An investigation into the development of entrepreneurship in the UK

The study will be focusing specifically on the impacts that these entrepreneurs have had on the UK (regional) economy. In the last 20 years we have seen a wealth of studies analyzing the determinants of entrepreneurship. Though some of these studies are theoretical (e.g. Holmes and Schmitz, 1990), others are empirical (e.g. Evans and Leighton, 1990). The impacts of entrepreneurship, in terms of economic growth, have also generated a base of extensive literature. Recent technological development, deregulation, globalization, shifts in the labor supply, variety in demand, and the resulting higher levels of uncertainty have caused a shift in the industry structure away from greater concentration and centralization towards less concentration and decentralization. This has indicated that the industry structure is shifting towards an increased role for small firms. “The function of entrepreneurs can be described as to reform or revolutionize the pattern of production by exploring an invention, or more generally, an experimental technological possibility for producing a new commodity or producing an old one in a new way” Audretsch (2002). The aim of the research is to identify the development of entrepreneurship in the UK region and the results showed that there was a divergence between the leading and the lagging regions. The study also discussed the underlying reasons for this divergence and its policy implications. Focus will also be laid on the policy initiatives that have been undertaken by the UK government in promoting entrepreneurship in lagging and also extending it in already well off regions. The study also looked into the development of male and female entrepreneurship and identified a divergence in entrepreneurial activity between the genders. The underlying factors for this divergence are also identified and discusse