Entrepreneurship In UK
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Entreprenuership in UK
An entrepreneur starts a new enterprise and assumes full responsibility to receive profit from the venture. In spite of the downfall in economy, some businesses showed signs of growth in the latter half of the year 2009. The tourism industry in London has actually managed to survive better in this recession. Online information, guidance and services are available for entrepreneurship in UK. Avail advice on all key aspects that include market research, finance, legal, marketing and e-commerce.
The British Government aims to offer support for developing entrepreneurship in UK. They assist entrepreneurs in UK to
- Start and expand in London
- Promote international trade
- Support innovation, research and development
- Offer aid to overcome financial and economic challenges
- Provide training programmes to enhance performance
The government has also introduced financial measures to aid entrepreneurship in UK during recession to raise funds.
- Loans up to £50,000 are available under the scheme � Small Loans for Businesses’. The entrepreneurs in UK must submit a viable and comprehensive business plan.
- The scheme � Enterprise Finance Guarantee’ offers government guarantee to lenders. If you have a strong business plan but the bank has denied the loan due to lack of collateral, then, this scheme is a safe option.
- For loans and equity finance, utilize the scheme � Finance for Business’. The British Government must be convinced with the business plan submitted by the entrepreneurs in UK.
- Projects that support job creation by entrepreneurs in UK can avail Grant for Business Development (GBI). It is mandatory that these projects are efficient, modern and can expand. Capital is available for acquisition of key assets. The Grant amount will depend on the size, location and quality of the project.
- To promote entrepreneurship in UK for innovative products, The Grant for Research and Development has made available special grants.
Access To Finance For Entrepreneurship In UK
Many entrepreneurs in UK find it difficult to raise funds during the recession. Accessing credit is either at higher credit rates, overdrafts or after meeting many regulations. Entrepreneurs in UK are seeking alternative sources for raising capital. The British Government has designed many specific schemes to aid small and medium businesses. They have launched £75 million as Capital Enterprise Fund, of which the government has funded £50 million. Business Link is a free business online portal to offer support services for all businesses. Organizations that also offer advice and financial assistance are:
- The East London Small Business Centre (ELSBC) has started a � Gateway to Finance’ programme for helping small business entrepreneurs in UK, especially East London to raise funds. They help existing entrepreneurs in UK across all 33 London Boroughs to start, grow or expand.
- Barking and Dagenham Small Business Centre (BDSBC) is a local agency to support businesses of the respective borough. They have the required knowledge, skills and expertise to offer free impartial and confidential advice. Following services are provided free of cost to aid entrepreneurship in UK:
- 4 day courses on starting a business
- Counselling on business ideas, business plan and marketing strategies on an individual basis
- Raising finance for start ups, or for expanding
- Guidance on accounting and legal aspects of business
- Croydon Economic Development Company focuses on the business community of that borough in South London with the help of funding from the government. They have formed cluster groups and tailored workshops to encourage partnerships especially in the areas of childcare, hair 2010 Entrepreneurs UK. All rights reserved.