Entrepreneurship in UK: Role, Development, and Examples Report

This report provides a comprehensive overview of entrepreneurship in the United Kingdom, analyzing the structures and systems that either support or hinder entrepreneurial activities. It explores the significant role entrepreneurship plays in the UK economy, including contributions from small businesses and the creation of jobs and innovation. The report examines the geographical development of entrepreneurship across the UK, highlighting talent concentration and regional variations. Real-world examples of successful entrepreneurs, such as James Dyson and Richard Branson, are presented to illustrate key concepts. The report concludes with recommendations for entrepreneurs and a detailed analysis of the UK's entrepreneurial landscape, offering valuable insights for students and researchers interested in business development and the UK economy. The report is available on Desklib, a platform offering study tools, past papers, and solved assignments.

Running head: ENTREPRENEURSHIP IN UK
Entrepreneurship in UK
Name of the student
Name of the University
Author note

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Executive Summary
The primary purpose of this report is to throw light on the structures along with systems that
supports and hinders the aspect of entrepreneurship of a country. The report also elaborates
on the role played by entrepreneurship in UK. The report also talks about geographical
development in relation to entrepreneurship in UK. The report also provides the examples of
real-world examples pertaining to entrepreneurship in UK.

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Table of Contents
Introduction................................................................................................................................3
Structures and the systems in relation to Entrepreneurship.......................................................3
Role of Entrepreneurship in UK................................................................................................4
Geographical Development of Entrepreneurship in UK............................................................5
Real-world examples of entrepreneurs in UK............................................................................7
Recommendations......................................................................................................................8
Conclusion..................................................................................................................................9
References................................................................................................................................10

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Introduction
Entrepreneurship refers to process of the launching and running of a new business that
is often initially a small business. It is indicative of the capacity along with willingness of
developing and managing a business venture that can help a business in making profit. There
are high risks that are involved in launching start-up and a large part of the start-up business
have to close down owing to lack of the funding and the bad business decisions (Dees 2017).
An Entrepreneur has the ability of acting upon an opportunity that can help in translating
inventions into that of the new products. An entrepreneur is able to recognize commercial
potential in relation to invention and organize talent that can help in turning an invention into
that of a commercially viable innovation. An entrepreneur plays an important role in bringing
about the economic growth of a country and it can help in improving standard of living
within a country. The role of entrepreneurs revolves around setting up the new business along
with the industrial units that paves the path for infrastructure improvements. This report
discusses about the structure and the system in UK that can support or hinder the aspect of
entrepreneurship in the country. The report also elaborates on the geographical development
in relation to Entrepreneurship in UK. The report also provides the examples of real-world
examples of entrepreneurship within UK.
Structures and the systems in relation to Entrepreneurship
The government of a country should focus on growing the existing industries and start
building on their foundation along with skills that can help in encouraging the aspect of
entrepreneurship of a country. The private sectors should be engaged by the government from
start that can help in supporting the element of entrepreneurship of a country. The
government of a country having an anti-competitive culture can help in hindering the growth
of entrepreneurship in a country. The unfair taxation being removed in a country can be

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instrumental in encouraging entrepreneurship within a country. The government structure that
can help in encouraging entrepreneurship pertains to grants, tax incentives along with support
programs. The government of a country pursuing “growth oriented approach” can help in
fostering the growth of the entrepreneurs in a country (Businesscloud.co.uk 2018). The
government ministers can play an important role in directing government departments that
can help in developing effective policies in relation to Entrepreneurship. The policies of the
government should be broadly focussed and it should be holistic that can help in creating
entrepreneurs in a country. The government should develop the policies that can help in
addressing needs of both business along with management team that can support
entrepreneurship in a country.
Entrepreneurship in a country is hindered owing to its culture along with education
system. The culture prevailing in a country that lays more stress on myths hinders the
entrepreneurs of a country. The entrepreneurship of a country is hindered in the countries
where failure is viewed as a very negative aspect in those countries
(Centreforentrepreneurs.org 2018). The system prevailing in a country that does not value
risks proves to be instrumental in developing entrepreneurship within a country. Corruption is
another important factor that has an effect on the element of entrepreneurship in a country.
The regional disparities occurring within a country can act as a barrier in the path of
entrepreneurs of a country. The non-availability of the aspect of capital acts as a hindrance in
the path of entrepreneurship of a country.
Role of Entrepreneurship in UK
Statistics have pointed out to the fact that the small business of UK have been able to
contribute huge amount of 1.9 trillion pound in the economy of UK. The small businesses are
instrumental in providing vital services to that of the local communities in UK. The
entrepreneurs helps the large companies in UK in running business in an efficient manner.

