Impact of Brexit on the European Union for Growth of Start Ups-West London

TITLE

Impact of the Brexit referendum on the growth rate of start-ups/Entrepreneurs within West London

CHAPTER 1: INTRODUCTION

1.1 Overview

Research is known as a detailed analysis of a specific concern through application of scientific and statistical method. This will help in collection of important and reliable information which contributes in enhancing decision making for attaining desired results. This research is based on the impact of Brexit on European union as well as on the growth of start-ups in West London (Goodwin and Heath, 2016). UK affected directly by Brexit regarding expanding business structure as well as acquaint new ventures. Major impact of Brexit on EU is results to be economic alteration as well as pound fell its values and struggled to recover their position in a economy over the years. These procedures has direct impacts start-ups as well as small enterprises. In June 23, 2016 British leaves European union which is termed as Brexit. In this process, Referendum takes a part that determine voting procedure on the basis of individual's opinion in the respect of UK to should remain or leave European union. The ratio of this referendum is deliberate as 51.9% to 48.1% in which maximum individuals are in the favour of EU leave.

In the year of 2016, Britain voted to leave the European Union and the UK established itself as one of the best countries for entrepreneurship but it also made some unknown factors impacted on the country. The business get affected by the Brexit in terms of import and export like there is a small business in the European Country that imports the raw material from the United Kingdom but the increased cost of suppliers made a major impact on the business because the British pond fallen down from the past 31 years. In the UK the inflation rate risen up by 2% (Green and et. al., 2016).The entire scenario has changed after regulating the Brexit the inflation rates increased that's why there was a increased change in every product and services has noticed. This become costly for the both segments to run their business with minimum costs. They have to pay the increased amount to the suppliers to cross the boundaries. Brexit evoked the negative effect on the UK economy. The small and medium size firms are likely to be stricken by the Brexit as they are considered as backbone of the economy. In the UK there are 5.7 % small and medium enterprises which are 99% private sector enterprises and provides 60% employment. It is contributing 73% in job creation in the UK (Hobolt, 2016). On the other hand, Brexit perceived negative effected on the innovative and export oriented companies which was the expected to give high growth to the country. There is a disruption among positive and negative impacts upon the UK and EU because business is facing troubles and UK is going to rise in some areas. For a start up and a business enterprise, it is required to build analyse economy stability in order to getting enduring benefits. In west London, economy faces various crises after the Brexit referendum. In this duration, small and large both firm faced tough situation in terms of funds, stability as well as multinational trading approaches. Major issue that affect economy condition is about diminishing the value of currency that affect growth as well as inflation rate. The economy of UK is known as one of the best platform to start their business venture at astronomic as well as midget level but this were become challenging due to unknown effects of Brexit. According to some major research it has been analysed that after Brexit, Economy of EU and UK takes a long period of time to recover and get effective growth.

Now, Small business organisation are more concerned about their future development as well as growth. In UK index of business pessimism are brutal from +5 to -8 (Vasilopoulou, 2016). These activities are raising inflation and maximise political uncertainty that has direct effect on growth of enterprises. In the study of economy development process, it determined that business conditions would be drop over the coming year if small business are not getting proper growth. Capital economies are found are that government of UK needs to implement negotiating process with other economy as with EU too because this is the only economy that render maximum revenues from past years. Major results that UK and entrepreneurs face after referendumof Brexit are reduction of resources and innovation, lower level of external funds, lack of investment and issues in future growth. Through this, future plans and objectives of small business firms and ventures were directly got affected. As its impacts, economy of UK faces numerous issues and problems to get proper growth again. This process will take a long term of period in west London to maximise growth rate about Brexit for future success. In this process, government of UK needs to take initiative toward such small as well as medium size business enterprises.

1.2 Background

The research topic is based on Impact of the Brexit referendum on the growth of Entrepreneurs. For a business organisation, it is required to analyse economy condition and its effects on their procedures. In UK, small and large scale enterprises face various issues in order to build their own image after Brexit and its impacts. These in activities create crises in economy in terms of future growth. Referendum in Brexit is affect several activities as raising inflation and exploit political uncertainty that has direct effect on maturation of enterprises. UK was the most growing economy that is very liable for new business organisation in terms of development as well as growth. But after Brexit, this economy got affected in the term of financial as well as domestic issues. Small and medium size enterprises are the backbone of UK economy that are affected by such terms (Portes and Forte, 2017). With such industry, expansion and size, United Kingdom can start-up will directly impact on Brexit. The volatility of currency is effect customer spending and purchasing power. Brexit has potential fundamental rewrite the rules and regulations where firm will perform business within UK nation. It can be analysed that Brexit define future large scale foreign owned production plan. The Brexit is largest factor which directly effect on UK start-up and there are various economic events which continuously impact on all businesses. The full effect of Brexit is clear, simple and effective but UK entrepreneur has made appropriate operations under uncertainties in effectively. For this, government of UK needs to take initiative about manage funds to provide financial stability to such start-ups. In this procedure negotiation procedure of higher authorities takes a place in order to build stable relations with economies to getting several as well as long term benefits. In UK history, Brexit was determine as a most critical situation that affect its growth as some personal drives. This procedure takes place on the basis of referendum on the specific ratings. It is also identify as a major factor that determine positive as well as negative impact for a proper recommendation to work differently or in a optimistic way with a hope to get desirable outcomes easily (Hürlimann and et. al., 2016). In current time period, startup business are mainly worried about UK future economy so they are vote last year of Brexit where new examination has been found. Brexit refer a term that increase rate of inflation and enhancing persuasion ambivalent situation related to last 12 months. This stands businesses which continue to abide by same EU rules and regulations so they need to wait in future coming years and months. Such type of uncertainty is fixed by entrepreneur and business by taken all necessary actions and step regarding Brexit. This will also make an opportunity for the country in proper manner.

