Submission Front Sheet Table of contents Introduction……………………………………………………………………….. PART A Analysing range of venture types…………………………………………………………………………….. Typologies of entrepreneurship……………………………………………………… Similarities and differences among the business ventures …………………….. Impact of small businesses on the economy…………………………. PART B The characteristics traits, skills and motivational drivers of successful entrepreneurs…………………………………………………——————————-. Different lines of arguments about entrepreneurs and examples ——————- How various characteristics of the entrepreneurial personality reflect entrepreneurial motivation and mindset……………………………………………………………………. How a person’s background and experience influence entrepreneurial activities ………………………………………………………………… Conclusion References 3 4 5 7 8 12 13 Introduction The objective of this report is to showcase understanding and economic importance of developing new small businesses and engaging in entrepreneurship activities particularly in the UK amidst the upcoming Brexit uncertainties. Small and medium scale enterprises (SMEs) have demonstrated significant ability to create jobs, alleviate poverty by serving as source of income and serving as tax base for the government. Away from those benefits, SMEs also help to serve the local and regional communities with essential products and services while also solving social issues through innovations. The two major structures of this report first deals with the range of entrepreneurial ventures, differences, similarities and typologies while the second expatiate on the economic benefits of micro, small, medium and large scale businesses particularly to the UK economy. Some of the participants companies in the seminar are the ThirdWay Group; Educ8 Group; Barrington James Ltd; Equilibrium Asset Management; RedRock Consulting; Engagetech; Inspired Outsourcing; Whitehall Resources Ltd; PKF-FPM Accountants Limited and Tommies Childcare. After the seminar was concluded Educ8 Group was impressed and has tasked our company for another report that can help improve their entrepreneurial activities. Brief description about Educ8 Group: Educat8 Group is led by CEO; Grant Santos and Chairman; Colin Tucker. It is company that delivers high quality vocational training programmes, work placement opportunities and apprenticeships. It delivers quality recruitment solutions and trainings for SMEs and large organization. The company was created in 2004. In 2009 it has about 25 employees and as at 2017 the company’s number of employees has risen to 120 employees that works from its four sites across the United Kingdom (Educ8 Group, 2019). Range of venture types Whether a business is small, medium or large they all have their economic importance and purpose why they were created by the business owners otherwise called the entrepreneurs. Entrepreneurs have been illustrated by Schumpeter (1934) as persons who recognise important events and generate innovative combinations that make impacts of creative destructions on the existing passive markets. These are risk takers who are willing to do something differently and break away from the path of routine. In other words risk taking is a precondition for engaging in entrepreneurship particularly in the course of making decisions to buy at a known price but sells at uncertain price in the future (Johnson, 2007). Simply put, entrepreneurs engage in entrepreneurship by creating new enterprises to exploit new opportunities in the marketplace. They are self-confident and have strong desire for independence and make self-sacrifice to achieve goals (Burns 2011). Range of entrepreneurial ventures in the UK Micro-enterprise ventures According to Robertson et al (2008) entrepreneurship has to do with developing new things and as well assuming the rewards and risks associated. A micro business is the smallest of the different types of enterprises that employs less than 10 people. In some cases, they may not even hire anyone except for the entrepreneur. Kuratko (2016) understanding of microenterprises include that they seek enormously low growth and are unable to reinvest into the business because they have a form of hand to mouth existence. Being a basic survival enterprise, it is the easiest to start because of low capital requirements which can be sourced from soft loans, personal savings, family and friends etc. This type of business can be established based on talent of the entrepreneur like the artisan entrepreneurs who operate in very competitive undifferentiated markets. Notwithstanding the size of this kind of business, they create jobs and lift people out of poverty especially by generating little funds to meet their survival needs and cater for the family. For example, Mantons Cards is a micro enterprises founded by Chris Beards. Mantons Cards is a local retail company that focuses on delivering “world’s best selection” of greetings cards and gift to customers. The enterprise works with artists and local suppliers to produce locally designed merchandise. The company has grown to become one the best gifts retail shops in the UK. Its Port Erin Store was founded in 1987 and has since expanded into other locations in the UK (Mantons, 2018) lifestyle ventures Lifestyle ventures can be described as the businesses that have labour size of between 10 and 49 employees. These businesses are somewhat better than survival firms and have small level of growth because of their modest reinvestment just when costs of production have been realised. Similar to the microenterprise traditional sources of capital are also sought which means they are financially constrained in seeking scale in operations and meaningful market expansion. However, they are still capable of generating regular stream of