While learning about entrepreneurship and the rise of the same in the business sector, I came to know about various aspects of business as well as the reason behind the rise of the entrepreneur in every layer of the business types. These entrepreneurship helps the nations to develop a strong economy as well as make social improvements by the help of new or improved products, various other services, adaptation and usage of the new technologies which helps in opening up the right market opportunities. I have also observed that entrepreneurship helps with the high rate of employment and higher earnings that leads to more development on the government affairs regarding the economy as well. Thus, all the benefits from entrepreneurship brings a huge economic success to the national income and opens up a gate for future development.
For this assessment I am going to discuss the family businesses in entrepreneurship. As the name suggests, family businesses are the type of commercial organization where the process of decision making is undertaken by multiple families. As I have observed that the families can be related by blood, marriage or even adaptation and some of the individuals are having the ability to influence the business by using their goals and objectives. In the following I am going to describe the economic contribution of the family entrepreneurship businesses in Uk along with how it helps in promoting the culture of the same. In this discussion I will also include how the culture is successful enough in bringing the opportunities and challenges in the family businesses in the UK.
In any kind of nation, the economy and the activities related to the economy, there is a huge importance for the industries and businesses which helps in the economic development of the nation as well as help in achieving the common goals such as employment and enrichment of the culture. These industries as well as small or large size of businesses help in producing goods, extraction of services (Garcia, Klinger and Stathoulopoulos, 2018). While pursuing the research about entrepreneurship and the concept of the family businesses, I have observed that there is a higher increase of the family businesses across the United Kingdom than the other businesses based on the different sectors. In the United Kingdom, there are five big industries that are helping the economy of the country and helping in enhancing the economic strength. The first and foremost industry is the Supermarkets which helps in generating a total of $207.0B as per the recent data of 2020-2021 (Brien, P., 2022). Changes in the shopping habits or the aggressive expansion of discounts in the supermarkets helps in attracting the customer and generate a high amount of revenue. The other industries are construction, tourism and manufacturing. The daily increase and changes in the lifestyle and need among the consumers has been helpful for the economic growth of the country. As per the recent data about the gross domestic product, the United Kingdom is at 6th position for being successful in economic establishment (Van Helvert et al., 2018). Along with the industries of the United Kingdom, the concept of family businesses is increasing by 70-80 percent in the entire business sector of the United Kingdom.
By conducting some of the research about the family businesses, I have observed that the concept has started rising near about the 1950s and started having massive development from near about 1980s. To enrich the economic growth of the United Kingdom, family entrepreneurship and their activities pay a vital role. Over 30% of the UK’s total GDP is increased by the help of the operations and profitability of the family businesses which, according to me, have a lot of influence (Zellweger, 2017). The family businesses are involved in the embodiment and also to embrace the responsibility for United Kingdom’s capitalism. I have observed how they help in avoiding excessive debt from the business, high rate of employee turnover and use their long-term sustainable approach for the betterment in the business profitability which contributes for the economic success.
While pursuing the task and the module, I undertook research on some of the research papers, which helped me in learning the business culture in the UK. I found that the business organization still follows the hierarchical structure in the business process. However, the leaders deliver polite instructions to their subordinates, while being all humble and firm in order to lead the teams for better effectiveness (Krishnan, N., 2020). They learn to lead teams by important ad firm management skills. The class distinction culture is not that prominent in the business culture in recent times, although the hierarchy is still being maintained for the right kind of leadership and effective team performances (Maduagwu and Igwe, 2018). I observed how the business meetings are very time consuming and informal at times. All the British employees as well as the organization are very much task oriented. While conducting the research I learnt that the British negotiators are very tough and skillful, while being calm and polite (Maduagwu and Igwe, 2018). They also follow the same in the decision-making process which helps in their achievement for the future goals and objectives. The time management of the British people is one of the biggest success keys in the progress of the business.
