London School of Science: Entrepreneurship in Britain Report (ENB218)

This report provides a comprehensive analysis of entrepreneurship in Britain, examining the support it receives from the government and the broader economic system. It delves into the role of entrepreneurship in driving economic growth, generating employment opportunities, and fostering technological advancements within the UK. The report also investigates the challenges faced by entrepreneurs and assesses the geographical distribution of entrepreneurial activity, using the Global Entrepreneurship Index as a benchmark. Furthermore, it explores the structure and systems that both support and hinder entrepreneurial ventures in the UK, providing a well-rounded perspective on the current state and future prospects of entrepreneurship in Britain. The report includes an introduction, a discussion of the UK's support and obstacles to entrepreneurship, an analysis of entrepreneurship's role in the British economy, an examination of its geographical development, and concludes with recommendations.

Running Head: ENTREPRENEURSHIP
Entrepreneurship
Report
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Executive summary
This report is totally focused on the Entrepreneurship exist in Britain. It includes the support
which Entrepreneurship is getting from the Britain government and from the overall system of
Britain. It also focuses on the hinders created by this system for Entrepreneurship in Britain
along with the role of entrepreneurship in Britain in the terms of growth of Britain economy,
generation of job opportunity and bringing new technology. It also focuses on the geographical
development of Entrepreneurship in Britain in terms of global entrepreneur index which displays
the range of Britain in the world in terms of Entrepreneurship.

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Table of Contents
Introduction.................................................................................................................................................3
Structure and system of U.K which supports and hinders Entrepreneurship...............................................4
Role of entrepreneurship in Britain.............................................................................................................5
Geographical development of Entrepreneurship in Britain..........................................................................7
Conclusion and Recommendation.............................................................................................................11

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Introduction
As Britain has realized the real value of the Entrepreneurship in terms of economic growth, so
they have introduced reform schemes which can financially support these entrepreneurs because
in most of the cases it has been found out the even having better idea they were not able to
provide life to their ideas because of this capital shortage. Also, the image of the entrepreneur in
some case has been seeing negative in the eyes of British society which must be changed with
the help of education (Welter and Lasch, 2008). As per the study, it has been seen that
Entrepreneurship is playing a different role in bringing them up the overall development of
Britain in order to provide quality life to their citizens which is the first priority of every country
present in this world. As Britain is among one of the most resourceful countries in this world,
thus it can take benefit of that by initiating entrepreneurs from various parts of the world by
offering them trade visas. The British government has also introduced a cluster group which
involves people from all segment of business in order to provide necessary help to establish
entrepreneur environment in Britain (Mason, 2012). Entrepreneurship specifies abilities of
management, imagination, and originality in business. It is about supervision modification and
assertive things onward. Entrepreneurs are significant individuals who are able to lever
disagreement. They are ingenious in detection novel means to do things differently; they
absolutely see the hazards but heightened steadiness with the probabilities (Blackburn and
Smallbone, 2008). Primarily in the developing frugality, the entrepreneurs are undeveloped to
explore the reality of this dynamic business world.

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Structure and system of U.K which supports and hinders Entrepreneurship
In several cases, it has been seen that various entrepreneurs face difficulties in raising capital for
their ideas. Here they had only two choices whether access the credit on a higher rate or
complete lots of regulations after a lot of meeting to convince the venture capitalist to fund for
their idea. As per U.K government, entrepreneurs are trying to find out many alternate sources
for raising fund for their idea (Harrison and Leitch, 2010). Hence, the British government has
introduced various schemes in order to aid these small or medium size business enterprise
because they are well aware of the facts that this enterprise is directly linked with the
employment generation of Britain. The Britain government system has introduced £ 75 million
as a scheme of capital enterprise fund from which almost £ 50 million is being supported by
government and rest are from other big country giants. The Britain government has launched a
separate portal for the support of this Enterprise. The support of Britain government is not
limited to only finance but they are actually encouraging their youth to take free business-related
program which can be of 4/5 days, in which the audience is being introduced with the real world
of business apart from their business studies (George and Bock, 2011). The system of Britain has
formed a cluster group in which people associate with all kinds of business in areas like food,
hairstyles, beauty skin, designers, child care, and music encourage the participants for
partnership in order to motivate them to enter in this line. But at the same time, the trade policies
of Britain is actually acting as a hinder to the Entrepreneurship by forming bitter relation with the
neighboring countries which are part of European Union. Due to global marketing of
entrepreneur, an image is being created in the minds of British people that Entrepreneurs only
objective is to just earn money and have nothing to do with the social problems (Haeussler and
Colyvas, 2011). In many cases, they are being seen as exploiters of man, material and resources
in British society.

