PEST Analysis and Skills of Entrepreneurship in the UK

This report examines the PEST analysis on the UK macro environment in context of entrepreneurship. It also determines the relevant skills and trails that entrepreneurs utilize in order to succeed in the marketplaces with affiliated examples.

ENTERPENURSHIP 1

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY ..................................................................................................................................1
PEST ANALYSIS.......................................................................................................................1
Political factor:...................................................................................................................1
Economic factor:................................................................................................................2
Social factor:......................................................................................................................3
Technological factor .........................................................................................................3
Skills and trails of entrepreneur .................................................................................................4
Trails of enterpenures .......................................................................................................4
Skills of entrepreneurship .................................................................................................5
CONCLUSION ...............................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
The entrepreneurship refers to the process which consist of land, capital, labour, natural
as well as artificial resources. Basically it indicates a person who generate surplus and ready to
bear all the risk. In entrepreneurship an individual established start-up plans and ventures into
the marketplace with the motive of achieving individual goal (Apostolopoulos, et.al 2018). The
process of entrepreneurship includes scheming, launching and running new company by the
individual person who willing to get succeed in the market. The present report will examine the
PEST analysis on the united kingdom macro environment in context of entrepreneurship.
Furthermore. The report will determine the relevant skills and trails that will entrepreneurs
utilized in order to get succeeded in the marketplaces with affiliated examples.
MAIN BODY
PEST ANALYSIS
It refers to the plans of action which utilized to determine the factors which are related to the
enterprise. In the analysis the PEST indicate political economical social as well as technological
factors which affect the enterprise in the both ways positive and negative (Tsvirko, 2020). It
gives assistance in increasing the scale of the organizational profit as well as generate more
customers. It will identify the upcoming or forthcoming challenges for the organization. With
the help of the PEST analysis the enterprise of the organization innovate the services and
product quality of the organization. The entrepreneur can take major steps on the bases of this
analysis for further growth. The various factors of the analysis covers different segments by the
entrepreneur of the company in a manner which are as follows:
Political factor:
in the pest analysis the P stands for the political environment which affect the performance of
the organization. The factor consist of the rules and regulation impose by the government for
the business enterprises and the industry. The entrepreneurs of the organization reduces the risk
and protect the businesses from the losses. This factor gives assistance to the organization in
order to grow in the global as well as international market. The political components consists of
tax and economic policies in which increment and decrement of tax rate affect the enterprises.
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Due to the taxation the entrepreneurs willing to start the business or conduct the enterprise
where the government contribute less interference in the business.
In this factor the government implement the employees laws in which the workers are protected
under the authority (Chowdhury, Audretsch, and Belitski, 2019) . With thee assistance of the
law the entrepreneur bring off the enterprise in a proper manner along with right direction. The
enterprises expand the business in foreign market by determining the political background of the
company. The government control the taxes and the price of the commodity so the entrepreneur
formulate the policies for the company to earn more surplus in the market. In a political factor
due to lack of political stability the enterpenures face troubles in operating the business on
international level. The entrepreneurs of the organization hesitate to introduce the business in
international market due to some political conditions like public violence and looting.
Economic factor:
this factor affects the entrepreneurship at large scale. The entrepreneurs of the organization
make decisions on the bases of economical values in the marketplace. There are the various
elements of the economic factor that impact the performance of the individual in the
marketplace. The most important element is the capital which is highly required for establishing
the business in the market. Availability of capital brings all the resources together. The
entrepreneur of the organization determine the capital which is need to invest in the marketplace.
The economical level of the consumer give an idea to entrepreneur to grow in the market. The
willingness of consumer to pay against the services and commoditizes offer by the enterprises
are considered in the elements. The interest rate charged by the lander or borrower is highly
electable as it increases the expenses of the organization. Another element is the inflation in the
marketplace (Colbourne, 2021). Purchasing powers of the consumer is reduced by the changes
in inflation. As power the standard of the inflation the entrepreneur increase the wages of its
employees. The affordability of different class people are also involve under the heading of
economic factor. Banking and money facility encourage the entrepreneur to contribute in the
market. The cash-flow off the monetary system is another thing which motivate the individual
person to become the enterpenures of an organization.
