Current Economic Climate in Britain Essay Example | Topics and Well Written Essays - 1000 words - 3

Current Economic Climate in Britain - Essay Example This paper illustrates that the economic climate in Britain affects businesses differently. Even with the realized economic progress, competition has heightened across all industries. Free market practices have become predominant, forcing businesses to engage in intense competition in order to secure significant market shares. Most importantly, Britain is not immune to the euro crisis as well as global financial and economic hardships. For this reason, risks might seem to outweigh benefits in starting up a new business. However, this might not be the case. The economic climate, whether it progresses, stagnates, or deteriorates, does not directly translate into business failure if risks are involved. The business environment can hardly be immune to risks and economic hardships. Business diversity in the economic context has to cope with many eventualities, which if not managed can be catastrophic to many businesses. Even in the best of economies in the world, risks cannot be ignored. Rather, the presence of risks is acknowledged and the necessary course of action taken to manage the risks. Business competition in Britain’s economy has been observed to intensify over time. Following this trend, the most influential risks for businesses are operational, financial, or economic in nature. The benefits realized by any given business in the economy depend on the opportunity identified, strategies taken to exploit the opportunity, decision making, and management practices employed. These aspects are essential in countering business start-up risks that could negatively affect the performance of the business.