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The big business in UK understand significance of the entrepreneurs when the essentials are
sourced in relation to catering along with stationery. The significance of entrepreneurship
within the job market of UK is increasing at a steady pace. The jobs within the local
companies can help those who are not able to commute in contributing to the economy of UK
(Dees 2017). Entrepreneurship helps in providing the university graduates first step
pertaining to career ladder. The job roles within the small business are more flexible and
entrepreneurs can help in providing a work environment that is less formal. The independent
business within UK helps in attracting dedicated staff who can aid in the growth of a
business. In the event of many entrepreneurs, running business in an independent manner
they can help in providing a service that is more personal as compared to the multi-chain
companies. The entrepreneurs gets involved in the local events of UK that helps in improving
the aspect of community spirit of a country (Kirzner 2015). The entrepreneurs help in driving
the aspect of wealth creation along with productivity within the economy of UK. The high
growth firms in UK are mainly small business and they help in driving innovation of a
country. The entrepreneurs have succeeded in introducing new technologies that have paved
the path for the creation of countless industries (Preuss and Dyerson 2017). Entrepreneurship
has succeeded in improving quality of life of the people living in UK. On the other hand, it is
also said that entrepreneurs can add to the problems that impairs progress made in the
societies of UK. It is also pointed out by some researchers that entrepreneurship does not
always act as a productive force in the society of UK. The independent entrepreneurs in UK
articulates the social needs and they make use of their skills for addressing the needs (Storey
2016).
Geographical Development of Entrepreneurship in UK
Talent concentration in UK can be said to be associated with that of entrepreneurial
activity along with culture. The distribution pertaining to human capital that is called talent

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acts as a significant factor in relation to locational decisions of the firms and it helps in
driving the economic growth of UK. It has been found that talent is distributed in an unequal
manner across the various cities of UK and there exist some places within UK that have more
educated workers as compared to the rest of the parts of UK (Drucker 2014). There is huge
amount of talent that that of the city level that paves the path for more amount of
entrepreneurial activity. This has paved the way for the creation of knowledge-based
industries in various places within UK.
Oxford within UK has promoted many industries as there are a large number of
people in Oxford who have the requisite amount of knowledge that is required for
entrepreneurship. There are other places like Inverness within Scotland along with
Cambridge that acts as attractive place in relation to the new business ventures (Kuratko
2016). Official data has revealed the fact that the Britons are involved in the launching of
new business in that of record numbers. It has been brought out with the help of research that
there were 657,790 start-ups that were registered with that of Companies House in the year
2016 (Businesscloud.co.uk 2018).
London has high quality pertaining to entrepreneurial support structure that makes it
outperform as compared to that of rest of country (Cooper and Folta 2017). There are other
areas in UK that are also thriving like the cities of Manchester, Edinburgh along with
Glasgow that act as the top performers whereas the cities like Watford, Warrington along
with Luton that have high start-up rate as compared to their small population (Parker 2018). It
suggests that these cities are drawing on the factor of dynamism existing in the nearby cities.
There are seaside towns like Brighton along with Poole that witness the aspect of rising
entrepreneurial tide in UK (Burns 2016). The remote coastal along with rural areas act as
poor performer in relation to entrepreneurship in UK.

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Figure: Number of Entrepreneurs in UK
Source: Businesscloud.co.uk 2018
Report brought out by Centre for Entrepreneurs have brought out that record number
of business has been launched in UK in last year and London had opened the maximum
number of business in UK (Kazanjian, Drazin and Glynn 2017). London has the thriving
financial hub and it has the vibrant culture that augments the growth of entrepreneurs in the
region.
Real-world examples of entrepreneurs in UK
James Dyson worked on the vacuum cleaner and he was able to build a company of
his own. James Dyson has been provided with knighthood and he was able to buy more land
as compared to the Queen. James Dyson has been able to gain personal fortune that was
around 2.8 billion pound. The company of Dyson comprises of more than that of 1000
engineers and it has been able to maintain the market position with the help of constant
research along with development.

