some of these business units are
also mediums and large size companies. In addition, there are nearly 3.5 million sole proprietors
working within UK apart from large companies and partnership firms. Also, the number of
private sector business has been increased from 2018 to 2020 by 35%. As a result, there are
nearly 200,000 new businesses started within the country (Entrepreneurship Statistics UK
Edition , 2022).

Figure: Functions of Entrepreneurship
(Source: Taxmann.com, 2022)
The above-image shows that there are ample of functions are performed by
entrepreneurs such as innovation & creativity, risk & achievement, organization & management,
research, overcoming from resistance and more. It is analyzed that for an entrepreneur, it is
important to stay innovative and creative. They need to invent new and updated practices to get
better outcomes. Further, they are also required to adopt risk with an aim to run business
successfully. Additionally, the entrepreneur also needs to perform different activities related to
organization & management so that the venture can run successfully. Further, research is also an
important activity to start and run a new venture in an efficient manner. Besides this, the
entrepreneur also needs to put efforts so that they can overcome from change and easily deal
with the change resistance.
Impact of entrepreneurship on economic growth of the UK
As per the point of view of McClelland, (2019), entrepreneurial function is considered as
highly imperative element to ensure overall economic growth. In present time, entrepreneurship
is regarded as an important practice to ensure the growth & enlargement of the economy of
country. However, the growth of different nation is measured based on different components.
The major element to drive economic growth is technological advancements which also includes
ample of forces that are integral for economic growth & enlargement. In the present era, the
numbers of industries are increasing that also give rise to emergence of entrepreneurship where

small business units play an important role. Besides this, entrepreneurship is a behaviour
focusing on resources more than the opportunities. Entrepreneur is a person who performs
different business related activities so that the new venture can be operated successfully. Here,
the entrepreneur bears the risk to start and run new business with an intention to earn potential
amount of profit (Bagheri, 2017). They not only create employment for self but also generate
employment opportunities for others. In the present time, employment is considered as a crucial
component of economic growth. By increasing the number of job opportunities, the country can
easily enlarge in future time. Here, entrepreneurship is related to increase the number of jobs
which further provide opportunities to individuals to earn higher level of income. As a result, the
individuals can enjoy better lifestyle that further proves helpful in upliftment of the entire
country.
Economic growth is considered as the most imperative component so that the economy of
a country can grow. It is analyzed the innovation efforts of an entrepreneur helps the firm to
introduce new inventions as a result the current technology get obsolete. The main aim of
entrepreneur is to develop a new product or service to resolve the prevailing issues within the
society. For this purpose, they invent new techniques and use their creativity. Here, such
advancements are helpful in ensuring the economic growth & success (Keeble and Wilkinson,
2017). In addition to this, entrepreneurs are also likely to spend huge time in research so that
they can invent something new that are valuable for the society as well. Furthermore,
entrepreneurship is a practice that converts knowledge into economic growth as entrepreneurs
find out new significant business opportunities and start new business to exploit such knowledge.
By using own knowledge, they introduce new products which further helps in making the things
simpler for users. Additionally, entrepreneurship might affect the growth of economy in different
ways like introducing innovations that further result in production of new products. For instance,
ample number of entrepreneurs such as Bill Gates, Henry Ford, Thomad Edison and more played
an imperative role in facilitating transformation in industries (Clayton, Feldman and Lowe,
2018). There is also another way of boosting the productivity by facing competition. They also
play a crucial role in improving the knowledge of customers by offering several alternatives to
them for existing products and services present in market place.

