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Entrepreneurial businesses concept refers to setting up an organisation by bearing risk in return of enjoying reward. In this study, Broadsword Event House is being chosen as a small entrepreneur business operating within the UK (Wearebroadsword, 2022). This organisation do plans and designs event for its clients by providing a wonderful experience for any special occasion. Primarily, such small private limited companies do hold certain characteristics that are different from the large and medium characteristics. This business from the initial stage is willing to take risk to conduct operations with high willingness. Furthermore, creates new job opportunities for skilled employees lying within this event management category.
Small-Medium Enterprise (SME) follows an organisational structure that maintains a holding pattern and organisation structure is flat. In this study, Pharmacy2U features are being observed to understand the features of medium-sized entrepreneurial business (Pharmacy2u, 2022). This company mostly conducts its business at an online platform to sell medicines to customers. A SME like Pharmacy2U always tries to focus on customers’ experiences and try to convert negative experiences to positive one. Every effort is being provided to walk in the path of development as a result internal management conducts several training programmes for improving overall organisational performance (Elia et al. 2020). This type of company always remains under a high pressure to ensure continuous improvement.
Global corporate companies are highly experienced businesses within every specific industry and have the capability to bear loss from an uncertain situation. In this study, Unilever Plc. is being considered as a global company to portray the features of a MNC. This company operates in many foreign geographical boundaries and has sufficient self-aware knowledge to flourish in developing economic countries (Unilever, 2022). This company maintains a global presence by continuous inclusion of global strategic ideas. Furthermore, this company focuses on the concept of sensitivity to cultural diversity. Unilever always tries to maintain a balance between technological trends and competitive to combat the global competitors.
Capital invested in Broadsword Event House is mostly invested by founder of the company whereas a large company like Unilever has the opportunity to collect capital from equity shareholders. The ownership of medium-sized organisations is being held up by the owner as well as partner of the business. A professional management is present within both global and medium-sized organisations. On the contrary, the owner of a small business has the full authority to make required decision. As opined by Caliendo et al. (2020), long-term planning is being followed by global companies to meet the changing business requirements. However, both small and medium entrepreneurial businesses do not have that much flexibility to incorporate the changes properly. Observing the identified existing resources among all three types of entrepreneurial business it is easy to identify that small business lacks efficiency in this area. Broadsword Event House meets all its capital requirements by leveraging its own net worth. On the other hand, Unilever has a wide range of funding sources to meet every financial requirement.
Pharmacy2U has a limited customer base as it operates within a specific geographical location while Unilever operates in varied foreign locations. This becomes an advantage for a global company to create a large diverse customer base for extracting the maximum profit. Broadsword is unable to provide a well developed event to its customers as it has restricted personal development opportunities. Pharmacy2U provides personal development programmes to limited employees (Neumeyer et al. 2019). However, Unilever provides a wide career development programme to the entire workforce for ensuring overall organisational development. Significant external input is being used by Unilever as it has a dense networking system among stakeholders whereas little external input is being used by both Pharmacy2U and Broadsword Event House.
The event management company Broadsword contributes to the local economy by bringing innovation and growth within the community the business is operating. The rate of creating employment opportunities is low as the scope is limited compared to the large corporations. As argued by Fuentelsaz et al. (2018), global companies are the prime pillars for economic development of a country. Since, large employment opportunities got created and a large amount of gross domestic product is being flowed towards economic growth. Observing this economic implication Unilever holds a strong position towards UK’s economic development. Pharmacy2U only follows the online platform to serve its customers and still brings new innovative ways to reach customers. Utilisation of modern technicalities leads to creation of advanced tools that enhance the technology industry of an economy. This enhancement boosts the production level of other organisations which start using those advanced technologies and competitiveness increases within different industries (Gupta et al. 2019). Among all the three identified types entrepreneurial business financial independence, employment opportunities and encouraging innovation are positive impacts towards economy of a country. However, these positive outcomes are only possible as the companies are able to adapt to the changing climate.
SMEs within the UK’s economy are rapidly increasing and that supports positively towards improvement of this country. Figure 2, provides a clear picture regarding the growth of small and medium-sized companies in different industries. Among all the industries, the technological industry is fast developing compared to other industries. This indicates that more small companies are entering this sector and creating job opportunities for skilled employees. Furthermore, products and services related to technology are being developed widely to make the UK a technologically improved country (Robmann et al. 2018). Currently, UK holds the fourth most position as a technological advanced country. This enhancement supports other industries like Broadsword event House uses artificial intelligence for planning an entire event, Moreover, Pharmacy2U also entirely depends on technology for conducting its online business. Big Data is an advanced technology that is being used by this company for holding recording every minute requirements coming from the customers’ end.
