The landscape of UK entrepreneurship is rapidly evolving, with new research revealing key drivers and hurdles in business growth strategies for 2024 and beyond. According to a study of 1,000 UK business owners and aspiring entrepreneurs, over half (56%) are looking beyond British shores for growth opportunities, driven by the potential and flexibility offered in global markets.
One of the significant findings is that 70% of Millennial and Gen Z entrepreneurs are eager to start businesses outside the UK, showcasing a generational divide in global ambition. Additionally, 52% of UK entrepreneurs are using digital platforms to scale their operations, highlighting the importance of technology in business growth.
The research also shows that 90% of UK entrepreneurs are leveraging AI, blockchain, and cloud computing to enhance operational efficiency. However, almost half (46%) are still grappling with the complexities of Brexit, indicating ongoing challenges in the post-Brexit environment.
The shift towards international markets and the adoption of advanced digital solutions underscore the changing entrepreneurial ecosystem in the UK. As entrepreneurs navigate a globalized economy, they are adjusting their strategies to tap into international markets and drive cross-border trade.
Overall, the findings highlight the need for innovative solutions to overcome bureaucratic red tape and embrace digital services and mobility as key drivers for success in the evolving landscape of UK entrepreneurship.