The impact of Brexit on economy of government which has been analyzed major authorities surveys for more than 10,000 UK businesses (Clarke, Goodwin and Whiteley, 2017). Along with this, government has posses different question which are related to Brexit and it is mainly effects on their future company strategy associated intentions. In this, the debate was going through such things where businesses has been divided during referendum but most of the contend will evaluating results or outcomes effectively. Small business owners mainly voted for EU leave and at current time period they are discussing about future. This has been represents that self employed analyzed so it is effective or good on given time period.

1.3 Significance of research

The main focus under the research activity is about gathering of information about different aspects which helps in improvement of knowledge and contributes in attaining better results. There are many sources from where data is generated by researcher which are known as primary and secondary. In primary research actual views of respondents are ascertained. This information is most reliable and authentic simultaneously unbiased in nature through which better results are interpreted through with drive success in future period of time. The tools which are mainly used under this method includes questionnaire, interview, online poll etc. Another type of source which is used for the purpose of conducting research is secondary. This type of method is basically used only in the situation when there is lack of time and money. Here, information is gathered from different sources such as Articles, Books, newspapers etc. This type of information is not much relevant to research topic because they are published in nature and requited to identify the information as it is relevant to their research topic or not. Both these methods have their own advantages and disadvantages which helps the researcher to apply all these information in process of effective accomplishment of their desired objectives. Here, in this report research is conducted through upon the topic about the Impact of Brexit referendum on the growth rate of start-up's and entrepreneurs within West London. Brexit is the situation which arises due to exit of UK from European Union. Referendum is refers as the concept related to voting (Ramiah, Pham and Moosa, 2017). In support of exit around more than 51% votes are received from the individual of society. Brexit has huge negative impact upon the growth of economy due to emergence of the situations which are arise because of this reason. This was forces the government of nation has to provide more emphasis on bringing up changes in their previous policies and formulate such legislations which provides support to the individuals of society that they disburse their efforts in development of economy of nation as a whole. The importance of this concept is understood from this fact that government of UK take many new initiatives regarding promotion of small entrepreneurs and start-up businesses. In this regard, they start providing subsidies to the new entrepreneurs who start their own business through application of new ideas. Also, they bring changes in taxation policies for small entrepreneurs. Such changes are made on the basis of turnover of organisation and provide concession to them on their earnings. This step of UK government has huge importance on the development of society and economy (Oehler, Horn and Wendt, 2017). There are large number of employment opportunities are created which helps in reduction of unemployment rate and improvement of their living standard. Simultaneously, this was contributing their effort in the development of economy through bring high flow of cash from through various investors present within and outside the nation. This was providesthe opportunity to the individuals of society is earn large number of profits and income and become self-dependent. In future this will have huge positive impact upon the development of society and economy and become strong and developed nation.

1.4 Aims and objectives

Research Aim:

Impact of the Brexit referendum on the growth rate of start-ups/Entrepreneurs within West London

Research Objective:

  • To gain and produce results to determine the growth rate of start-ups within West London
  • To investigate the impact of the Brexit referendum on start-ups within West London and to provide a hypothesis in relation to the findings.

1.5 Research questions

  • What is the statistical data of start-ups in West London from June 2013 until now?
  • How has business been impacted from the Brexit referendum?

1.6 Gantt chart

This is a most effective method of research that assist to manage activities in specific manner. Gantt chart is a graphical representation that used to frame task in accurate manner. It is a necessary procedure that manage working approaches on the basis of beginning to the finish period. In this, manager of firm plays a most important role in order to analyse employee skills and effectiveness in order to distribute work in different department for getting desirable outcomes. Through this, work of project can run smoothly to completing activities properly. In this reporting methods, details are usually managed by excel or graphical format to getting authenticate information of full procedure (Matti and Zhou, 2017). All these in activities made a project authentic and specific in order to getting proper information To manager a task or report, it is required to build a proper team work in which each employees assist to manage activities to accomplish them at decorous time period. The coordination between employees assist to do task in authenticate manner to analyse proper information by specific resources. A project also required a measurable, understandable as well as quality information that concluded with certified sources. In this, a team always contribute an effective service to gather proper information, manage activities and getting proper conclusion. In this procedures, some other elements play a most important role as -

Time management- Gantt chart always used to manage task and activities at a proper time period. For this, employees of a task management activities are schedule project in specific manner from beginning to ending date. In this project, employees are requiring to get data to analyse Impact of the Brexit referendum on the growth of start-ups from different sources that provide authentic interpretation to others. These activities take maximum time to manage information in proper manner. Gantt chart takes a proper place to manage duration of collecting data and implement them in project. Time play important role in everything and it is important for every organisation to complete their project on time within specifies time period.

Communication- Gantt chart is a graphical representation in which employees are works together to accomplish a task properly. For this, it is required that they communicate properly to each other in order to gather effective data and relevant information Through this, employees of a project can reduce conflicts and barriers that can affect their project management plan. This is a most specific element of firm that assist in managing data and authentic information of data analysis method. It will be helping to motivate employees to manage approaches and activities in different time period by communicating with others. Through this, they can manage information and sources in effective way. There should be two-way communication so that information and data transfer and provided to each and every employees. thus they can perform their activity in better manner.

