Britain is among the European countries that are famous in the world of discoveries and inventions that are life-changing, which transform the lives of the people in the world in a variety of ways ranging from economy-related matters to social and other dimensions of life in which human beings engage. Britain is also the country that began the industrial revolution that was full of machinery, and other products that later spread to America, and this supports the fact that Britain is a nation with many innovators. However, regardless of the current growth that the world is experiencing in terms of business and other aspects, Britain has had a reduced number of startup innovations for several years. Studies indicate that entrepreneurship and the opening of new ventures remain a long-term issue that has not had a solution as compared to the industrial revolution era. Several people migrate from this country to other countries that are doing well, such as China, Russia, and the United States of America.
Some of the world's most remarkable discoveries where British citizens have had notable contributions include the invention of the World Wide Web in the year 1989 by Sir Tim Berners Lee. There is no doubt about how much this discovery has transformed the lives of people cutting across various levels of experience, from industrialization to trading, communication, and entertainment, to name but a few. Neil Papworth is also a renowned British innovator who was the first person on earth to send a text message through the phone. There is absolutely no doubt that this innovation has had an outstanding transformation in the lives of people in the world. Communication has been made easy and more comfortable and within the convenience of the people. Businesses have also flourished due to this discovery. In the field of security and investigation, iris recognition is critical, and a majority of investigators are turning to this type of identification where they use the iris of the eyes of a person as a biometric way of identification. The crucial discovery was by John Daugman from Britain.
With all these discoveries coming up from the British, there is a significant question that runs through the minds of several people, and the question is about why there is a decline in the formation of new business in the country. The country has many renowned business moguls such as Alan Sugar, Richard Branson, James Dyson, and Peter Jones, among others who are worth billions. Even with all these entrepreneurs, there is a significant drop in business startups in Britain over the years. As a result, fewer people have been left in their major ventures, and the others are forced to work for them or migrate to other countries where businesses are booming (Omar, & Fraser, 2010).
Recently, the economy of Britain is highly influenced and dominated by enormous business corporations which are working against smaller business venture (Omar, & Fraser, 2010). As a result, there is the creation of uncertainty hence decreasing the confidence that the people may have in new business ventures. In this economy, upcoming organizations suffer destabilization by the significant corporations even before they stand on their own when they have not yet become a significant threat to the pioneer business (Gospel, 2010). Business consultants have attempted to argue out this situation where they say that the economy of Britain up to date has been able to get to the point of rising market power making the environment hostile for small business that is set to develop to set a competition with the already existing giant businesses and corporations. Besides, several other suggestions are made by renowned economists, such as an increase in corporate tax, which makes it unfavorable for new companies. The high corporate taxes are only favorable to the existing giant firms. Other issues include a decline in community banks, slowed innovations, and a decline in productivity from such ventures.
Nevertheless, while it is clear about the decline in business startups in Britain despite its history of innovations and other aspects which make it famous, there is some hope for entrepreneurs who have plans to start ventures there. Some people have identified a hopeful sign by offering optimistic ideas about solving the situation to make it appropriate for startups. Several people are pessimistic about the economy of Britain by saying that it has already lost its glory. However, consultant economists are still optimistic and anticipate a rebound of the economy and the beauty of Britain as one of the world's giant economies to reckon (Gospel, 2010). They expect this to happen by altering the demographics and providing opportunities to youthful people as well as young business ventures to grow up into active organizations to solve the issue. The estimation provided is that more people will be able to venture into a new business in the coming years, which will be an increment concerning the previous years where the decline was rampant.
Overall, according to suggestions by business researchers, rapid development is set to be achieved, which will result from viable measures laid down to alleviate anxiety. The use of the current technology will also promote an environment-friendly to enhance the development of new business ventures. To achieve this, the government of Britain has to play a central role in ensuring that it creates a business-friendly atmosphere to encourage entrepreneurs to venture into business and to enhance innovation. The government will achieve this by setting policies and regulations that will ensure that competition among the existing venture and the startups will be healthy. Additionally, rules on taxation must be reviewed and set at a level that does not cripple the new businesses.
Gospel, H. F. (2010). Industrial training and technological innovation: an introduction. In Industrial Training and Technological Innovation (pp. 11-19). Routledge.Great Britain. Department for Business, Energy, and Industrial Strategy. (2017). Industrial Strategy: building a Britain fit for the future.
Omar, O. E., & Fraser, P. (2010). The role of small and medium enterprise retailing in Britain.
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