Entrepreneurship in UK: Market Analysis, Covid-19 Impact & PESTLE

This report examines entrepreneurship in the UK market, considering the impact of Covid-19 and utilizing a PESTLE analysis to assess the macro-environment. It discusses the traits and responsibilities of entrepreneurs, the challenges posed by the pandemic, and the importance of adapting to changing customer perceptions and technological advancements. The PESTLE analysis covers political, economic, social, technological, legal, and environmental factors influencing business success in the UK, emphasizing the need for innovation, customer focus, and sustainable practices. The report concludes that entrepreneurship requires navigating complexities and adapting to market dynamics to achieve success.

Assessment 1
Entrepreneurship

Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY...................................................................................................................................3
TASK ..............................................................................................................................................3
Entrepreneurship is an activity of serving products by taking potential risk into market...............3
Pestle analysis to successfully launch new business in UK............................................................5
CONCLUSION ...............................................................................................................................7
REFERNCES:..................................................................................................................................8
Books and Journals:....................................................................................................................8

INTRODUCTION
The report aims to understand the current competitive environment of Covid-19 and its
impact on the Entrepreneurial opportunity. The business scenario is continuously undertaking
new ways of working due to rapid rise in technology and digital outlook. It takes a lot of new
ideas and creative concept to enter in new market and make business success. Due to this,
entrepreneurs needs to have potential skills and traits to look for market competition and come
upon with unique ideas and concepts. This essay is going to analyse the recent situation of the
UK market by analysing its macro factor (Aldrich, 2017). These factors impact on the business
decisions and entrepreneurs actions towards taking advantage. Therefore, the essay will present
Pest analysis to get insight about UK market in order to launch new business successfully.
MAIN BODY
TASK
Entrepreneurship is an activity of serving products by taking potential risk
into market.
Entrepreneurship is the concept of starting a new business by undertaking market
competition, resources and potential to satisfy customer needs and wants. Entrepreneurs are the
great leaders, inspiration and the one who is behind the success of some successful enterprises in
the whole world. These individuals are seeking opportunities in the market to get develop new
and unique concept. They are known as innovators, risk takers, motivators and creative thinkers
to carry out business activities to make it success on global level. There are various types of
entrepreneurship takes place in the business environment. They works on small, medium or large
level according to the capabilities to invest in the market (Chowdhury,Audretsch, and Belitski,
2019). An entrepreneur face many hurdles, obstacles and consequences while providing goods
and services across market. There are many crucial decisions which is need to take by these
individuals such as set appropriate plans for finances, established standards and ideas for
performing business functions, hire and train effective employees and be ready to face
uncertainties and risk in the new market. establishing a successful business is not an easy task as
it contains a lot of responsibility and continuous plans to secure present and future performance
of business (Bosma, Sanders, and Stam, 2018). The very first role of entrepreneur is to create

business plans, hire labour and organise resources which will lead to carry out initial activities.
These personalities find new ways and potential to achieve their aims to be different and unique
from others. It contains a lot of handwork which pays off in attaining maximum profits
satisfaction to the enterprise. The foremost and initial responsibility of an entrepreneur is to
identify the problems which may discard their ideas and potential to remain into market. For
instance, Covid-19 is the biggest cause of failure in the current market. Due to this, many well
established business are tend to shut down and facing huge losses. Due to having low demanded
market, consumer purchasing power and income distribution is not in balance into the economy.
Therefore, it drastically impact on the success of business who holds huge investment and capital
(Doern, Williams, and Vorley, 2019). The another responsibility of an entrepreneur is to expand
their reach to new market., the more they will indulge in collaboration and interact with market
representatives. The more its will get easy for them to analyse market demands and resources
availability. One of the most important factor that an entrepreneur needs to look while
established an enterprise is to check and analyse financial stability. There is requirement of good
financial funding such as capital, borrowed funds, equity and investment which will be the key
asset in order to get business success. Financial stability is the major concern in the Coivid-19
situation as business are facing losses due to unavailability of funds which results in termination
of employees, cutting wages and salaries, lowering down product quality and stops growth and
expansion strategy. The pandemic has laid down the impact on the all the business industry
mainly on retail hospitality and food and travel. These industry are affecting due to macro
environment factors across the world.
The threat of Covid-19 has awakened customer and government to take protective
measures which impose restriction and policies on foreign trade. This is being the matter of
cause for the entrepreneurs who look ahead for the market opportunities and business growth and
expansion. These critical situation has put troubles for the entrepreneurs which make them keen
to develop mew skills and traits to be competitive into market. As modernisation give rise of
digital improvement, government legislation which affects the business to see market
requirement through customer perspective ( Okumus, and Köseoglu, , 2019). Hence, customer is
become more demanding and particular about their choices which would be beneficial for their
health, wealth and lifestyle. Therefore, an entrepreneur could get success in the current market
through being more of customer focused rather than business focused. It is obvious that every

