The Contribution of Entrepreneurship in Improving Economic Growth of the UK

This dissertation explores the role of entrepreneurship in improving economic growth of the UK. It includes a literature review on the concept of entrepreneurship, its impact on economic growth, and ways that can be used by an entrepreneur to improve economic growth. The methodology used for the research is also discussed along with potential outcomes and a risk register. Subject: Specialist Project, Course Code: N/A, Course Name: N/A, College/University: N/A

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

Table of Contents
I. Introduction............................................................................................................................3
Background to the study.........................................................................................................3
II. Brief Literature Review..........................................................................................................4
What is the concept of entrepreneurship in context of the UK?.............................................4
What is the impact of entrepreneurship on economic growth of the UK?.............................4
III. What are the ways that would be used by an entrepreneur for improving economic
growth of the UK?..................................................................................................................5
IV. Methodology...........................................................................................................................7
V. Potential Outcomes.................................................................................................................9
VI. CONCEPTUAL MAP............................................................................................................9
VII. Gantt Chart.........................................................................................................................9
VIII. Risk Register....................................................................................................................12
IX. References............................................................................................................................13

I. Introduction
Overview in the chapter
The contribution of entrepreneurship in improving economic growth of the UK.
Background to the study
The role of entrepreneurship in getting increased in the economic growth and it has received
major attention in the UK market. As it can also be seen that UK has become the most
entrepreneurial economy which is known to take innovative, risk taking venture as compared to
other leading countries. The entrepreneurs introduce new technologies, various products and
services in the market which lead to boost the economic growth. The research will outline the
contribution of entrepreneurship in improving economic growth of the UK. Along with the ways
which can be used by an entrepreneur for improving economic growth of the UK.
Aim
To determine the contribution of entrepreneurship in improving economic growth of the UK.
Objective
 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
Questions
 What is 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?

II. Brief Literature Review
What is the concept of entrepreneurship in context of the UK?
According to the point of view of Terán-Yépez, and et.al (2020), entrepreneurship is
defined as the creation to develop and manage the business venture to earn profit. It is called as
the activity to set the business goals for profit on the financial risks. It is the process to discover
the new ways to combined the resources. It is the process which is generally manage or
organised by the new organisation. It is help to start and develop a company to improve the
market. It is organised by the entrepreneur. It is help to develop, manage, organised and run the
enterprises of business to make the profit. Starting the new business is known as the
entrepreneurship.
In the opinion to Hall (2021), the concept of entrepreneurship is to develop or organised
the new business to earn profits on the financial risks. It is discover as the risk taking strategy
which aims to make a profit for the organisation. It is help to combined the resources. It is start
with new business venture to earning profit along with risks. In other words, it is defined as the
new business which id taking to many risk within the market for earning the profit. It is run by
the entrepreneur. It is the concept of entrepreneurial behaviour that help to develop and manage
the overall business activity for make the profit. It is the action process where an entrepreneur
take the responsibility to establish the new business.
According to the view Dana (2021), entrepreneurship is refers to the process of managing
and developing the business venture in context to gain profit by taking the financial and
commercial risks. It is help in willingness to start a new business. It is the term where an
entrepreneur undertakes the responsibility of new business such as risk, profits, function etc. it is
the process of action, creation, innovation and developing the business venture for improve the
economic opportunities. It is the ability to access the many kinds of opportunities to give
contribution in the national growth. It is the term of designing, running and launching the new
business within the market.
What is the impact of entrepreneurship on economic growth of the UK?
As per the view of Ehsanullah, and et.al (2021), the impact of entrepreneurship on
economic growth of the UK is overall positive. As it is help to promotes the economic growth.