The small businesses give a significant contribution to UK economy by forming 98%
private sector businesses. This is because there are ample number of entrepreneurs present in the
country who offer different range of innovative ideas to drive growth of SMEs. In context of UK
economy, supporting entrepreneurship is highly crucial as it employees nearly 16 million people
of the nation. Also, the number is constantly growing even faster than the multinational
corporations. As stated that 98% business of private sector falls under SME within UK hence,
these entities are closely link to the economic growth of the country in significant manner. It is
found that small units are likely to contribute nearly 1.9 trillion Euros towards economic of UK
(THE IMPORTANCE OF ENTREPRENEURSHIP TO THE UK ECONOMY, 2019). Therefore,
there is significant correlation between economic growth and entrepreneurial practices of the
country.
Ways that would be used by an entrepreneur for improving economic growth of the UK
As per point of view Jena, (2020), entrepreneurs are regarded as an important part of the
economy as they can enhance the overall growth of the country by performing their roles
appropriately. They use their knowledge to develop new products to help the customers in an
efficient manner. Further, they are also likely to follow innovative practices with an aim to bring
innovative products in the market to resolve the issues prevailing within the society. However,
there are numerous way which can be adopted by the entrepreneurs so that they can contribute
towards the economic growth & enlargement of the respective nation. It is analyzed that
entrepreneurs provide job opportunities to others. They create new business which tends to create
job opportunities or employment for people in future period of time. Many people have been lost
their jobs due to COVID-19 pandemic hence entrepreneurship has been created opportunity to
either work for self or they can develop a new business (Sergi, 2019). By this way, not only
entrepreneurs can generate income but they can also help others in making an enriching & bright
career. Apart from this, entrepreneurs also play a crucial role in increasing the overall level of
competition and boost the productivity significantly. They create challenges for existing firms to
become more competitive by introducing new practices. It is monitored that entrepreneurs often
enter in the market by offering lower price & quality products to the customers. They also have
high variety of products to address the needs of buyers
(5 BENEFITS OF ENTREPRENEURSHIP IN THE ECONOMY, 2022). Due to this, the existing

players of market have to assess their operational practices, increase their values, lower the cost
and become more efficient.
Entrepreneurs can also contribute in enlargement and upliftment of the society by
creating new business & developing new market. As per the changing trends across the world,
demand of people is also changing constantly. It provides opportunities to entrepreneurs to start
their own new business. If the existing market has already reached at saturation, it provides
opportunities to entrepreneurs to develop new market where they can easily sell their products.
As a result, they start to seek for new market for their products that further positively affects the
growth of the entire economy. In addition to this, they might create the entire industry with
appropriate efforts to contribute towards social growth (Etzkowitz, 2017). In UK, entrepreneurs
are essential component for growth of the entire economy. There is numerous small business
units are being operated by the entrepreneurs. Here, entrepreneurs are also likely to create job
opportunities for local people. Moreover, entrepreneurs across UK also contribute in enhancing
the national income of country. The new products or services produced by them result in
improving in overall wealth from new markets. Besides this, high earnings from entrepreneurial
practices can also boost the national income significantly in the form of high government
spending and tax revenue, investment in struggling sectors for future growth. Moreover,
entrepreneurs can easily contribute in growth of the economy of UK by introducing innovative
technologies. It is analyzed the entrepreneurs are likely to use their knowledge in facilitating
creativity, innovation and technological development across the country (Rafindadi and Ozturk,
2017). Here, innovation and creativity are the major drivers and success factors for
entrepreneurial practices that contribute in creating great opportunities to the economy.
Therefore, there are ample of ways that can be adopted by entrepreneurs to contribute towards
growth and enhancement of the economy of UK in an efficient manner.
Conclusion
After going through the above-mentioned information, it is analyzed that
entrepreneurship is all about starting a new business by bearing all the risks with an aim to make
higher amount of profit. In the modern era, entrepreneurship is considered as an activity to
transform the world by resolving the issues. Innovation is significantly associated with
entrepreneurial activities. Further, entrepreneurship can be understood as the willingness of