individuals wants to attain great profits from market but this stage would only be achieve by
seeing actions towards society and customers. It could be understand through the example of
great entrepreneurs who have established a unique position into market. Successful entrepreneurs
like Steve jobs, Bill gates have come up through innovative ideas and goes deeper in their study
to provide such kinds of products which is not yet provided into market. The brand apple and
Microsoft are attaining high coverage into market due to its unique products features which set a
luxurious standards for customers. These two entrepreneurs are attaining success form many past
years and enjoying great profits which makes the brand worlds top in the technology. It shows
that it takes high potential and courage to enter in the risky business competitive environment to
be different from others (Kraus, Breier, and Dasí-Rodríguez, 2020). These entrepreneurs faced
many failures at their initial entrepreneurial life which gave many experiences to face current
situations. An entrepreneur firstly look for the better market to enter in and then search for the
great ideas by identifying its market requirement. Covid -19 has raised many trends into the UK
market in terms of technology, health and sanitary, customer stratification and use of digital
tools. These trends impact on the entrepreneurial decision to bring change in the working
strategy and adopt modern workplace environment to gte the positive outcome in return.
Pestle analysis to successfully launch new business in UK
The market of United Kingdom is highly developed and a best place to serve goods and
services to the people. The country has a lot of resources and opportunities to be a successful
entrepreneur through working hard on own talent and potential. As these entrepreneurs seeks
potential and opportunity, UK is the most growing market in terms of employment, labour,
resources and finance stability. There are well established business across all the industries like
retail, telecom, hospitality, food and travel and many others. The market of UK known for
following trends and satisfying each individual needs in unique and productive ways. In order to
successfully launch a business, it could be better analyse through the macro environment of
country through conducting pestle analysis. This is the effective tool to analyse the macro
environment factors that puts focus on bringing change in strategies and policies of business. It
provide great insights about the business market so that, entrepreneurs could take vital decisions
within favour of both society and company (Landström,2020). The first and most vital factor is
political. This factor includes all the clear rules and interference of political parties on trade of
business. These are corruptions, terrorism, trade barriers and other regulations. In UK, there are