profits for the business owners while also creating jobs and turnover for the people and government respectively (Kuratko, 2016). For example, Fourex is a small scale enterprise that deals with world money exchange. It exchanges more than 150 currencies. Anthony Rice is the chief executive officer. The business exchange money from more than 150 currencies to simplify money exchange through its machine that uses technology to recognise notes and coins of more than 150 currencies and covert them into cash whether dollars, euros or pounds based on the customers’ preferences. It called the machine kiosks. The company has grown to create more revenue and employ more people within few years of its establish as a small business (Fourex, 2019). Medium-sized ventures Growth level in medium businesses are better than the two other business types earlier discussed. These are managed growth businesses that intend to attain stable growth and possess the capacity to develop strong local and regional brand. Other characteristics of medium sizes include progressive reinvestment, steady expansion of facilities, occasional launch of new products, moderate regional growth and workable business model. These business type as well hire between 50 and 250 employees as result of their planned growth and ability to expand employment opportunities (Kuratko, 2016). For example, Educat8 Group is a company that delivers high quality vocational training programmes, work placement opportunities and apprenticeships. It delivers quality recruitment solutions and trainings for small, medium scale and large organizations. It was founded in 2004. Its employees increased to 25 in 2009, and as at 2017 the company’s number of employees has risen to 120 employees that work from its four sites across the United Kingdom (Educ8 Group, 2019). Gazelle venture With regard to large companies, they create the biggest employment opportunities, expansion capabilities and exponential growth level. These businesses are capital intensive and more risky to establish but create wealth for the entrepreneurs and investors if successful. They are commonly funded through equity capital and focuses on fast growth and international expansion to create return on investment for investors and take the largest market share. Given these attributes, gazelles are able to generate huge revenues, turnover, employment opportunities and taxes for the government. They also help to create new innovative products and services that add value to the economic GDP (Kuratko, 2016). For example, Tesco is one of the large companies in the UK. It is a renowned supermarket giants founded in 1919 by Jack Cohen. The company owns and operates supermarkets, convenience shops, hypermarket and superstores in the UK, Ireland, Poland, Hungary, Malaysia, Thailand, India, Slovakia and Czech Republic. As at 2019, Tesco operates from 6,800 shops; hire 450,000 employees and £63,911 million revenue (Tesco, 2019). Typologies of entrepreneurship There are varieties of entrepreneurship. Some as suggested by Timmons and Spinelli (1994) are; Artisan Entrepreneur – these are individuals that start businesses with little knowledge about business management but have high technical skills such as Barbers, cosmetician, tailor etc. In general, artisan entrepreneurs are reluctant to delegate; have few capital sources; make personal sales efforts and have short planning horizon. In the like manner, they apply paternalistic approach to managing their employees and commonly create micro and small scale ventures (Timmons and Spinelli 1994). The attributes of artisan entrepreneurs means that they are associated with micro and small scale enterprises. They are commonly the owners of micro and small scale businesses which hire few people or may not even employ anybody apart from the owner manager and provides owners with hand to mouth sort of existence. Opportunistic Entrepreneur – Opportunistic entrepreneurs are founders of big businesses because they possess the technical business knowledge and managerial skills to discover new opportunities in wider marketplace. They exploit diversified approach to marketing; willing to delegate; longer planning horizon and developed financial and accounting control. They are opportunity obsessed, tolerant of risks, uncertainties and ambiguity. They have broad-based education and highly committed and motivated to succeed (Timmons and Spinelli 1994). Opportunistic entrepreneurs create medium and large scale enterprises and so are associated with Gazelles and medium scale entrepreneurial activities which have long term planning horizon, well organised and seeks exponential growth. Other typologies of entrepreneurship include; Social entrepreneurs – social entrepreneurs are motivated by their passion to provide solutions to social challenges. Profit is not their primary motivator as they seek to add social value by using entrepreneurial techniques to provide solutions to pressing societal issues like poverty, unemployment, health issues and so on social enterprise can be associated with micro, small, medium or large scale enterprises depending on the number of people employed (Kuratko, 2016). Innovator entrepreneurs – innovator entrepreneurs are always looking for new opportunities in the market which can disrupt the current market. They explore new technologies and converts conventional business ideas into new products and services which are new to the industry before their competitors (Burn, 2011). Innovator entrepreneurs is associated with medium and large businesses because they have the resources, innovation capabilities and research and development capacities to come up with uncommon ideas in the industry and use their resources to convert them into real