Situational Analysis of Entrepreneurial Business in the UK - Essay Example

Entrepreneurship Table of Contents Introduction 3 Situational Analysis of Entrepreneurial Business in the UK 4 Economic Situation of the UK and Entrepreneurial Business 4 Political Situation of the UK and Entrepreneurial Business 5 Technological Advancement Situation of the UK and Entrepreneurial Business 6 Socio-cultural Situation of the UK and Entrepreneurial Business 7 Entrepreneurial Theories and Importance 7 Types of Entrepreneurial Activities and Entrepreneurial Theories 12 Sole Proprietor Business 12 Partnership Business 13 Company Type Entrepreneurship Business 14 Franchisee Type Entrepreneurial Business 15 Limited Liability Form of Entrepreneurial Business 16 Critical Analysis of Entrepreneurial Business and Entrepreneurial Theories 17 Conclusion 20 References 21 Introduction Entrepreneurship business model has always been considered as one of the major supportive aspects within an emerging or recession prone economy. From an economic perspective, a reliable as well as logical link can be attained between the emergence of new entrepreneurial model and the continued development of an economy. The continued emergence of new entrepreneurial business activity has also helped the economies of multiple nations in the provision of new and innovative business opportunities. The dimensions of entrepreneurial business can be multiple starting from production to services. However, the success rate associated with such business models depends on the business scope and strategic effectiveness of an entrepreneur. Specifically mentioning, the UK’s domestic market has currently emerged out of an economic recession. In this regard, it can be predicted about the difficulties faced for the success of the small and medium scale entrepreneurial businesses. Justification to this statement can be provided depending on the fact that within a stabilized economy, the existence of government restrains will be comparatively less and the scope of carrying out the business processes in an appropriate manner will be high (Trading Economics, 2014). Taking consideration of the aforementioned aspects, the discussion focuses towards understanding the significance of growing entrepreneurial business within an economically stabilizing nation such as the UK. In this context, different theories are considered with the aim of having a better understanding about entrepreneurial activity in the UK. Situational Analysis of Entrepreneurial Business in the UK A new entrepreneurial business depends on the domestic market conditions of a geographical area, which can be effectively elaborated using the PEST analysis. Economic Situation of the UK and Entrepreneurial Business Fig 1: GDP Growth Rate within the UK Source: (Trading Economics, 2014) Based on the above graph, it can be analysed that the UK economy has drastically entered into a state of instability between the periods of 2012 and 2013. However, the nation appears to have shown appreciable amount of economic growth between the 3rd quarter of 2013 and the final quarter of 2014. Thus, the nation has made consistent efforts towards attracting the attention of the young entrepreneurs who intended to establish their own business and contribute to the economic wellbeing of the UK. With stability within the economic growth pace, the chances of opportunity for entrepreneurship will be much higher in comparison to that of the necessity of entrepreneurship. Moreover, after the economic recession state, the UK government structure has also projected appreciable amount of flexibility within new business licensing and registration procedures in order to create the overall business establishment for new entrepreneurs as highly favourable (Trading Economics, 2014). Fig 2: Declining Rate of Unemployment Rate in the UK Source: (Trading Economicsb, 2014) The efforts made by the UK governmental in terms of attracting new entrepreneurship business activities can be observed from the above provided graph that displays a decline within the increased unemployment rates between the periods of 2013 and 2014 as a result of market recession. The increasing pace of new entrepreneurial businesses within the UK can be identified from the above provided graph (Trading Economicsb, 2014). Political Situation of the UK and Entrepreneurial Business The periods between 2013 and 2014 are identified to have intense amount of flexibilities within the UK governmental structure. An instance in this context is the provision of new and simple techniques of loan provision to the new entrepreneurs willing to execute their innovative business processes and make suitable contribution to the economic growth of the UK (Barclays, n.d.). The interest rates and the repayment techniques are kept minimal for facilitating the new entrepreneurs to attain appreciable development within their business processes without the liability of been immensely subjected to the repayment burdens. In addition, the UK government also appeared to have lowered the legal restrictions associated with the domestic business activities. In this respect, it can be determined that the political structure of the UK is stable (Crown, 2014). The government structure within the UK follows a strict monarchy. Moreover, its market size and international trading capabilities have also contributed towards new business establishment scenario with better-stabilised conditions. On contrary, the fixed cost associated with the new business establishment may go up as a result of declining quantity of natural gas and other energy producing resources within the nation. In order to attain a profitable stand within the market space, the new entrepreneur