PEST Analysis on the UK Macro Environment

PEST ANALYSIS ON
THE UK MACRO
ENVIRONMENT

Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
PEST Analysis ................................................................................................................................3
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7
Books and Journals ....................................................................................................................7

INTRODUCTION
Entrepreneurship is a process of starting own business by conducting research about
market. It is seen that, entrepreneurship is ability of converting idea into business opportunity.
Entrepreneur is a person that is creative and capable of starting own business. The individual is
ready to take risk and has motive of earning profit (Maistrello and et.al., 2017). A person who
identifies an existing problem, finds solution to the same and capitalise upon the given
opportunity through the utilization of optimum resources and competencies. It is vital to note that
entrepreneur plays a vital role in economy as by starting business they contribute to GDP of
nation. Entrepreneur makes effective use of technology and provide best products to customers.
They enhance the productivity as well as work in such a manner that is beneficial for society. It
is vital to note that entrepreneur also rises the employment opportunity in the nation. It is seen
that entrepreneurship helps the customers by getting new and innovative product. It also helps in
enhancing living standard. (FACTM, 2018). It is self-employment process that is beneficial for
the growth of nation. There are huge numbers of SME in UK and they provide employment to
around 16 million people in UK (Bouvet and et.al.,2019). There are number of traits that help a
person to become a good entrepreneur such as creative, need for achievement, self-confidence,
innovativeness. Along with that the skills such as self-starter, HR, marketing, finance
management are helpful to become a successful entrepreneur. There are huge number of macro-
economic factors that impact the success and failure of business. In the report, there is discussion
related to Pest analysis of UK.
MAIN BODY
PEST Analysis
It is study of macro-economic factors that impacts the business. An Entrepreneur must
know about political, economic, social and technological factors. Entrepreneur has traits and
skills that help them to achieve success and growth (Ariyanti and Yuniarti, 2020). The discussion
related to PEST analysis of UK is evaluated underneath:
Political Factors
It is important to consider that UK consists of Wales, England, Northern Ireland. UK is
one of the powerful country and has good economy. The democracy is modern and there is