Entrepreneurship: PEST Analysis, Skills for Success in Post-Covid Era

This essay explores entrepreneurship through a PEST analysis of the UK business environment, focusing on political, economic, social, and technological factors, especially in the context of Brexit and the Covid-19 pandemic. It identifies key skills and traits necessary for entrepreneurs to succeed in the post-Covid world, including passion, creativity, communication, risk management, and adaptability. The essay emphasizes the importance of flexibility, social responsibility, and crisis management for businesses navigating pandemic-related challenges, highlighting the need for innovation and strong leadership to achieve organizational goals and maintain competitiveness. The document is available on Desklib, a platform offering study tools and solved assignments for students.

Entrepreneurship

Table of Contents
INTRODUCTION ..........................................................................................................................1
MAIN BODY...................................................................................................................................1
Theoretical knowledge of entrepreneurship .........................................................................1
REFERENCES ...............................................................................................................................7

INTRODUCTION
MAIN BODY
Theoretical knowledge of entrepreneurship
Pest Analysis involves political, economic, social and technological environment where
an organisation can assess various external factors which have a major influence on business
operations for the purpose to become competitive in the marketplace. It basically determines
those factors which have an impact on the activities and performance of the business. In context
to UK, the pest analysis focuses on addressing some of the economic, political, technological,
environmental and legal issues that basically affects the UK surroundings. This framework plays
a crucial role which basically helps a business analyst to understand the influence of the external
environment factors on business operations. It not only helps in better understanding of
surroundings but also helps in development of strategic decisions. There are various political
factors that affects one of the most powerful countries including England, Scotland, Wales and
Northern Ireland. In context to UK, its political stability plays a great strength of the country but
due to Brexit which basically involved the UK's withdrawal from the European Union has
resulted in political debates and created uncertainties(Uhr, 2017).
Few of the analysts believe that the Brexit will open doors for immense opportunities
whereas others believed that it will create a unimaginable chaos for the country. In addition to
that, there was a sudden rise in the crimes and violence which caused serious issues. The country
focuses on maintaining cordial relations with other countries and is also a permanent member of
the UN with considerable influence on political, military, global economic, scientific and cultural
affairs. The UK being the sixth largest economy in the world in terms of GDP faced severe
lockdown in past years and has put immense pressure and resulted in destroying various
industries(MAURYA and SHARMA, 2017). In UK, the wages usually increases every year and
resulted in useful approach to support people who have low income. Various financial services
sectors plays a crucial role in the UK's economy. For its foreign direct investment(FDI), the
UK is considered as a known destination. Various business organisations and tycoons across the
countries have invested in a variety of companies in the UK. The another important issue which
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is addressed in the pest analysis of the UK is its social environment. Due to population getting
older, it has various implications on both the healthcare system and labour market. Various
industries such as insurance, real estate, insurance, holiday and various other companies have
also got an advantage from its population. Over the years, the UK companies have developed
various new markets and products in order to fulfil the needs of different religions and races. In
terms of technology, UK is one of the most advanced country in the world. London being one of
the great hub for technological and financial institutions(Sims, 2018).
The industries are constantly developing new ways of technology and also provides best
possible solutions for their consumers. All these technological infrastructure provides unlimited
opportunities for the businesses in the UK. In order to deal with the rapid changes due to rise in
technology there are various skills and traits that need to be possessed by the entrepreneur in
order to remain thrive and resilient in the post Covid-19 world which can help them to
distinguish among the rest of the work force. In order to deal with the post Covid-19 impact, an
entrepreneur must be able to learn, communicate and sell. Not everyone is born with required
traits in order to change the world. There are various key personality traits that help an
entrepreneur to be successful in order to deal with post covid 19 situation. Deep passion for the
goals and objectives is an essential in every business organisation(Shao, Feng and Wang, 2017).
Passion and work ethics goes hand in hand. Work ethics help in keeping the business
strong and it requires passion in order to feel motivated towards maintaining a good work ethic.
In addition to that, organisations that thrive are often build from the creativity of their leaders.
With increase in level of competition, various entrepreneurs are forced to introduce new ideas
which can help in building a unique image as compared to other companies. Creativity involves
creation and thinking of innovative and unique business ideas. A creative entrepreneur finds
various innovative ideas in order to solve queries and problems in an organisation. Moreover,
entrepreneurs need to be a self-starter. A self-starter is someone who takes initiative and perform
functions without being asked. Such entrepreneurs take initiative on their own duties and projects
and lead themselves. In order to deal with such situations, it is important that entrepreneurs have
to be self-starters for helping business scale in today's tough competition.
