Technological developments mean that today it is easier than it has ever been to start a business, and quicker than it ever has been to grow.
Key developments have helped to boost enterprise in the UK over the last few years, and to reflect on some of the issues that still need to be addressed.
Technological developments are at the forefront of the report, unsurprising given the rise of the internet.
Essentially, technology is behind each of the reasons, which are:
- Low start-up costs – the report claims that most businesses now start for less than ВЈ100, and that with a smartphone and business card in hand, you can make sales and set up operations from home.
- Better levels of communication – having network cabling installation in your office can boost productivity, therefore boosting potential returns.
- New social technology – social media platforms and trading sites offer a powerful route to market and make marketing and selling online affordable and achievable.
- High level of support – campaigns from the Government, peers and the private sector are highlighting the support that is available online to entrepreneurs and start-ups.
Commenting in the report’s foreword, Lord Young says:
“Today it is easier than it ever has been to start a business, quicker than it has ever been to grow. You can sell globally from your front room. As the number of self-employed continues to grow, as more and more people work part time, the very pattern of work has changed and the Government has to change with it. I hope that this will be read and used as a tool to help those about to work for themselves or start their own business.”
David Cameron also commented on the report, saying:
“I would like to thank Lord Young for his thorough report into the SME sector. His enthusiasm, drive and tenacity to make sure we are doing everything we can to support business and promote enterprise is a credit to us all. There can be no better inspiration of the ‘can do’ spirit that is needed in business than Lord Young; and his report is a must read for anyone thinking of starting up. “