entrepreneur to start a new venture. Also, entrepreneur plays an important role in economic
growth & enlargement. It is analyzed the innovation efforts of an entrepreneur helps the firm to
introduce new inventions as a result the current technology get obsolete. The main aim of
entrepreneur is to develop a new product or service to resolve the prevailing issues within the
society. For this purpose, they invent new techniques and use their creativity. Here, such
advancements are helpful in ensuring the economic growth & success. Numerous way which can
be adopted by the entrepreneurs so that they can contribute towards the economic growth &
enlargement of the respective nation. It is analyzed that entrepreneurs provide job opportunities
to others. They create new business which tends to create job opportunities or employment for
people in future period of time.
Chapter Three: Research Methodology
Introduction
Research methodology is about including step by step process to collect, analyze and
further evaluate the data efficiently. This is an important part of the overall project that further
leads the researcher towards getting appropriate outcomes. In addition to this, research
methodology includes several elements like research philosophy, approaches, method, data
collection methods, sampling and so on. The main aim of writing research methodology is to
identify suitable ways of collecting and analyzing the data so that appropriate conclusion can be
drawn. This part is imperative with an am to make critical analysis of the topic so that the project
work can be completed in a systematic manner (Guzińska and et. al., 2018). For this purpose,
numerous steps are followed by the investigator. In context of present project, there is analysis of
impact of entrepreneurial practices over economic growth of UK. Here, the different elements
used by the researcher are mentioned below:
Research Philosophy:
In research philosophy, believes and assumptions of researcher regarding the specific
research topic is taken into consideration so that the overall study can be conducted in an
appropriate way. This deals with broad aspect of research topic and further helps in developing

significant engagement of investigator towards the study. It is divided majorly in two sections
such as interpretivism and positivism. In case of interpretivism, the existing theory is analyzed in
detailed manner. Basically, it is about conducting detailed analysis regarding the topic. On other
side, positivism is all about analyzing the available information using quantitative and numerical
data. Here, the data is analyzed in numeric way to get authentic results (Kogan, Mayhew and
Vasarhelyi, 2019). The present study is based on positivism philosophy as there is use of
numerical information, facts that help in drawing meaningful conclusions. Further, the selection
of respective philosophy is also useful in critically analyzing the data so that the investigator can
reach at appropriate conclusion in future period of time.
Research Approach :
This part of the research methodology depicts the overall plan of study in a systematic
manner. Further, it sets a plan that leads the researcher towards making appropriate collection of
data to support the analysis in future. Moreover, it shows the path that might used by the
investigator to make further evaluation of data appropriately. In addition, this part of the project
also helps in dealing with the research related problems efficiently. In this regard, deductive &
inductive are the two major part of the research approaches. It is analyzed that deductive
approach is based on testing the validity and reliability of existing theory whereas inductive
approach is based on developing a new theory or concept (Jessee, 2019). For present study,
deductive approach has been used as it is most suitable way to assess the generalization of an
existing theory. The respective approach can also be used in terms of analyzing relations of two
variables significantly. In context of the present study, investigator is likely to analyze the
relation between entrepreneurial practices and economic growth of UK. Additionally, the
respective approach is less time consuming in nature that is important for timely completion of
project.
Research Method
Research methods are the strategies, process or techniques that are used for collecting,
analyzing and evaluating the data efficiently to develop broad understanding regarding the topic
of investigation. Here, research methods are considered as an integral part of the overall project
study so that the investigator can easily attain pre-defined goals of project in successful manner.
Here, different methods are used by the researcher to collect and evaluate the data (Nyika and

Murray-Orr, 2017). Quantitative and Qualitative are the two major methods of data collection. In
context of Quantitative method, there is use of numerical and statistical tools for the purpose of
evaluating the data. It is considered as an authentic way to evaluate the information so that
meaningful inferences can be made. In addition to this, the respective method is appropriate in
making proper evaluation of the available information. On other side, qualitative method is based
on analyzing non-numerical information. Unlike Quantitative method, there is no use of
numerical tools. However, it is useful in terms of collecting detailed & in-depth information
regarding the topic (Gaikwad, 2017). Based on the nature of present study, there is use of
quantitative method that is based on collecting and analyzing the data using statistical tools so
that appropriate inferences can be made. The main reason of using the respective method is to
analyze the data in authentic manner to get fair results in future period of time.
Data collection method
To conduct a research appropriately, it is imperative to collect necessary amount of
information. In this regard, various methods of data collection are used by the researcher. Data
collection is imperative to make meaningful decisions significantly. Primary & Secondary are
the two major methods of data collection that are often used by the researcher for successful
completion of the study (Brandenburg and McDonough, 2019). In primary data collection,
information is directly received from the respondents. Here, the information is raw and consists
higher authenticity. On other side, secondary data collection, information is gathered from
various sources like websites, articles, journals, publications and more (Jacobson and Borowski,
2019). By using secondary sources, it is easy to collect wide range of information within limited
period of time. In present context, primary data collection method has been used. Here, the
information is likely to collect through respondents using questionnaire. The respective source of
data collection is useful in terms of getting authentic information for success of research.
Research inquiry method
Research inquiry is a crucial part of the research as it helps in developing knowledge to
develop research questions so that the researcher can enhance own knowledge in significant
manner. There is requirement to keep the researcher engage in active learning by generating their
questions and seeking answer of such questions (Clark and et. al., 2017). In context of research
study, there are ample of inquiry methods can be used such as grounded theory, evaluation,