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Role of entrepreneurship in Britain
Entrepreneurship plays a very important role in boosting the economy of Britain by providing a
great amount of support in almost all the area. Entrepreneurship offers a wide range of services
to the community of Britain, in form of household emergency, event management, childcare and
many more (Clark and Drinkwater, 2010). Entrepreneurship helps the small as well as big
business to grow faster by providing interconnected links between them and also offers them a
flexible system which helps these enterprises to think out of the box. Entrepreneurship helps in
creating values for the present and future requirement of the customers or potential customers.
Entrepreneurship also helps in creating various job opportunities for Britain populations by
supporting those businesses which are going through a bad phase. The job is not only related to
the satisfaction of the individual person but it is related to the satisfaction of whole community as
well as a nation because the economy of any government is totally based on the tax generation
which is being collected from the income of the Britain population (Huggins and Williams,
2011). It also keeps the young generation away from the anxiety of being jobless which in turn
can convert into depression. This depression can give rise to low creativity and innovation in
Britain and can move the youth towards crime.
Entrepreneurship also plays a very important role in supporting the Britain community by
handling the issues related to these community and forming them as a part of their mission
(Liñán, Rodríguez-Cohard and Rueda-Cantuche, 2011). It actually offers a friendly community
in Britain which are in need of service support in order to improve the life the people associated
with these communities by offering them a healthy and creative life or a vision to live for. It is
this Entrepreneurship which forces the establishment of small entrepreneurs to enter in this
business world.
Examples
Dyson Company is one of the best real life examples from Britain which has actually supported
the growth of Britain economy through their hiring process by investing £45 m a year and has
provided an easy in the life style of Britain people. Dyson has focused their objective on

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removing dusty which affects the health of a common man through their advance engineering
technology like cyclone technology of removing dust.
Another best example is Virgin group which in the business of Airlines and has been
contributing in the economy of the Britain by offering financial support to the small startup ideas
and by offering job opportunities to the youth of the Britain.
(Source: OECD, 2017)
Entrepreneurship also plays important role in increasing the economy of the British scale by
increasing the level of competition by providing entrance to the fresh entrepreneurs in present
domestic marketplaces (McEvoy and Hafeez, 2008). While one may venture to say that this will
only lead to market saturation, the upside of such a phenomenon is that it causes all the players
in the market to re-evaluate their operational capabilities, increase value addition, lower costs
and become more efficient. Thus it can be stated that competition reduces the likelihood of
monopolies and oligopolies in the marketplace and is beneficial to the customer and the economy
as a whole (Patzelt, Williams and Shepherd, 2014).
One of the benefits of amplified competition in an economy is that persons and companies
endure to source techniques that can healthier advance their processes; use capitals more
competently and most significantly reduce prices though adding worth. These usually result in an

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upsurge inefficiency in an economy and an upsurge in the gross domestic product, which is
certainly an advantage for the economy (Toma, Grigore and Marinescu, 2014). While
adversaries incline to national that when efficiency upsurges the joblessness can frequently
upsurge, thus plummeting the optimistic impacts, it is the estimation of the some scholars that
amplified productivity foremost to amplified joblessness will then cause more persons to be
imaginative, discovery niche marketplaces, convert in to entrepreneurs and initiate producing
more service chances, therefore re-inventing the wheel and move the economy of Britain
forward.
There are many chances that increased competition in the market platform can result in
saturation and this situation may motivate these entrepreneurs to introduce novel products and
services or familiarize market penetration strategies (Millán, Congregado and Román, 2014).
This environment which forces these individuals to look for the new market can be considered as
the positive impact of Entrepreneurship for the Britain development. Hence entrepreneurs can
look at the combination of globalization for looking new market, economic growth, development
of the society in which they are going to operate and a bundle of job opportunities generation
(Bagwell, 2008). But in some cases, Entrepreneurship is seen as a threat to the existing
businesses because they are forcing an individual to go for new products without spending
enough time with the already purchased one and many times even customer feel offended that
the product which was bought by him got the order within one week of purchase.
Geographical development of Entrepreneurship in Britain
Geographical development of Entrepreneurship in Britain is on peak and is offering one of the
most creative and innovative countries of the world. Almost 45% of Britain presently are in
believe that the best way of avoiding the fear of failure is to open a business. Britain is known as
one of the top rank countries in the field of stock exchange. Britain is offering full freedom in
terms of business in such a way that the around 59% of the new companies which are opened in
Britain has very fewer competitors in the business market which are offering similar kind of
product or services. In present time Britain is one of the most developed countries which offers

