The Current State of Startups in the UK
2014 was a booming year in the United Kingdom for startups and small businesses. According to the Department of Business, Innovations, and Skills, there were a record 5.2 million private sector businesses at the start of 2014, which was the first recorded time that the business population had exceeded over 5 million in the UK
This record increase of 330,000 new businesses since 2013 validated the 2015 public perceptions that the economic woes of 2008`s Great Recession are finally a thing of the past, and a quickly fading bad memory in this part of Europe.
99.3 percent of the businesses in 2014, out of the 5.2 million private sector businesses, were small businesses that were once fledgling startups. They established themselves on the road to success by pure economic courage, perseverance, and a newfound faith in their nations` economy.
The three main categories that made up the business population at the start of 2014 were:
1. 1.5 million – Large companies – 29% of the total.
2. 460,000 self-employed partnerships at 9%.
3. 3.3 million – Were sole proprietorships that made up an astounding 62% of businesses.
They say that statistics don`t lie â€“ It would seem a safe assumption that 2015 is going to be one of the most opportunistic times in which to launch a new startup in the United Kingdom.
When speaking recently to Ryan Gallagher, the CEO of IOVOX Call Tracking and Phone Analytics, he had some wise words for anyone contemplating a start up in today`s economic, technological and social climate.
â€œI had a boss in Alstom once who had a saying that always stuck in my head. His name was John Rebus, and he used to tell me â€œSpeak with data. If you believe something, go and prove it, or get as near close to that as you can then come and talk to me.â€ This has been one of the many useful pieces of advice that I have acquired over the years, and I still constantly use it to this day.
Following this useful and professional advice in life has led to huge amounts of opportunities that might never have come about otherwise. Rarely do I ever act upon something these days without thoroughly evaluating and properly assessing it first.â€
Wise words from a successful man â€“ and when you follow suit and evaluate and assess the current state of UK start-ups, it is clear that now is the perfect time to seize the momentum of a recovering economy that has been held back for far too long. Now is the moment to seize the bull by the horns, and tame it to your needs and aspirations in life. These are not things that are easily given; they must be taken by force with one`s sheer strength of will, intelligence, and abilities.
Markets globally are expanding at a steady and encouraging rate in Asia, the U.S., and Europe, offering business opportunities locally with bigger markets opening up almost daily across the world; all eager to promote their businesses and trade abroad.
With this trade, brings the need for more services with these new services comes more employers with more new jobs to offer, which circles around to more disposable income to be spent locally on small businesses and entrepreneurial startups.This in turn completes and repeats the cycle of growth by fueling and supporting the rising local economy. Understand this cyclical pattern and you can ensure your future success.
Listed below are a few other inspirational quotes by successful modern day entrepreneurs, who envisioned their goals, seized the moment, and then strategically ran with them
to create successful operations:
â€¢ Matthew Woodward of Matthewwoodward.co.uk
“When starting out in business you should discover what you love in life first. Then, find a way to make money at it”
â€¢ Patrick Drake – Co-founder and head chef at Hello Fresh – Hellofresh.co.uk
â€œWilliam Wordsworth said “To begin, begin” and the advice still rings true today. One of the greatest killers of a new business is hesitation and procrastination. Don’t spend 6 months creating (what you think is) the perfect product, take it to market and realise it’s not what the market wants. Instead release a prototype early to test the reaction and then develop your product based on real customer feedback. In other words – Just Do it!”
â€¢ Adam Connell of Bloggingwizard.com
â€œWhen you start a business you can either dive into an ocean full of bigger fish and fight to get your fill or you can swim further out into uncontested space. This means either coming up with a unique idea or finding a market with very little competition. When you make the shift into uncontested space, you’ll notice a significant positive change to the growth of your business.â€ This is also known as the Blue Ocean Strategy (also a great book worth reading).
â€¢ Sofia Quintero – Head of growth at Geckoboard
“Focus on what matters. Anything that is not helping your customers to succeed with your product is a distraction.”
Great minds, great quotes, great ambitions, who utilised great opportunities in order to fulfil great dreams; this is what all these people above have in common.
Last year, the International Monetary Fund`s Managing Director Christine Lagarde, had to publicly eat crow by admitting that they totally underestimated the strength and potential growth of the UK`s economy. This year and beyond will be the time that the great lamenters of the world will feel the same embarrassment that the IMF did in 2014, because they also underestimated, and failed to realise the potential growth for entrepreneurial startups in 2015.
The United Kingdom`s future CEO`s however, will be the ones with the drive and vision to enter themselves and their businesses into the up-and-coming positive economic upswing to come, and will become the envied happy and successful â€œhavesâ€ of the U.K. Unfortunately for those who do not, they will be destined to remain the â€œhave notsâ€ of years past, by failing once again to seize the moment of today.