products. Similarities and differences between entrepreneurial ventures Similarities among small, medium and large scale businesses From the above offered definitions and types of business ventures, some factors which they all have in common can be discussed. First is that both micro, small, medium and large scale businesses go through the entrepreneurial process. According to Bygrave (2004) entrepreneurial process has to do with all activities, functions and actions related with discovering opportunities and building new venture to exploit them. In other words, whether an entrepreneur end up creating a micro, small, medium or large business, he needs to pass through the entrepreneurial process of recognising new opportunities, putting together the resources needed and creating the new business ventures using his skills and competencies to exploit the opportunities (Shane, 2003). Secondly, all entrepreneurial ventures create products or services that have economic values or help to provide solutions to community issues or specific needs. For example, micro enterprises are the smallest class and are limited to the local markets but at least create employment for the entrepreneur himself even if the business cannot hire another in major cases. The business owner might as well be unemployed if not for entrepreneurship. So, all the businesses help to solve society issues according to their own capability. Medium and large scale businesses make product launch and expand to new markets due to their innovation capacities and better equipment and facilities (Kuratko, 2016). Differences The major dissimilarities among the micro, small, medium and large companies can be discussed looking at their risks profile and rewards; growth level, number of employees and method of financing. Talking about risk profile, large companies encounter larger risks in decision making and finances compared to the other business classes. This also led to huge financial gains and rewards for gazelles compared to survival firms and lifestyle ventures that hardly reinvest back to their businesses when they have only set aside the costs. Those small and micro ventures are easier to establish with lesser or no serious paper and legal work, and capital when compared with capital intensive large firms which are often technology-base and finance by equity capital. They generate wealth and large returns enough to be shared by the investors (Jones, 2018). Talking about financial goals and growth projected, entrepreneurs found survival ventures with the primary goal for survival and being able to make provision for their family wants. So, no meaningful growth or high financial gains goals are projected by the entrepreneur. The fast growth businesses have high economic objectives and goals to create wealth not only for the entrepreneurs but also for the investors. For these reasons, large companies seek immediate growth, great expansion capabilities to the global markets and improve original investment by investors (Kuratko 2016). Talking about the labour capacity by the different business ventures, the micro firms have the least capacity to employ labour as they hire less than 10 employees (0-9 employees). Small business hire more workers within the range of 10 and 49 employees because they have little reinvestment into the business and minimal growth objectives. Medium firms have capabilities to innovate and enter into new markets periodically. They hire between 50 and 249 people for smooth operations and to make available skilful calibre of talents needed for its success. Finally, large companies can hire above 250 people even in thousands to carry out its tasks and realise the business objectives and generate returns for the investors (Kuratko 2016). Economic importance of different business sizes on UK economy Small, medium and large companies have abilities to improve standard of living, create jobs, wealth and contribute to economic growth. Entrepreneurship also promotes social change, drive innovation and helps to improve how we live and work. Given these reasons and many others entrepreneurship is thus important to the growth of the economy and some of the contributions of the ventures are analysed in this section. Micro firms have the least capacity to employ labour as they hire between 0 and 9 employees. For example, Mantons Cards is an example of a micro enterprise. It is local retail company that focuses on delivering “world’s best selection” of greetings cards and gift to customers. It has very few number of employees and little capacities for reinvestment. Small businesses employ more workers within the range of 10 and 49 employees because they have little reinvestment into the business and minimal growth objectives. Fourex is a small scale enterprise that deals with world money exchange. It exchanges more than 150 currencies. Medium firms hire between 50 and 249 people for smooth operations and to make available skilful talents needed for its success. For example, Educat8 Group is a .company that delivers high quality vocational training programmes, work placement opportunities and apprenticeships. employees increased to 25 in 2009, and as at 2017 the company’s number of employees has risen to 120 employees that work from its four sites across the United Kingdom (Educ8 Group, 2019). Finally, large companies can employ above 250 people and above to carry out its tasks and realise the business objectives and generate returns for the investors (Kuratko 2016). Example is Tesco, Coca Cola etc. Driving Economic Growth – The new products and services developed by the different kinds of business ventures offer economic value to the community. Also, these services or products encourage related businesses to be