The Brexit Referendum and West London Entrepreneurial Growth

This report delves into the impact of the Brexit referendum on the growth rate of start-ups and entrepreneurs in West London. It begins with an overview of the research, background on Brexit, and the significance of the study, outlining aims, objectives, and research questions. The literature review examines statistical data on West London start-ups from June 2013 to the present and analyzes the effects of Brexit on businesses. The research methodology section details the research philosophy, strategy, design, ethical considerations, and research methods employed. The report explores the economic alterations, currency fluctuations, and policy changes affecting small and medium-sized enterprises, which are vital to the UK economy. It also discusses the negative impacts on innovative and export-oriented companies and the challenges faced by West London's economy, including issues related to funding, stability, and multinational trading. The report concludes with recommendations and references, providing a comprehensive analysis of Brexit's effect on the entrepreneurial landscape of West London.

Impact of the Brexit
Referendum on the growth rate
of start-ups/Entrepreneurs in
West London

Contents
TITLE:.............................................................................................................................................1
CHAPTER 1: INTRODUCTION....................................................................................................1
1.1 Overview................................................................................................................................1
1.2 Background............................................................................................................................3
1.3 Significance of research.........................................................................................................4
1.4 Aims and objectives...............................................................................................................5
1.5 Research questions.................................................................................................................5
1.6 Gantt chart..............................................................................................................................6
CHAPTER 2: LITERATURE REVIEW.........................................................................................7
2.1 The statistical data of start-ups in West London from June 2013 until now.........................7
2.2 How has business been impacted from the Brexit referendum............................................13
CHAPTER 3: RESEARCH METHODOLOGY...........................................................................15
3.1 Research Philosophy ...........................................................................................................16
3.2 Research strategy.................................................................................................................16
3.3 Research design ..................................................................................................................17
3.4 Significance of research ......................................................................................................17
3.5 Ethical issues .......................................................................................................................17
3.6 Research Method ................................................................................................................18
RECOMMENDATION.................................................................................................................25
CONCLUSION..............................................................................................................................27
REFERENCE.................................................................................................................................29

TITLE:
“Impact of the Brexit referendum on the growth rate of start-ups/Entrepreneurs within
West London”.
CHAPTER 1: INTRODUCTION
1.1 Overview
Research is known as a detailed analysis of a specific concern through application of
scientific and statistical method. This will help in collection of important and reliable
information which contributes in enhancing decision making for attaining desired results. This
research is based on the impact of Brexit on European union as well as on the growth of start-ups
in West London (Goodwin and Heath, 2016). UK affected directly by Brexit regarding
expanding business structure as well as acquaint new ventures. Major impact of Brexit on EU is
results to be economic alteration as well as pound fell its values and struggled to recover their
position in a economy over the years. These procedures has direct impacts start-ups as well as
small enterprises. In June 23, 2016 British leaves European union which is termed as Brexit. In
this process, Referendum takes a part that determine voting procedure on the basis of individual's
opinion in the respect of UK to should remain or leave European union. The ratio of this
referendum is deliberate as 51.9% to 48.1% in which maximum individuals are in the favour of
EU leave.
In the year of 2016, Britain voted to leave the European Union and the UK established
itself as one of the best countries for entrepreneurship but it also made some unknown factors
impacted on the country. The business get affected by the Brexit in terms of import and export
like there is a small business in the European Country that imports the raw material from the
United Kingdom but the increased cost of suppliers made a major impact on the business
because the British pond fallen down from the past 31 years. In the UK the inflation rate risen up
by 2% (Green and et. al., 2016).The entire scenario has changed after regulating the Brexit the
inflation rates increased that's why there was a increased change in every product and services
has noticed. This become costly for the both segments to run their business with minimum costs.
They have to pay the increased amount to the suppliers to cross the boundaries. Brexit evoked
the negative effect on the UK economy. The small and medium size firms are likely to be
stricken by the Brexit as they are considered as backbone of the economy. In the UK there are
1