Entrepreneurship help to promotes and develop the economic growth for innovative nature. It is
basically determine as the fixed capital, labour, financial capital, entrepreneurship and
technology. It is promote the economic growth by new ways. Entrepreneurship may help to
attract more money that is help to increase and improve the economic growth. It is help to
economic growth by introducing the new product & services and innovative technology. It is
help to boost the growth. It is help to make a new business effective and efficient. It is help to
improve the productivity of a business that is help to increase the economic growth.
Entrepreneurship help the workers and business to make more efficient. As it is help in cost falls,
demand expands, income rise and profits.
According to the view of Solarin, and et.al (2021), there are positive impacts of the
entrepreneurship on the economic growth of the UK. As entrepreneurship help to develop and
manage the overall productivity of the business and takes the risk for gain the profit. It is help to
increase the growth of economy. Entrepreneurship helps to promote the economy growth by
introducing the new ventures, technologies, resources, product and services and many more. It is
help to provide many ways to gain and improve the economic growth. It is help to make the
business and workers more efficient to improve the productivity of the business that is help to
increase the economic growth.
In the opinion to Anton, and Nucu (2020), entrepreneurship is help to manage and
organised the new business venture to make the profit by taking financial risk. As it is help to
increase the economic growth of UK. Entrepreneur is the term which is provide many resources
to earn profit. It is help in increase the growth of economy. It is help to increase the productivity
and sales of the business that is help in increasing the economic growth. It is introduce many new
product and services, new business ventures, technologies that is help to promote the economic
growth of the UK. It is make the business and workers more efficient that is help to increase the
overall productivity as well as economy growth.
III. What are the ways that would be used by an entrepreneur for improving economic growth of
the UK?
According to the view of Langley, and et.al (2020), there are many ways that is used by
an entrepreneur to improve the economy growth of UK. They used to provide the job
opportunities. It is help to increase the number of people that is help to manage the overall
activity of business. Entrepreneurs used to increase the competition within the market and boost

the productivity. It is help to improve the growth of economy. They used to create new business
and markets. They encourage the effective resources of mobilisation. They used to develop the
market's product and services that is help to increase the overall economic growth.
As per the point of view of Indarti, and et.al (2020), there are some ways that is used by
entrepreneur to improve the economic growth of UK. They provide job opportunities. It is help
to get the new employees within the business that help to manage and control the overall
business process. They boost the business productivity and increase the competition in the
market that is help to improve the growth of the economy. They create the new business and new
markets that is help to increase the competition within the market. It is help to boost the
productivity and performance of the employees.

IV. Methodology
The term research methodology is explained as the proper set of methods which are utilised to
define and examine the information about the topic. It is known to allow the reader to evaluate
the overall consistency of the information. This methodology covers right procedures which are
used to analyse about the information of the topic and it is one of the important area of the
research project (Abuzjarova, 2018).
Research philosophy
The term research philosophy is categorised into two parts that is positivism and interpretivism
philosophy. Under this the researcher will prefer positivism research philosophy because it
supports in gathering the quantitative data for the research. In addition to this, this research
philosophy monitors the well-defined structure in order to conduct the whole research
systematically.
Research Choice
It is further divided into two parts that is are quantitative and qualitative method and in relation
to this study, the researcher will consider the quantitative method as it is related to collect the
numerical data under the present research.
Research Strategy
The research strategy is available in various forms such as interview, surveys, observation and
many others. In context of the present research, the researcher will select the survey strategy
since it benefits in gathering the numerical data from the respondents. This research strategy is
one of the cost effective methods that is why the researcher will be able to conduct whole
research in low cost (He and et.al., 2020).
Research Instrument
Surveys, questionnaires, checklists, tests are some of the types of research instruments. From all
the options available the researcher will choose questionnaire because under this the researcher
can collect the data in a proper manner in relation to the topic.
Data collection
There are two forms which are involved into the data collection such as primary and secondary
data collection. Under this research both data collection methods will be used because it supports
in collecting the information directly from the respondents. Along with the other sources that is
books, journals and many others.

Data Analysis
Thematic, frequency distribution and many others are the types of the data analysis and the
researcher will go for the frequency distribution for calculating and assessing the numerical data
and information. The main benefit of using frequency distribution data analysis is to present raw
data in a planned arrangement Kurilova and et.al.,2019).
Sampling
There are two types of sampling such as probability and non-probability and in this research,
research will prefer the probability sampling since it benefits in selecting the respondents
randomly from whole population. It can be said that the sampling is exact, objective and
impartial that aid the researcher to conduct the research thoroughly. In this about 30 employees
will be selected as the respondents.
Ethical Consideration
Ethical Consideration is defined as the collection of numerous opinion that are used to guide the
research practices and designs related to the research. That is why the principle which is required
to follow in the research such as confidentiality, informed consent, potential for harm, results
communication, anonymity voluntary participants and many others.

