From the allure of becoming your own boss through to the dream of creating a business that specialises in something that you care about, there are plenty of benefits to becoming an entrepreneur – and it turns out that in Europe, big businesses are sprouting up from creative minds more than ever before.
Even more exciting for those of us in Britain is the fact that the UK has been ranked as one of the top five countries in the G20 if you want to start, grow and run a business.
According to research carried out by accountants EY, the UK comes in second place overall – beating EU rivals like Germany and France, and it also ranks second for access to funding, coming in just after the US.
Stuart Watson, partner at EY explained other factors that help to make the UK such a popular choice for start ups. He said that targeted incentives for investment, research and development – as well as one of the lowest corporate tax rates in the G20 – all help send a clear message that Britain is open for business.
If you have an idea for a new business venture, or want to learn more about the possibility of becoming an entrepreneur, read on to learn more about why this might be the perfect time to take the leap and start your own company.
The EY report found that the UK is one of the best-performing countries when it comes to entrepreneurial culture. In fact, more than 70 per cent of British entrepreneurs said they felt the country supported their efforts – this is in contrast to the G20 average of just 57 per cent.
Mr Watson points out that over the past ten years or so, there has been a major shift in how entrepreneurs are perceived. Television shows like Dragons’ Den and The Apprentice might be one reason that entrepreneurial culture is so highly regarded in the UK today.
Finding the money you need to start a business is always going to be a tricky task, but the UK performed well in the funding category, particularly when it comes to the availability of domestic credit.
Support in the tech industry
One of the few places where the UK didn’t score well was in regards to the availability of support from mentors, business incubators and networks.
However, one sector where peer-based support appears to be doing well is in the tech industry. Mr Watson explained that in places like Cambridge and the Silicon Roundabout, business communities come together to share expertise and collaborate – but they’re still able to compete.
Groups like the European Confederation of Young Entrepreneurs (YES) are working to help increase the amount of support that’s available across the continent, as well as here in the UK. Currently, YES represents around 40,000 members and holds regular conferences and other events to provide encouragement and learning opportunities.
Having the most up-to-date technology can have a big impact on a new business. Here in the UK, we entrepreneurs can enjoy easy access to solutions like high-speed broadband, 4G mobile connectivity and even tools like conference call services from Buzz Conferencing. These can all help ensure the new company runs smoothly, while often keeping costs down.