Role of Entrepreneurs in Economic Development

This article discusses the role of entrepreneurs in economic development and growth. It explores the characteristics and contributions of successful entrepreneurs like J.K. Rowling and Alan Sugar. The article also evaluates the impact of entrepreneurship on the UK economy.

Assessment 2: Entrepreneurship
and the World Economy

INTRODUCTION
Entrepreneurship means starting new business with new ideas and concepts for the
purpose of earning profit in the future. People that are establishing this type of business is known
as entrepreneurs. In this entrepreneur is typically focusing on launching, developing and running
business by taking risk for future growth in business. For starting new business funding is
required for that entrepreneur have to invest money that helps in bringing more growth and
opportunities. Present study will be based upon two entrepreneurs that are J.K. Rowling and
Alan sugar as they are working with Harry porter series and Amazon respectively. This report
emphasizes on role of entrepreneurs and their development approaches to entrepreneurship.
Entrepreneurship helps in growth of economic development as they are contributing towards
economy. Great entrepreneurs have ability to work and change lifestyle of business for
enhancing business in the future (Venkataraman, 2019). Successful innovation may help in
living standard life and creating health with entrepreneurial ventures. It helps in promoting social
change that help in driving innovation in the company. Technological changes bring effective
change in business for getting involved into efficient business processes. Future development in
the organization will be enhanced as effective practices that have been done by company.
Increased employment and higher earning help in providing better national income to economy
and revenue that can be used by company for further investment. This is struggling sectors and
providing effective use of resources that help in getting effective results. Entrepreneurship is
offering different aspects that lead in enhancement for growth and creating results from it. A
proper analysis is being done before establishing a new business that helps in improving
productivity as well as profitability in business. On the other hand, entrepreneurs bring social
change and enhancement quality of work in the organization.
MAIN BODY
Characteristics and the role of entrepreneurs
Entrepreneur is the term that will be used for bringing new concepts and ideas for the
development of business strategies and enhancing business operations for the future. Self
motivation is one of the important traits that every entrepreneur must have possessed. If an
entrepreneur is motivated then it helps business to grow effectively and development may takes

place. Understanding the market condition that help entrepreneur to grow more in business as
well as performing different various task in the organization. Motivation helps in completing task
on time that brings creativity and new ideas by an entrepreneur for enhancement in business. It
always helps in keeping forward aspect towards organizational growth and improvement in
operational activity that lead to success. For starting new business entrepreneur have to take risk
for getting success. Proper strategies will be followed by owner so that it does not affect
operations of the organization. Effective network in the market help in playing different
strategies that provide success in the future. It is important for an entrepreneur to build network
that help in easy surviving and enhance business operations.
Money management skills and knowledge help entrepreneur for enhancing its day to day
activities that will be performed in business. It is important for bringing out changes that provide
more knowledge and enhancing operations for the future perspective. There are sound skills that
help in providing effective changes that help in evaluating various changes that provide
networking and gaining basic skills and money management (Storey ed., 2016). There is
different perspective that help in getting involved and managing business principles for bring
effectiveness in the company. Flexibility is another trait that must be followed by an
entrepreneur for gaining more profits and revenue. For being in top list in the market an
entrepreneur have to be settled according to conditions that will be running in the market that
create flexible aspects in business operations.
As an entrepreneur J.K. Rowling is a British novelist and film producer of Harry Potter. It
believes that freedom is the first key to become success meeting new people, sharing thoughts
that help in growing business for the future. J.K. Rowling says adaptability is the trait that every
entrepreneur must follow that help in bringing out various perspectives and enhance business
operations. Changing constant quality help in developing more knowledge and power to sustain
in the market for bringing out change in business operations. For becoming successful it is
important for having marketing skills such as doing promotion, advertising that help in getting
more success in the market. There are various features that provide different personality for
being a successful entrepreneur in this world. J.K. Rowling is ambitious towards its work that
helps in enhancing business and getting more opportunities for the future.

It is important for pursuing different aspects that help in providing changes that create
various aspects and gaining changes for utilizing different aspect that will providing effective
change in business operations. It is important for providing different aspects that help in
evaluating different aspects of an entrepreneur. For being a successful entrepreneur it is essential
to important for providing effective use of resources and gaining attractive incentives that help in
changing business operations. Motivation helps in getting more involved into business that
provide enhancement of business for the purpose of increasing sales. There are various changes
that help in evaluating various aspects for attracting more people for business. Publicity,
promotion helps in gaining providing effective change in business (Light, Bhachu and
Karageorgis, 2017). J.K. Rowling is a dreamer provide challenges that create experience in
gaining challenges that provide effective goal oriented chance in business.
On the other hand, Alan Sugar is also a successful entrepreneur in UK.It understood the
power of ownership. It help in estimating various aspects that create sense in enhancing future
changes that occur in business for the future. For becoming a successful entrepreneur it is
essential to provide self-directed changes that enhance change in the organization. Self motivated
leader is another quality that posses by Alan Sugar for evaluating changes that occur in the
company for enhancing business operations. It is equally important for considering factors that
provide equality in gaining these challenges and improvement will be done for delivering better
service to consumers.
Entrepreneur plays an important role in an organization as it bring factors of production
together and provide necessary services such as producing various changes and offering sales of
product and services. They are investing money in business by taking risk that derive them to
have effective sales from business. By taking risk they also innovate new things and ideas or the
purpose of evaluating different change in the company. As market is open for all an entrepreneur
have to provide product and services that is liked by consumers otherwise it may lead to huge
loss. By doing proper market survey an entrepreneur has to decide manufacturing of product or
services that help in enhancing its business (Zahra, S.A. and Wright, 2016). In a free market
they are having a chance to gather larger market share as consumers are more important for
enhancing business operations and gaining various challenges in this market. It is essential for an
entrepreneur to provide new products and offerings that provide effective changes in gaining

