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.
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.
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 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.
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 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 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 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.
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.
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 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.
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 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).
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
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 such a significant section of society, investigators and specialists endure inquiring why some republics, areas, and cities have additional entrepreneurship than rest of others. Britain government is known for its system support towards entrepreneurship. Britain has actually a framework which is formed on social structures viewpoint guides that focuses on the three main classes of infrastructure: resource benefactions, policies and regulations, and branded purposes. Britain is well known as the viewpoint of entrepreneurship; a system that motivates revolution, entrepreneurial ecologies, and resource optimization are combined into this outline.
Britain government is aware that entrepreneurship always requires support mechanisms in order to convert entrepreneurship in the common interest of the British public as well as for their private sector organizations. For the support of entrepreneurship, the British government has introduced many schemes in order to provide financial support in order to flourish Entrepreneur environment because the government is well aware that it is the only mean of generating job opportunities for the British youth which will help them in offering a sense of satisfied from their life. Incoming 10 years around more than half of the world population will have youth as their representatives and in such situation, if these people are not provided the right track, then it is possible that the percentage of low innovation, creativity and amount of crime will rise in the nation. It has been seen that in few cases entrepreneur is considered as the entire which is forcing the individual to go for the change. So, in this case the role of British government become more serious in terms of educating their population that entrepreneurs are no threat to the society, in fact, they are the most important pillars of the society which works for the development of the common man by focusing on those aspects which are creating problems like issues related to design, technology, storing, lower down cost in the life of a common man.
Britain has decided to exit from the European Union which in result will impact on the trade relations of Britain with other European countries. As all the European countries have their companies Headquarter located in London, so this exit decision will create some barriers within Europe. Hence the British government must bring necessary reforms in their trade policies in order to promote business with neighbors by introducing such trade policies which will help in promoting Entrepreneurship in all over Europe. This will provide a free pass to the common British individual who was to start his own business but is afraid of this Britain exit from the European Union.
In order to support Entrepreneurship, the Britain government must not maintain these startups only up to their country but also must motivate foreign Entrepreneurs to practice their idea on their country ground which will create a unique image in the minds of other countries which in return will help in creating large number of job opportunities on global level. As unemployment is one of the global issues facing by all the countries of the world and in this situation, supporting Entrepreneurs will help to resolve this problem and it will also help in bringing down the crime rate on a global level because they are directly linked to each other. Here the British government can provide visas related to foreign Entrepreneurs in order to start their business by resolving their visa related issues.
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