business processes will have to be less reliant on the consumption of natural resources, which in turn may eventually increase business-associated cost (Crown, 2014). Technological Advancement Situation of the UK and Entrepreneurial Business Technological advancement has been always considered as a major contributor towards the business development scenario within a nation. In alignment to this aspect, it can be stated that the UK does holds an appreciable global rank because of the level of its technological advancement. The nation projects high level of technological implementation within majority of its public as well as private business processes (Bell, 2012). The efficiency level of the business activities integrated with the latest technological implementation has increased at drastic levels. Moreover, the new generation of online business processes utilize such latest technological through which they can successfully boost up their business processes largely. Thus, technological advancement contributes to the economic development of the UK as well (Bell, 2012). Socio-cultural Situation of the UK and Entrepreneurial Business The diversification percentage within the UK population can be considered as huge. Justification regarding this aspect can be provided taking consideration of the fact that this nation has been projecting a massive increase within its population count over the years in comparison to that of the other European nations. Migration of foreign population can be considered as a crucial factor that has contributed to the increasing population count (Cangiano, 2014). As a result, the scenario projects a significant market space and target population attainment opportunity for the new entrepreneurial business processes. In alignment to this context, the new entrepreneurial business processes is adopted as a significant form of employment opportunity for the increasing rate of unemployed population within the UK (Waterfield, 2013). Entrepreneurial Theories and Importance Small and medium enterprises (SMEs) have always considered as one of the major supportive factors for a destabilized economy. In this context, Brown & Thornton (2013), elaborated about the Cantillons theory, which implied that entrepreneurs should be perceived as economic supportive agents who possesses the capability of undertaking business risk. The risk factor for the provided instance comprises appropriate business establishment followed by the fulfilment of necessary supply and demand. In reference to the UK recession state, the new and innovative entrepreneurs can be defined under the classification of such risk takers. Justification regarding this can be provided depending on the fact that such risk takers eventually helped in stabilizing the UK economy despite of it being in a state of financial crisis (Brown & Thornton, 2013). In a similar context, Klein & Cook (2005), elaborated about the Schultz’s entrepreneurship theory of 1975, which signified that the capability of an entrepreneur could only be judged by his/her capability of stabilizing an unbalanced form of economy. This aspect also finds quite alignment with the entrepreneurs who established their SME businesses during the economic recession in the UK. The development of SMEs in the UK eventually contributed towards minimizing the instability factors that have intensively influenced this nation’s economy (Klein & Cook, 2005). Yu (2001) elaborated the Kirzner’s entrepreneurship theory of 1997. According to the theory of Kirzner, the focus of an entrepreneurial business should be towards specific factors that possess the potential of bringing about considerable level of change within the pre-existent elements of an economy. The survival and the developmental needs within the UK economy can be categorised as such specific factors that has eventually shifted the nation’s focus from just remaining reliant to the large scale business entities towards the encouragement and development of new small scale entrepreneurial business processes. In addition, Kirzner (1999) described about the Schumpeter’s entrepreneurship theory that identified entrepreneurship business as a form of innovation rather than imitation. Kirzner (1999) noted that an entrepreneurship business would only attain appropriate success levels if it remains focussed towards the identification of innovative and unique business ideas (Kirzner, 1999). Hamilton & Harper (1994) illustrated about the economic theory of entrepreneurship, which implied that entrepreneurs should be considered as the profound members of every economy as a result of their contribution to the economic upliftment within a nation. The alignment of this theory can also be established with the efforts made by the small and medium scale entrepreneurial business processes within the UK with the intention of bringing about appreciable amount of development to the UK economy during and after the 2009 recession. Ardichvili & et. al. (2003) mentioned about the opportunity-based theory of entrepreneurship. The theory signified that appropriate identification of resources and specific opportunity by the entrepreneurs should be considered as a vital aspect depending on which the success rate of businesses should rely on. In context to the UK situation, the creativity of the entrepreneurs can be considered as a crucial resource that eventually took shape and subsequently, contributed to the economic development of the nation during economic conditions. Alvarez & Busenitz (2001) elaborated much about the resource-based theory of entrepreneurship and related to the cognitive behaviour of the entrepreneurs. As per this theory, every entrepreneur must have an appropriate cognitive behavioural