Importance of Entrepreneurial Activity to the UK Economy
Assignments 2
Introduction
The constant growth and evolution of economic relations, both between countries and between entrepreneurs within a country, are requirements for the creation of new business forms. Entrepreneurship is an important, but not a sufficient factor in economic and social developments of countries (Waschik, Fisher and Prentice, 2010). However, if left uncontrolled by the state, entrepreneurship can become just as harmful as the administrative-command system in an economy. Entrepreneurship is essential for the development of a competitive economic environment; in order to give the final consumers the freedom of choice, but does not content with goods offered to him/her at reasonable prices by private or state-owned enterprises. The State is also often not profitable enough to be engaged in many areas of economic activity, and that raises the need for private entrepreneurs (Hisrich, 2010). The entrepreneurial adventure is defined by startup, growth, success, bureaucracy, decay and the eventual shutdown.
The purposes of this study are to examine and analyze the basic forms of entrepreneurial activities in the United Kingdom and to consider their overall impact on the entire economy of the state. The object of the study is the legal forms of businesses in England, and the subject is the activities of these forms in the context of the country.
The UK economy is among the most stable economies in the world with a heavy reliance on the service industry (almost 80%). Other sectors such as where banking, financial and insurance services also exist but they can’t match the services industry. Significant banking groups like HSBC, Royal Bank of Scotland, Barclays and Lloyds are located on the Great Britain (Cadman, Bernard and Pearson, 2016). The London City hosts head offices of large international banks, insurance groups, legal and financial companies. The role of the production sector in the economy is minimal. In terms of industrial production growth rate, the United Kingdom is ranked 121st in the world (Central Intelligence Agency, 2015). However, the industrial production sector has recently started to expand with an inclination to mechanical engineering and other manufacturing industries at the expense of diminishing traditional mining and textile industries. In 2015, the manufacturing sector contributed 11% of GDP in industrial production (The Manufacturer, 2015).
Development of the modern industries in the UK depends on the level of high technological developments. The UK has Europe’s highest scientific and technical potential, and ranks second in the world after the USA by Nobel prizes obtained by its scientists. (Kirk, 2015) British agriculture is highly valued while its share of GDP is the smallest among the developed countries. The United Kingdom is also self-sufficient in food by half (Central Intelligence Agency, 2015).
Foreign trade in the UK is presented by a negative balance mainly because of the growth in demand of consumer products, weakening of industrial production, decrease of the GBP value and worsening in the manufacture of oil and gas. (Allen, 2016) The country’s total imports are equipment and transport technology (35%); industrial goods (26%); mineral fuels and connected resources (13.5%) and chemical merchandises (11%). The major partners include Germany, China, the United States, the Netherlands and France. Exports also consist of 40% equipment and transport technology, almost 24% of industrial goods, 15% of chemical merchandises and 10% of mineral fuels and connected resources. The United States is the biggest export partner, followed by Germany, France, the Netherlands and Ireland (Trading economics, 2016).
Entrepreneurship and the UK Economy
International experience shows that entrepreneurial skills are most effectively implemented in countries where liberalization of economic activity is combined with the high efficiency of public institutions and active government support for small and medium businesses and policies to encourage competition in the domestic market, i.e. under the vigilant public control (Markovic and Salamzadeh, 2012). State by state order, tax breaks, soft loans, subsidies to enterprises, and other incentives can effectively ignite the entrepreneurial activity in those areas of activity that need development and modernization. The state, by similar measures (fines, bans, higher taxes) restricts the activities of monopolists and achieves lower prices, harmonization of equipment, the use of new technologies and general fairness or conduciveness in the economy. (Webster, 2014).
Modern Britain (The UK) is one of the most interesting and promising countries for business; ranked 10th (Forbes.com, 2016). At the moment, small businesses in the UK are very well developed and contribute 50% of the total GDP of the country (more than in the US and Japan). (Thought Economics, 2012)The establishment and development of business in the UK is cost-effective and an excellent opportunity to invest money or sale of any interesting ideas (Yoshioka, 2016). To register the company United Kingdom offers fairly favorable and comfortable conditions. (Gov.uk, 2016) Opening a personal company in the UK is relatively inexpensive and it is available for non-residents method of doing business. Also, it should be noted that the excellent reputation of the jurisdiction has a positive effect on the image of the business and is key to the safety of investment (Burn-Callander, 2014).
In the UK, there are quite low taxes, when compared with other EU states. (Cicutti, 2014)A company incorporated in the UK is controlled, as a rule, by the general power of attorney, and is used as a commercial agent in the export and import of goods or services, as, for example, the investment structure (Cadman, Bernard and Pearson, 2016). In addition, the UK is not an offshore zone, has a high level of development of the banking system and the economic development of the country as a whole. According to the ease of doing business, the UK occupies the 6th position in 2016, 15th position by taxation, 17th position by companies’ registration, etc. (The World Bank Group, 2016). By The Global Entrepreneurship Index, the United Kingdom occupies 9th position with 67.7 points (The Global Entrepreneurship and Development Institute, 2016).