V. Potential Outcomes
From the above research, it has been examined that entrepreneurship is crucial for the economic
development which also provides various benefits to the society a whole (Malecki, 2018).
Moreover, entrepreneurs provide new job opportunities in the short and long term for the people.
There are various risks which must be taken care while doing business otherwise,
entrepreneurship cannot flourish in an overregulated economy. The economy is doing well due to
the entrepreneurial firms as there are innovative type of entrepreneurs exist in the market. As per
the market situation, UK has become the entrepreneurial economy which takes innovative steps
and also takes risk as compared to other leading countries. In relation to the entrepreneurs, they
introduce new technologies, various products and services in the market which lead to boost the
economic growth.
VI. CONCEPTUAL MAP
Figure 1: Entrepreneurship
VII. Gantt Chart
The term Gantt chart is defined as the tool which is mainly used in the project management in
order to plan the tasks so that it can be accomplished on time (Pradhan and et.al.,2020).

VIII. Risk Register
Number Risk Mitigation
1 Cost With the help of using questionnaire, the
cost of risk can be mitigated in the
research.
2 Time By using Gantt chart, the researcher will,
be able to mitigate the time risk in well
method.
3 Resources By gathering data from the secondary
sources, the researcher effectively will
mitigate the resources risk for the risk.
4 Safety Moreover, by maintaining the privacy of
the participants in gathering the data
benefits in justifying the safety risk in the
following risk.

IX. References
Books and Journals
Abuzjarova, M.I., 2018. Tendencies, law of development and economic content of innovative
entrepreneurship. Modern Economy Success, (1), pp.43-50.
Anton, S.G. and Nucu, A.E.A., 2020. The effect of financial development on renewable energy
consumption. A panel data approach. Renewable Energy, 147, pp.330-338.
Dana, L.P. ed., 2021. World encyclopedia of entrepreneurship. Edward Elgar Publishing.
Ehsanullah, S., and et.al., 2021. How energy insecurity leads to energy poverty? Do
environmental consideration and climate change concerns matters. Environmental
Science and Pollution Research, 28(39), pp.55041-55052.
Hall, S.M., 2021. The Migrant's Paradox: Street Livelihoods and Marginal Citizenship in
Britain (Vol. 31). U of Minnesota Press.
He, J., Nazari, M., Zhang, Y. and Cai, N., 2020. Opportunity-based entrepreneurship and
environmental quality of sustainable development: A resource and institutional
perspective. Journal of Cleaner Production, 256, p.120390.
Indarti, N., and et.al., 2020. Quo vadis, ethnic entrepreneurship? A bibliometric analysis of
ethnic entrepreneurship in growing markets. Journal of Entrepreneurship in Emerging
Economies.
Kurilova, A., Lysenko, E., Pronkin, N., Mukhin, K. and Syromyatnikov, D., 2019. The impact of
strategic outsourcing on the interaction market in entrepreneurship education. Journal of
Entrepreneurship Education, 22(4), pp.1-11.
Langley, P., and et.al., 2020. Crowdfunding cities: Social entrepreneurship, speculation and
solidarity in Berlin. Geoforum, 115, pp.11-20.
Malecki, E.J., 2018. Entrepreneurs, networks, and economic development: A review of recent
research. Reflections and extensions on key papers of the first twenty-five years of advances.
Pradhan, R.P., Arvin, M.B., Nair, M. and Bennett, S.E., 2020. The dynamics among
entrepreneurship, innovation, and economic growth in the Eurozone countries. Journal of Policy
Modeling, 42(5), pp.1106-1122.
Solarin, S.A., and et.al., 2021. ICT, financial development, economic growth and electricity
consumption: New evidence from Malaysia. Global Business Review, 22(4), pp.941-
962.
Terán-Yépez, E., and et.al., 2020. Sustainable entrepreneurship: Review of its evolution and new
trends. Journal of Cleaner Production, 252, p.119742.
Online
Entrepreneurship 2022 [Online] available
at :https://www.mindmeister.com/99358403/entrepreneurship