The importance of entrepreneurship in the UK

The importance of entrepreneurship in the UK

New statistics have revealed the importance of entrepreneurship, with UK small businesses contributing a huge £1.9 trillion to the UK economy last year.

In 2017, there are record numbers of entrepreneurs, with recent statistics revealing that there are now a total of 5.7 million small businesses in Britain.

The importance of entrepreneurship in the UK is growing every year, with small businesses playing a vital role in improving both the economy and the community.

 

Boost supply chain

Small businesses provide vital services to their local communities. Whether you have a household emergency, require some childcare or just want to look your best for an event, local entrepreneurs can provide the service you need.

Alongside supporting individuals, they help larger companies to run their business more efficiently. Big businesses recognise the importance of entrepreneurs when sourcing essentials such as catering, stationery or cleaning services.

With smaller workforces and minimal chains of command, entrepreneurs are able to work more flexibly. This allows them to think outside of the box when it comes to offering their services, meaning that they can provide a more tailor-made experience to their customers.

 

Create careers

The importance of entrepreneurship to the UK’s job market is ever-increasing. Jobs in local companies allows those unable to commute to be able to work, pay taxes and contribute to the economy. They are also credited with giving people with less experience, such as university graduates, their first step on the career ladder.

Entrepreneurs have the ability to be more considerate when hiring. Job roles in small businesses can be flexible, and entrepreneurs can provide a less corporate work environment. This doesn’t mean that they miss out on productivity, as independent businesses attract dedicated staff, who are personally invested in helping the company to grow.

 

Support local community

With many entrepreneurs running a business on their own, they are able to provide a more personal service than large multi-chain companies. Having a great relationship with the people who provide your essential services improves community spirit – who doesn’t want to live in a friendlier neighbourhood?

Often setting up shop in their hometown, entrepreneurs understand the importance of getting involved in local events. Whether it’s lending their services to a someone in need, or sponsoring a local event, they help to bring a community closer together.

 

At Handepay, we recognise the importance of entrepreneurship, and are dedicated to helping independent businesses grow. Our merchant services are cost-effective and simple, saving entrepreneurs both money and time.

To find out more about how switching to Handepay can help your business grow, get in touch with one of our friendly advisors.