thematic analysis, content analysis, frequency distribution method, collecting the data and
interpret it. To get suitable outcomes, there is requirement to make selection of a suitable
method. Based on the nature of current project, frequency distribution method is highly suitable
as it is based on collecting the adequate amount of data from respondents to make valuable
inferences in significant manner. Here, the respective method is useful to gather significant
amount of information which further evaluated by using necessary graphs, charts, tables and
more. In present scenario, use of the respective method will help in making appropriate
conclusion for further betterment.
Selection Criteria
Sample need to select to complete a project in successful manner. By selecting the
samples, researcher can easily collect the data to conduct the research study efficiently. The main
rational of selecting samples is to make the overall study simpler. It is quite complex to consider
the entire population for the completion of project. Hence, sample units are selected so that
inferences can draw based on such samples. For this purpose, there is requirement to choose a
suitable criteria’s of selection (Brown and Tidy, 2019). In present scenario, selection has been
made from entrepreneurs and small business owners based on UK. Here, 55 samples have been
selected by using probability sampling method. In order to select the sample, two methods can
be used like probability and non-probability. Based on the nature of existing project, probability
sampling method has been selected as it is useful in making fair selection of the units. Further,
this method is also imperative to gain authentic results by making effective selection of the units
so that the study can be completed in successful manner.
Data Analysis:
Data analysis is about evaluating the information efficiently so that appropriate decisions
can be made. Main aim of data analysis is to interpret the available information in an efficient
manner. By analyzing the data, it is possible for the researcher to reach at meaningful conclusion
for further betterment. In addition, data analysis tends to help the investigator to extract valuable
outcomes to make the overall study successful. In this regard, several techniques of data analysis
can be used such as content analysis, thematic analysis, numeric analysis and more (Daniel,
2018). In present situation, the data is analyzed using numerical tools. There is use of
quantitative methods that is based on collection and interpretation of numeric information. In

present scenario, necessary tables, charts, graphs are used with an aim to evaluate the data in a
systematic manner. This will help in gaining authentic response for further completion of the
research project successfully.
Research Ethics
Ethical consideration is important to complete a research study in an appropriate manner.
By following ethics, it is possible to complete the project systematically. In addition to this,
ethical consideration is also important to promote the aims & objectives of project. In this regard,
there are numerous ethics are followed such as confidentiality anonymity and more (Gilroy and
et. al., 2018). In context of current project, the researcher is likely to use principle of
confidentiality by keeping the information of respondents secure. For this purpose, the
investigator is also likely to follow data protection act to keep the data safe & secure. Further,
researcher will also follow necessary principles so that the overall study can be complete in
better manner. Additionally, investigator is likely to use appropriate tools so that the data can be
maintained confidentially.
Validity & Reliability
Validity is important to acquire authentic information for completion of project study. To
collect the information, numerous sources are used. It is important to consider the validity &
reliability of such sources while making the final selection (Nyika, and Murray-Orr, 2017). In
context of primary data, it is directly collected from the participants hence, it is considered
highly valid and reliable. Also, the researcher used authentic and valid websites, articles and
publications to gather secondary information for the purpose of completing research report in
successful manner.
Chapter Four: Findings/ Analysis/ Discussion
Questions
Q1.) Are you familiar to the concept of entrepreneurship in terms of
developing the economy?
Frequency
a) Yes 40
b) No 7
c) Somewhat 8

