Entrepreneurship: Analysis of Macro Environment and Entrepreneurial Skills

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION....................................................................................................................3
MAIN BODY............................................................................................................................3
CONCLUSION.........................................................................................................................7
REFERENCES.........................................................................................................................9

INTRODUCTION
Entrepreneurship is the ability to develop, organize and operator business enterprise
along with uncertainties in order to generate profit. Entrepreneur is it individual who have the
ability and desire to start new business venture with the objective of minimizing risk and
maximizing profit. Entrepreneur plays a key role in an economy as they can use their skills
can bring new ideas to the market through which development can be done (Entrepreneur,
2021). Some of the most famous entrepreneurs are- Bill Gates, Steve Jobs, Mark Zuckerberg,
Jeff Bezos and many others. This essay will analyze macro environment of business with the
help of best framework. The essay will also identify skills and trades of an entrepreneur
which can be helpful Co strengthening business position in the industry. The essay will also
determine the trades which enables successful launch of a business in UK.
MAIN BODY
PEST analysis is an approach which is used to understand the external factors which
can influence business functions and operations. The factors which are identified with the
help of this framework are-political, economic, social and technological factors. The
framework was developed by Francis J. Aguilar in 1967 which is the approach for scanning
the business environment which comprises of different macro environment components
which are responsible to create positive and negative impact. PEST analysis is the framework
which can be used to assess major external factors which influence business operations in
order to make business more competitive in the industry. A detailed PEST analysis of macro
environment of UK, has been discussed below:
Political factors- UK is constitutional monarchy which is operating under the control
of parliament. By following fair practices, the country is able to attract greater number of
opportunities which is also helpful in building a strong image. Due to global pandemic,
government has increased the tax which will be helpful in paying for pandemic deficit. The
government of UK is also following green initiative which is helpful in creating positive
impact on the overall economy of UK. Political stability is the strength of UK whereas,
Brexit made the company of UK face various uncertainties (Ateljevic and Page, 2017). Some
of the other political factors, such as- corruption, uncertainty due to Brexit are those factors
which are responsible to create an adverse impact on the operations of business and overall
economy of UK. For example, Marks & Spencer is operating with more than 1300 stores and
the headquarters of the brand is in UK. The company gain various benefits through EC trade