Understanding- In a project management activity, it is required that employees provide their contribution to collect a proper information in the perspective of task. Gantt chart manage activities in proper manner to to provide understandable and authentic information to learners. These are the effective and appropriate approaches.

CHAPTER 2: LITERATURE REVIEW

In this section of research, literature review is discussed brief information in specific subject on the basis of published documentation. This study is represent befitting content on Brexit that has major impact on the growth of New start-ups as well as small enterprises in UK. In the process of leaving EU, referendum support with maximum majority of population that tallied higher of overall figure (Curtice, 2016). As its result, UK were got withdrawal from EU on June 23rd, 2016. It had major impacts on new start-ups or small business enterprises as well as Brexit referendum itself damaged economy values of west London in the consequent years.

2.1 The statistical data of start-ups in West London from June 2013 until now

As per the views of George kaye (2015) West London is the hub of start-ups as well as micro enterprises in order to maximise growth of economy. After Brexit referendum, economy of UK faces various crises in the terms of Funds, investment as well as growth (Whitman, 2016). The maximum enterprises in West London are of media, Product manufacturing, media as well as in technology sector which are known as fast growth firm that assist to provide effectiveness in economy development approaches. There are the representation of start-ups in west London in the year of 2014-2015 that consider all small as well as micro business firms.

Borough

No. of new start-ups (2014)

No. of new start-ups per sq km (2014)

Survival rate % (2009-2014)

No. of micro businesses (2015)

Micro business %

No. of small businesses (2015)

Barking & Dagenham

1310

36

33.3

4785

91.8

355

Barnet

3985

45

37.6

19445

93.2

1205

Bexley

1455

24

43.8

6930

91.3

545

Brent

2585

59

37.4

12035

91.5

925

Bromley

2190

14

41.7

12360

91.9

885

Camden

4375

200

38.6

22340

87.2

2520

City of London

2610

898

36

13370

80.6

2380

Croydon

2390

27

39.3

11850

92

830

Ealing

3110

55

40.2

14560

91.9

1060

Enfield

2305

28

37.4

10530

92

765

Greenwich

1690

35

40.8

7475

92.7

500

Hackney

3245

170

43

13295

90.3

1205

Hammersmith & Fulham

2380

145

36.5

10770

89.3

1000

Haringey

2190

73

39.6

9910

93.1

650

Harrow

2390

47

41.9

11530

93.1

715

Havering

1485

13

38.7

7765

91.1

615

Hillingdon

2075

17

39.8

10195

89.5

860

Hounslow

2320

41

39.7

10815

91.2

785

Islington

3715

250

40.5

14645

87.9

1630

Kensington & Chelsea

2165

178

40.3

11020

88.8

1150

Kingston

1270

34

42

7060

91.3

540

Lambeth

5570

207

38.8

16505

93.8

905

Lewisham

1870

53

38.3

8070

94

445

Merton

1995

53

37.3

9415

92.1

670

Newham

2365

65

35

7915

92.7

525

Redbridge

2580

45

36.4

10825

93.5

655

Richmond

1985

34

44.6

11510

92.5

765

Southwark

2930

101

38.2

12295

86.7

1490

Sutton

1185

27

44.1

6810

91.8

500

Tower Hamlets

3460

174

36.2

12985

89.9

1145

Waltham Forest

2100

54

37.9

8285

93

530

Wandsworth

3055

89

40.8

14755

93.2

895

Westminster

8245

383

34.8

38650

83.9

5860

Economy of UK, getting higher growth due to the development of start-ups in west London. Number of start-ups in the year of 2014 in Westminster are 8245 at 383 per sq km with the survival rate of 34.8% (2009-2014). Further in Lambeth 5570 start-ups at 207 per sq km with the survival rate of 38.8% (2009-2014), in Camden are 4375 at 200per sq km having survival rate 38.6% (2009-2014), in Tower Hamlets 3460 at 174 per sq km supported with survival rate 36.2% (2009-2014) and lastly in Hackney 3245 at 170 per sq km along with surviving rate 43% (2009-2014). As per the above graphical representation, it has been identify that in 2015 maximum establishment of micro business in Westminster as 38650, Camden with 22340 venture and Barnet in which 19445 micro enterprises are implanted (Hepburn and Teytelboym, 2017).

On 23rdJune, 2016 British parting from European union after Brexit referendum. Ithas numerous impact on UK that are identify in negative as well as positive manner. Immigration create a ground that motive several Britons who voted to leave that EU. As a result, this action had several negative impact on industry groups such as; construction, engineering and healthcare because Britain has less resources for its establishment. Therefore, to easily recover from this situation and enhance economy growth, UK paid proper attention towards business development approaches in order to reached on higher records through such strategies. To conduct such activity that assist to achieving targets, UK started investment process for new business formations. As its result in 2016, more than 650,000 small and large scale organisation have been started in UK which takes a small growth from previous records.

