Entrepreneurship: Analyzing Skills, Traits & UK Macro Environment

This report explores entrepreneurship by examining the UK's macro environment through PEST analysis and identifying relevant skills and traits for launching a successful business. It highlights the UK's political and economic stability, social factors like population growth and education, and technological advancements. The report emphasizes the importance of communication, leadership, vision, motivation, positivity, risk-taking, adaptability, delegation, creativity, and time management for entrepreneurs. It concludes that a stable political and economic climate, combined with the right skills, can position the UK as a favorable location for entrepreneurial ventures.

Entrepreneurship

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................2
MAIN BODY..................................................................................................................................2
Pest analysis on UK macro environment.....................................................................................2
Relevant skills and traits that help entrepreneurship to launch a business..................................4
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
In this modern era, most of the organization majorly faces issue with regard to vision and
did not have any effective solutions to generate better outcome. That is why, entrepreneur helps
them to provide vision due to having it as a strong skill. T present report is shed a light upon and
helps to understand the concept of macro environment and skills required in an entrepreneur. The
current study also determines the macro environment by using PEST analysis. Further, report
will also describe list of skills possessed by entrepreneur and then describe the traits that makes
them an effective entrepreneur.
MAIN BODY
Pest analysis on UK macro environment
PEST analysis is used to determine the macro environment factor that affect the external
factor of a company or a country. This in turn used by companies when seeking to invest into
new country and that is why, there is a need to identify the macro environment factor. These is as
mentioned below:
Political factor: The factor is deal with political stability of a country and UK is consist
of England, Wales, Scotland and Northern Ireland. That is why, it is one of the most powerful
countries in a world and also have a modern parliamentary democracy as well as constitutional
monarchy with monarch (Barbara and et.al., 2017). That is why, the political stability is a great
strength of a country, however Brexit affect the country in negative manner. This in turn create
many uncertainties and political debates such as increase in tax, trade affected. Also, rise in
violence as well as crimes also considered serious concerns.
Also, UK maintain very good relations with US and other countries that helps it to
overcome many global issues. Along with this, the negative aspect of political factor includes
some well-hidden corruption that affect the overall performance of a country. Moreover, it has a
proactive government that helps in political stability because Brexit change the overall
performance of the country and this in turn causes many uncertainties. Having a stable
government, assist UK to rule over a people and it keep changes its policies by analyzing the
situation of a world so that it the citizen of the country does not have any negative impact.

Economic Factor: It is related to economy of a country and there are many factor
associated with the same that helps to run a country effectively. Such that country’s GDP in 2019
was 2.77 trillion, thus it is stand in 6th position globally. However, pandemic affected the
country’s economy and that is why, economy decreases. The unemployment rate of the country
is also low because of having diverse market, company also provide range of employment
opportunities to the people that helps them to grow and flourish. Such that in 2020, the
unemployment rate of UK’s economy was approximately 3.8% and record shows that it has
fallen by 0.2% from previous year. Thus, it reflected that the country has positive economy due
to providing employment facilities to their employees (Dunn and et.al., 2018). In addition to this,
the inflation rate of UK is 1.94% and it was increased by 3% from 2017. This in turn affect the
overall condition of a country in negative manner. That is why, country should make effective
decision in order to improve the inflation rate so that the companies operate in this might not
affected in negative manner. Apart from this, the financial services sector also plays big role in
UK company. such that House of Commons Library contributed to approx. £130 billion to
improve the overall country’s performance.
Social factor: This factor deals with the views of people live in UK because the country
is a big consumer market. In 2021, it has 68 million population and it has expected to reach by
75 million by 2039. UK has old age people and that is why, it has a direct impact over the labor
market as well as health care system. Due to increasing population year by year, companies are
also introduced in this place that helps to provide job opportunity (E Baker and et.al., 2020). That
is why, insurance company, real estate and health care industry also gain a lot of profit by rising
the population. Fall in unemployment rate also put the negative impact upon population. Such
that per capita of a country higher and that is why, it falls among the world’s top 20 countries.
In addition to this, there are some social unrest related to migration and ethnic group
which in turn causes negative impact over the social factor and this in turn affect the business
performance as well. The education system of UK keep updating with latest information and this
include modern mythologies of teaching and learning. Also, having a wide recognition at a world
level, different youngsters are also attracted towards UK. That is why, the country needs to
consider the views of people frequently so that it upholds the ranking at global level.

