Entrepreneurship in UK: PEST Analysis and Traits of Successful Entrepreneurs

Entrepreneurship

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK ..............................................................................................................................................3
CONCLUSION ...............................................................................................................................3
REFERENCES................................................................................................................................4

INTRODUCTION
Entrepreneurship is considered as a major economic activity of a business which helps in
creating various opportunities for a business development. In the recent times, scope of
entrepreneurship is increasing in Great Britain (Aldrich, 2017). The entrepreneurship includes
application of all major business activities and the main purpose of it, is to achieve profitability
at the marketplace. It is also one of the major role of government of United Kingdom to support
entrepreneurship based activities with major policies and plans in order to increase country's
development. In this project there is an essay written on macro or external environment of UK
with the help of PEST analysis. This project's essay also take into consideration evaluation of
skills and traits of an entrepreneur.

ESSAY
The entrepreneurs of Britain has created a records in numbers in 2021, as stated by a
international study report. The report is a good evidence as it is used by many organisations like
World Economic Forum and United Kingdom. In United Kingdom, the percentage of youth who
wants to develop start up business is very high and got an increase of 12.6 % in the last year. In
the year 2020, this rate decline to 7.8%, according to a major survey conducted by Aston
business school. The inflation rate of United Kingdom has also increased as a highest in last 30
years along with fuel costs (Alvarez and Barney, 2020). This has impacted on cost of doing a
business at the marketplace of UK. It is also one of the key role of government to focus on
bringing back the past conditions in order to support entrepreneurial activities. In the
development of a company, entrepreneurship plays a significant role by creating more
employment opportunities. This is also one of the major role and responsibility of an
entrepreneur to follow policies formulated by government in order to develop an ethical and
sustainable business.
PEST analysis is considered as major external or macro environmental tool used by
companies in order to gain competitive advantage. In order to develop entrepreneurship related
business operations in the country, it is essential to perform or conduct PEST analysis. The
Political factors are related to rules and regulations formulated by government of UK to control
businesses in economy. Political factors include UK's decision of BREXIT(leaving European
Union) which impacted majorly on different business organisations. COVID-19 based protocols
including Lock down imposed by government of UK in order to control spread of pandemic.
These two major factors has impacted on business environment of UK and put a question mark
on functioning of government as well (Audretsch and Moog, 2022). The government of United
Kingdom is now involved in development of major corporate laws which are helpful in revival
of the economy. Economic factors are related to various factors that are to be considered by
entrepreneurs in the economy. The monetary policy of UK government is playing a major role in
development of economy as it is formulated to control money supply as well as minimise impact
of inflation. The another major economic factor related to economy of United Kingdom is gross
domestic product and national income (Landström and Harirchi, 2018). It is also one of the
major role of government of UK to focus on development of GDP and national income by taking
help of economic policies.