5.7 % small and medium enterprises which are 99% private sector enterprises and provides 60%
employment. It is contributing 73% in job creation in the UK (Hobolt, 2016). On the other hand,
Brexit perceived negative effected on the innovative and export oriented companies which was
the expected to give high growth to the country. There is a disruption among positive and
negative impacts upon the UK and EU because business is facing troubles and UK is going to
rise in some areas. For a start up and a business enterprise, it is required to build analyse
economy stability in order to getting enduring benefits. In west London, economy faces various
crises after the Brexit referendum. In this duration, small and large both firm faced tough
situation in terms of funds, stability as well as multinational trading approaches. Major issue that
affect economy condition is about diminishing the value of currency that affect growth as well as
inflation rate. The economy of UK is known as one of the best platform to start their business
venture at astronomic as well as midget level but this were become challenging due to unknown
effects of Brexit. According to some major research it has been analysed that after Brexit,
Economy of EU and UK takes a long period of time to recover and get effective growth.
Now, Small business organisation are more concerned about their future development as
well as growth. In UK index of business pessimism are brutal from +5 to -8 (Vasilopoulou,
2016). These activities are raising inflation and maximise political uncertainty that has direct
effect on growth of enterprises. In the study of economy development process, it determined that
business conditions would be drop over the coming year if small business are not getting proper
growth. Capital economies are found are that government of UK needs to implement negotiating
process with other economy as with EU too because this is the only economy that render
maximum revenues from past years. Major results that UK and entrepreneurs face after
referendum of Brexit are reduction of resources and innovation, lower level of external funds,
lack of investment and issues in future growth. Through this, future plans and objectives of small
business firms and ventures were directly got affected. As its impacts, economy of UK faces
numerous issues and problems to get proper growth again. This process will take a long term of
period in west London to maximise growth rate about Brexit for future success. In this process,
government of UK needs to take initiative toward such small as well as medium size business
enterprises.
2

1.2 Background
The research topic is based on Impact of the Brexit referendum on the growth of
Entrepreneurs. For a business organisation, it is required to analyse economy condition and its
effects on their procedures. In UK, small and large scale enterprises face various issues in order
to build their own image after Brexit and its impacts. These in activities create crises in economy
in terms of future growth. Referendum in Brexit is affect several activities as raising inflation
and exploit political uncertainty that has direct effect on maturation of enterprises. UK was the
most growing economy that is very liable for new business organisation in terms of development
as well as growth. But after Brexit, this economy got affected in the term of financial as well as
domestic issues. Small and medium size enterprises are the backbone of UK economy that are
affected by such terms (Portes and Forte, 2017). With such industry, expansion and size, United
Kingdom can start-up will directly impact on Brexit. The volatility of currency is effect customer
spending and purchasing power. Brexit has potential fundamental rewrite the rules and
regulations where firm will perform business within UK nation. It can be analysed that Brexit
define future large scale foreign owned production plan. The Brexit is largest factor which
directly effect on UK start-up and there are various economic events which continuously impact
on all businesses. The full effect of Brexit is clear, simple and effective but UK entrepreneur has
made appropriate operations under uncertainties in effectively. For this, government of UK needs
to take initiative about manage funds to provide financial stability to such start-ups. In this
procedure negotiation procedure of higher authorities takes a place in order to build stable
relations with economies to getting several as well as long term benefits. In UK history, Brexit
was determine as a most critical situation that affect its growth as some personal drives. This
procedure takes place on the basis of referendum on the specific ratings. It is also identify as a
major factor that determine positive as well as negative impact for a proper recommendation to
work differently or in a optimistic way with a hope to get desirable outcomes easily (Hürlimann
and et. al., 2016). In current time period, startup business are mainly worried about UK future
economy so they are vote last year of Brexit where new examination has been found. Brexit refer
a term that increase rate of inflation and enhancing persuasion ambivalent situation related to last
12 months. This stands businesses which continue to abide by same EU rules and regulations so
they need to wait in future coming years and months. Such type of uncertainty is fixed by
3

