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The Risk And Benefit Of Starting New Business In Britain

1756 words - 8 pages

This is a globalized environment where each country depends on others in several conditions especially in the business world. To enable a world-wide economic condition, a country should open up every chances of bilateral or multilateral relationship with different countries. United Kingdom or Britain in this case; is one of several fastest economic growth countries in this world. As a country with the high reputation in economic growth, Britain governments together with the citizens have done numerous strategies to boost the economy and even survive during the recession. It’s already known that the key to a strong economy condition is the high rate of healthy national business condition within a country. That’s why Britain government realizes the importance of attracting the people’s interest of entrepreneurship in Britain. Entrepreneurship means starting new businesses, and it’s the best way to increase the economic growth since new businesses are the innovative and new ones, they absolutely will create many new job opportunities and add more tax income to the government itself.
Above all the facts about Britain as one of the most industrialized countries that offers great hope and opportunity for many entrepreneurs to start their businesses, there is a factor of recent economic condition in this country that will affect those new businesses. Despite the global recession in 2008 that started in USA, Britain once more successfully proved that this country can survive this severe economic condition. Even in the start of 2014, Britain has become a survivor by do it’s best and increase the Gross Domestic Product (GDP) into 1.9% at the end of 2013 . This economic condition in Britain brings benefits to the new businesses. But since the recovery process is still on the way and Britain is far from finish, those new businesses also have to receive some risks that they are hardly to avoid. So it backs to the entrepreneurs themselves to consider the risk and benefit of starting a new business in Britain these days. With the right consideration, great strategy and bit of luck, their ideas and fresh innovation will more likely to be their new cash machine.
The first risk that an entrepreneur must deal with when starting a new business in Britain is the Britain unemployment number which keeps increase in steady phase . This high unemployment rate brings serious risk to a new business in that area. It’s because a high unemployment also means that more and more employers have to face the former employee’s claim for insurance benefit after they are unemployed. No one would be willing to start a business with a big chance of being pursued with a high demand of insurance cost for their employees. Besides that, unemployment will increase the taxes for small businesses considering that the government needs more money to deal with this unemployment condition. The worse effect of unemployment is the weakened consumer buying power since people have less and less...

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