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
Despite being twice as likely to start businesses, when it comes to surviving the first 42 months, black and ethnic minority entrepreneurs are more than two times as likely to stagnate or fail as non-EMBs. This is a clear sign that entrepreneurship is not yet fully inclusive, and that the UK needs to focus more on tackling barriers to EMBs accessing finance, wider markets and quality business support.
London is a melting pot of creativity and culture which provides an environment for entrepreneurs to flourish.
GS1 UK is urging the government to help drive greater awareness of the initiatives that are available to EMBs, especially those focused on exporting. It is imperative that the country supports this group of entrepreneurs as they seek to become the backbone of our economy.
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. It is important to remember though that not every business will be a success and the risk of failure is very real.
According to a new study by NerdWallet, Leeds is one of the best cities in the UK outside of London to start a business. It has an impressive set of resources for entrepreneurs and a good survival rate, with 84% of businesses that start in the city still trading after five years.
Almost two thirds are unsure if they will achieve their targets and some have already started redirecting marketing budgets towards survival.
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. Opened by the Mayor of Gateshead Councillor Dot Burnett and retail expert Mary Portas at Metrocentre, Thrive Street gives small businesses free retail space in the shopping centre to boost their sales and also hosts a series of Masterclasses on the importance of digital tools for long-term growth.
The initiative is part of Mastercard’s philanthropic programme, Strive UK, which supports micro and small businesses across the country to build resilience and grow sales through the use of technology. 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 needs read more hear.