Businesses who are able to achieve their objectives and goals involves leaders who have
the capacity to deal with different challenges. It is important for the entrepreneur to clearly
communicate objectives to the team members who are basically involved in the processing and
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production process. An entrepreneur need to understand its employees in order to identify their
weakness and strengths in order to maintain employee and business relationship better. A good
communication skill helps in establishing the business in a better way. A growth of business
depends upon the ability to look into the future while dealing with all the problems and
challenges that will cross the path. A good entrepreneur should know how to deal with the risks
and keeping aside resources in order to achieve business objectives. The most important trait
which should be there in a successful entrepreneur involves passion and motivation. An
successful entrepreneur have the sense of curiosity that helps them in continuously seeking new
opportunities in the business world(Brännback and Carsrud, 2017).
The nature of business keeps on changing according to the tastes and preferences of the
customers, an entrepreneurship is basically an iterative process that involves challenges and
opportunities and it is important to be well prepared for successful scenarios. An entrepreneur
need to adapt and evaluate in order to deal with the changes. In order to be a successful
entrepreneur it is important to undertake tough decisions. It is very important to have the desired
confidence in order to face challenging situations in the organisation. An entrepreneur have to
deal with risk which are associated with the business operations.
A successful entrepreneur is comfortable with the situation of taking risks and to develop
various solutions to deal with these situations. Innovation plays an important role in any
organisation, an entrepreneur should constantly focus on creating innovative ideas for the
business organisation. An entrepreneur should have a determination, focus and vision which will
help them to perform their operations in the right direction. They should have strong leadership
skills and should know various ways through which they can motivate their subordinates. It is
important to have the ability to think critically and should have problem solving skills. A good
entrepreneur need to go outside their comfort zone in order to find solutions and keeping them
calm in situation of pressure. It is important for an entrepreneur to learn new tools and methods
for helping a business to grow. It is important to check out the new trends and take time to learn
new things about the business industry(Rauch, 2020).
An entrepreneur should have good leadership skills which plays a crucial role in running
a business. Strong business leadership skills helps a team to work in an effective manner with
better understanding and same vision of entrepreneurial goals. An entrepreneur have a innate
drive for the purpose to achieve success and to be passionate about their goals. In order to deal
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with the impact of post covid changes, an entrepreneur should have a open mindedness which
involves extensive research on needs and wants of a customer. In order to create innovative ideas
and develop products, it is important for the entrepreneur to experience new things and applying
their current assumptions and beliefs about the market to scrutiny. Though an entrepreneur's life
involves full of sacrifices and challenges but it is also important to spend time with friends and
family. In order to manage a business it requires a variety of traits and skills and a good
entrepreneur need to identify the people whom they can work with. A good team also helps an
entrepreneur to stay in touch with colleagues and employees. Moreover, an entrepreneur focuses
on building a large team in order to delegate tasks and assign duties to individuals according to
their competencies(Hoar, 2021).
There are various traits and skills an employer should have to survive during the
pandemic situation. These are as follows :
Flexibility : The companies who could be able to make changes as per the pandemic situations
were in advantageous situations than the ones who doesn't. For instance, restaurants started
delivering the meals at doorsteps, these changes helped the businesses to survive during the crisis
situation. Companies have changed protocols to comfort the employees as a result, this created
mutual understanding among employee and employers. So, these flexible method of running the
businesses would be able to make profits better than the competitors.
Good communication skills : it is essential for the owners to be transparent while
communicating with workers. This will boost the morale of the workers and it will increase the
productivity of the organization. It is important for the businesses to communicate clearly with
the customers to win consumer loyalty. It becomes crucial to communicate proper hygiene
habits, training protocols during crisis that would help business concern to communicate
effectively with employees(Xu, Sarkar and Qian, 2021).
Social responsibility : It means acting in the best interest of the society. It is associated with
supporting environmental and charitable areas in order to contribute to the society. As per this,
they focuses on catering hygienic protocols and cleaning procedures to attract large number of
customers. This will pace the growth of the concern and would able to make more profits. It can
be done through various ways for instance, making the mask mandatory, enforcing social
distancing, frequent hand washing and using sanitizers during all the processes.
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Creativity : It is important for the leaders to be creative while doing their jobs. It is crucial to find
the solutions of all the customer problems . This pandemic has given the chances to owners to
think critically during the worse situations. So, the ones who come up with the forward thinking
would able to make more profits. In addition to this, businesses who think outside the box would
able to reach more number of customers. So, to stay competitive it is important to come up with
the innovative products and provide better services to customers(Hérard and Maspero, 2019).
