Entrepreneurship and PEST Analysis on UK Macro Environment

Entrepreneurship

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK ..............................................................................................................................................3
CONCLUSION ...............................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Entrepreneurship is the process of determining a new opportunity and turning it into an
enterprise considering the risks involved and makes profits through it. The person responsible for
performing the entrepreneurship related tasks is known as entrepreneur (Bacq, Drover and Kim,
2021). The company chosen in this report is Tesco, a leading business in the retail sector which
deals in the groceries items and general merchandise. It was founded in the year 1919. The
following reports consist the scenario of PEST analysis on the United Kingdom's business
related environment and the elements which the entrepreneurs must identify that helps them in
reading the market trends. Certain skills and traits that are needed to successfully launch a
business entity in the UK and that help them in distinguishing them from the rest of the market
are also covered with some famous examples of successful entrepreneurs of the corresponding
market.
TASK
Pest analysis on UK macro environment :
It is an strategic management tool which helps a company to identify various macro
environmental factors which effects the organisation. This helps in analysing the elements that
are needed to be in strategy planning. Following is the elaborated form of this modal identifying
its different points through which the acronym PEST is made on the company Tesco :
Political factor includes the effects that government related policies (such as trade policy,
laws and parliamentary bills) of a market can effect a business. UK is consisted of 4 countries
England, Wales, Scotland and Northern Ireland. It is one of the richest and powerful country of
the world. In this democratic world, today also the queen is considered to have big place in the
constitutional monarchy. The most dominating political parties are Labour, Conservative,
Scottish national party and Liberal democrats, which differently affects the political business
environment. UK withdrawal from Europe, known as Brexit has deeply effected the business
environment of Tesco by increasing the importing cost and making it different for companies to
diversify in other countries due to losing their powers and presence in the continent and opened
doors of opportunities in some other ways and for some particular types of industries. It
maintains good relation with some developed countries in trading of goods and services(Santos,
Neumeyer and Morris, 2019).