Q2.) In your opinion, how entrepreneurs contribute in ensuring the
growth and development of UK?
Frequency
a) Increase in GDP 25
b) Generating employment 15
c) Enhancing exchange of goods within the economy 10
d) All of the above 5
Q3). As per your consideration, what are the entrepreneurial practices
which contributes in economic growth and development
Frequency
a) Introducing innovation 17
b) Resolving issues 18
c) Starting a new venture 10
d) All of the above 20
Q3.) As per you, what are the necessary steps need to take by
entrepreneurs to successfully run a business?
Frequency
a) Stay positive 20
b) Follow passion 12
c) c) Build Network 13
d) All of the above 10
Q4.) Are you agree that positive actions of entrepreneurs are helpful in
increasing employment across the nation?
Frequency
a) Yes 30
b) No 6
c) May be 19
Q5.) What are the skills and competencies need to present in an
entrepreneur to contribute towards economic growth?
Frequency
a) Communication skills 15
b) Time management 12
c) Decisions- making 11
d) All of the above 17
Q6.) In your consideration, what are the challenges faced by
entrepreneurs while starting or running a business to significantly
Frequency

contribute towards economic growth ?
a) Lack of funds 20
b) Lack of experience 15
c) Absence of clear pathway 10
d) All of the above 10
Q7) What do you think, does entrepreneurial practices are helpful in
enhancing the income of individuals across UK to ensure economic
growth?
Frequency
a) Yes 30
b) No 10
c) May Be 15
Q8). In your consideration, how skills & competencies of entrepreneurs
are useful in dealing with the challenges faced while contributing
towards growth of economy within UK?
Frequency
a) Converting resources in goods 17
b) Starting a new business venture 8
c) Create job opportunities for others 20
d) All of the above 10
Q9). As per your consideration, what are the ways can be used by the
entrepreneurs so that they can improve their overall contribution in
growth and enhancement of economy of UK?
Frequency
a) Learning new skills 22
b) Stay Optimistic 13
c) Taking risk 8
d) All of the above 12
Q10). In your consideration, does positive entrepreneurial practices are
useful in ensuring long term sustainability and growth of economy of
UK?
Frequency
a) Yes 25
b) No 15
c) MayBe 15

Q1.) Are you familiar to the concept of entrepreneurship in terms of
developing the economy?
Frequency
a) Yes 40
b) No 7
c) Somewhat 8
a) Yes b) No c) Somewhat
0
5
10
15
20
25
30
35
40
45
Interpretation: From above dia-gram, it is analyzed that 40 respondents out of 55 are aware
with the concept of entrepreneurship in context of economic growth and development within UK
whereas 7 individuals do not have necessary knowledge regarding the concept of
entrepreneurship within UK. There are other 8 individual who have been shown neutral response
in terms of having knowledge regarding the concept of entrepreneurship in context of economic
growth.
Theme: Contribution of entrepreneurs in ensuring the growth and development of UK
Q2.) In your opinion, how entrepreneurs contribute in ensuring the Frequency

growth and development of UK?
a) Increase in GDP 25
b) Generating employment 15
c) Enhancing exchange of goods within the economy 10
d) All of the above 5
a) Increase in GDP b) Generating
employment c) Enhancing
exchange of goods
within the economy
d) All of the above
0
5
10
15
20
25
30
Interpretation: Through above-graph, it is monitored that 25 individuals consider that
entrepreneurs are likely to contribute towards increment in GDP whereas as per 15 participants
entrepreneurs play an imperative role in terms of generating employment across the nation to
ensure future growth. Also, 10 individuals consider that entrepreneurs are likely to contribute in
improving the exchange of goods within the economy of country. Rest, 5 individuals think that
all of the above-mentioned contributions are important that are done by entrepreneurs to ensure
economic development.
Theme: entrepreneurial practices which contributes in economic growth and development
Q3). As per your consideration, what are the entrepreneurial practices Frequency