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Richard Branson built on the success of his record shop and he started record label
called Virgin Records. Branson started off with the music industry but later on he branched
out to various eclectic collections which includes Virgin Airways, Virgin Holidays, Virgin
Active and Virgin Media. The career path of Richard Branson has been able to win him a
prominent position in that of UK. Branson has been able to amass fortune whose net worth
was around 3.6 billion pound.
Figure: Track Record of Virgin Atlantic Airways
Source: Virgin.com 2018
Recommendations
 The entrepreneur can restructure the portfolio pertaining to income that can act
to the benefit of the entrepreneurs. Portfolio diversification carries its own
share of the benefits but the growth component of portfolio can be ratcheted
down. It can help the business of the entrepreneur in becoming main growth
component in relation to the overall portfolio.
 The challenges and the risks can be handled by the aspect of rebalancing on
that of income-based investments. It can also be recommended that

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entrepreneurs can use the capital in the savings accounts that can help in the
funding of business (Daskalaki, Hjorth and Mair 2015). Restructuring of
investment portfolio of investor can help in mitigating the aspect of savings
depletion of the entrepreneurs. It can also be suggested that entrepreneurs
should start the business with very few liabilities.
 The risk can be mitigated by the creation of solid financial projection and one
can work directly with the financial advisor that can help in construction of
cash flow projection in relation to the life of the entrepreneur (Chell et al.
2016). The entrepreneur can also sell off the important items that can help him
in handling the challenges in relation to entrepreneurship. The entrepreneurs in
UK can perform risk analysis by the evaluation of effects in relation to the
risky activities.
 The entrepreneurs can take recourse to quality assurance program that can
help in the reduction of risk in relation to product failure. The entrepreneurs
should identify the problems by taking recourse to the system of customer
service.
Conclusion
Entrepreneurship is indicative of process that can help in starting a new business.
Entrepreneurship refers to the capacity of an individual for managing a business which can be
useful for a business and help it in making profits. The anti-competitive culture existing
within a country can hinder growth of the business. Unfair taxation should be removed in
country that can encourage the aspect of entrepreneurship of a country. The entrepreneurs in
UK by the introduction of the new technologies can help in the growing of various business
in UK. Entrepreneurship can improve the quality of life of the people and it can pave the path
for economic development of a country. The talent concentration within UK can be said to be

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related to the aspect of entrepreneurial activity. Talent is an important attribute which can be
instrumental in driving economic growth of a country. Oxford helps in the promotion of
various industries and there are many people in UK who possess the skills of
entrepreneurship. The places in UK like Inverness and that of Scotland helps in the starting of
new business ventures. The restructuring of portfolio of entrepreneurs can be useful for the
entrepreneurs in UK.

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References
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Businesscloud.co.uk 2018. Most entrepreneurial cities in the UK revealed. [online]
BusinessCloud.co.uk. Available at: https://www.businesscloud.co.uk/news/most-
entrepreneurial-cities-in-the-uk-revealed [Accessed 17 Dec. 2018].
Centreforentrepreneurs.org 2018. How entrepreneurial was the UK in 2015? - The Centre for
Entrepreneurs. [online] The Centre for Entrepreneurs. Available at:
https://centreforentrepreneurs.org/how-entrepreneurial-was-the-uk-in-2015/ [Accessed 17
Dec. 2018].
Chell, E., Spence, L.J., Perrini, F. and Harris, J.D., 2016. Social entrepreneurship and
business ethics: Does social equal ethical?. Journal of business ethics, 133(4), pp.619-625.
Cooper, A. and Folta, T., 2017. Entrepreneurship and high‐technology clusters. The
Blackwell handbook of entrepreneurship, pp.348-367.
Daskalaki, M., Hjorth, D. and Mair, J., 2015. Are entrepreneurship, communities, and social
transformation related?. Journal of Management Inquiry, 24(4), pp.419-423.
Dees, J.G., 2017. 1 The Meaning of Social Entrepreneurship. In Case Studies in Social
Entrepreneurship and Sustainability(pp. 34-42). Routledge.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Kazanjian, R.K., Drazin, R. and Glynn, M.A., 2017. Implementing strategies for corporate
entrepreneurship: A knowledge‐based perspective. Strategic entrepreneurship: Creating a
new mindset, pp.173-199.
Kirzner, I.M., 2015. Competition and entrepreneurship. University of Chicago press.