Support for business start-ups in the United Kingdom (UK)


Term Paper, 2011
13 Pages, Grade: A

Excerpt

Introduction

Starting a business has remained a major challenge to various individuals in regard to how to go around with the activities involved. The United Kingdom has a ready market for any business to start and develop successfully due to the various support available to help the startups. However, various business support has necessitated the start and successful running of these businesses (Napier, 2006). Business startups can be successful if appropriate assistance can be received from the right experts. It will be important to understand how various key factors will affect the business. These key factors may include: finance, labor resources, type of product and management required, materials and corporate social responsibility the business will have. Business startups can however learn from other businesses that have operated the same line and choice the right way to perform their operation. Business support systems have been established from the longstanding market effects that have been experienced by other businesses. This therefore makes it possible for business startups to be assured of great opportunities and accurate steps while addressing various issues encompassing their operation (Moore, et al., 2006). This support systems are varied and they include, Training and research development, Finance and law, marketing and government regulations. This are some of the core and most crucial supports for businesses in the United Kingdom.

Training and Research development support

Research is one of the most essential undertaking in any venture. It is useful in giving the interested party both the business overview and detailed information of the business venture and its environment. This could be in form of market research, industrial research or research on specific elements that would affect the running of the business. Research in the United Kingdom is undertaken by consultants and qualified agencies therefore leaving the investors and entrepreneurs to consult the agencies for help (Prause & Venesaa, 2011). This research is usually done to determine what the consumer expects of the venture if the proposed business is established. Research will give a general overview of how this business will perform. In the United Kingdom research and development is a key fundamental aspect in any organization in fully established and the businesses startups. Establishing the key areas in which a business can build its stronghold and improve efficiency for greater production can ascertain achievement of a better position in the market for the business (Potter, 2011).

Research is vital since it enables identification of the market opportunities, weaknesses of competitors that can be exploited and the best strategies to market and improve the business process. It helps the investors understand their environment in establishing of new businesses. The business will tend to try to find out how this human wants can be achieved and level or requirements. Another aspect that most businesses in the United Kingdom asses is the level of the competition that exists. Business support will be provided to ensure that better strategies are formulated that can help the business to compete effectively with the competitors and sustain itself in the market (Ulwick, 1999). The researchers try to asses if the business will withstand the level of competition in the market by determining what the competitors do best, resource control and capabilities. This information attained from the research is viable in that it tries to ascertain the success of the new business in the market. Training is also an important aspect. Training of staff and management on the best way to deal with challenges arising from operation will be essential for the startups. The procedure of acquiring the right personnel and developing them into what the business can use for growth is essential. The business support can be provided through exposing the staff to various seminars and workshops to improve their skills. The training equips the individuals with new knowledge of handling new issues that may arise in the market (Great Britain; Parliament; House of Commons, 2011).

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Excerpt out of 13 pages

Details

Title
Support for business start-ups in the United Kingdom (UK)
College
University of Kent
Grade
A
Author
Year
2011
Pages
13
Catalog Number
V267608
ISBN (eBook)
9783656581840
ISBN (Book)
9783656580638
File size
503 KB
Language
English
Tags
support, united, kingdom
Quote paper
Peter Maine (Author), 2011, Support for business start-ups in the United Kingdom (UK), Munich, GRIN Verlag, https://www.grin.com/document/267608

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