The UK is a country that genuinely celebrates and encourages entrepreneurial spirit. But the enterprise ecosystem isn’t as inclusive as it could be. Entrepreneurial Ambitions Are Stronger Than Ever
While new figures show that UK productivity has returned to pre coronavirus levels, charity Be the Business is calling for change. Currently, one in three small business leaders do not want to grow their business turnover.
1. More people want to be their own boss
In the UK, there are more than 5.5 million private sector businesses, with 99.9% of these being small and medium enterprises (SMEs). For individuals wanting to be their own boss, starting a business or buying an existing one is a great option.
However, many of these businesses are struggling to fulfil their ambitions – a new report from Enterprise Nation and GS1 UK finds that the Covid-19 pandemic and Brexit have pushed current exporting operational models to breaking point, leaving entrepreneurs struggling to take advantage of opportunities.
Anyone considering entrepreneurship will need to understand the challenges of getting a business off the ground and ensure they have access to the resources, knowledge and support needed for success. There are a number of ways to achieve this, from local business networks and universities, through to incubators like Mastercard’s Thrive Street. These schemes will allow entrepreneurs to test their ideas and potentially turn their dreams into a reality.
2. Ethnic minority businesses (EMBs) are more entrepreneurial than non-EMBs
The report also found that London is one of the most business ambitious cities in the UK, as well as having the cheapest cost to set up a business compared with residents’ average salary. London is a melting pot of creativity and culture which provides an environment for entrepreneurs to flourish.
3. Northern cities are more business ambitious than the rest of the UK
The UK is a great place to start a business with many supporting initiatives and networks.
There are currently 5.5 million private sector businesses in the UK, which are made up of SMEs.
However, the report found that many small business owners are worried about achieving their financial targets.
4. Mastercard is hosting Thrive Street
As the pandemic continues to impact the UK’s business community, Mastercard has launched Thrive Street to help small businesses thrive. Strive UK is supported by a number of leading partners, including Enterprise Nation, Digital Enhance and Be the Business. It also provides support for women in business through the Create & Cultivate platform for working womxn. This includes an upcoming grant contest to support women-owned small businesses. More information on this will be announced later this month needs read more hear.