created which are meant to support the sectors thus improving economic development (Shane, 2003). According to Burns (2011) assessment of the contribution of the different business sizes in the UK private sector as at 2007, it was discovered that micro enterprises contributed 22.8% turnover, 14.6% by small firms; 14.1% by medium scale enterprises and 48.5% by large companies (see the comparison in the table below). On the whole, SMEs made a total contribution of 51.5% to the private sector total turnover in 2007. Similarly, in the same year as seen in the above table, Micro enterprises created the second largest employment percentage in the UK at 33.2% after large enterprises 40.8% while the others small (14.3%) and medium (11.7%) also made significant contributions to job creation. Through the above statistics given, Burns (2011) has been able to substantiate the fact that entrepreneurs aid economic growth and create employment and turnover for the people. SMEs add to National Income or turnover – All business types analysed such as micro, small, medium and gazelles serve as tax base for the government either at the local, national or international levels. Although, the Office for National Statistics 2018 has indicated that not all micro businesses are actually registered for PAYE or TAX or can be accounted for due to their sizes. In fact, out of the total 5.7million total business population in the UK private sector, only 2.6million were registered for VAT or PAYE (Business population estimate report for the UK and its region 2018). Thus, entrepreneurial ventures ensure sustained growth for the UK economy. The turnover contribution by the businesses to the national income can be evidenced by the recent statistics released by the Office for National Statistics 2018. SMEs made evident contributions to the UK economy even looking at from the perspective of the business population of about 99.9% which were either small or medium-sized (SMEs). This means that about 5.67million businesses were small or medium-sized (SMEs) as at 2018. Large companies were about 7,500 standing for the remaining 0.1%. The turnover generated by the businesses as represented in percentage as shown in the chart above, reading 36% for small ventures, 15% for medium firms and 48% for large companies. In figures, small businesses alone generated turnover £1.4 trillion while medium businesses turnover £0.6 trillion and large companies turnover £1.9 trillion. Further analysis on composition of the businesses turnover is presented in the Table A below. Challenges facing UK businesses The outcome of Brexit negotiation has brought uncertainties for businesses because if Britain leaves Europe it may spell new trading barriers in their relationship in the future. This may slow down UK economy from keeping pace with the growth trends. Also, business may face fresh challenges of procedure of getting customs clearances, preparing documents and other payments associated with handling and inland transportation (TMF Group, 2019). Banking support or finance is another challenge for businesses in the UK the business look out for customer-centric and cost-effective banking services which provides better rates, ease of use, better communication, better services and better security. So, better fee tariffs and interests rate will be a major driver for them to switch from one lender to another (TMF Group, 2019). Social enterprises importance on the social economy of the UK The social economy comprises the cooperatives, social enterprises, volunteer associations, non-profits enterprise, service associations and charities and foundations. According to the European Parliament (2016) social enterprises have continued to develop and offer support to the social economy particularly in contributing to institutional transformation, economic growth, developing diversified local economies and improving employability, strengthening skills and creating jobs for the disadvantaged people. Contributing to wider economic and institutional transformation – The SEFORIS project 2016 study has surveyed 135 social enterprises in the UK and it was reported that they generated £450m in revenues and employed 13,705 people. Generally, it was believed that social enterprises accounted for about 5.6% of UK employment but are increasingly playing important roles in economic development and employment with better funding options (McCabe, 2017).Creating jobs, strengthening skills and employability – social entrepreneurs enable the disadvantaged unemployed people to gain access to improved skills that will improve their employability. Social enterprises have created jobs for longtermed unemployed youths, less privileged individuals and women that are unemployed owing to gender discrimination (Alter, 2006). PART B Traits and motivational drivers of successful entrepreneurs It is evident that not everybody wants to become an entrepreneur or engage in entrepreneurial activities. Running one’s business successfully requires some skills and characteristics as analysed by many authors. These characteristics and skills are believed to be attained through planning, education and hard work (Shane and Venkataraman 2000). Entrepreneurial characteristics Some are; Risk taker – there are diverse categories of risks associated with doing businesses. Entrepreneurs face some of these risks and try as much as possible to minimize them through planning, research and skills acquisition. Perceptive – entrepreneurs are insightful and see opportunities and challenges where others see problems. For example, the founder of Cott Corporation (an American food and beverage company) was perceptive because of its insight to see opportunity in offering private labeled beverage to the grocery