entrepreneur and business by taken all necessary actions and step regarding Brexit. This will also
make an opportunity for the country in proper manner.
The impact of Brexit on economy of government which has been analyzed major
authorities surveys for more than 10,000 UK businesses (Clarke, Goodwin and Whiteley, 2017).
Along with this, government has posses different question which are related to Brexit and it is
mainly effects on their future company strategy associated intentions. In this, the debate was
going through such things where businesses has been divided during referendum but most of the
contend will evaluating results or outcomes effectively. Small business owners mainly voted for
EU leave and at current time period they are discussing about future. This has been represents
that self employed analyzed so it is effective or good on given time period.
1.3 Significance of research
The main focus under the research activity is about gathering of information about
different aspects which helps in improvement of knowledge and contributes in attaining better
results. There are many sources from where data is generated by researcher which are known as
primary and secondary. In primary research actual views of respondents are ascertained. This
information is most reliable and authentic simultaneously unbiased in nature through which
better results are interpreted through with drive success in future period of time. The tools which
are mainly used under this method includes questionnaire, interview, online poll etc. Another
type of source which is used for the purpose of conducting research is secondary. This type of
method is basically used only in the situation when there is lack of time and money. Here,
information is gathered from different sources such as Articles, Books, newspapers etc. This type
of information is not much relevant to research topic because they are published in nature and
requited to identify the information as it is relevant to their research topic or not. Both these
methods have their own advantages and disadvantages which helps the researcher to apply all
these information in process of effective accomplishment of their desired objectives. Here, in this
report research is conducted through upon the topic about the “Impact of Brexit referendum on
the growth rate of start-up's and entrepreneurs within West London”. Brexit is the situation
which arises due to exit of UK from European Union. Referendum is refers as the concept
related to voting (Ramiah, Pham and Moosa, 2017). In support of exit around more than 51%
votes are received from the individual of society. Brexit has huge negative impact upon the
4

growth of economy due to emergence of the situations which are arise because of this reason.
This was forces the government of nation has to provide more emphasis on bringing up changes
in their previous policies and formulate such legislations which provides support to the
individuals of society that they disburse their efforts in development of economy of nation as a
whole. The importance of this concept is understood from this fact that government of UK take
many new initiatives regarding promotion of small entrepreneurs and start-up businesses. In this
regard, they start providing subsidies to the new entrepreneurs who start their own business
through application of new ideas. Also, they bring changes in taxation policies for small
entrepreneurs. Such changes are made on the basis of turnover of organisation and provide
concession to them on their earnings. This step of UK government has huge importance on the
development of society and economy (Oehler, Horn and Wendt, 2017). There are large number
of employment opportunities are created which helps in reduction of unemployment rate and
improvement of their living standard. Simultaneously, this was contributing their effort in the
development of economy through bring high flow of cash from through various investors present
within and outside the nation. This was provides the opportunity to the individuals of society is
earn large number of profits and income and become self-dependent. In future this will have
huge positive impact upon the development of society and economy and become strong and
developed nation.
1.4 Aims and objectives
Research Aim:
“Impact of the Brexit referendum on the growth rate of start-ups/Entrepreneurs within
West London”
Research Objective:
 To gain and produce results to determine the growth rate of start-ups within West London
 To investigate the impact of the Brexit referendum on start-ups within West London and
to provide a hypothesis in relation to the findings.
1.5 Research questions
 What is the statistical data of start-ups in West London from June 2013 until now?
 How has business been impacted from the Brexit referendum?
5