Driving growth is common with large organisations by the rise of social impact. As opined by Strotmann et al. (2019), global companies like Unilever build up a mindset to prepare differentiated products, exploring new markets and securing sustainable supply chains for creating a positive social impact. Moreover, global companies are getting a scope to involve within Fair Trade Practices to ensure a better positive action towards economic development. Positive social behaviour from a global organisations’ end ensures adopting climate change, removing inequality and creating a diverse work culture. Hence, employees are highly encouraged to be a part of such workplace and develop skills accordingly to meet the company’s requirements.
It reflects an adequate amount of information that UK’s economy is rapidly increasing that creates a job opportunity for job seekers lying within the age group of 16 to 64. In fiscal year 2019, UK employment opportunities reach 76.6% and this has become possible due to the development of global companies along with rise of SMEs. The companies like Unilever started creating global strategies that enhance company's value along with economy’s development. Though the level of development varies from industry to industry, it is a country’s responsibility to provide specific financial help to backdated industries.
The revenue collection from SMEs is usually less compared to the large companies within an economy. UK holds a series of global companies within different sectors such as AstraZeneca in pharmaceutical, Balfour Beatty in construction and Hopin in technological companies. However, SMEs in these recognised sectors are not able to develop faster as the companies are unable to secure sufficient amounts of operating funds. Figure 3 depicts the most developed city in UK and it is clear from the image that London is highly suitable for businesses to acquire resources to flourish in future. London is the most rapidly growing city within UK that has seen the largest development of companies. Manchester lies just after London that provides sufficient resources to fulfil the requirements rising within the business.
Information gathered from the above figure indicates that most of the SMEs and global companies are developing within the geographical boundaries of London. SMEs contribute nearly 51% towards the overall turnover of the UK’s economy. UK is focusing on generating maximum employment opportunities and 16.3 million people are engaged with this SME sector. Prosperity and innovation has been possible within the country that facilities equal distribution of wealth and income. UK citizens get a chance to work within service sector of UK and this enhances the standard of living (Awan et al. 2018). Enhanced living standard indicates income level among UK citizens has uncovered and they are able to afford the required wealth. Promotion of innovation and generation of competition provides a healthy supply of new ideas and skills.
Awan, U., Kraslawski, A. and Huiskonen, J., (2018). Understanding influential factors on implementing social sustainability practices in Manufacturing Firms: An interpretive structural modelling (ISM) analysis.Procedia Manufacturing,17, pp.1039-1048.
Caliendo, M., Goethner, M. and Weißenberger, M., (2020). Entrepreneurial persistence beyond survival: Measurement and determinants.Journal of Small Business Management,58(3), pp.617-647.
Elia, G., Margherita, A. and Passiante, G., (2020). Digital entrepreneurship ecosystem: How digital technologies and collective intelligence are reshaping the entrepreneurial process.Technological Forecasting and Social Change,150, p.119791.
Fuentelsaz, L., Maicas, J.P. and Montero, J., (2018). Entrepreneurs and innovation: The contingent role of institutional factors.International small business journal,36(6), pp.686-711.
Gupta, V.K., Wieland, A.M. and Turban, D.B., (2019). Gender characterizations in entrepreneurship: A multi?level investigation of sex?role stereotypes about high?growth, commercial, and social entrepreneurs.Journal of Small Business Management,57(1), pp.131-153.
Neumeyer, X., Santos, S.C., Caetano, A. and Kalbfleisch, P., (2019). Entrepreneurship ecosystems and women entrepreneurs: A social capital and network approach.Small Business Economics,53(2), pp.475-489.
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Websites
bbc (2020) UK employment rate at record high before lockdown Available at: https://www.bbc.com/news/business-52364811[Accessed on 7th April 2022]
datasciencecampus (2022) Understanding the characteristics of high growth companies using non-traditional data sources Available at: https://datasciencecampus.ons.gov.uk/projects/understanding-the-characteristics-of-high-growth-companies-using-non-traditional-data-sources/ [Accessed on 7th April 2022]
pharmacy2u (2022) About Us Available at: https://www.pharmacy2u.co.uk/ [Accessed on 7th April 2022]
statista (2020) Share of small and medium enterprises (SME) with growth plans for the next12 months in the United Kingdom (UK) as of 2nd quarter 2014 to 2020*, by sector Available at: https://www.statista.com/statistics/291488/sme-small-and-medium-enterprises-with-growth-plans-united-kingdom-uk-by-sector/[Accessed on 7th April 2022]
Unilever (2022) About Us Available at: https://www.unilever.com/ [Accessed on 7th April 2022]
wearebroadsword (2022) About Us Available at: https://www.wearebroadsword.com/ [Accessed on 7th April 2022]
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