which contributes in economic growth and development?
a) Introducing innovation 17
b) Resolving issues 18
c) Starting a new venture 10
d) All of the above 20
a) Introducing
innovation b) Resolving issues c) Starting a new
venture d) All of the above
0
5
10
15
20
25
Interpretation: Based on the above-graph, there are several practices which are followed by the
entrepreneurs to contribute in economic growth of UK. As per 17 respondents out of 55, the
major important entrepreneurial practice is introducing innovation within the country whereas 18
individuals consider that resolving issues is also a crucial practice that is often follow by the
entrepreneurs so that they can ensure the growth of economy of the country in significant
manner. Further, 10 individuals consider that starting a new venture is an imperative
entrepreneurial practice which is also useful to ensure growth of economy across UK. Rest 20
participants consider that all of the above practices are useful for entrepreneurs to ensure
economic growth & development.

Theme: Necessary steps need to take by entrepreneurs to successfully run a business
Q4.) As per you, what are the necessary steps need to take by
entrepreneurs to successfully run a business?
Frequency
a) Stay positive 20
b) Follow passion 12
c) c) Build Network 13
d) All of the above 10
a) Stay positive b) Follow passion c) c) Build Network d) All of the above
0
5
10
15
20
25
Interpretation: It is analyzed through above-chart that as per 20 participants out of 55, stay
positive is a crucial step need to take by entrepreneur to run a business successfully whereas 12
individuals consider that follow passion is an imperative step which needs to follow by the
entrepreneur so that they can run business successfully. Further, there are 13 participants who
consider that building network is an imperative practice with an aim to operate a business
organization in successful manner. Rest 10 individuals consider that all the above-mentioned
steps need to follow by the entrepreneurs so that they can run business appropriately.

Theme: Role of positive actions of entrepreneurs are helpful in increasing employment across
the nation
Q5.) Are you agree that positive actions of entrepreneurs are helpful in
increasing employment across the nation?
Frequency
a) Yes 30
b) No 6
c) May be 19
a) Yes b) No c) May be
0
5
10
15
20
25
30
35
Interpretation: The above-diagram shows that as per 30 respondents positive actions of
entrepreneurs are important to enhance employment within UK. On other side, 6 individuals
consider that positive actions of entrepreneurs are not likely to contribute in increasing
employment opportunities within the country. There are also 19 individuals who have been
shown neutral response regarding the impact of positive actions of entrepreneurs in increasing
employment within UK.
Theme: Skills and competencies need to present in an entrepreneur to contribute towards
economic growth

Q6.) What are the skills and competencies need to present in an
entrepreneur to contribute towards economic growth?
Frequency
a) Communication skills 15
b) Time management 12
c) Decisions- making 11
d) All of the above 17
a) Communication
skills b) Time management c) Decisions- making d) All of the above
0
2
4
6
8
10
12
14
16
18
Interpretation: The above-diagram is based on the skills & competencies needed to start and
run a new business in successful manner. As per stated by 15 participants, communication skill is
imperative for an entrepreneur to start and run a new venture successfully. There are 12
participants who consider time management as an important skills for starting and running a new
business venture. Further, decision-making skills are also considered important by 11
participants. Rest, 17 individuals are in favor of all the above-mentioned skills & competencies
to start and run a new business venture in an efficient manner. Therefore majority of the
respondents agree that there is requirement of various skills such as communication, time
management, decision-making to run a venture efficiently.

Theme: Challenges faced by entrepreneurs while starting or running a business to
significantly contribute towards economic growth
Q7.) In your consideration, what are the challenges faced by
entrepreneurs while starting or running a business to significantly
contribute towards economic growth ?
Frequency
a) Lack of funds 20
b) Lack of experience 15
c) Absence of clear pathway 10
d) All of the above 10
a) Lack of funds b) Lack of experience c) Absence of clear
pathway d) All of the above
0
5
10
15
20
25
Interpretation: In the above-graph, challenges faced by the entrepreneurs during starting or
operating a business have been demonstrated. As per 20 participants out of 55, lack of funds is a
major challenge that is faced by entrepreneurs while starting or running a new business venture.
There are other 15 individuals who consider lack of experience as a crucial challenge to start and
run a new business venture in successful manner. Absence of clear pathway is also a major
challenge that is encountered by 10 individuals while they start or run a new business. Rest 10