In between appropriate growth of start-ups, number of ventures are also dropped due to inappropriate investments, funds and government clampdown. Just over 30% of start-ups west London showed impressive growth with maximum number of micro as well as large scale of enterprises development. These start-ups are identified as in year 2013 - 526,227, 2014 581,173, in 2015 are 608,110 (Cumming and Zahra, 2016). These information are determine condition of Britain before Brexit while as after Referendum start-ups are getting growth as 650,000 or in 2017 these new ventures are calculated as approx. 702,200. These start-ups provide impressive visual image in the terms of economy development and growth. On the basis of some research, it has been analysed that UK is still the most vibrant country for the establishment of mew venture. In west London, numbers of start-ups are getting rapid growth that helps in economy development as well as maximize employment opportunities for individuals. For this ongoing process, government of UK initiate several scheme with flexible labour market, favourable tax scheme to support strategy of start-ups. By getting these advantages government of west London taking initiative for business activities in some specific sector as; Health care, engineering, hospitality, travel and tourism as well as micro businesses. After a annual analysis of entrepreneurial approaches in over approx. 100 countries, it has been identified that UK's start-ups boom at global level.

Illustration 1: Brexit vote impact felt throughout UK economy

Sources: Brexit vote impact felt throughout UK economy 2018

From the above graphical representation it has been determined that, After analyzing industries growth, it also identified that manufacturing sector of UK is getting least growth due to the major issues in investment process. Bank of England expect a desired investment for manufacturing industry so that they can enhance import services to create multinational relations. On the basis of strong comparison with EU, Least investor are likely to invest their funds in Britain for production services. European commission survey also identify similar situation that British factories are replacing their machinery due to weak preceding investment (Burns, 2017). These situation are majorly identify after the Brexit referendum in which investors are least likely to put their funds in UK manufacturing industry. The production sector of UK are also not likely to enhance their productivity by EU investment, but more interested to replace their assets due to lack of investment criteria. All these business approaches has direct impact on new start-ups as well as micro businesses who are require proper funding to maximize their structure.

According to above graphical representation it has been identified that after the Brexit Referendum, Economy of UK pay their maximum attention toward start ups. In 2017, private sector start-ups are are announced as 197,000 more than last year determination. These new ventures are classify on three different sectors as small, medium and large. Main focus of these industries is to provide maximum opportunities in employment services that assist to better growth option for individuals (Gasparski, 2017). The exact situation in 2016 of these businesses in West London are, in small organisations, less than 10 employees are working that sort as 48% of employment and 37% of turnover. These small firms has maximum business in West London and UK that are established in several sectors. Micro business have 0-9 employees are working as accounting 96% of all type of businesses. In large firms, more than 250 employees are working who are reported as 40% of employment and 49% of turnover. Large firms has minimum contribution in maximum business growth.

Rapid changes in UK economy

After Brexit referendum, UK were majorly looking toward new and micro start-ups that assist to provide maximum growth in economy. The strategy of maximize proximity in the terms of business areas has get rapid growth. As the higher development of new enterprises, UK is known as largest employment sector in the terms of financial as well as business services. Mature employment rate is growing 2.6% each year as per the comparison of past 10 years data which is taped on 1.6% (Theodore, Theodore and Syrrakos, 2017). As per some economy research, it has been identified that expected employment growth in coming years will be 40% or around 900,000 in new start-ups as well as in micro businesses in next few decades.

Impact of new start-ups on economy of UK

UK always provide opportunities to start-ups, business enterprises and number of ventures which are establishes in each year. Government of UK always provide maximum opportunities to new entrepreneurs in order to maximize growth of business in each sector. In 2015, EU grab several options for the development of their economy, as its results they provide appropriate funds for new start-ups to enhance trading as well as import services to maximize foreign investment in their country but after Brexit referendum in 23rdJune 2016, UK faced various issues in the terms of investment and allocation of resources (Hodson, 2016). As its results, Government pay their maximum attention toward establishment of new venture that aid to Maximilian possibility for individual as well as economy development. Major area of focus for authored body of UK are small business firms that can create their business framework in less investment resources. After create these strategies, government of UK establish their positive relation with international customers who can invest their maximum funds for new business establishment (Khayrattee, 2018). All these strategies has direct impact on economy development process by Maximilian opportunities for those entrepreneur who wants to implement their creative ideas in new industry development.

2.2 How has business been impacted from the Brexit referendum

As per the views of Shafi Musaddique, (2017), Brexit is UK's decisions taken through referendum to leave European Union. The vote's result resist expectations and destroyed global markets. Due to the result of Brexit, British pound reached to lowest level against the dollar. The total number of votes which are received in favour of exit of Britain is around 17.4 million i.e. 51.9% of total vote (Lammers, 2017). There is huge positive and negative impact is ascertained upon business and economy of UK because of Brexit. Overall it is not possible to determine that it is beneficial for UK or not. To start their own business, UK is considered as best country but there many unknown effects are brought up by Brexit. For ex., If some company is doing business in West London and their raw material comes from Germany which effects negatively because after Brexit free trade between UK and EU is no longer in existence which results in increase of their cost of supplies. This will lowers down their revenue in near future.

There are many organisations who had export business operations in West London. Another aspect which faced major negative impact is Export activities. After exit of UK from EU, many restrictions are imposed by authorities which results in higher amount of cost and tariff on export activities. This had negative impact upon overall supply chain of businesses which lowers down their profit margin.