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Social factor:
the social environment includes the impression, customs, practices and behaviour. The
entrepreneur lunch or introduce the business as per the culture of the society. In order to survive
in the market the enterpenures identify the social aspects of that particular region. This factor
includes the taste and preferences of the consumers or the willingness of the buyers. The
enterpenures launch different campaigns and programmes in order to encourage the buyers
(Crum, 2019). The individual person remain impulsive as well as answerable in the
marketplace. For identifying the culture of the society the entrepreneur of the organization
suppose to do market research. The lifestyles, habits of buying, educational level, religion
beliefs, social class, population growth rates are some major factors which influence the
entrepreneur to introduce the commodity or services in the market. The entrepreneur of a
company manage or maintain the social standard in order to build an identity in front of
competitors. As per the culture of the region the enterpenures of enterprise forms norms,
customers and practices. The individual person provides strong culture to the organization as
well as workers working there. The ethical valuers and norms also considered in the social
factor. The entrepreneur target the customer as per the demographic features of the society.
Technological factor
in the modern era technological factor is the most important factor in day top day life that affect
the business in the both ways positive and negative. It gives assistance to the business man in
operating function in a effective and efficient manner. The entrepreneur of the organization
identify the technological facilities required for the consumers. The entrepreneur utilized the
tools to identify the trends of the marketplace. The entrepreneur of the organization spread
awareness among the people with the advancement of technology (Maclean, Harvey, and
Gordon, ). The organizational person communicate with the customers due to the technological
factor. The entrepreneur convenience the targeted audiences with the features of technology.
The individual decrease the cost of labour in this factor. The business person modify various
techniques as per the preferences of the consumer. The responsible person collect the data from
the market in order to deliver satisfaction to the consumers. The efficient technology give
assistance in determine the competitors of the organization. Entrepreneur utilized various online
platforms such as Facebook, Instagram, chrome and Pinterest etc. the enterpenures of the
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organization consume more technology in order to coordinate and communicate from one
employee to another or consumers. The technological factor provide various information and
help in execute the plans in the market. It provides security to the enterpenures from various
threats. The organization innovates the technology for fulfilling the demand and supply of the
consumer.
Skills and trails of entrepreneur
The enterpenures of any organization always seeks for the innovation within the firm in order to
generate snore profit to lead the market as soon as possible (Mehmood, Jian, and Akram, ).
There are the various skills and trails which play vital role in introducing the company in the
marketplace. Every entrepreneur required some knowledge or skills in order to maintain the
business and get succeed in the marketplace.
Trails of enterpenures
 leadership: it is the most important trait in the entrepreneurship is to lead the employees
or the workers of the organization. With the good leadership skills the entrepreneur is
able to train and develop the skills as well as knowledge of the employees. The leader of
the organization basically represents the whole organization at global as well as
international level. The leadership skills of the organization give assistance in managing
the contact with the various interested parties in the marketplace.
 Vision: the entrepreneur have vision or mind set of how to launch the organization in the
market. The entrepreneur have vision to innovate and modify the services and
commodities in the marketplace. The vision of the enterpenures indicate the creativity
and create great impressions on the buyers or suppliers. The responsible person have
imagination to modify the exiting commodity in order to deliver great amount of
satisfaction to the buyers as well as consumers. The entrepreneur create imagination of
being succeeded in forthcoming time period.
 Motivation: the entrepreneur should be motivated toward the goals as well as the vision
for the upcoming success (MUNIANDY,, 2015). The individual person is self-motivated,
or they motivate others by delivering the better performance in the marketplace. With the
motivation trails the entrepreneurs should have ability to deliver the elements of
motivation such as reward, appreciation The responsible person work hard with the
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gr4eate motivation to face the challenges. With the assistance of the motivation the
individual develop capability to acquire personal; as well as organizational goals.