industry. David T. Gibbons is the current chairman; the company was founded in 1952 and today has 50 manufacturing sites as well as 370 warehouse and distribution branches across Isreal, Europe, United States and Canada. It made $2.3 Billion revenue as at 2017 (Cott Corp, 2019). Imaginative – creativity is an important characteristic of successful entrepreneurs. They are creative and imagine solutions to new problems. This prompts them to develop ideas for new products and services that proffer solutions (Shane and Venkataraman 2000). For example, Paul James Phelan was imaginative. He was the founder of Cara Operations Ltd – the Canadian Railway Newspaper Company. He inherited the family business in 1968. He later added food service to his business which he offered in many other sectors and renamed the business Cara Operations Ltd (Rogers Media 2004). Persistent – entrepreneurs like other humans make mistakes, face stress issues, receive critics and face unfavorable bureaucracy. In the face of all these, successful entrepreneurs stay persistent and stick to achieving their dreams and making the business succeed. Self –confident – believing in oneself is another key characteristic of entrepreneurs that became successful. Their level of confidence help them to handle their doubts. For example, Sir Richard Branson founded Virgin Records. He was self-confident and came out of his comfort zone to create the Virgin Airlines in 1984 (Virgin, 2019). Independent – according to Shane (2003) successful entrepreneurs desire control and independence. Every business is a reflection of an independent mindset by an entrepreneur who initiated it. Entrepreneurial Skills some are; Research skills – successful entrepreneurs know how to gather vital information through the various techniques. Information that are relevant to their businesses are gathered through the internet, books, consultation, databases and periodicals etc. According to Burns (2011) entrepreneurial skills can be learned much easier than developing an entrepreneurial characteristics. Management skills – for entrepreneurs, management skills involve knowing how to plan, organize, direct, control and lead people towards the business goals. These skills also help to attain material, financial and personal goals of the organization. For instance, book keeping, budgeting, and keeping accounting records are imkinportant for a business. In cases where such skill is lacking the entrepreneur can learn or hore someone who have the skills (Shane 2003). Relationship skills – no business is run successfully without relationship with suppliers, customers and staff. Effective relationship skills help successful entrepreneurs to maintain good rapport and contacts with their employees, suppliers and customers. It helps to motivate rewards employees accordingly and also source ideas from suppliers and customers (Shane 2003). McClelland theory The McClelland theory recognised three main motivators that he suggested humans have: need for achievement, need for affiliation and need for power. He stated that based on the dominant motivator in individuals, they will have different characteristics. McClelland have said that these motivators are learned irrespective of our gender, age or culture and that we all possess these motivating drivers. However, the dominating motivator in an individual is impacted by his life experiences and culture. Need for Achievement people are characterised by strong desire to set and attain challenging goals; working alone, taking calculated risks to realise their set goals and likes to get feedbacks on their achievements and progress (Harvard Business Review, 2018). In connection with engaging with entrepreneurial activities, the risk taking nature of such people inspire them to become entrepreneurs. Coupled with their high desire to achieve high goals such individuals can be more motivated to engage in entrepreneurial activities that involve discovering opportunities and setting goals to realise them. People with need for affiliation love to belong to the group; likes collaboration and does not like uncertainties and risks. They rather go with what other members of the group wants (Harvard Business Review, 2018). People with affiliation characteristics may be reluctant to take high level of risks and given that entrepreneurial activities require risks taking and taking responsibilities for own actions, such people may be reluctant to engage in entrepreneurial activities which are relatively too risky because they do not have high need for achievement. However, they can work excellently well when integrated with a team. People with power dominant motivators love competition, controlling people and wining in arguments. They enjoy recognition, influence and status. These individuals are effective in negotiations and gaol-oriented project. The implication of this to management is that power seekers should be provided with opportunity to manage others. How entrepreneurial personality reflect entrepreneurial motivation and mindset We can assess how entrepreneurial personality influence entrepreneurial motivation and mindset by applying the Big Five model. The Big Five model assesses personality through five main traits; The five-factor model (Digman 1990) Agreeableness – this has to do with the measure of the level of one’s helpful and trusting nature. The personality traits here include trustful, good-natured and cooperative. These individuals have lower relationship to engaging in entrepreneurial activities because entrepreneurs need to be tough to survive. Extraversion – this refers to the tendency to seek other’s company and talk. Individuals with this personality are talkative, energetic and assertive. They are sociable and