capability through which entrepreneurs should identify the appropriate resource that can be utilized within business functions. As per the report published by BVCA (2011), the UK’s economic growth rate did not attain much pace after subjected to the economic recession of 2009. It is due to the drastic growth within the SME entrepreneurial business activities that have supported the deteriorated stage of the UK economy. BVCA (2011) signified about the minimal amount of contribution made by the UK towards the global GDP rate irrespective of recession. The decreased contribution of the UK economy has been due to certain reasons that include the huge burden of the governmental regulations that are imposed on the new and existing SMEs currently functional within the UK. The implementation of the highly rigid governmental regulations has also resulted towards an increase in the operational cost (BVCA, 2011). Similarly, BBC has projected much about the intention of the UK Prime Minister (Mr. David Cameron) in context to make specific modifications within the governmental regulations with the prime intention of facilitating new entrepreneurial business process establishment within the UK domestic market. As per the article published by the BBC, the UK Prime Minister also made appropriate financial proposals to support the establishment of multiple new business processes that will eventually generate huge amount of employment opportunities for the present unemployed sections of the society (BBC, 2014). In this context, Shrivastava & Shrivastava (2013) noted that the development within the technological implementation has enhanced the UK domestic market as a result of drastic growth in the diverse and innovative small-scale business processes. Shrivastava & Shrivastava (2013) provided facts based on the ‘Global Entrepreneurship Monitor (GEM)’ report for the year 2013. Effective evaluation of the GEM UK 2013 facts revealed that through the technological implementation, the growth rate of SME business processes within the UK has augmented in comparison to that of Germany and the US (Levie & et. al., 2013). The small-scale business processes are identified to have made multi-dimensional developmental contribution to the UK economy. In a similar manner, Stam & Garnsey (2007) noted that the increasing count of entrepreneurial business within the UK in comparison to that of the other nations such as Japan or Italy. The projection made by Stam & Garnsey (2007) has been illustrated in the graphical representation provided below. Fig 3: Global Entrepreneurial Activity Source (Stam & Garnsey, 2007) Estrin & Mickiewicz (2010) stated the type of difficulties that SME business processes faced during their establishment within the UK. One crucial factor that Estrin & Mickiewicz (2010) pointed was regarding the funding support, which the SME businesses could have been liable for in case the UK economy did not enter into a state of financial crisis. From a general perspective, it can be ascertained that a new entrepreneurial business process irrespective of its size would require the available of quick and free financial support through which it can reach its state of optimality. However, due to the economic crisis within the UK during the period of 2009, the UK government along with the nation’s financial organizations failed to provide the new entrepreneurs with appropriate financial support that could have pulled the nation from its economic misery (Estrin & Mickiewicz, 2010). Types of Entrepreneurial Activities and Entrepreneurial Theories The variedness within entrepreneurial business activities can be multiple. In addition, each of such business types has different goals and objectives. Some of these entrepreneurial business types have been elaborated hereunder. Sole Proprietor Business Sole proprietor business is the most common type of entrepreneurial business process that has been accounted for better recovery of the UK economy in an extensive manner after the 2009 recession. The existence of this type of entrepreneurial business process took gradual pace within the UK domestic market as a result of the incapability of the UK government to provide financial aid for quick recovery from the recession (Entrepreneurship, 2014). In this regard, the event of 2009 recession eventually established a suitable link between the sole proprietors and economic theories of entrepreneurship. Due to the lower productivity of the existing UK economy, the UK governmental structure tended towards considering the sole proprietorship firms as a crucial supportive factor of its economy (House of Common Library, 2014). At the current stage, 62.6 per cent of the total UK business sector accounts to sole proprietorship businesses. Considering these aspects, it can be stated that the sole proprietorship type of entrepreneurial business did play a major role for supporting the UK economy during the state of financial crisis (Crownb, 2013) Thus, it can be identified that Cantillon theory and Schultz theory of entrepreneurship do have significance in the development of the UK economy. Partnership Business Partnership business processes also contributed as a significant support to the UK economy during the 2009 recession. At the present stage, the total count of the partnership business processes within the UK economy has been accounted to about 434,000 i.e. 8.9 per cent. Majority of these types of business processes targeted the entrepreneurial activities, which in turn benefited in minimizing the total count of unemployed population that persisted within the UK during the 2009 recession. Partnership business is often identified to require high level of initial investment and thus, it is related to the