 Positivity; it is very important for the entrepreneur to being positive in order to lead the
market. Being positive doesn't means staying blessed being positivity means the
entrepreneur should be ambitious toward the goals with full dedication. In the positive
element of trail the entrepreneur seeks all the opportunity and develop confidence. The
individual do not blame for the failure of any plans of action that particular person learn
and improve again.
 Creativity: the enterpenures should be creative in context to deliver something diffident
from the competitors to the consumer (Nambisan, Siegel, and Kenney, 2018). The
capability of seeing the world with the different point of view is very important in the
marketplace. It includes the innovative or unique ideas to modify the product and the
services of the organization.
Skills of entrepreneurship
It is very essential to have relevant skills to operate the business in a marketplace. Some skills
which are required to succeed in the marketplace are bifurcated into various parts which are as
follows:
 communication: the leader or the representatives of the organization have a good
communication skills in order to introduce the business plans in front of consumers as
well as investors or shareholders (Qasemi, 2015). With the assistance of the better
communicational skills the entrepreneur convince the buyers and promote the business in
a effective manner. It will make easy to understand or explain the business ideas in clear
ways. The communicational skills consist of ability to speak or listen the message or
content in right direction.
 Productivity: being the workaholic is the essential or the most energetic skills to build
the reputation in the marketplace. It refers to the smart manners to increase the scales of
the profit.
 Promotion: the entrepreneur should have relevant skills to promote the business in front
of the customer in order to increase the growth. Promotion is basically spreading
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awareness about the product or service of the enterprises in the marketplace. It is the
crucial role for the enterprise.
 Money management: it refers to the management of the capital in a effective manner. It
includes the knowledge how to invest and how much need to invest in the business in
order to survive the business in the market. A successful entrepreneur should have skills
to acquire the capital from the investors or the financial institutes.
Various enterpenures in the world who used all the skills and trails in order to achieve success
and accomplish goals. With the assistance of these skills the entrepreneurs are able to build great
image as well as brand values in the marketplace. Some examples of the successful
entrepreneurs namely Brother David and Simon Reuben, Alan Sugar, James Dyson etc
(Carruthers, 2009).
CONCLUSION
From the above report it will be concluded that the entrepreneur of any organization or the
company need to identify various aspects of the market in order to satisfy the consumers. The
successful entrepreneur of the organization conduct various research in order to survive in the
marketplace. Furthermore, the skills like communicational, productivity and money management
are considered in the success of enterprises. The responsible person consist of various trails such
as leadership, motivation, vision and creativity.
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REFERENCES
Books and Journals-
Apostolopoulos, et.al 2018. Entrepreneurship and the sustainable development goals. Emerald
Publishing Limited.
Carruthers, H., 2009. Using PEST analysis to improve business performance. In practice, 31(1),
pp.37-39.
Chowdhury, F., Audretsch, D.B. and Belitski, M., 2019. Institutions and entrepreneurship
quality. Entrepreneurship Theory and Practice, 43(1), pp.51-81.
Colbourne, R., 2021. Indigenous Entrepreneurship. The Palgrave Handbook of Minority
Entrepreneurship, p.319.
Crum, J.A., 2019. Introduction: Supporting Entrepreneurship and Innovation. In Supporting
Entrepreneurship and Innovation. Emerald Publishing Limited.
Maclean, M., Harvey, C. and Gordon, J., Social innovation, social entrepreneurship and the
practice of contemporary entrepreneurial. International Small Business Journal.
Mehmood, M.S., Jian, Z. and Akram, U., Thinking Skills and Creativity.
MUNIANDY, S., 2015. THE PEST ANALYSIS.
Nambisan, S., Siegel, D. and Kenney, M., 2018. On open innovation, platforms, and
entrepreneurship. Strategic Entrepreneurship Journal, 12(3), pp.354-368.
Qasemi, H.R., 2015. PEST Analysis in strategic Human Resources Planning.Jones, L., 2011.
Sammut-Bonnici, T. and Galea, D., 2014. PEST analysis.
Tsvirko, S., 2020, May. Crowdfunding as a Source of Financing in Russia: PEST Analysis.
In International Conference on Integrated Science (pp. 154-163). Springer, Cham.
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