participants consider that all the above-mentioned challenges are significant that affects
development and functions of entrepreneurial venture effectively.
Theme: Role of entrepreneurial practices in enhancing the income of individuals across UK to
ensure economic growth
Q8). What do you think, does entrepreneurial practices are helpful in
enhancing the income of individuals across UK to ensure economic
growth?
Frequency
a) Yes 30
b) No 10
c) May Be 15
a) Yes b) No c) May Be
0
5
10
15
20
25
30
35
Interpretation: As per stated in the above-graph, 30 participants have positive attitude in terms
of role of entrepreneurial practices in improving the income of individuals across UK whereas 10
individuals consider that entrepreneurial practices are not likely to contribute in improving the
overall income level of the individuals within UK. Rest 15 participants have been demonstrated
neutral response in terms of impact of entrepreneurial practices on increment of income of
individuals within the country.

Theme: Impact of skills & competencies of entrepreneurs are useful in dealing with the
challenges faced while contributing towards growth of economy within UK
Q9). In your consideration, how skills & competencies of entrepreneurs
are useful in dealing with the challenges faced while contributing
towards growth of economy within UK?
Frequency
a) Converting resources in goods 17
b) Starting a new business venture 8
c) Create job opportunities for others 20
d) All of the above 10
a) Converting
resources in goods b) Starting a new
business venture c) Create job
opportunities for
others
d) All of the above
0
5
10
15
20
25
Interpretation: Through the above-chart, it is analyzed that as per 17 participants converting
resources into goods is a profound competence of entrepreneurs to contribute towards economic
growth whereas starting a new venture is also considered as an imperative skills and competency
of entrepreneur which make them enable to contribute towards enhancement of economy. Other
20 individuals consider that entrepreneurs also play an important role in creating job
opportunities that is also a crucial competence of them and further allow them to contribute in
overall economic enhancement. Rest 10 individuals consider that all the above-mentioned

competencies of entrepreneurs are useful to contribute in terms of economic growth in
significant manner.
Theme: Role of positive entrepreneurial practices are useful in ensuring long term
sustainability and growth of economy of UK
Q10). In your consideration, does positive entrepreneurial practices are
useful in ensuring long term sustainability and growth of economy of
UK?
Frequency
a) Yes 25
b) No 15
c) MayBe 15
a) Yes b) No c) MayBe
0
5
10
15
20
25
30
Interpretation: It is analyzed through above dia-gram that as per 15 respondents positive
entrepreneurial activities are likely to contribute in ensuring long-term sustainability and growth
of economy of UK whereas 15 individuals consider that positive activities of entrepreneurs are
not likely to help in ensuring sustainability and growth of economy. Rest 15 individuals have
neutral opinion regarding the role of positive entrepreneurial practices are useful in ensuring long
term sustainability and growth of economy of UK.

