ABSTRACT
Entrepreneurs can reinvigorate the economy and introduce new ideas and developments and, consequently, governments have strategies to create an enterprise culture all over the world. In order to facilitate an enterprise culture, governments will aim to provide suitable infrastructure, support policies and address market failure for finance, especially venture capital. An entrepreneurial ecosystem is wider in concept and includes the social and political environment as well as the cultural norms. Government support is targeted at small businesses and the Bolton report in 1971 raised awareness and introduced definitions for different sectors. The EU definition of small business is fewer than 50 employees, and a micro business has less than 10. Small and medium-sized enterprises account for 99% of private sector businesses in the UK and almost half of the number of jobs. The majority of small businesses in the UK do not employ anyone else. Some regions are more entrepreneurial than others, with London, the South-East and the South-West having the highest rates of business density. Some of the approaches taken by the UK government to encourage an enterprise culture include reducing the bureaucracy, skills training, access to finance, reducing the fear of failure and support for innovation.