Sectors of Entrepreneurship Prevalence
All segments of the private businesses’ market are almost completely filled, ranging from cleaning services and ending with transport. The same trend is observed in the trade, the tourism sector, etc. However, there is a positive side for those who want to succeed in business in the UK. A niche of hotel and restaurant business, especially in the segment of domestic hotels, still remains reasonably spacious. (Little, 2014)This service in recent years is rapidly growing by its popularity and profitability. (BigHospitality.co.uk, 2016)The main consumers are the people who want to save a little budget to rest, as well as students, who massively come to study in the UK in search for comparative hotel options with an inexpensive and comfortable accommodation (Department for Business Innovation and Skills, 2015).
In 2014, 20% of the British SMEs were mainly directed by females. However, such, female-led organizations are underrepresented in the industrial production and construction segments (making up to just 7% and 8% of business respectively). Nevertheless, they represent 43% of companies in the joint public administration, schooling, health and security segment (Rhodes, 2015).
Importance of Growth as an Objective
The rapid growth and development of small and medium-sized enterprises in the UK is driven by the state through various tax benefits availed to them in the recent years. The development level of small and medium-sized businesses in the UK is at the average level in the EU. (Sciencebusiness.net, 2016) So, per one thousand inhabitants in the United Kingdom there are 46 small and medium enterprises (overall level of the EU – 45). However, their share in GDP is not very significant (50-53%). (The Telegraph, 2015) In 2015, the UK had over five million private segment companies, almost 146,000 or 3% in comparison with 2014. Within the last fifteen years, the quantity of companies in the UK has grown every year, by 3% commonly. In 2015, the amount of companies compared to 2000 increased by 55%, almost two million more over the total period (Rhodes, 2015).
Figure 1. Private Segment Companies in the United Kingdom
The country’s economic development was unstable in 2015 and that condition is set to persist (Allen, 2016). Frail demand in the European area, Great Britain’s most significant foreign market, together with an increase in the worth of the pound, has affected the life of exporters strongly. (Allen, 2016) In the meantime, strong progress in customer spending on imports has gradually reduced. Therefore, two options to expect in 2016 are whether London begins to fret on the scope of the UK’s balance of payments deficit and whether the Bank applies its new controls to lead in the housing industry (Elliot, 2015).
Business activities in the UK operate as sole proprietorships, partnerships and companies. The partnerships operate on full and with limited liabilities. Companies are divided into: unlimited, a company with responsibility within the guaranteed them sum, the companies without liability of shareholders (no-liability company) and Limited Liability Companies. LLCs can be private or public companies. State-owned companies in the UK are called public corporations (Lipsey and Chrystal, 2015).
The fact that the UK is multinational economy that operates in a dynamic business environment, the establishment of economic competitiveness amongst the entrepreneurial fraternity is a virtue, necessary for the establishment of a perpetual business culture. (Lse.ac.uk, 2016) British businesses have a good reputation in the business world as among the most profitable before the debt crisis. (Martin, 2016). The abilities to analyze the current situation in the market and predict the development of business in the short and medium terms are the UK’s greatest business’s strengths. Also, British businesses are strong in the commodity and the financial business enterprises. The vast majority of the innovations here belong to them and so they form a strong entrepreneurial base that does not rely on foreign ideas that could be costly to them. (Sorrells and Sekimoto, 2015).
Nevertheless, fast food is considered to be the fast-growing niche of the UK business. There are quite a few institutions of this type on the streets of the country, but for a long time opened places stale consumers for a certain period of time and they start looking for something new, with a delicious and inexpensive. (www.fastcasual.com, 2015)Here, it is possible for the small businesses to win its small target audience/ market (Caan, 2014). One of the positive aspects of business in the UK is relatively small consumer sophistication (Euromonitor.com, 2016). It is strange, but the inhabitants of the British Isles are less demanding in comparison with the other people across the world and the basic rule that guides anyone with an ambition to succeed in the business related to the mass consumer service is “good quality at a reasonable price” (Associated British Foods, 2015).
The British sector of biology and medicine is one of the most stable and fastest growing markets in the UK. The total contribution that biotech, pharmaceutical and medical industry brings in is over £23 billion in the country’s economy annually. This sector, which is mainly SME operated, relies on the ideas, skills and funding of local entrepreneurs. Businesses that operate in this sector and wish to enter the international market, the UK readily offers invaluable experience in drug development, scientific basis, as well as an ever-expanding government support for scientific research by means of tax and investment incentives. (PwC, 2016)By the development of the most significant medicines, Britain is ahead of all other European countries and is the second largest after the United States (UK Trade and Investment, 2016).
In recent years, the influx of labor force in the United Kingdom significantly intensified. (Ons.gov.uk, 2016) Also, the UK economy expects the growth in GDP, industrial and services sectors as well as exports (The Economist Intelligence Unit, 2016).
It is worth mentioning that businesspersons in Great Britain can link with like-minded individuals via commercial cooperation networks locally or internationally. Such networks include overseas business partners and regional trade blocs such as the EU. Correspondingly, there are systems for innovation that lead businesspersons in the UK such as the Science and Innovation Network (Gov.uk, 2016). Such nets help join forces of supply chain management, industry exploitation and allocating of expertise and procedures for a shared benefit. The UK Government sustains private enterprise in Great Britain that is surroundings friendly and publicly advantageous. The Low Carbon Energy Demonstration suggests funding to elaborate technologies that encourage the application of a smaller amount of carbon (EntrepreneursUK, n. d.).
