Migrant-led businesses boosting UK economy, says report
- 15th September 2016
- Business & Economy
Businesses led by migrants are helping to boost the UK economy, according to a report by the Institute of Directors (IoD) and mi-hub, which provides co-working space specifically for migrant entrepreneurs.
The report, entitled Migrant Entrepreneurship in the UK: celebrating the benefits to Britain, showed that migrants are making a valuable contribution to the UK, helping to create jobs rather than taking them.
The report identified the main reasons for migrants choosing to come to the UK, with the most common reason being to start a job that they had been offered. Other reasons that respondents gave included joining their family, coming to search for a job, and coming to study.
The research also revealed that the majority of foreign-born entrepreneurs are taking on British staff or are planning to do so.
Respondents were also asked if they had experienced any challenges as a migrant entrepreneur. Two-thirds said that they had, with a lack of established network and contacts in the UK being given by 44 per cent of respondents as the biggest challenge.
Over 35 per cent said that a lack of knowledge of government schemes to support start-ups were a challenge, whilst 33 per cent said a lack of finance and language barriers.
The report called for the challenges faced by migrant entrepreneurs to be tackled, as this would enable migrant-led businesses to create more jobs and boost the UK economy.
Commenting on the report, IoD Head of Campaigns and co-author of the report, Andy Silvester, said: “This is an attempt, in one small way, to remind people of the positive contribution that many migrants make to the UK.”
The first step to building or expanding a business is creating a concrete business development plan. Entrepreneurs will find plenty…
Every business operates with the goal of growth, but only a few manage to beat the competition at every curve.…