1.6 Gantt chart
This is a most effective method of research that assist to manage activities in specific
manner. Gantt chart is a graphical representation that used to frame task in accurate manner. It is
a necessary procedure that manage working approaches on the basis of beginning to the finish
period. In this, manager of firm plays a most important role in order to analyse employee’s skills
and effectiveness in order to distribute work in different department for getting desirable
outcomes. Through this, work of project can run smoothly to completing activities properly. In
this reporting methods, details are usually managed by excel or graphical format to getting
authenticate information of full procedure (Matti and Zhou, 2017). All these in activities made a
project authentic and specific in order to getting proper information’s. To manager a task or
report, it is required to build a proper team work in which each employees assist to manage
activities to accomplish them at decorous time period. The coordination between employees
assist to do task in authenticate manner to analyse proper information by specific resources. A
project also required a measurable, understandable as well as quality information that concluded
with certified sources. In this, a team always contribute an effective service to gather proper
information, manage activities and getting proper conclusion. In this procedures, some other
elements play a most important role as -
Time management – Gantt chart always used to manage task and activities at a proper
time period. For this, employees of a task management activities are schedule project in specific
manner from beginning to ending date. In this project, employees are requiring to get data to
analyse Impact of the Brexit referendum on the growth of start-ups from different sources that
provide authentic interpretation to others. These activities take maximum time to manage
information in proper manner. Gantt chart takes a proper place to manage duration of collecting
data and implement them in project. Time play important role in everything and it is important
for every organisation to complete their project on time within specifies time period.
Communication – Gantt chart is a graphical representation in which employees are
works together to accomplish a task properly. For this, it is required that they communicate
properly to each other in order to gather effective data and relevant information’s. Through this,
employees of a project can reduce conflicts and barriers that can affect their project management
plan. This is a most specific element of firm that assist in managing data and authentic
information of data analysis method. It will be helping to motivate employees to manage
6

approaches and activities in different time period by communicating with others. Through this,
they can manage information and sources in effective way. There should be two-way
communication so that information and data transfer and provided to each and every employees.
thus they can perform their activity in better manner.
Understanding - In a project management activity, it is required that employees provide
their contribution to collect a proper information in the perspective of task. Gantt chart manage
activities in proper manner to to provide understandable and authentic information to learners.
These are the effective and appropriate approaches.
CHAPTER 2: LITERATURE REVIEW
In this section of research, literature review is discussed brief information in specific
subject on the basis of published documentation. This study is represent befitting content on
Brexit that has major impact on the growth of New start-ups as well as small enterprises in UK.
In the process of leaving EU, referendum support with maximum majority of population that
tallied higher of overall figure (Curtice, 2016). As its result, UK were got withdrawal from EU
on June 23rd, 2016. It had major impacts on new start-ups or small business enterprises as well as
Brexit referendum itself damaged economy values of west London in the consequent years.
2.1 The statistical data of start-ups in West London from June 2013 until now
As per the views of George kaye (2015) West London is the hub of start-ups as well as
micro enterprises in order to maximise growth of economy. After Brexit referendum, economy
of UK faces various crises in the terms of Funds, investment as well as growth (Whitman,
2016). The maximum enterprises in West London are of media, Product manufacturing, media as
well as in technology sector which are known as fast growth firm that assist to provide
effectiveness in economy development approaches. There are the representation of start-ups in
west London in the year of 2014-2015 that consider all small as well as micro business firms.
Borough
No. of new
start-ups
(2014)
No. of new
start-ups
per sq km
(2014)
Survival
rate %
(2009-2014)
No. of
micro
businesses
(2015)
Micro
business %
No. of small
businesses
(2015)
Barking &
Dagenham 1310 36 33.3 4785 91.8 355
7

Barnet 3985 45 37.6 19445 93.2 1205
Bexley 1455 24 43.8 6930 91.3 545
Brent 2585 59 37.4 12035 91.5 925
Bromley 2190 14 41.7 12360 91.9 885
Camden 4375 200 38.6 22340 87.2 2520
City of
London 2610 898 36 13370 80.6 2380
Croydon 2390 27 39.3 11850 92 830
Ealing 3110 55 40.2 14560 91.9 1060
Enfield 2305 28 37.4 10530 92 765
Greenwich 1690 35 40.8 7475 92.7 500
Hackney 3245 170 43 13295 90.3 1205
Hammersmit
h & Fulham 2380 145 36.5 10770 89.3 1000
Haringey 2190 73 39.6 9910 93.1 650
Harrow 2390 47 41.9 11530 93.1 715
Havering 1485 13 38.7 7765 91.1 615
Hillingdon 2075 17 39.8 10195 89.5 860
Hounslow 2320 41 39.7 10815 91.2 785
Islington 3715 250 40.5 14645 87.9 1630
Kensington
& Chelsea 2165 178 40.3 11020 88.8 1150
Kingston 1270 34 42 7060 91.3 540
Lambeth 5570 207 38.8 16505 93.8 905
Lewisham 1870 53 38.3 8070 94 445
Merton 1995 53 37.3 9415 92.1 670
Newham 2365 65 35 7915 92.7 525
Redbridge 2580 45 36.4 10825 93.5 655
Richmond 1985 34 44.6 11510 92.5 765
Southwark 2930 101 38.2 12295 86.7 1490
Sutton 1185 27 44.1 6810 91.8 500
8