It is observed that West London faced worst situations in terms of unemployment of Youth. One of the country where highest rate of unemployment present is known as Croydon as per the latest figures released by office of National Statistics. Around 7900 individuals who belong between the age of 16 to 24 years are out of work (Emerson, 2015). Also, other cities which are belong from West London like Lambeth, Wandsworth, Hammersmith and Fulham faces the same situation to due to the result of Brexit regarding unemployment. The unemployment rate which was present in capital right now around 7.8% to 7.9%. Not only businesses faced the negative impact of Brexit, economy of UK also got diminished. The special impact was ascertained upon West London cities. From the review of the figures of GDP of 2016, determined that Brent and Wandsworth are far behind in terms of growth from Hackney. In 2016, GDP growth rate in Brent is 5% and in Wandsworth is only about 4% (Talani, 2018). It is clear from the above description that from all of the regions of London, West cities had worst situation. The basic cause behind the presence of higher unemployment in West London was failure of businesses due to the situations emerged because of Brexit.

UK pay their maximum attention toward establishment of business organisation by implementing creative ideas on the basis of industrial requirement after Brexit Referendum. All these strategy assist to maximise economy growth in order to easily cover up with tough situations. After Brexit referendum, some of the businesses are majorly impacted as -

Technology- After Brexit referendum, UK faces maximum threats due to Effectiveness of European tech capital and attractiveness of Investors towards them. For financial technology firms, it is a biggest challenges to raise their business structure in UK, where have might possibilities to enable services customers easily (McCullagh, 2017). Major issue in establishment of Technological firms is appropriate resources of funds that assist to adopt advance technology for business development approaches. One other issue in this sector is recruiting skilled candidates who has decorous knowledge of utilization technology for business purpose. Individual who are belongs to EU has less willing to come in UK now for employment services. In that case, UK provide opportunities to those individual who belongs to different countries and have potential skill in technology sector. As its result, major IT sector organisation who appears currently are believe that London is a only place that provide lasting opportunities to such firms. Therefore, Facebook introduce their new office in London and provide proper investment as well as job opportunities to young generation.

Banking- As per the research of professional services firm, it has been identified that UK faces maximum loss in financial services by the maximum turnover of employees in this industry. Number of financial jobs has been fallen after the next day of Brexit (Schiereck, Kiesel and Kolaric, 2016). Hence, major financial services group as Morgan Stanley, Citigroup, Nomura and others are declared that they relocating their operational activities from UK to EU. Bank of England also spending maximum time to analyse ways to enhance investment and funds for future development activities (Alonso and Manuel, 2016).

Automobile industry- Brexit has major impact on manufacturing industry in which most of the motor vehicle firms identified no-deal situation during higher industry tariffs. As its result, some of the automobile or manufacturing firm shift their business outside the UK in order to maximize their production approaches easily. In this case, some of the researcher and entrepreneurs are warned that failure of establish proper trade in UK can determine as major damage within the overall industry.

CHAPTER 3: RESEARCH METHODOLOGY

This section of research is basically uses to collecting ethical evidences which provide authenticate information in a better manner. The main objectives of a research is to identify potential results and outcomes in a effective manner. Methods of research are classify in several aspects in which researcher can opt one specific option that helps to providing appropriate sources as well as results. The methods of tools have been consider several tools and techniques that helps to providing better outcomes easily. In order to getting exact information on Brexit referendum, researcher requires to collect authenticate data from appropriate sources that helps to examine its direct impact on business start-ups in West London (Hayley, 2016). This is not an easy process because in it, investigator requires to analyse proper details about several aspects that are affected business operations in UK. While conducting a proper analysis, investigators requires to examine nature of their research in order to choose a better method. Through this, they can easily minimize risk and protraction for getting authentic final results. It helps to reduce extra time in the collection of those information that are easily available through published sources. Basically a methodology is uses to represent view and opinion on a specific topic that assist to define presentation effectiveness. Apart from this, the section is provide appropriate objective of research that are requires to accomplish effectively. The research methodology is determine -

3.1 Research Philosophy

This is a most important aspect of research that assist to provide exact way to getting facts and data for collection purpose. An investigator requires to consider and follow such aspects properly in order to conducting accurate pattern of research in a proper way. Philosophy for a research can be determine in two different manner as positive or negative in which positivism philosophy is uses to supporting real facts by eliminating rumour for an topic. In order to analyse most specific information and data, investigators majorly adopts data collection technique between qualitative and quantitative that assist to gather positive data in a effective manner.

3.2 Research strategy

This approach of research of uses to accomplish a target objective in effective manner. Research strategy is basically determine a specific approach that are undertaken by researcher in order to analyse that adequate resources are accessible to completing project work. Through this, investigator can easily design a suitable framework for their project which are based on target objectives of research. The major strategy of this project is to analyse impact of Brexit referendum on new star-ups in west London (Owusu-Ansah, 2012). These impacts can be allocate on the basis of star-ups births and death. All these activities assist to provide major impact of such factors on the economy of UK.

3.3 Research design

This is a most specific section of this analysis that determine methods and techniques which are uses to conduct a research. These are the blueprint of analysis approach by which most significant methods are carried out in a effective way. Through this, a specific topic of research is uses to represent in a descriptive manner (Vines, 2018). These designs refers to overall strategy that uses to integrate several components in a logical way that provide desired outcomes. On the basis of this, researcher can address different ethical and hypothesis problems that can affect study. For this, data is required to collect through several resources as in this research maximum contents is gather by websites and article in secondary research format.