Crisis management and problem solving technique : It becomes essential for the business
concern to decide who will solve the issues and how. Moreover, good leader entails all the traits
of innovative problem solving and risk management during the crisis. Those who have
capabilities to manage the risk and adaptable to uncertainties will boast short term and long term
planning. So, proper planning would help the managers to boost their growth.
Goal oriented : Leaders with proper mission, vision and objectives would able to make profits
better than others. Goals help the companies to stay focused on priorities and keep on tracking
daily, monthly, annual goals, this helps to achieve effective and efficient goals. This will help to
inspire workers and provide direction to employees.
Brave to handle challenging situations : It is a quality of the good leaders to make changes in
the adverse situations and play well among the competitors. They have the ability to make bold
decisions with regards to enter new market and maintaining proper protocols to grow. So, this
quality of employers will make them stand apart and helps in achieving the goals of the
organization(Li and Ahlstrom, 2020).
The pandemic has highly affected the business operations after covid scenario and in
order to deal with these changes and compete with the rivals it is important to have few qualities
that can help in achieving business operations. Motivation is basically the process of influencing
the behaviour of people by making them strive voluntarily towards attainment of organisational
goals and objectives(Schulte-Holthaus, 2018).An entrepreneur should have motivation skills in
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order to get work done from its team in a effective and efficient manner. Creativity plays a
important role in any successful business organisation and an entrepreneur should innovate
creative ideas to achieve business objectives. Risk is a part of every business and it is important
for an entrepreneur to know the ways through which it can deal with the risks. An entrepreneur
should be flexible enough in order to adapt changes in the organisation and to solve problems
which arises in the organisation. A good team can shift its priorities in order to solve issues and
to be receptive to people's needs, ideas and opinions and being open mined to feedback. Savvy
entrepreneurs are not only intelligent leaders but are also great collaborators in order to build an
effective team(Siddiqui and Alaraifi, 2019).
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REFERENCES
Books and Journals
Brännback, M. and Carsrud, A., 2017. Revisiting the entrepreneurial mind: Inside the black box.
In Revisiting the entrepreneurial mind (pp. 1-9). Springer, Cham.
Hérard, F. and Maspero, M., 2019. History of discoveries and management of the citrus
longhorned beetle, Anoplophora chinensis, in Europe. Journal of pest science, 92(1). pp.117-
130.
Hoar, J. E., 2021. Insecticides and Oilseed Rape: The Case for Updating the Monitoring of
Pesticide Usage. Outlooks on Pest Management, 32(3). pp.99-106.
Li, Y. and Ahlstrom, D., 2020. Risk-taking in entrepreneurial decision-making: A dynamic
model of venture decision. Asia Pacific Journal of Management, 37(3). pp.899-933.
MAURYA, C. D. and SHARMA, A. K., 2017. THE ROLE OF MANAGERIAL SKILLS IN
SUCCESS OF AN ORGANIZATION. CLEAR International Journal of Research in
Commerce & Management, 8(6).
Rauch, A., 2020. Opportunities and threats in reviewing entrepreneurship theory and
practice. Entrepreneurship Theory and Practice, 44(5), pp.847-860.
Schulte-Holthaus, S., 2018. Entrepreneurship in the creative industries. In Entrepreneurship in
culture and creative industries (pp. 99-154). Springer, Cham.
Shao, Z., Feng, Y. and Wang, T., 2017. Charismatic leadership and tacit knowledge sharing in
the context of enterprise systems learning: the mediating effect of psychological safety
climate and intrinsic motivation. Behaviour & Information Technology, 36(2). pp.194-
208.
Siddiqui, K. and Alaraifi, A., 2019. What they don't teach at entrepreneurship institutions? An
assessment of 220 entrepreneurship undergraduate programs. Journal of
Entrepreneurship Education, 22(6). pp.1-16.
Sims, C. M., 2018. The diversity intelligent servant leader: Developing leaders to meet the needs
of a diverse workforce. Advances in Developing Human Resources, 20(3). pp.313-330.
Uhr, C., 2017. Leadership ideals as barriers for efficient collaboration during emergencies and
disasters. Journal of Contingencies and Crisis Management, 25(4). pp.301-312.
Xu, G., Sarkar, A. and Qian, L., 2021. Does organizational participation affect farmers' behavior
in adopting the joint mechanism of pest and disease control? A study of Meixian County,
Shaanxi Province. Pest Management Science, 77(3). pp.1428-1443.
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