PEST Analysis of UK Macro Environment and Traits and Skills of an Entrepreneur

Essay

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Conclusion .....................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Entrepreneurship is defined as the creation or extraction of any kind of value. It is an act
of initiating and running the business in order to become creative. In context with being an
entrepreneur, it is described as a person who starts a new business, face risks associated with it
and enjoy all the rewards (Gieure, and et. al., 2020) . There are several concepts in relation with
the aspect of entrepreneurship and these are skills, interest, financial investment, risks and many
more. The below essay involves pest analysis on UK macro environment and identification of all
skills and traits associated with it.
MAIN BODY
PEST analysis of UK macro environment: -
Pest analysis is described as a management method through which an organisation assess
different external factors that create an influence on complete operations in order to deal with all
competitors available in the market. In context with UK macro environment, it is defined below:-
United Kingdom is one of the most strong countries all over the world. In relation with
all political factors, the main strength of their macro environment is political stability. Though it
faced the issue of Brexit due to which many uncertainties got occurred. The issue of Brexit was
involved with both positive factors also and negative too. There were many analysts who
assessed that its effect is creating many obstacles but at the same point of time, it is creating new
business opportunities also. The government of UK has always been stable through which the
corruption level was low and all government policies were efficient enough. So, in context with
their political stability and their effective performance, their country ranking is at the top
position.
In context with economic factors, United Kingdom is the 6th largest economy in the world
in context with their gross domestic product. While assessing their industry in the year 2020 and
2021, there were many businesses which got destroyed and the reason behind that was the global
lock downs (Malinao, and et. al., 2021) . The main exports of UK was cars, gold, crude
petroleum and it attracts maximum number of tourists. Besides this, there are huge number of
students who comes to the country and contribute in a major way to the economy. Besides this,
the main reason of success for their economy was diversity. As their marketplace provides equal
opportunities for all the businesses to achieve growth. In relation with the concept of foreign
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