3.4 Significance of research

A research methodology is a most specific approach that uses to determine element that assist to representing descriptive information on a topic. For this topic, research is uses to determine impact of Brexit referendum on economy of UK (Arnorsson and Zoega, 2018). Through this, researcher can analyse appropriate information that uses to determine effectiveness of new start-ups.Through this, researcher can collect proper data through different sources that provide more significant information in the terms of legality. All these approaches assist to manage data and information in more specific manner in order to utilize them easily. The issues related to research can be resolve by proper analysis factors in order to getting effective outcomes.

3.5 Ethical issues

While conducting a research, investigator needs to consider confidentiality, honesty and data protecting in order to safely record in formations. All these approaches assist to represent authenticate information for better utilization in future terms. Through this, investigator can determine a quality information in front of others. In a research process, researcher is responsible for each thesis that requires to represent ethical view point on a significant topic (MacDonald, 2012). During a proper analysis procedure, investigator requires to consider that the result of research describe a impact outcomes on a topic. Some of the major consideration in research approach are transparency, authority and legality in order to use information in more appropriate manner.

3.6 Research Method

For a researcher, it is required to adopt most specific method between qualitative and quantitative process. All these factors are uses to collecting types of information in different manner. Major method of research are qualitative and quantitative that are uses in different manner.

  • Qualitative method- In this process, objectives of research are basically collected by a theoretical form in which analysis approach determine on the basis of age, gender, opinion and views in terms of gathering authenticate information.
  • Quantitative method- This is a wider process in which data is collected by statistical form. The criteria of such research methods re specific which is hard to collect by any one. In this research, investigator adopt quantitative methodology in order to represent specific information on the basis of graphical representation. All the data represented through statistical form in order to represent a most specific view point (Whitman, 2017).

3.7 Data collection and data analysis method

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In this method, data and in formations are collected through two different methods that assist to providing appropriate content on specific topic. The methods of data collection are -

  • Primary method- In this method, researcher analyse present information that are based on fresh data. For this, they can adopt different sources as Interview, questionnaire, survey and so on. All these methods are assist to understand present view point of individuals.
  • Secondary method- These types of research are based on historical data which are published for learning perspectives. Major sources of this research are Website, Books, magazine, published articles, blogs and so on. In this research, data and information are collected through this method. Such as -

1: Analysis about total number of births of new enterprises

In order to make proper analysis of the data, it has been seen that researcher need to take help of various measure of central tendency and standard deviation. It will lead to typical value for which probability distribution can be done. It can also be centre or location of overall distribution of various data that are based on total number of birth of new enterprises for the year 2015 and 2016 (McGrattan and Waddle, 2017). It is used to determine single value that provide specific ways in which a group or observation of data collected on the basis of new enterprises must be around a central value. below mentioned all the information that is related with total number of birth of new enterprises is being discussed underneath:

COUNT OF BIRTHS OF NEW ENTERPRISES for 2015 to 2016

Code

Region

2015

2016

Difference

E09000009

Ealing

3,420

3,590

170

E09000015

Harrow

2,605

2,710

105

E09000017

Hillingdon

2,310

2,490

180

E09000018

Hounslow

2,525

2,615

90

Statistics

VAR00001

VAR00002

VAR00005

N

Valid

4

4

4

Missing

0

0

0

Mean

136.2500

Median

137.5000

Mode

90.00a

Std. Deviation

45.34589

Sum

545.00

a. Multiple modes exist. The smallest value is shown

VAR00001

Frequency

Percent

Valid Percent

Cumulative Percent

Valid

E09000009

1

25.0

25.0

25.0

E09000015

1

25.0

25.0

50.0

E09000017

1

25.0

25.0

75.0

E09000018

1

25.0

25.0

100.0

Total

4

100.0

100.0

VAR00002

Frequency

Percent

Valid Percent

Cumulative Percent

Valid

Ealing

1

25.0

25.0

25.0

Harrow

1

25.0

25.0

50.0

Hillingdon

1

25.0

25.0

75.0

Hounslow

1

25.0

25.0

100.0

Total

4

100.0

100.0

VAR00005

Frequency

Percent

Valid Percent

Cumulative Percent

Valid

90.00

1

25.0

25.0

25.0

105.00

1

25.0

25.0

50.0

170.00

1

25.0

25.0

75.0

180.00

1

25.0

25.0

100.0

Total

4

100.0

100.0

From the above statistical analysis, it has been found that Hillingdonregion has maximum number of new enterprises as compare to other. On an average of 136.25 they are opening a new venture within the particular places. Eagling is another region were birth of new venture are more. The standard deviation used to indicate that overall data points are spread out over a wide range of values. As it has been found that the deviation of 45 is analyzed under this overall birth of the enterprises. The overall outcomes indicate that there are maximum number of enterprise is being setup from 2015 to 2016.

Mean: It must be preferred as effective measure of central tendency, because it used to consider as one the effective values that are mentioned within a given data series. It has been seen that there is not limitation to a mean. In the above analysis, it has been seen that the total average of 136.25 is being gather from the overall data collected about the opening of new enterprises. Hillingdon is one of the region that records opening of new enterprises as compare to other region.

Median: It is said to be the value of other measures of central tendency that is used to determine mid value of within any given data set. They are having an odd number of data, then its value is right in the middle. The above data is showing median value of 137.5 in the presented data.

Mode: It is known as statistical terms that refers to the most frequently occurring wide number of data set of number. It is found through collecting and analyzing data in respect to count the total frequency of each outcomes. Likewise, a number 90 is the most repeated number found in the data table of new birth enterprises.