resource-based theories of entrepreneurship. Furthermore, elaborations regarding these aspects include the possible ways through which partnership entrepreneurs analyse and utilize varied resources such as social media, information technology and market statistics with the prime intention of attaining competitive advantage over the others (House of Common Library, 2014). Fig 4: Size, Types and Total Turnover of Business Processes within the UK Source (House of Common Library, 2014) Fig 5: Types of Business Sectors within the UK Source (House of Common Library, 2014) On the basis of the above two graphs, it can be stated that the contribution made by both the partnership and medium scale businesses are appreciable for the development of the UK economy. These sectors also appeared to have contributed enormously towards employing a major portion of the unemployed section that emerged during 2009 economic recession. All these aspects have been evident of the beneficiary role played by the SMEs towards developing the UK economy (Ferreira & et. al., 2011). Company Type Entrepreneurship Business Companies have been prevalent within the UK domestic market long before the economic recession period. Companies specifically include large-scale business processes that are majorly involved in the production and economic development projects. However, during 2009 recession, the operations of companies have adversely affected due to lower productivity and lack of adequate fund flow within the UK economy. In an eventual manner, this pulled in the concept of ‘opportunity based entrepreneurship theory’. During the period of economic recession, the beneficial aspects of such theory were beneficial for the SMEs for hampering the effective functionality of the large-scale companies. This in turn opened a high beneficiary scope for the new generation entrepreneurs to establish and develop their proprietor or partnership businesses that subsequently supported the deteriorated phase of the economy through the generation of both revenue as well as employment opportunities (Lowth & et. al., 2010). Thus, it can be understood that the count of employment opportunities as generated by the SMEs are more in comparison to that of the large scale companies. From an overall aspect, it can be stated that the percentage of contribution made by the large-scale companies for supporting the UK economy during desperate times can be considered as low (Alvarez, n.d.). Franchisee Type Entrepreneurial Business During the 2009 recession, the franchisee entrepreneurial business is identified as a major game changing factor that subsequently helped in turning the odd economic situations as favourable aspects. This context also implied an integration of opportunity-based and sociological theory of entrepreneurship (Concentric Lettings Ltd, 2011). The period of 2009 witnessed the emergence of multiple small-scale chocolate franchisee units that considered the population growth rate of the UK as its driving factor. Eventually, with the improvement in the economic scenario and increase in the disposable income of the UK inhabitants, the SME chocolate franchisee businesses continued to deliver appropriate amount of contribution to the UK economy and in a slow and steady manner helped in maintaining a stability state (FranchiseHelp Holdings LLC, 2014). Apart from just the chocolate industry, multiple other food retail SMEs also participated in equal terms with the prime intention of enlisting themselves as effective economic supportive factors towards the development of the UK economy (FranchiseHelp Holdings LLC, 2014). Limited Liability Form of Entrepreneurial Business The limited liability companies (LLC) did form a crucial aspect of the UK business sector during the 2009 recession. However, the contributions made by majority of the LLCs towards supporting the deteriorated state of the UK economy turned out to be negligible. Majority of the LLCs during that phase underwent swift liquidation and perished out of the UK domestic market. However, certain large LLCs succeeded in maintaining their survival during such period. Justification regarding this can be provided by taking consideration of the fact that there is minimum accountability of the shareholders or proprietor in case of a LLC. Thus, majority of the proprietors during the economic recession period decided for reinforcing their part of the profit percentage irrespective of the fact that this may eventually result in liquidation of LLC (Fletcher & et. al., 2013). The attempts made by the proprietors to safeguard their own interests pulled in the theory of opportunity based entrepreneurship business (Job, 2013). Respectively, it can be identified that Schumpeter’s theory of entrepreneurship and Kirzner’s theory imply that entrepreneurial activity is required to be based on certain specific factors. In addition, entrepreneurship businesses should be conducted in an innovative manner. In this respect, few types of entrepreneurial businesses are identified to fail due to lack of innovativeness. Critical Analysis of Entrepreneurial Business and Entrepreneurial Theories It has been identified that there are differences between the positive contributions made by the SMEs and large-scale entrepreneurship business processes towards uplifting the economic deprived state of the UK during 2009. In an associated manner, the SMEs are considered as the implementer of the economic and the opportunity based theories of entrepreneurship whereas the large-scale business processes are considered as the implementers of the opportunity based entrepreneurial theory. It has been identified that different theoretical perspectives of the authors have also focused on the importance