Chapter Five: Conclusion
Out of the above-mentioned study, it is summarized that in the modern era,
entrepreneurship is considered as an activity to transform the world by resolving the issues.
Innovation is significantly associated with entrepreneurial activities It depicts the ability of
entrepreneur to start a new business with an aim to earn significant amount of profit. Generally,
entrepreneurship is all about starting a new business by bearing all the risks with an aim to make
higher amount of profit. In context of UK, the entrepreneurship is considered as highly
imperative to ensure the growth of the country. It is seen that United Kingdom has numerous
entrepreneurs who are likely to contributes towards the growth of the economy significantly.
Further, it is analyzed the entrepreneur needs to have significant skills and competencies with an
aim to perform their duties in an efficient manner. They have responsibility of starting, managing
and running an entity appropriately. This is only possible by having necessary skills and
knowledge regarding the entrepreneurial practices. By having significant amount of knowledge,
they will be able to develop new products or services which can be further used to resolve the
issues faced by the customers. Further, entrepreneurs also play an imperative role in ensuring the
growth of economy. They generate employment opportunities so that more and more people get
job and further contribute towards economy. Moreover, they also help in increasing the flow of
good & services across the nation that leads the GDP of country towards higher rate. In addition,
entrepreneurs also play an imperative role in increasing the overall productivity of the country.
They not only employ themselves but also create employment for others that is imperative for
the overall growth of the nation. Through the study, it is analyzed that there are ample of ways
through which the contribution of entrepreneurs can be enhanced towards economy. In this
regard, they need to improve their skillset, competencies, knowledge base so that they can
actively perform their role with an aim to ensure enlargement of the nation in significant manner.
Recommendations:
 The government of UK needs to take suitable steps to ensure upliftment of entrepreneurs.
For this purpose, they need to provide utmost support to entrepreneurs by offering them
adequate amount of funds, land, equipments and more. By offering support, it is possible
to encourage more and more people to become entrepreneur so that they can easily create
job opportunities for others as well. This will help in growth of the overall country in
profound manner.

 The other recommendation is related to offer training to entrepreneurs so that they can
develop necessary skills in order to perform their roles and responsibilities significantly.
Here, these skills are imperative for entrepreneur to run the business venture successfully.
In addition to this, this initiative will also help in promoting entrepreneurship within the
country.
 The government authorities need to arrange seminars where entrepreneurs get
opportunity to learn from other experienced people. The main aim of such seminars is to
provide a platform to entrepreneurs where they can discuss their ideas and get
suggestions of other successful business personalities as well.
Reflection
The current project is based on entrepreneurial practices and their role in improving the
economic growth of UK. While completing the study, I got detailed knowledge regarding
entrepreneurship that is useful for me in terms understanding the initial requirements to become a
good entrepreneur. Further, the project let me know the skills & competencies need to present in
a person to become a successful business personalities. In addition to this, I also got to know
regarding the challenges or issues which are often faced by entrepreneurs while they start or run
their own venture. The report is about role of entrepreneurs in growth & development of the
overall economy. While working on the current project, I came to know that entrepreneurship is
an imperative practice to increase the overall income of individuals within the country. They not
only create opportunities for self but also play an important role in creating employment
opportunities for others as well. Besides this, I got communication skills during the project as I
used to interact ample of people which enhanced my potential to interact with others. It helped
me to minimize my hesitation while it comes to interact with strangers. Now, I can easily interact
with other people. This skill is imperative to maintain better relation with others. In professional
context, communication skills will allow me to put better impression on my seniors and
subordinated as well so that I can grow in my career in future period of time. The other skill
which I developed through the project study is presentation. Here, I used to present the
information in such a manner that users can easily understand it. For this purpose, I used to
prepare effective presentations using suitable visuals, charts, tables and other elements. This
improved my ability to create and deliver the presentation significantly. As a result, I can easily

create an effective presentation which will put better impression on viewers. Further, this also
removed my hesitation to deliver presentation in front of my seniors & experience people. The
respective skill will allow me to get tremendous amount of success in my professional career.
During the study, I used to work with a team of diversify people. Here, we all need to interact
with each-other and help each-other so that the project work can be completed successfully. I
used to maintain positive relation with each of my team members. I used to interact with them so
that I can learn new skills. Different people have different experiences, expertise and knowledge.
When these people work as a team, there is opportunity to learn from each-other. During team
work, I put my maximum efforts so that I can learn from the experiences of other team members.
By this way I developed ample of skills that will prove beneficial to gain success in the
competitive environment. As a result, now, I can easily work in a team of diversify individuals.
This will help me in getting promotion in my job and further make me enable to get a better
position. Moreover, my time management skills also got enhanced while working on the project
as I used to prepare an appropriate schedule so that I can complete my duties in timely manner.
For this purpose, I used to divide my time in such a manner that I can utilize it efficiently. This
improved my capabilities to create an appropriate schedule with an aim to attain my targets
within organization. Therefore, I developed ample of skills & competencies throughout the
project which will allow me to stay competitive in the current job market.


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