  1. Analysis about the total death of enterpries

Under this segment, various information about total number of death of closing of enterprises is being seen from 2015 to 2016. The total number of death seen in 2015 is from Eagling region with total of 2070. The results get more worst in next year which is 2016. An increment of 350 more enterprise get close from the same region. This seems to be primary concern from the country. The results are more drastic as maximum number of enterprises has been shut down in 2016 as compare to the last year. The specific details is being mentioned underneath:

COUNT OF DEATHS OF ENTERPRISES for 2015 to 2016

Code

Region

2015

2016

Difference

E09000009

Ealing

2,070

2,420

350

E09000015

Harrow

1,715

2,140

425

E09000017

Hillingdon

1,450

1,785

335

E09000018

Hounslow

1,585

1,780

195

Statistics

VAR00001

VAR00002

VAR00005

N

Valid

4

4

4

Missing

0

0

0

Mean

326.2500

Median

342.5000

Mode

195.00a

Std. Deviation

95.94921

Sum

1305.00

a. Multiple modes exist. The smallest value is shown

VAR00002

Frequency

Percent

Valid Percent

Cumulative Percent

Valid

Ealing

1

25.0

25.0

25.0

Harrow

1

25.0

25.0

50.0

Hillingdon

1

25.0

25.0

75.0

Hounslow

1

25.0

25.0

100.0

Total

4

100.0

100.0

VAR00005

Frequency

Percent

Valid Percent

Cumulative Percent

Valid

195.00

1

25.0

25.0

25.0

335.00

1

25.0

25.0

50.0

350.00

1

25.0

25.0

75.0

425.00

1

25.0

25.0

100.0

Total

4

100.0

100.0

According to the above column chart, it has been seen that Harrow region has seen drastic downfall in the enterprise. A total of 425 enterprises has been shut down from 2015 to 2016. After this 350 enterprise in Eagling has been closed. The mean value of all four regions is calculated with total of 326.

Standard deviation: It is said to be one of the effective measure of dispersion given in a data series from their total mean value. It is the measure of average distance among the values of data set and total mean value. In case of low deviation, the data point tends to be very much close to the mean value. In case, it become high standard deviation that data spread out over a wide number of values. The standard deviation is also too high.

3.Correlation between Birth and death rate

Correlation is numerical measure that indicates that overall extent to which two or more than two variable get varies together. In case of positive relations that indicate extern to which those variable increase or decrease in same line. The below mentioned specific detail about the birth and death relationship about the enterprise. It will be prepared to determine, whether there is any relation among each other. The detail are mentioned underneath:

Correlation

Birth

Death

E09000009

Ealing

170

350

E09000015

Harrow

105

425

E09000017

Hillingdon

180

335

E09000018

Hounslow

90

195

Descriptive Statistics

Mean

Std. Deviation

N

VAR00005

136.2500

45.34589

4

VAR00006

326.2500

95.94921

4

Correlations

VAR00005

VAR00006

VAR00005

Pearson Correlation

1

.319

Sig. (2-tailed)

.681

N

4

4

VAR00006

Pearson Correlation

.319

1

Sig. (2-tailed)

.681

N

4

4

From the above calculation, it has been analyses that there is no any significance difference among birth and death rate. There is no any direct relation among all the regions. As the birth is found maximum in the Hillingdon while the death of enterprise in the same region is only 335. While the closing of companies in harrow is more than their birth. Thus, it has been determining that all of them are opposite in relations.

RECOMMENDATION

Throughout the assessment it has been understood that UK was encountered a major downturn after Brexit as their economic crisis was getting maximized. In fact, around 49% of members have voted against this sparking initiatives whereas rest members wanted that UK needs to comes out from European union. As a result, numerous of problems was incurred and even people are still facing number of issues which affect their day to day life. However, entire project is focusing on showing the drastic changes that is encountered by west London after Brexit. For example; major down fall in employment, shortage of income, hard to survive, minimization of success opportunities henceforth. After assessing viewpoints of several authors, specialist, entrepreneurs, successful leaders and specialist it is discussed that West London needs to concentrate on their success by taking several initiatives. Along with this, governing bodies are also becoming liable for introducing specific or unique laws, norms, rules and regulations for controlling wrongful activities. In order to overcome some of the essential issue, corporate world is trying to establish new start-ups and small business for resolving unusual problems. In fact, number of problems was also getting resolved such as; due to the emergence of various new business number of unemployed persons are getting opportunities to groom themselves. Moreover, it aids in maximizing the revenue of overall nation in order to control various complex circumstances.

Additionally, maximization of investment is really indispensable for UK as it helps overall country in overcoming several problems such as; emergence of innovative ideas, introduction of modern trends, maximization of national income and so on. Instead of all these things, most sparking problem that is faced by west London is; economic crisis, political instability, shortage of funds, maximization of health issue due to improper cure and unavailability of proper care centre and so on. By analyzing all the above obstacles and subjects it has been understood that UK needs to focus on few major factors for controlling the level of problems.

First or foremost factor that requisite to get promoted is development of new start-ups Almost half of the project is focusing on this approach because small business is considered as a base of large success and achievement. Due to the enhancement of these organization, nation can easily overcome few of their problems like; common people can acquire a golden opportunity of success by presenting themselves in front of the society. As a result, unemployed people can live their livelihood by fulfilling basic needs which shows the upliftment of UK economy. Furthermore, these small business and start-ups is going to identified as top most multinational organization by offering job opportunities to the young generations. Meanwhile, various graphs and diagrams have shown the significance of new business at UK marketplace as around half of the development is totally based on small entities. Apart from this, numerous of benefits must incurred such as; inspired other members to become self-dependent, enhancement of personality of individuals, aids in gaining competitive advantages, profit maximization of nation henceforth. Last but not the least, this factor shows that promotion of start-ups is most useful for overall economy of a nation.

