From Brexit to BOOM? How the UK’s Economic Crisis Could Lead to a Massive Increase in Entrepreneurship

From Brexit to BOOM? How the UK’s Economic Crisis Could Lead to a Massive Increase in Entrepreneurship

Author: Paul Mendoza III

It’s no secret that the United Kingdom has been going through an economic crisis since its momentous vote to leave the European Union back in 2016. Dubbed “Brexit,” this decision has caused immense uncertainty and turmoil throughout the country, with businesses large and small feeling the pinch. In fact, according to a recent report from the Confederation of British Industry (CBI), Brexit has already cost the UK economy £100 billion ($130 billion).

With such uncertainty comes opportunity, however. As we’ve seen in past times of recession and upheaval, crises often lead to increases in entrepreneurship as people look for ways to make money outside of the traditional workforce. And with the UK’s current situation still very much in flux, now could be the perfect time for you to hang up your corporate shingle and strike out on your own.

In this blog post, we’ll explore some of the reasons why entrepreneurship is on the rise in the UK, despite (or perhaps because of) Brexit, and how you can make the most of this opportunity if you’re considering starting your own business.

1. Economic Uncertainty Fuels Entrepreneurialism

When big changes occur – such as Britain voting to leave the European Union – it creates an air of uncertainty. And while this can be troubling for those who like stability, it can also be incredibly motivating for entrepreneurs. After all, what’s more entrepreneurial than taking risks?

In times of change and upheaval, people are often looking for new ways to make money and create stability in their lives. So it’s no surprise that we’re seeing an increase in entrepreneurship in the UK as people look for creative solutions to the current economic crisis.

2. There are More Resources Available Than Ever Before

Starting your own business is easier than ever before thanks to advances in technology and a plethora of resources available at your fingertips. From online courses teaching you how to start a business from scratch to crowdfunding platforms that can help you raise capital, there’s no shortage of help if you’re looking to start your own company.

What’s more, there are now more co-working spaces and incubators than ever before where you can start building your business without having to sign a long-term lease or take out a hefty loan. All you need is a laptop and an internet connection, and you can get started on building your dream company today.

3. Failure is Not as Risky as it Once Was

Another reason why we’re seeing more entrepreneurship in tough times is that failure is not as risky as it once was. Thanks to advances in technology, it’s now possible to launch a business with very little up-front investment required. This means that even if your business doesn’t succeed, you won’t lose everything if things don’t work out as planned.

Of course, no one wants their business to fail but knowing that the risks are lower can be incredibly empowering when making the decision to become an entrepreneur. And with so many resources available to help you get started, there’s no excuse not get out there and give it a try today! 

There’s no doubt that entrepreneurship is on the rise in uncertain times like these. If you’ve been thinking about starting your own business, now could be the perfect time to do so thanks to advances in technology, lower risks of failure, and an abundance of resources available at your fingertips. So what are you waiting for? The world is yours for the taking!