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high living standards and a quality life to their citizens as compared to rest of the world and
hence every single person of the world has a dream to visit Britain and explore the life which
other countries are not able to offer.
(Source: GEI, 2018)
The graph of Global Entrepreneurship Index (2018-18) is clearly indicating that Britain ranks
second in the list of the countries in terms of startup skills, cultural support, opportunities,
technological absorption, and high growth.
Entrepreneurial essence in the UK is flourishing in which one among three people wants to start
an enterprise, as per new research printed by business software as well as by services provider
Sage.

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It has been indicated by the studies that the country’s present economic dependency on the South
East will jump towards northwards, with the North East soon recognized as the center of UK
start-ups within the next two years, as persons take better regulator of their own future.
Around 500,000 new enterprises are opening every year in Britain, among which seven in 10 are
started from a fixed point of view to become boss. It has been found that Britain stands fifth in
the world for the number of starts according to the imperial college business school. The main
reason for these activities is because of their interest in exploring new technologies according to
the dynamic business environment.
It is not wrong in saying that small enterprise and entrepreneurs are the bloodlines of the British
economy because it is not just a startup the idea it is actually a motivational chain which acts like
a nuclear reaction in which the fusion will go on exploring (Flew, 2010).
Entrepreneurship indicates potentials of leadership, creativity, and novelty in business. It is about
handling alteration and pushing things onward. Entrepreneurs are influential persons and able to
handle opposition (Smith and Stevens, 2010). They are imaginative in discovering new means to
do things; they positively see the dangers but enhanced equilibrium with the chances.
Predominantly in the evolving parsimonies, the entrepreneurs are immature and female, present
educations indicate this fact.
Entrepreneurs are always seen as very positively contributors for the economic growth, while
inside organizations they are regularly perceived as a threat. They do not work rendering to the
rules, they, they frequently need to break down the rubrics in command to be prosperous
(Sternberg, 2009). They are authoritative with their thoughts; other persons in the organization
may sense offended and attempt to hinder an entrepreneur from going further. In circumstance an
entrepreneur is prosperous, there are all entrances open for a reckless track career. But that´s
precise, why other persons are in a row for their carrier opportunity.
In spirit, the country is in need of more entrepreneurship in their civilization, economy and
particularly in any organizations (Keupp and Gassmann, 2009). Else the entrepreneurs might
leave the nation and will start on some other country. Because of which there is a chance that
Britain will lose the groundbreaking volume to raise economies wild onward. According to the

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mindset of Britain population, it is not only the duty of the government to support
entrepreneurship but it is also the duty of all the partners of the society in which they will operate
because of their direct impact in the lives of the common British individual.
(Source: ERC, 2018)
This graph is actually focusing on the regional wise capability of Britain to conduct business
with respect to the business environment. As per the study, it has been found that small and
medium enterprise act as the backbone of the Britain business body by providing more job
opportunity to a common individual in order to sustain their life (Huggins and Williams, 2011).
It has been found that around 85.6% of profit is being generated by these small firms and among
all the regions London tops the list of Britain in terms of turnover. Around 53.8 % of the small
business is of home-based which almost operates in the same residential region which are being
operated by family-based generations (Bruton, Ahlstrom and Obloj, 2008). It has been seen that
the family based business have less impact as compared to new opening businesses. It has been
seen that in the majority of the small business which is operating on British land, always have
involvement of their founder which can have positive as well as negative impact. Founder
involvement can generate positive impact in the form of providing financial decision and quick

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operational choices, while on the negative side there is a chance that founder is not updated with
the latest techniques, pushing their own values on the enterprise instead of following quality
standards (Ekinsmyth, 2011).
(Source: ERC, 2018)
According to this report it has been found that in Britain females are emerging as more
competitive entrepreneurs in small enterprises segment as compared to males and are able to run
the business in a more advanced way. In terms of innovation, London emerges are one of the
most important regions of Britain in case of creating a new concept not only for Britain but also
for the world.
Conclusion and Recommendation
Entrepreneurship is a serious driver of monetary health, industrial transformation, social
alteration, and technical development for Britain. In an effort to find out how to better support