Role of Entrepreneurship in Economic Development of UK


3 months ago

Entrepreneurship is important for the economic development of the UK in various ways. It is becoming the cause of social change and it is also driving innovation in the UK’s economy. It is creating the greatest possible extent for the national assets of the UK. The entrepreneurs of the UK are famous all around the world due to their forward-thinking innovation and research. Entrepreneurship is also important in the UK because it is improving the standards of living. Moreover, it is also creating lots of opportunities for wealth. Here, experts of dissertation writing services will discuss the role of entrepreneurship in the economic development of the UK.

As we know that entrepreneurs run small businesses. These small businesses are making a hugely significant contribution to the economy of the UK. According to a report, almost 98 per cent of the private sector businesses are run by the entrepreneurs. Entrepreneurship is increasing in the UK due to various reasons. First, the UK’s business leaders are becoming the cause of the enhancement of entrepreneurship in the UK. Secondly, the start-up founders are also making a huge contribution to the UK’s economy. They have created lots of opportunities in the business world due to their innovative ideas. SMEs are also driving the business world forward.

The UK government is also helping entrepreneurs to grow businesses. For this reason, they are providing opportunities for alternative finance to entrepreneurs. They are helping entrepreneurs with the help of EIS and secured debt funds. With the help of these funds, the entrepreneurs are getting the best opportunities to grow their businesses. It is also creating lots of returning opportunities for investors. By availing all the benefits of the UK’s government, the entrepreneurs can create innovation in their companies. They can also make their companies dynamic. The entrepreneurs can also grow their companies in the IW Capital portfolio.

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The supporting SME is lasting huge impact in the economy of the UK. Its reason is that they are employing almost sixteen million people in the UK. If we talk about big corporations, this number is three times bigger than big corporations. Moreover, it is also growing three times more rapidly than bigger corporations. The entrepreneurs are fuelling into the post-EU economics landscape. Its reason is that their main intent is to create more job opportunities by launching domestic businesses.

As we have discussed earlier that the part of the SME in the UK private sector business is more than 98 per cent. The growth and foundations of the small businesses are showing that the whole economy of the UK is dependent on the entrepreneurs. These small businesses are creating different products and providing different services. That’s why the economic strength of the UK is also dependent on different products and services. On the other hand, large corporations focus on creating a single product. As a result, it will contribute to the country in this specific product.

The contribution of these small businesses in the economy of the UK is £1.9trillion each year. This thing is showing that there is a correlation between the sector and the existence of the economy. That’s why we can’t deny the importance of the contribution of the entrepreneurs in the UK’s economy. Therefore, we can also say that the health and wealth of the entrepreneurs will last direct impacts on the economy of the UK. We can also say that the UK’s economy is also independent of the fluctuations in the peaks and troughs of the global markets.

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These numbers are also helpful for investors. The investors can easily find out the best businesses to invest their money. They should know that instead of investing in big corporations, they should try to invest in small businesses. When they invest in small businesses, they will earn more profit. Entrepreneurs are also creating social change in the UK. Its reason is that they are offering unique products and services to the people. With the help of these unique products and services, they can save people from the use of traditional systems and technologies.

The entrepreneurs are also spurring the economic growth of the UK. After introducing the new products and services, they can produce a cascading effect in the UK. They are also stimulating relevant businesses and sectors. These businesses and sectors require the support of new ventures for economic development. For example, the entrepreneurs started a few information technology companies in the UK. Nowadays, it has become an IT industry. Due to its expansion, lots of other people have also started their businesses.

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