I have always observed how the term culture can influence a certain operation in the business operation and helped in establishing the effectiveness and the benefits in outcome. Cultures always have a huge influence on the operation of the organization (Aldrich et al., 2021). A proper organizational culture helps in the establishment of the leadership or entire function of the business. In the UK there is a huge importance of family businesses to enrich the economy for the nation (Cooke and Huggins, 2018). The culture helps the family businesses in establishing a good business environment, retaining as well as attracting all the talents through their own developed organizational culture. The decision making and communication also get influenced by the help of culture. I have learnt that the family businesses in the organization and their communication is very much influenced by the hierarchical structure in order to keep the flow of the communication in the business.
From the previous sections I have reflected about entrepreneurship, family businesses and the culture as well as its impact on the family entrepreneurship sectors. While studying about the same I have observed there is a huge influence of the culture in the family businesses in the UK which helps them in attaining the desired goals and objectives (Discua. and Basco, 2018). Culture in every kind of family business defines the values, norms as well as the standards that have the capability and right kind of influence for the employees and professionals in the business to achieve the goals. However, the wrong establishment of culture can have a negative effect on the organization and create obstacles in the succession process (Ratten et al., 2017). According to me, the development of the culture totally depends on the type of organization. Based on the need and the operation of the organization the culture can be transformed. In many of the UK family businesses, the culture made a huge improvement in the strategies in order to make the operation more flexible and thus it influences the organization by the positive impact as well as opens up a gate for better innovativeness (Ratten et al., 2017). On the other hand, culture helps in having greater value in the organization which can be followed for better growth for the operations. Like every other culture, the UK culture also helps in practicing in the operation. During research I have found out that in the family businesses, every single member of the family shares the same kind of value and it flows from generation after generation. The UK businesses are always driven towards the values which help in enriching the social as well as economic success through the help of the culture and the shared value (Van Helvert et al., 2018). I have observed how the family entrepreneur and businesses are very much into the social and economic approaches. Most of the family businesses in the UK have been involved in social and entrepreneurship where they put themselves upfront and engage themselves in the contribution for the development.
While pursuing the research I have identified some of the interesting attributes which are helping the family businesses and their entrepreneurs for the desired success. The factors that I have discovered are such as the effort of all the family members into the family business, their long-term investment horizon, their business reputation and image by the help of the culture and values. However, there are some of the researches where I have observed some of the challenges that have potential in creating the obstacles in the business function. These are the challenges that can have a negative impact on the operation and the abilities as well (Ifb.org.uk. 2022). This causes discouragement and poor governance structure as well in the family business process.
As for the challenges, I observed they are always the dynamics, performances and governance of the entire process of family entrepreneurship. The challenges about the family business dynamic that I have observed are about understanding the concept of the family business and passing it down to generation, maintaining the family value, and promoting sustainability by the help of value and culture (Ifb.org.uk. 2022). As for family governance, I found the factors such as managing all kinds of differences within business, building a good kind of family governance, and lastly managing communication which I think is very much essential for the entire operation of the entrepreneurship. Although as I have previously discussed, communication must always depend on the business culture as practiced in the UK. Lastly, for the business performances I have observed that employing the right kind of advisor, maximizing all the capital of the people, fostering family entrepreneurship in the UK business market while standing out by the deliverance is very challenging for the population (Ifb.org.uk. 2022).
On the other hand, I found some of the factors that can be considered as the opportunities for the business in order to foster the business and entrepreneurship for the future scopes and development as well as profit. As per my observation, the involvement of good culture in the family business operation helps in establishing the good work culture and a great hub for the talents by retaining and attracting them towards the company’s operation. Proper culture in the organization helps in practicing innovations which is a great key towards. Good effective communication is always a better opportunity for family entrepreneurship to have an effective outcome that can even contribute to the economic growth of the nation as well.
After the entire study on entrepreneurship and the family businesses I have understood certain areas which are crucial for any kind of family businesses. I have observed that most of the family businesses such as Dyson or Pentland group contribute to the increase of the UK’s GDP or increase more practice for family entrepreneurship (Growth Business. 2022). I came across several theories related to entrepreneurship, which can be applied to obtain growth and success from the business environment (Baker and Welter, 2020). For better engagement and economic growth, I think the application of innovation theory can be beneficial for family entrepreneurship. With the help of good culture and value, entrepreneur businesses can always attract the skillful people for the innovation (Bradley et al., 2021). This can enhance the value and the reputation of the company. The second theory, which I think is appropriate for the growth of family entrepreneurship, is the theory of social change. The entrepreneurship growth depends on the ethical value system (Bansal, Garg and Sharma, 2019). Every family business has their own kind of value and ethics which can be used for the social change by the acquisition of money, the technologies and increasing the productivity can be effective for the growth of family businesses.
