ENTREPRENEURSHIP / NOV. 26, 2014
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UK Makes Huge Progress as a Top Performing Entrepreneurial Ecosystem

In light of Entrepreneurship Week, it is fitting to showcase the best places in the world to start a small business. With a lack of employment opportunities forcing even the most educated and experienced professionals into unemployment or irregular temp work, it has become a case of survival of the fittest as the most daring follow the bumpy road of entrepreneurship.

The data was commissioned by the Global Entrepreneurship Network and the GEDI Institute and gathered by researchers from the Imperial College Business School and London School of Economics (LSE), University of Pecs and George Mason University.

The results found that the U.S is the best place in the world for entrepreneurial activity, followed closely by Canada, Australia and the UK; however, it was the UK that featured strongly across all areas. To elaborate, the Global Entrepreneurship Index score is based upon ‘opportunity start-up, human capital, product innovation and competition’.

On a European scale, the UK tops the list of ‘top-performing entrepreneurial eco-systems’ for 2015, beating Sweden, Denmark and Iceland to top spot.  Additionally, the UK boasts the most inventive entrepreneurs offering unique products to the market. This truly is a great time to start a business in the UK!

The top 10 countries with the highest Global Entrepreneurship Index (GEI) for 2015 are as follows:

  1.             U.S
  2.             Canada
  3.             Australia
  4.             U.K
  5.             Sweden
  6.             Denmark
  7.             Iceland
  8.             Taiwan
  9.             Switzerland
  10.             Singapore

View full report here

The dramatic increase in the number of start-ups in the UK is said to be a direct result of the UK Government’s Startup Loan scheme which provides individuals with financial support to establish small businesses. This scheme has reportedly lent £120 million to new start-ups and will continue to help small businesses to grow with its support of a total of 30,000 new companies by 2015.

The UK Government Startup Loans are available to UK residents over the age of 18 who are serious about starting their own business. However, you should be aware that these loans are not given out easily. In fact, you will have to do a great deal of ground work before you will be considered. The main requirement however is to write a business plan.

UK Government Startup Loan Facts:

  • Acceptance by the startup loan scheme will mean you receive financial support and mentoring for your business
  • The loan is a ‘low-cost unsecured loan
  • The loan must be repaid within 5 years of receiving it and a fixed interest rate will also apply

Overall, as the most entrepreneurial country in Europe, the UK has a lot to offer graduates and those who have the skills and passion to start their own business. It also implies that job creation in the UK will continue to rise. It is expected that with more start-ups being established on a daily basis, that this will help drive employment up and reduce unemployment significantly over the next 5-10 years. And with startup schemes readily available, now really is the perfect time to take the leap of faith and start your own business.

Image source: Wired

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