Technological factor: UK has a good access over advance technology because it has an
expertise in science and IT, that is why, there is a need to have a strong command over
technology. Along with this, there are many effective laws that help in intellectual property that
helps in the growth of a country. Most of the business operated in UK focus upon digital and
mobile technology that helps to attract the range of customers towards it. In addition to this, the
country also focus upon advance technology so that it stand at the top of world so that it help to
attract the range of other people towards it (Thomas and et.al., 2021). In addition to this, there is
often a tendency to focus on the developments in a digital technology and that is why, focusing
upon this will help the organization to attract the customers.
The country also have a world’s leading research and development institutes and they
keep making effort to use advance technology that helps to improve the results in effective
manner. This is possible due to having a great opportunities for an entrepreneurs. Therefore, a
new inventions within a business always assist the individual to use the same that help to make
the business towards a progress. That is why, having a strong brand image at global level, UK
keep focusing upon different areas in order to keep using advance technology so that it improve
the performance.
Relevant skills and traits that help entrepreneurship to launch a business
A successful entrepreneur always possesses strong skills and traits that help them to keep
launch a new business in the market. Thus, an entrepreneur is someone who mainly builds or
operate their own business and for that they require effective skills and traits that makes a
business successful. On the other side, they also face many risk while operating a business but
their skills always support them to make them more skilled so that they make effective decision
making skills. The list of trait and skills possesses by entrepreneur are as mentioned below:
 Communication: It is one of the most common trait possessed by the entrepreneur
because they have to deal with entire business and that is why, there is a need to have
strong communication skill so that they communicate the same to their employees and
able to launch a new business (Huber and et.al., 2020). As they have to work in a team,
that is why, having a strong communication skill make them able to build a business.

 Leadership: Entrepreneur have strong an ability to lead and that is why, they can be a
head or a manager of a company in order to guide their team. Whenever the team faces
any issues with regard to make decision, entrepreneurs are the own who work with
leaders so that they can make effective decision and generate better outcomes. This helps
to motivate their employees so that it can assist to launch a new business in an effective
manner.
 Vision: entrepreneurs are truly blessed with this trait because they have a string vision in
mind that helps to make a business towards a success. Also, most of the investors are
mainly seeking to impressive level of innovation and this could improve on existing
products so that they can make efforts towards a company. They closely work with the
employees so that company seek or acquire different opportunities that derive better
results for the business.
 Motivation: It is another trait possessed by entrepreneurs because they have to make the
business successful and that is why, they should have motivation skill (Zhang, 2020). As
there are many conflicts arise between the employees and some of them become
demotivated. At that time, there is a need to motivate employees so that they make efforts
and also generate better outcomes. This in turn helps to accomplish the goals and also
discover new opportunities. Like, Mark Zuckerberg also possess strong motivation skills
that helps them to take own business at further level of success.
 Positivity: It is one of the important trait that helps them towards success. It is all about
being happy or providing constant affirmation that helps them to learn from things. The
positive attitude towards a business helps to increase their vision towards a business. This
is not found in manager and leader that is why, entrepreneur motivate employees through
their positivity in order to successfully implement the business at different location.
 Risk-inclined: Another skill or trait that helps to acquire new opportunity, such that
leader never take risk and that is why, they only provide guidance to their employees
(Mishra and Mishra, 2020). Whereas, entrepreneur learn from their risk because they
involve with different people and it is not possible to meet the deadline and this affect the
overall performance of a country. Hence, having a risk taking abilities makes
entrepreneur different from other.

 Adaptability: For entrepreneur, creativity and adaptability always assist the company to
develop new changes and makes a company successful. This in turn help to meet the
target audience and by embracing the adaptability skill, an entrepreneur also affects the
changes in order to develop better outcomes. Through this skill, they are able to meet the
customer need and comply with market changes so that business automatically leads
towards success.
 Delegation skills: An entrepreneurs have strong delegation skills because they generally
avoid running out of steam and they know the strength of their team members so they can
able to delegate the roles effectively (Wahidmurni, 2020). In addition to this, the
entrepreneur also has this skill which in turn assist to create a better outcome so that most
of the employees determine their own roles towards a company and able to accomplish
the defined goals and aim.
 Creative: entrepreneur also have a strong creativity skill because they provide innovative
ideas to the employees that helps a business to improve the business performance. That is
why, it is necessary for them to focus upon this skill that helps to turn the theoretical
concept into practical one. This help to attract the customers so that effective results can
be generated in order to minimize the issue that lead to negative impact.
 Time management skills: They possess strong time management skill that helps them to
meet the defined aim of a company and this also helps them to improve the overall
performance (Ukah and Atah, 2021). Also, company require those entrepreneurs who
mainly work for the welfare of employees and accomplish the defined aim at given tenure
which is possible by having effective entrepreneur.
CONCLUSION
By summing up above report, it has been concluded that by using PEST analysis, UK has
a stable political and economic condition that helps it to make the world best country. Through
the technological aspect, it can be reflected that it complies and update technology use so that
majority of people are attracted and meet the challenges. Moreover, through the above report,
there are many skills possessed by an entrepreneur which includes communication, delegation,
time management, strong vision and risk taking skills that makes different from the other
employees.

REFERENCES
Books and Journals
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Huber, L.R. and et.al., 2020. Diverse cognitive skills and team performance: A field experiment
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