seeks leadership role (Digman 1990). Conscientiousness – these personality traits describe someone who is dutiful, efficient and achievement oriented. So, such people are orderly, dependable and responsible. For instance, highly conscientious people are organised and prefer plans rather than making spontaneous decisions. People with high conscientiousness have high relationship to engaging in entrepreneurial activities because they are have high motivation attain their goals (Digman 1990). Emotional Stability versus Neuroticism – this refers to predisposition to psychological stress. Neuroticism is measured on the scale from nervous to confident. So, this describes individuals who are not easily upset; calm and not neurotic. In other words, they are stress-tolerant, being positive and self confident. Because these individuals have anxiety and are not self-confident in difficult situations, they have lower relationship to being motivated to become successful entrepreneurs (Digman 1990). Openness to experience – the key personality traits of such individuals are independent-minded, intellectual, and imaginative. In other words, they are innovative, creative, seek new experience and explore new ideas (Digman 1990). Many authors have explained that these factors influence entrepreneurial motivation and mindset. For example, Chmielewski and Morgan (2013) have suggested that entrepreneurs have higher scores on conscientiousness, openness and extraversion while they found to changes in emotional stability. That is to say, individuals may be more inclined to becoming an entrepreneur based on their personality traits that influence their motivation and mindset. How background and experience impact entrepreneurs Entrepreneurs are made not born. Many of the skills and characteristics discussed above are developed early in life by the people who become entrepreneurs. In addition, family background and environmental factors also play important roles and influences entrepreneurs. According to JSBE (1995) psychological, demographic and family characteristics influence entrepreneurial inclination positively and negatively. Need for achievement – the desire by someone to succeed in competitive conditions is a key personal attribute that influences entrepreneurial inclination. It is believed that successful entrepreneurs take responsibilities for their actions and attaining their goals . They put in more efforts and monitor what those efforts have accomplished within the set period (Burns 2012). Desire for independence – entrepreneurs love independence and may not be highly motivated to perform so well in bureaucratic settings where they are being controlled. They are confident in their own abilities and are driven by independence to succeed and gain self esteem. Innovativeness – successful entrepreneurs are separated from the unsuccessful ones through creativity and innovativeness. They generate new ideas, create new product and new processes to improve existing markets or create new ones (JSBE, 1995). Self-confidence – entrepreneurs leverage on successful track records from experience to build self confidence and become optimistic about attaining its goals. Propensity to take risk – entrepreneurs are risk takers. So, inclination of individuals to take risks may promote or hinder their entrepreneurial motivation. Birth order – it is believed that firstborns tend to receive more attention from their parents and so are more self-confident and inclined to entrepreneurial attributes. Family entrepreneurial inclination – individuals who had self-employed parents tend to have had supports and encourage independence of their offspring to become entrepreneurs. They support their achievement and instil experience and self-confidence in the entrepreneurs (JSBE, 1995). Example of how background and experience promote Paul James Phelan entrepreneurial motivation Paul James Phelan was born in 1917- and died 2 Sep 2002. He was a Squadron leaders; a Canadian yatchman and an entrepreneur. His parents were entrepreneurs. They created Canada Railway News Co. in 1883. The company formerly sells magazines, newspapers and confectionary to the travellers. Paul James Phelan inherited the business in 1968. He renamed the business Cara Operations Ltd and introduced restaurants and refreshment rooms at hubs and hotels along the rail lines. In 1977, he completed a takeover of Foodcorp, a $50 million business that had two brands named Harveys and Swiss Chalet. By 2015, the business has 837 food outlets and sold food worth $1.7 billion and became 3rd largest restaurant chain in Canada behind Tim Hortons and Mcdonalds. As at 2016, the company reported 26,000 employees and $2 billion in sales (Kay 2017). Conclusion By and large, entrepreneurs are important to economic development as the creator of successful businesses that help to deal with unemployment, social wants in terms of products and services and finally serve as a source of income for the people as well as the government. When more businesses are created and provided with adequate funding, there are greater chances that such businesses can flourish and have greater capabilities in innovation, research and exportation which will not only improve the UK GDP but also more jobs and better standard of living. Social enterprises have demonstrated that they have great potentials if provided with better funding sources to help deal with social changes, environmental challenges and reduce poverty and joblessness which are detrimental to social economic growth. References Burn, P (2011), Entrepreneurship and Small Business. 3rd Ed. Basingstoke: Palgrave MacMillan. Bygrave, W. D. (2004). The entrepreneurial process. In W. D. 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