Conclusion
After the entire paper, it can be concluded that the study that I have conducted was about entrepreneurship and family businesses in the UK. In the paper, I learn how culture plays a massive role for the growth of family entrepreneurship. I observed that culture and the values of the families help in creating a good business environment. The business culture of Uk influences a lot for the team work or the communication of the organizations. In the paper, I enlightened the challenges that can be obstacles and the opportunities which have potential to foster the family businesses towards economic success. According to me, it is important because most of the economic contributions are made by family entrepreneurship. Lastly, I applied two of the entrepreneurship theories: theories of social change and theories of innovation which can be effective for the entrepreneurship for the family businesses in order to have a sustainable growth.
References
Aldrich, H.E., Brumana, M., Campopiano, G. and Minola, T., 2021. Embedded but not asleep: Entrepreneurship and family business research in the 21st century. Journal of Family Business Strategy, 12(1), p.100390.
Baker, T. and Welter, F., 2020. Contextualizing entrepreneurship theory (p. 188).
Bansal, S., Garg, I. and Sharma, G.D., 2019. Social entrepreneurship as a path for social change and driver of sustainable development: A systematic review and research agenda. Sustainability, 11(4), p.1091.
Bradley, S.W., Kim, P.H., Klein, P.G., McMullen, J.S. and Wennberg, K., 2021. Policy for innovative entrepreneurship: Institutions, interventions, and societal challenges. Strategic Entrepreneurship Journal, 15(2), pp.167-184
Brien, P., 2022. Service industries: Key Economic Indicators. [online] House of Commons Library. Available at: <https://commonslibrary.parliament.uk/research-briefings/sn02786/> [Accessed 19 March 2022].
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Discua Cruz, A. and Basco, R., 2018. Family perspective on entrepreneurship. In The Palgrave handbook of multidisciplinary perspectives on entrepreneurship (pp. 147-175). Palgrave Macmillan, Cham.
Garcia, J.M., Klinger, J. and Stathoulopoulos, K., 2018. Creative nation: How the creative industries are powering the UK’s nations and regions.
Growth Business. 2022. Eight of the most successful UK family businesses. [online] Available at: <https://www.growthbusiness.co.uk/eight-of-the-most-successful-uk-family-businesses-2554281/> [Accessed 19 March 2022].
Ifb.org.uk. 2022. [online] Available at: <https://www.ifb.org.uk/media/1057/branding-the-family-business-final-for-web.pdf> [Accessed 19 March 2022].
Krishnan, N., 2020. Developing Culture in Family Business. NHRD Network Journal, 13(1), pp.84-90.
Lounsbury, M., Cornelissen, J., Granqvist, N. and Grodal, S., 2019. Culture, innovation and entrepreneurship. Innovation, 21(1), pp.1-12.
Maduagwu, C. and Igwe, R.F.D.A., 2018. Business Cultures of UK and Nigeria: Comparative Analysis using Geert Hofstede, Fons Trompenaars and Charles Hampden-Turner Theories. Business Cultures of UK and Nigeria: Comparative Analysis using Geert Hofstede, Fons Trompenaars and Charles Hampden-Turner Theories, 16(1), pp.18-pages.
Ratten, V., Ramadani, V., Dana, L.P., Hoy, F. and Ferreira, J., 2017. Family entrepreneurship and internationalization strategies. Review of International Business and Strategy.
Van Helvert, J., Nordqvist, M., Blackburn, D. and Heinonen, J., 2018. Entrepreneurship from a family business perspective. Blackburn, R. De Clercq, D. and Heinonen, J.(Eds).
Zellweger, T., 2017. Managing the family business: Theory and practice. Edward Elgar Publishing.
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