political stability in terms of government, laws, low level of corruption. UK has great
environment to work under government as the country has fair rules to work in. The most
impacted factor which fluctuate the political stability of the country is Brexit. Due to this, British
and European union got separated which impact on the UK trade as the country needs to leave
EU which affects the trade and business at high cost. The business must maintain good financial
stability to face the consequences of Brexit while dealing across EU. The next important factor is
economical, a business contributes in the economic GDP which makes a country developed and
capable to provide opportunities. UK is taking advantages of high GDP growth in the past years.
This factor focus on the demand and supply, inflation and money flow in the country. In order to
start a business in UK, there is high economic opportunities such as labour, per capita income,
Diversified economy and foreign direct investment in many business sectors (Nambisan,Wright,
and Feldman, 2019). Due to the impact of Covid-19, UK economy is taking fluctuation as rise in
inflation and interest rates. This might cause impact on the customer buying power so that, the
business must sell goods which are highly demanded and essential to consume. The next
important factor of this analysis is social factors. A business needs to be aware about society
demands, culture and income of society while serving goods and services. The newly established
business must be more particular in latest trends, designs, health and safety in the UK as the
customer have high demand for quality products within reasonable price. The goods must be
serve by considering the population of UK which is estimated as 74 million. Education and
health care is the two essential aspects to consider by business for getting positive impact on the
company. Other crucial factor of macro environment is technology. The world is rely on
technology and innovation in every aspect of day to day life. UK is the top market to give rise in
the technological advancement in order to satisfy customer need effectively. There is necessity of
the highest tech software and digital advancement to attain great customer satisfaction. The
country is majorly known for the digital evaluation such as E-commerce, Online selling,
software development and artificial intelligence. It become essential to have technical presence
in the business through working with websites, cloud servers and provide deliveries, take orders
through mobile application to promote E-commerce. UK is looking forward for some innovative
tech development which will take the advantage of great market opportunities. So that, in order
to start with a new business, technology must be first concern. Legal factors are also play vital
role in macro environment of company (Rippa, and Secundo, 2019). A business is surrounded

with many legislation as per the countries laws and government. These laws bounds the business
to take decisions under provision to make welfare of employees and customers. In UK, the
business need to follow employment act, minimum wage, equality and discrimination to protect
age, gender and other differences. The last but the most important concern of the macro business
is environmental factors. A business needs to look at the welfare and goodnesses of environment
for society. UK economy is much concerned abut the environment and give much important to
the sustainability. Theretofore, it is essential to grow market through sustainable operations in
the country. The business must be effective in terms of minimum plastic waste, pollution control,
recycling and reusing. Therefore, entrepreneurs require effective trait to adopt digital technology
such as knowledge of technical software, IT team and other managerial skills to guide, instruct
and motivate their employees.
CONCLUSION
The report has concluded that entrepreneurship is a complex activities which consist
broad function and complexities in the competitive market. The essay has provided some facts
about entrepreneurial traits and how their roles and responsibilities takes place in the business
environment. Also, the impact of Covid-19 has impact drastically on the business as it leads to
attain many complex business workplace due to change in customer perception and focus
towards health ad safety.

REFERNCES:
Books and Journals:
Aldrich, H., 2017. Learning together: National differences in entrepreneurship research. The
Blackwell handbook of entrepreneurship, pp.5-25.
Bosma, N., Sanders, M. and Stam, E., 2018. Institutions, entrepreneurship, and economic growth
in Europe. Small Business Economics, 51(2), pp.483-499.
Chowdhury, F., Audretsch, D.B. and Belitski, M., 2019. Institutions and entrepreneurship
quality. Entrepreneurship Theory and Practice, 43(1), pp.51-81.
Doern, R., Williams, N. and Vorley, T., 2019. Special issue on entrepreneurship and crises:
business as usual? An introduction and review of the literature. Entrepreneurship &
Regional Development, 31(5-6), pp.400-412.
Fu, H., Okumus, F., Wu, K. and Köseoglu, M.A., 2019. The entrepreneurship research in
hospitality and tourism. International Journal of Hospitality Management, 78, pp.1-12.
Kraus, S., Breier, M. and Dasí-Rodríguez, S., 2020. The art of crafting a systematic literature
review in entrepreneurship research. International Entrepreneurship and Management
Journal, 16(3), pp.1023-1042.
Landström, H., 2020. The evolution of entrepreneurship as a scholarly field. Foundations and
Trends® in Entrepreneurship, 16(2), pp.65-243.
Nambisan, S., Wright, M. and Feldman, M., 2019. The digital transformation of innovation and
entrepreneurship: Progress, challenges and key themes. Research Policy, 48(8),
p.103773.
Rippa, P. and Secundo, G., 2019. Digital academic entrepreneurship: The potential of digital
technologies on academic entrepreneurship. Technological Forecasting and Social
Change, 146, pp.900-911.