Theoretical Knowledge of Entrepreneurship and Traits of a Successful Entrepreneur

Entrepreneurship

Table of Contents
INTRODUCTION ..........................................................................................................................1
MAIN BODY...................................................................................................................................1
Theoretical knowledge of entrepreneurship .........................................................................1
REFERENCES ...............................................................................................................................7

INTRODUCTION
MAIN BODY
Theoretical knowledge of entrepreneurship
Pest Analysis involves political, economic, social and technological environment where
an organisation can assess various external factors which have a major influence on business
operations for the purpose to become competitive in the marketplace. It basically determines
those factors which have an impact on the activities and performance of the business. In context
to UK, the pest analysis focuses on addressing some of the economic, political, technological,
environmental and legal issues that basically affects the UK surroundings. This framework plays
a crucial role which basically helps a business analyst to understand the influence of the external
environment factors on business operations. It not only helps in better understanding of
surroundings but also helps in development of strategic decisions. There are various political
factors that affects one of the most powerful countries including England, Scotland, Wales and
Northern Ireland. In context to UK, its political stability plays a great strength of the country but
due to Brexit which basically involved the UK's withdrawal from the European Union has
resulted in political debates and created uncertainties(Uhr, 2017).
Few of the analysts believe that the Brexit will open doors for immense opportunities
whereas others believed that it will create a unimaginable chaos for the country. In addition to
that, there was a sudden rise in the crimes and violence which caused serious issues. The country
focuses on maintaining cordial relations with other countries and is also a permanent member of
the UN with considerable influence on political, military, global economic, scientific and cultural
affairs. The UK being the sixth largest economy in the world in terms of GDP faced severe
lockdown in past years and has put immense pressure and resulted in destroying various
industries(MAURYA and SHARMA, 2017). In UK, the wages usually increases every year and
resulted in useful approach to support people who have low income. Various financial services
sectors plays a crucial role in the UK's economy. For its foreign direct investment(FDI), the
UK is considered as a known destination. Various business organisations and tycoons across the
countries have invested in a variety of companies in the UK. The another important issue which
1

is addressed in the pest analysis of the UK is its social environment. Due to population getting
older, it has various implications on both the healthcare system and labour market. Various
industries such as insurance, real estate, insurance, holiday and various other companies have
also got an advantage from its population. Over the years, the UK companies have developed
various new markets and products in order to fulfil the needs of different religions and races. In
terms of technology, UK is one of the most advanced country in the world. London being one of
the great hub for technological and financial institutions(Sims, 2018).
The industries are constantly developing new ways of technology and also provides best
possible solutions for their consumers. All these technological infrastructure provides unlimited
opportunities for the businesses in the UK. In order to deal with the rapid changes due to rise in
technology there are various skills and traits that need to be possessed by the entrepreneur in
order to remain thrive and resilient in the post Covid-19 world which can help them to
distinguish among the rest of the work force. In order to deal with the post Covid-19 impact, an
entrepreneur must be able to learn, communicate and sell. Not everyone is born with required
traits in order to change the world. There are various key personality traits that help an
entrepreneur to be successful in order to deal with post covid 19 situation. Deep passion for the
goals and objectives is an essential in every business organisation(Shao, Feng and Wang, 2017).
Passion and work ethics goes hand in hand. Work ethics help in keeping the business
strong and it requires passion in order to feel motivated towards maintaining a good work ethic.
In addition to that, organisations that thrive are often build from the creativity of their leaders.
With increase in level of competition, various entrepreneurs are forced to introduce new ideas
which can help in building a unique image as compared to other companies. Creativity involves
creation and thinking of innovative and unique business ideas. A creative entrepreneur finds
various innovative ideas in order to solve queries and problems in an organisation. Moreover,
entrepreneurs need to be a self-starter. A self-starter is someone who takes initiative and perform
functions without being asked. Such entrepreneurs take initiative on their own duties and projects
and lead themselves. In order to deal with such situations, it is important that entrepreneurs have
to be self-starters for helping business scale in today's tough competition.
Businesses who are able to achieve their objectives and goals involves leaders who have
the capacity to deal with different challenges. It is important for the entrepreneur to clearly
communicate objectives to the team members who are basically involved in the processing and
2