Tower
Hamlets 3460 174 36.2 12985 89.9 1145
Waltham
Forest 2100 54 37.9 8285 93 530
Wandsworth 3055 89 40.8 14755 93.2 895
Westminster 8245 383 34.8 38650 83.9 5860
Economy of UK, getting higher growth due to the development of start-ups in west
London. Number of start-ups in the year of 2014 in Westminster are 8245 at 383 per sq km with
the survival rate of 34.8% (2009-2014). Further in Lambeth 5570 start-ups at 207 per sq km with
the survival rate of 38.8% (2009-2014), in Camden are 4375 at 200 per sq km having survival
rate 38.6% (2009-2014), in Tower Hamlets 3460 at 174 per sq km supported with survival rate
36.2% (2009-2014) and lastly in Hackney 3245 at 170 per sq km along with surviving rate 43%
(2009-2014). As per the above graphical representation, it has been identify that in 2015
maximum establishment of micro business in Westminster as 38650, Camden with 22340
venture and Barnet in which 19445 micro enterprises are implanted (Hepburn and Teytelboym,
2017).
On 23rd June, 2016 British parting from European union after Brexit referendum. It has
numerous impact on UK that are identify in negative as well as positive manner. Immigration
create a ground that motive several Britons who voted to leave that EU. As a result, this action
9
Barking & Dagenham
Brent
City of London
Enfield
Hammersmith & Fulham
Havering
Islington
Lambeth
Newham
Southwark
Waltham Forest
0
5000
10000
15000
20000
25000
30000
35000
40000
No. of new start-ups (2014)
No. of new start-ups per sq km
(2014)
Survival rate % (2009-2014)
No. of micro businesses (2015)
Micro business %
No. of small businesses (2015)

had several negative impact on industry groups such as; construction, engineering and healthcare
because Britain has less resources for its establishment. Therefore, to easily recover from this
situation and enhance economy growth, UK paid proper attention towards business development
approaches in order to reached on higher records through such strategies. To conduct such
activity that assist to achieving targets, UK started investment process for new business
formations. As its result in 2016, more than 650,000 small and large scale organisation have been
started in UK which takes a small growth from previous records.
In between appropriate growth of start-ups, number of ventures are also dropped due to
inappropriate investments, funds and government clampdown. Just over 30% of start-ups west
London showed impressive growth with maximum number of micro as well as large scale of
enterprises development. These start-ups are identified as in year 2013 - 526,227, 2014 –
581,173, in 2015 are 608,110 (Cumming and Zahra, 2016). These information are determine
condition of Britain before Brexit while as after Referendum start-ups are getting growth as
650,000 or in 2017 these new ventures are calculated as approx. 702,200. These start-ups provide
impressive visual image in the terms of economy development and growth. On the basis of some
research, it has been analysed that UK is still the most vibrant country for the establishment of
mew venture. In west London, numbers of start-ups are getting rapid growth that helps in
economy development as well as maximise employment opportunities for individuals. For this
ongoing process, government of UK initiate several scheme with flexible labour market,
favourable tax scheme to support strategy of start-ups. By getting these advantages government
of west London taking initiative for business activities in some specific sector as; Healthcare,
engineering, hospitality, travel and tourism as well as micro businesses. After a annual analysis
10
1 2 3 4 5
0
100000
200000
300000
400000
500000
600000
700000
800000
Column B
Column C