BUS9024 International Entrepreneurship Essay Sample | University of Lincoln

Published: 11 Feb, 2025
Category Essay Subject Business
University University of Lincoln Module Title BUS9024 International Entrepreneurship

Introduction

This particular essay aims to examine the impact of the entrepreneurial ecosystem on the business environment of the UK. To analyse the influence of the entrepreneurship ecosystem on the business industry of the UK the pestle framework is implemented. The entrepreneurial ecosystem can be defined as a networking collaboration of both human and organisational factors that help start a new business in a particular community by supporting and funding it. The crucial elements of the entrepreneurial ecosystem are social-based capital, knowledge, education, and technical, financial, and spatial resources (Stam, and Van de Ven, 2021). The social-based capital resource of the entrepreneurial ecosystem deals with the existence of trust. An ecosystem with profound social-based capital facilitates cooperation and coordination providing benefits to both parties which act as the main factor behind the growth of entrepreneurial businesses. The significance of knowledge and education lies in increasing the efficiency of innovative entrepreneurs but these entrepreneurs lack knowledge associated with the community (Setini, et al., 2020). A successful entrepreneurial ecosystem facilitates the knowledge accumulation of innovative entrepreneurs. The technical, financial, and spatial resources vary depending on the requirements of the entrepreneurs in the community.  The most important factor is that entrepreneurs have to concentrate on the resources to create a successful ecosystem. 

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