The UK is the Best Country for Young Entrepreneurs

According to a major international survey, the UK economy is improving faster than all major European countries to become one of the best places in the world to start a business. And, according to opportunities for the young entrepreneurs, the UK ranks sixth, up from eighth last year.

It’s considered one of the best places in Europe to start a business knocking on the door of the top global five. Besides, the UK’s entrepreneurial environment contributes to the country’s high ranking from the low costs linking with setting up a business joint with people’s perceptions. “If you work hard you can get ahead in life” is the faith of the 88% Britons, which is the highest in the EU. Also, there are the lowest startup costs, which is just £81.45 in the UK.

An Overview of the UK Based Young Entrepreneurs and Entrepreneurship

The UK is ‘most entrepreneurial’ country in Europe and beaten only by the US, Canada, and Australia, it has ranked fourth among the world’s most entrepreneurial nation. According to a new report, the UK boasts more entrepreneurial activity than any other European country.

The profiles and benchmarks of the entrepreneurial ecosystems of 130 countries were surveyed by the Global Entrepreneurship Index (GEI). The index found that the top-performing entrepreneurial ecosystems in the world are the four largest English-speaking countries and it’s the fifth year. In the history of the index, it’s the highest position in the UK.

This is a great reason why the UK is the best country for young entrepreneurs. It has been linked to the better environment for start-ups of the improvement in the UK’s entrepreneurial performance over the past year.

As a significant driver of entrepreneurship, the report cited the Government’s Startup Loan scheme. It’s on track to meet the target of supporting 30,000 new companies and the initiative has now lent £120m to young business owners.

Moreover, it’s going to be another record-breaking year for the UK in company registrations according to a new report. But, the UK hit the 500,000 start-up mark for the first time in early December last year. So, many entrepreneurs still believe it’s a great place to start a business though Brexit’s uncertainty.

Top 5 Reasons Why the UK is the Best Country for Young Entrepreneurs

Young Entrepreneurs of the UK are full of a passion for success in business. And it’s leading the way in success and innovation by the younger business people. There are plenty of reasons to be cheerful despite the taxing economic conditions of the global downturn. This is because there has set the standard on sustainability and CSR when the young business leaders find new and intriguing ways to beat the financial blues. Now, let’s see what the top 5 reasons that are why the UK is the best country for young entrepreneurs.

Summary of the top 5 Reasons are below:

1. The UK is tech savvy
2. Easier to gain and Less to lose
3. Access to resources
4. Graduate entrepreneurs’ University schemes
5. Mentoring schemes

1. The UK is tech savvy

Without any doubt the technology is an enabler, reducing the costs of doing business. It’s also helpful to increase the potential marketplace for any company, especially, for the young and new business owner. As they understand the efficiencies it can create, younger people have grown up with technology at the forefront of their lives. Also, it has a good understanding of them how to be deployed successfully.

Moreover, the cloud computing and social media-like online techs are particularly true. The social media platforms will go a long way to help young entrepreneurs market their businesses, says an expert entrepreneur. Increasingly connecting to and are digital natives of the young people in the UK right now. Moreover, the social media such as Facebook, Twitter, and Instagram etc are great ways of promoting your own businesses and connecting with potential business associates.

Related: How to Develop a Business Plan

In addition, the best of these media is all of them are free and help to drive up sales and access new opportunities. So, the marketing was never been easier than the current time.

You can start selling your product or service instantly with free or very low-cost online marketing channels instantly at your disposal. Here is the option of the weekly email newsletter, which is the biggest sales driver, for example. So, this is the great reason why the UK is the best country for young entrepreneurs.

2. Easier to gain and Less to lose

It does not only start online businesses with minimal cost but also to reach a far wider audience with the rise of the web allows entrepreneurs. It has made the potential risk of starting up a business far more attractive and has really democratized the nature of entrepreneurship as well. There is far less to lose and the cost of setting up a business has fallen dramatically.

Bootstrap it while keeping your expenses to a minimum and not necessarily having to raise lots of investment and you can start a business from your bedroom. Moreover, when starting a business is very attractive to younger people there is now less to lose. If things did not work out, you couldn’t quite stomach the potential losses. As everyone becomes particularly risk-averse, this issue compounds in periods of high unemployment.

3. Access to resources

There’s now much more advice and support out there from people with experience and knowledge like many things in life. This often comes in the form of advice clinics, seminars, business events, Government initiatives, and a whole host of measures that are available from many areas in the business world. So, it’s the learning from other peoples’ mistakes instead of your own that you can do from all this advice.

Because information can access so much more easily budding entrepreneurs can get clued-up quickly, there’s a much better appreciation for the benefits of learning from others. Moreover, you’ll get a huge amount of help, support, and advice available to young people trying to start a business in the way of the young entrepreneurs.

4. Graduate entrepreneurs’ University schemes

There are some university schemes in the UK that teach young entrepreneurs essential business skills. The aim of the schemes is to grow and giving inventors a conventional and proven route to take. It’s much useful for young entrepreneurs who know they want to go into business.

As a viable career choice, this represents a growing cultural shift. Also, it helps give young people the approval and backing they need to believe in themselves. This is another attractive reason why the UK is the best country for young entrepreneurs. So, this is a good time to make your own job rather than take a job in the UK.

5. Mentoring schemes

There slashes the business learning curve with the rise in acceptance and popularity of mentoring schemes. It allows the younger entrepreneurs to benefit from the expertise and experience. Allowing the mentor to offer personalized advice, these relationships are often one-on-one.

Aiming to provide mentoring to entrepreneurs, the specific companies now is alive. Besides, with honed mentoring programs, these companies have teams of entrepreneurs picked for their mentoring prowess. So, it helps to deliver the maximum benefit in the most cost-effective way for the young entrepreneurs. Moreover, with the burning desire to build new and innovative businesses, today’s young entrepreneurs rely mostly on gut feeling. This is because the UK is the best choice for the young entrepreneurs.