The UK businesspersons were less motivated to develop their companies internationally or hire many individuals. (Khanna, Palepu and Sinha, 2005)This has led to a lower position for the UK in the motivational classification, occupying ninth position in Europe and fifteenth place worldwide. (Little, 2014)The United Kingdom could additionally progress the way greatly experienced individuals regarded entrepreneurship, ranking eleventh in Europe by this category. The UK similarly is lower compared to the US in business interacting, meaning that attaining mentoring sustains and learning from the practices of others is reasonably more complicated here (The London School of Economics and Political Science, 2014).
Therefore, the development of state-monopoly capitalism, if considering it in a specific legal aspect, entails a significant increase in direct administrative rule-making on issues of economic regulation; the adaptation of the old institutions and the creation of many new items for State intervention in the economic activities; change the relationship between the legislative and executive bodies in the direction of strengthening the independence of the executive bodies of the Parliament (and judicial) control (Westwood and Johnson, 2016). In modern capitalist society, the ownership structure has significantly changed. The economy is dominated by SME’s which make upto 99% of the businesses in the country. The dialectic of development is such that the conditions of modern capitalism create more material prerequisites for the transition to a new, higher system – socialism (Ekelund Jr. and Hébert, 2013).
Further Opportunities for the UK Economy
Among the achievements of recent years in the UK, the improvement of conditions of running a small business, streamlining the system of social benefits, more and more growing level of tolerance in society (allowed same-sex partnerships, relatively prosperous issues of ethnic relations), the level of democracy and protection of human rights in the UK, which may be a model for a number of EU countries can be specified (Business culture, n. d.).
Britain is a country with a highly developed, strong and independent economy (Forbes.com, 2016). But today, attention is drawn to the discrepancy between seriously undermined country’s industrial production, international trade and monetary sphere, on the one hand, and the weakening, but still a very strong, position in the export of capital, and the continuing role of London as one of the leading financial and commodity-exchange centers – on the other hand. The industrial trends however challenging for some sectors offer a freedom of choice for the entrepreneurs who can choose where to invest their ideas and money in the economy. (Lipsey and Chrystal, 2015).
In 2016, emerging states require new strategies to keep going economic development and grab the prospect from these movements. This means shifting from dependence on product exports and growing employment-intensive production and amenities, which can form the much-required job prospects for their young inhabitants (Calabrese and Tyson, 2016).
Thus, on the issue of taxation the United Kingdom is one of the most comfortable countries of the European Union. Thanks to government programs for support of small and medium business, taxation in the country is quite gentle; entrepreneurs enjoy capital allowances and annual investment allowances of £ 500,000 annually (Greatbusiness.gov.uk, 2016). There are exemptions for small private enterprises, and individual entrepreneurs have non-taxable minimum income tax, which is about 8000 pounds, and the system is clear and transparent (Deloitte, 2015). Opening and running a business in the UK is quite simple and less costly affair with a reasonable guarantee for business success. The government tries to provide the most favorable business conditions for operating business and ensures maximum support to small forms of business entities, which quite positively impacts the entrepreneurial potential and ability to start up in the UK economy. The current establishment of favorable business conditions for entrepreneurial startups forms an attractive feature of the future opportunities. Potential entrepreneurs can scheme on these provisions and exploit them by opening up SME’s. (1Office London, 2015).
Conclusion
The essence of entrepreneurship is manifested most through the combination of different functions objectively inherent in civilized business, but is largely dependent on the subjects of entrepreneurial activity and state support. State regulation of the activities of the organizational-legal forms of business is not only in the adoption of regulatory legal acts of the respective levels, but also consolidation of the special procedure of registration, control activities, liquidation of enterprises, as well as in the establishment of tax regimes for different types of businesses (Schoonhoven and Romanelli, 2002).
The UK economy is currently recovering steadily, being second in terms of growth among the countries of the Great Seven only after the US economy. Now, the traditional banking system in the UK under tighter regulation and capital requirements is more stable, although the appetite for excessive lending has virtually disappeared in the banking sector (OECD, 2016).
Thus, the development of small and medium-sized enterprises in the UK is driven by the state, various tax benefits available to them in recent years. Modern Britain is one of the most interesting and promising countries for business. The country occupies 6th position on ease of doing business (International Monetary Fund, 2016). However, in the UK, there is a fairly rigid system of control over the activity of enterprises, which creates serious obstacles to the organizations and businesses, which use the activity for fraudulent purposes. This system functions at numerous steps of the organization and activity of the company: the initiation of bank accounts, levy and financial informing, authorizing definite types of activities, etc. Great Britain implements a large number of measures to stimulate the development of small and medium businesses in the UK (European Commission, 2016). It’s therefore evident that the role played by entrepreneurship is critical to the UK economy and the creation of more favorable environment for entrepreneurship is inevitable if the country is to achieve reasonable and sustainable economic progress.
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