Entrepreneurship — contributing to a stronger economy
The UK has become one of the strongest entrepreneurial economies in the world, and the spirit of entrepreneurship in the UK is ever-emerging.
Entrepreneurship has important economic and social benefits, and despite uncertainty around Brexit and surrounding factors posing difficulty to predict what the future of the UK’s businesses will look like, the UK’s start-up ecosystem saw record investment growth in 2017, as according to a report by Deal Room, UK investment grew by 87% to €7.1 billion, which is more than Germany, France and Sweden combined.
In an article called ‘Entrepreneurial Britain’, published by the Telegraph, it identifies that entrepreneurs provide one of the main engines of growth in any healthy economy. They act as vital agents of change by developing new products and services, implementing more efficient production methods and creating new business models and industries. They generate jobs, support local communities and build prosperous societies.
British culture encourages the idea of entrepreneurship, London in particular, is a golden pathway for entrepreneurs due to its good transport links and a strong local economy. Wherever you go there are interesting people, new and interesting ideas, and the demand to be innovative sets the bar high for entrepreneurs to keep up with competition. The entrepreneurial outlook illustrates true British business culture and how business owners and SMEs are pacing to keep up with the times in our modern-day digital world, where business owners are increasingly creative and the advanced use and adoption of tech and artificial intelligence (AI) gives companies a strategic advantage.
Professor Erkko Autio, co-author of the study from Imperial College Business School, said: “the UK’s performance in entrepreneurship is improving with more people recognising that there are opportunities to start up a business”.
The improvement in UK’s entrepreneurial performance has seen strengths and patterns of innovation.
According to the Federation of Small Businesses, at the start of 2017, small businesses in the UK account for 99.3% of all private sector businesses and 99.9% are small or medium-sized (SMEs).
In today’s business landscape, entrepreneurs are feeling the pressure and the need to focus on revenue, first and foremost. There was a time when funding was abundant and an entrepreneur could make a few pitches and gain a few thousand. Today, however, funding is limited. The UK Government’s start-up loan scheme, which provides business loans, advice and mentoring to start-up businesses is an initial funding jump start for entrepreneurs, but in time entrepreneurs come to learn that businesses cannot be built in a short amount of time, and the need for working capital and day-to-day funding will continuously grow, particularly as a business expands.
The entrepreneur is forced to gain early viability and near instant revenue, with many small businesses adopting invoice finance as a choice of alternative funding to help bridge start-up and day-to-day operation costs.
Originally a start-up formed in 2016, Populous World is a platform designed to offer invoice finance and support entrepreneurs in creating economic growth and social well-being.
Business Development Executive at Populous World, Alex Oritogun says: “Entrepreneurs and start-ups need the right support from the beginning, what our platform offers is an opportunity to accelerate entrepreneurship and provide a funding team to help bring an idea into reality”.