Secondly Travel and tourism is the major industry that requires a effective promotion and investment in order to enhance growth options for the economy. UK is the most sparkling country in the world that has several of monuments for visitors attractions. The country always provides marvellous experience to their visitors. The private sector industry has the key role to play in tourism industry which are fragmented on a perception that approx. 200,000 small and medium tourism businesses are hosted in next few years. These developments are required a specific investment and fund for new start-ups that assist to providing their positive contribution ion economy development procedure. Travel and tourism sectors is the only sector which has direct contribution in the higher GDP rates. The predication are all based on authenticate suggestion which can be implement easily in order to enhance growth process and activities. Get Assignment help Melbourne from Australian Experts at the lowest price.

Thirdly Foreign direct investment is also requires to heighten in order to investing appropriate amount of funds in small and micro start-ups. The major FDI inflow in the UK are goes through financial industry. The referendum process raises concerns among such investors for higher trade cost with European union. The investment activities are required to put on which are assisting to maximizing foreign relation policies in positive manner. These kind of business ideas will helping to enchaining international import and exports services for betterment of foreign trade. The Foreign investment has fallen drastically due to the overseas of some major business in UK. For this Government of Britain requires to take initiative for improving foreign investment approaches for growth procedure.

All these suggestion are based on analysis prediction in order to convey a better direction for development of UK economy.

CONCLUSION

For More Visit: Evaluation of Personal Skills Strengths and Weaknesses

As per the above report, it has been summarized that UK faced several challenges as politics and society have changed after the Brexit referendum. The major motive of this research is to determine that how political situations influence in a economy development and growth. In this process, major issues has been faces by small business firms or start-ups that requires a effective stability but affected by numerous factors. In UK, these challenges are ascertain after Referendum in which United Kingdom leave European Union with a majority of votes. This process was going to in air on June 23rd, 2016. After this, some of the economy factors experienced a short-term downfall in the terms of investment and growth that have even improved in half of the years. At that time, Government of UK was mainly focused towards establishment of start ups in order to create stability in economy. These initiatives was take a proper place and provide effectiveness in UK economy. At that time, government and business entities faced maximum crises in terms of funds, stability, international trade, technological advancement and employment opportunities. In that case they were required to got proper resources that assist in effective establishment of small and micro businesses. These are the only mid points which can aid to enhance development approaches within country. As its results, small business organization are majorly paid their attention toward future development as well as growth. After Brexit referendum, the strategy of these business firms are to reduce costs of products and services in order to create international business terms that assist to enhance growth of economy effectively. Eventually the cheap imports from the manufacturing industry has been getting desired growth of imports. Through this, these start-ups provides opportunities for employment process that get trapped in low wages job. The west zone of UK faces maximum challenges in the terms of birth and death of start-ups. This research is represent more specific information in a statistical format on the birth of start-ups in West London. Before Brexit, UK take various support from European union in the terms of technology, raw material, investment and so on. Through this, business organizations were attained several advantages in the terms maximum business services. After Brexit referendum, UK faces such challenges through lack of investment, technology and material in order to manage production services more effectively. The economy of UK faces several challenges in the terms of redevelopment of those business start-ups. In the terms of referendum, it is partly conceivable that Britain maintain trading and regulatory relations with EU which is considering in Soft Brexit while as isolated trading framework within the country can impact as hard Brexit. All these activities has major impacts on business start-ups and economy growth. The major changes in business industry are analysand after referendum process in West London in which major small start-ups faced death rather than new establishment which was create crises in UK economy. Hence, London is the hub of new ideas in the terms of business industry and others but after Brexit, number of investor are minimized with a drastic impact which was unbearable for authorized bodies. As its results, they implement impact strategy to reduce cost of products and services for a limited period in order to enhance foreign investment procedure of import services. Through this, economy of UK faced a bit cover-up position by strategic approaches. UK is the only sparkling country in the world that has majority of attraction that assist to promote tourist toward them. Travel and tourism sector of UK is the one most fast growing industry that assist to maximize growth and development approaches in the economy. So for this, some major recommendation are provided in this research that requires to implemented by government of UK in order to enhance maximum opportunities for sustainable growth. All the above recommendation are based on overall research process that assist to enchaining economical values of UK.

REFERENCE

  • Goodwin, M.J. and Heath, O., 2016. The 2016 referendum, Brexit and the left behind: An aggregate‐level analysis of the result.The Political Quarterly.87(3). pp.323-332.
  • Green, S., and et. al., 2016. Brexit Referendum: first reactions from anthropology.Social Anthropology.24(4). pp.478-502.
  • Hobolt, S.B., 2016. The Brexit vote: a divided nation, a divided continent.Journal of European Public Policy.23(9). pp.1259-1277.
  • Vasilopoulou, S., 2016. UK Euroscepticism and the Brexit referendum.The Political Quarterly.87(2)/. pp.219-227.
  • Schiereck, D., Kiesel, F. and Kolaric, S., 2016. Brexit:(Not) another Lehman moment for banks?.Finance Research Letters.19.pp.291-297.
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