of technological development and implementation. In this context, the intensive utilization of innovation by the SMEs proved its superiority over the large-scale business processes. The period 2009 depicted the downfall of multiple medium and large-scale business processes due to trade decline. In this context, theorists or authors of different entrepreneurship theory considered the developed SMEs as opportunists or as a helping hand towards the economic survival. Justification to this argument can be provided on two specific aspects. The first aspects elaborates about the intention of the UK inhabitants towards safeguarding their own interest rates that eventually resulted in the multiple new small scale business processes within the UK domestic market. In this context, it has been recognised that SMEs were the main contributors towards the development of the UK economy. In addition, the SMEs are also accountable for stabilising the growth rate of the economy. In contrast, the large-scale companies continued with their slowed down functionality with the prime intention of surviving within the recession-subjected market of the UK. This factor implied that the large-scale UK business sector implemented the opportunity theory, which failed in maintaining their growth due to lack of innovation. In this context, it can be ascertained that the entrepreneurial theory developed by Cantillon and Schultz implied that innovation in businesses is important for sustainability and growth in adverse economic condition. In this respect, SMEs with the implementation of technological advancement and innovation are able to make huge contribution towards the development of the UK economy. Moreover, in an eventual pace, the small-scale business processes did spread out towards multiple economic dimensions. These dimensions took consideration of the social and cultural aspects of the UK as well. In an associated manner, such multidimensional business processes started targeting UK’s social and cultural factors as appropriate revenue generation sources. In the slow-paced economy, large-scale business processes only remained confined towards their existing functionality. Technology played a massive role for the development of both the UK economy and entrepreneurial activities. However, the percentage of technological contribution did turn out to be more in case of the SMEs for conducting operations with better flexibility and capability of expanding operations in the global market. The entrepreneurial activity can be aligned with the resource-based theory of entrepreneurship by taking consideration of the fact that the SMEs generally identified the appropriate utilization of technology as an appropriate resource that has the potential of supporting their business efforts. An alignment of this aspect can also be found within the Kirzner’s theory that took consideration of innovation as the key aspect of entrepreneurial business activities. From an overall aspect, it can be stated that both the SMEs and the pre-existent business processes did implement the opportunity based entrepreneurship theory. However, the continued functionality and revenue generation process of the newly established SMEs eventually pulled in the economic and resource attainment theories of entrepreneurship. This was only possible due to the appropriate cognitive capabilities of the entrepreneurs of identifying necessary resources for the sustainability of their business activities. As a result, the contribution made by the newly established SMEs towards uplifting the deprived economic state of the UK can be considered as worthy in comparison to that of the pre-existent large-scale companies. The intensive utilization of innovation by the SMEs, it can be stated that the technology implementation did prove to be more beneficial for the SMEs in comparison to that of the stagnated large-scale business processes. It is due to the technological implementation that resulted in drastic improvement of the ecommerce services within the UK market. Such services integrated a whole lot of small-scale business processes and helped in generating huge amount of revenue that supported the economic improvement pace. In this respect, it can be identified that entrepreneurs are supportive agents for the development of an economy as per the theoretical perspective of Cantillon. Moreover, the theory stated by Schumpeter is also relevant for better sustainability of entrepreneurial activity in an economy. Conclusion From the above analysis of the theories, it can be comprehended that entrepreneurial activities within the UK has led towards the uplift of the deteriorated state of the UK economy in and after the 2009 recession. Multiple facts have been projected that illustrates about the factors that have forced the UK inhabitants towards establishing and developing their self-proprietary business with the prime intention of supporting and managing the UK economy. Justification regarding such aspects have can be obtained on the basis of different theories of entrepreneurship of Schumpeter, Cantillon and Kirzner among other theories. The SMEs in the UK with the implementation of technology and innovation based on the theoretical perspectives of the theorists are able to conduct entrepreneurial activity with better sustainability. Moreover, technological and innovation have assisted the SMEs in making huge contribution towards the growth and stability of the UK economy. References Alvarez, S. A., No Date. Two Theories of Entrepreneurship: Alternative Assumption and Study of Entrepreneurial Action. Fisher College of Business, pp. 1-43. Alvarez, S. A., & Busenitz, L. W., 2001. 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