Current Themes in Entrepreneurship
1. Aims of Current Themes
The aim of this research is to analyze the current state of small and medium-sized enterprises (SMEs) and family business in the UK and what else can be done to manage these sectors so that it can experience more growth and innovation in the modern business world. The research will look at different relevant factors to come up with considerable findings and recommendations for the SMEs and family businesses in the UK.
2. Research Objectives of Current Themes in Entrepreneurshi
The following research objectives are going to be served by this particular research:
· To examine the current state of SMEs and family business in the UK keeping a global perspective in view
· To look at important factors, which play their part in strengthening or weakening the SMEs and family businesses in the UK
· To analyze the impact of entrepreneurial marketing and business strategies on SMEs and family business operating across the UK
3. Literature Review of Current Themes in Entrepreneurship
It is often said that family businesses in the UK are the backbone of the economy in so many ways. According to facts and figures released in 2015, it was revealed that the number of family businesses in the UK is more than three million. These businesses have created more than nine million jobs and more than sixty percent of the UK’s private sector consisted of family businesses. These numbers are good enough to show the scale and reach of family businesses in the UK, and also depicting their importance (The Telegraph, 2015). This number for family-owned business is increasing and according to stats released in 2017, £182b tax was paid by the family businesses in the UK, and this amount exceeds the annual budget of NHS. In 2017, the 50% employment of the total private sector of the UK was provided by the family firms. It was also told that the number of SMEs in 2017 was more than 18,000 (NOWELL, 2019)
The overall numbers are encouraging for the SMEs and family business sector, and their role is certainly crucial to overall private sector. But both sectors are also facing various issues, which needs to be addressed so that family businesses and SMEs can grow their businesses with better management and innovation. The recent challenge for SMEs is the debate revolving around Brexit, which is coming up with the challenges of instability and uncertainty, as sectors are wondering, what to do next. They will have to change their supply chain as well as management of existing talent if Brexit becomes a reality in the near future. So, SMEs and family businesses of the UK have to get ready for any change to be embraced (Bullock, 2019). SMEs in the UK have to realize that their succession issues should be handled properly so that they can continue with rapid growth and development. If they will not handle these challenges in time, then things can get difficult for them in the future (Wang, Watkins, Harris, & Spicer, 2004)
The overall research is suggesting that family businesses and SMEs have a great
future ahead because the current situation is not bad at all, and both sectors
are getting enough response from the UK. Now, it is important for the
government to seal the deal of Brexit as soon as possible so that the situation
of instability and uncertainty can be mitigated, and SMEs and other businesses
can identify their future course of action. However it is important for family
businesses and SMEs to integrate with entrepreneurial activities so that they
can attain better management and growth with the passage of time
4. Research Questions of Current Themes in Entrepreneurship
· How SMEs and family businesses in the UK can deal with current challenges to compete in this modern and global business era?
· What role Entrepreneurial marketing and business strategies can play in the growth and management of SMEs and family business?
The basic objective of the researcher is to analyze each and every important aspect related to SMEs and the family business sector in the UK so that current challenges can be identified, which are hindering the growth and innovation of this sector. Once the current state of both sectors will be identified with considerable challenges, then the role of entrepreneurial marketing and business strategies will be analyzed in detail to see its impact on growth, innovation, and management of both SMEs and family business across the UK.
5. Hypothesis of Current Themes in Entrepreneurship
The SMEs and family business are able to deal with current challenges in a better way, which are embracing the essence of technology as well as entrepreneurship, like integrating entrepreneurial marketing and business strategies to handle their businesses. Moreover, if entrepreneurial activities are made an important part of the process, then both SMEs and family businesses can take several benefits for long term growth and success.
6. Research Design of Current Themes in Entrepreneurship
The study will take a qualitative method to conduct the relevant research, so the main focus will be to analyze available literature in this field. The books, journals, news websites, online articles, and government reports will be analyzed to look at the current state of family businesses and SMEs, and then the proper analysis will help to determine some considerable findings. Different research studies will be analyzed in detail to look at their findings so that the future course of action and recommendations for the SMEs and family businesses can be provided.
7. Data Collection and Sampling of Current Themes in Entrepreneurship
It is mentioned earlier that it is a qualitative and descriptive study, which will not be involved in any primary research; rather existing data and literature will be analyzed to come up with viable findings and recommendations.
8. Resources of Current Themes in Entrepreneurship
The resources going to be used in this research study are books, journals, news websites, online articles, and government reports.
9. Ethics of Current Themes in Entrepreneurship
The research will try to follow all ethical guidelines like when work of any researcher will be mentioned, it will be properly cited so that author is given the credit of his/her information.
10. Benefits of the Research of Current Themes in Entrepreneurship
This research will not only be beneficial for the future course of action for family businesses and SMEs, but it will also provide a detailed overview of entrepreneurial marketing and business strategies making an impact on family businesses and SMEs. It will help to identify current challenges for both sectors, and recommendations will be provided for the future handling, management and growth of business.
Current Themes in Entrepreneurship
Bullock, C. (2019). Key challenges for small
businesses in 2019. Retrieved October 24, 2019, from
NOWELL, D. (2019). Family firms are foundation of Lancashire economy. Retrieved October 24, 2019, from https://www.lep.co.uk/business/family-firms-are-foundation-of-lancashire-economy-1-9866428
Siakas, K., Naaranoja, M., Vlachakis, S., & Siakas, E. (2014). Family Businesses in the New Economy: How to Survive and Develop in Times of Financial Crisis. Procedia Economics and Finance , 9, 331-341.
The Telegraph. (2015). Family business: the backbone of the UK economy. Retrieved October 24, 2019, from https://www.telegraph.co.uk/business/sme-library/managing-your-business/family-backbone-UK-economy/
Wang, Y., Watkins, D., Harris, N., & Spicer, K. (2004). The relationship between succession issues and business performance: Evidence from UK family SMEs. International Journal of Entrepreneurial Behaviour & Research , 10 (1/2), 59-84.
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