consumer preferences in the market. For becoming successful in the market that provide radical
changes and introduce new technologies that help in providing significant move in the market.
Therefore, it helps in creating incentives for established firms to become more efficient in selling
different products. For the purpose of enhancing business that provide effective use of resources
and providing changes in the future course of action (Nambisan, 2017). There are various
aspects that will be enhanced and providing effective source that encourage use offering different
product and services. It is important to develop concept that help in evaluating aspects that
provide effective changes in working environment. Therefore, an entrepreneur plays an
important role that provide effective changes in working conditions and enhance business
operations in the future.
Evaluation of Contribution of Entrepreneurs towards the UK Economy
Entrepreneurship plays an important role in the growth of economy by various ways. It
helps in social development; financial development and improvement in living standards of
people belong to the particular nations. Their contribution are considered to be as an national
ssets for the country as it is motivated and remunerated in nature which is very good signal for
the creation of job opportunities as well as improvement in living standards. Entrepreneurs are
those who create new products and services in the market which provide more comfort to the
people) (Hitt and Duane Ireland, 2017. That comfort help in creation of demand for the
particular products and services. This also lead to more job opportunities and flow of money in
market. This will help in creating wealth in the economy which has great contribution towards
the GDP growth of the economy. It also lead to improvement in life style as products and
services make people more comfortable and employees get financial resources as their salaries.
Overall entrepreneurs help in development of economy by their contribution. It can be
understood by following two entrepreneurs who actually did help in UK economy by their
contribution. Those two entrepreneurs are – Alan Sugar and J. K. Rowling.
Entrepreneur investing into products and services that help in meeting needs and wants of
consumers in the country. It is important in providing different opportunities that help in
providing employment opportunities in different areas that will be considered as economic
development in business. It provide integration between regional and economic integration that
help in enhancing future of consumers in the market. It is essential for providing a different

opportunity that enhance business operations and evaluating efficiency in gaining various aspects
that enable a company to grow in the future course of action. There are various aspects that help
in contributing towards economy. There are various changes that will be occurred for evaluating
various changes that provide effective fundamental change that promote efficiency and
technological change for providing various challenges. It is important for involving into business
that enhance for the future course of action. There are various challenges that have to meet for
providing effective evaluation and changes will be undertaken for taking into consideration and
evaluate effective change in policy. It is an important concepts for undertaking these evaluation
and competition will be enhanced for gaining socio-economic objectives.
Innovation also impact competition and providing different sources that occur and bring
change in market value for providing effective use of and challenging objectives will be
enhanced for providing competition and development of economy (Meyer, Neck and Meeks,
2017). Socio-development in the country is important that provide improvement and gaining
knowledge that provide competition in the market. As entrepreneur have to bring objectives that
lead to success in enhancing future perspective and evaluate changes in the economy. It is as
important as providing challenges that help in meeting objectives of the company. Improved
product and services that lead technological advancement and increment will be done for
deriving higher taxes that will be implemented by the government.
As J.K. Rowling is also contributing towards economy and provide effective use of
resources that contribute towards an outer changes that enhance it for the future perspective and
bringing technological improvement and enhance business operations. For survival in the
economy an entrepreneur have to provide challenges that affect business goals. Innovation lead
to provide effective change in business and contributing to better national income. For the
purpose of gaining higher earnings and bringing changes that may lead to promote efficient
change in business perspective and providing future objectives. It provide contribution as
including better national income and government spending for development in the economy. As
there are increment in saving life of people and enhance business and contribution help in
development of economy (Schaper ed., 2016). For spending lots of money in business also
provide benefit to economy and enhancing market trends for changes that have been built for
promoting profit and services. It will be evaluated for providing competition in the market that

may lead to disturb economy and enhancing it for the future aspects. For the purpose of building
effective use in providing and evaluating challenges that help in meeting expectation of business
as requirement will be offered and encouraging this work for enhancing business and due to
changing scenario that provide effective usage of changes that will be made in evaluating
different aspects that create evaluation a development of economy.
Alan Sugar provide changes in the economy by providing change in business operations
and evaluate changes for the future. In gaining these changes that lead in enhancing services and
technology that emphasize in providing contribution of entrepreneur towards it in the
marketplace. For understanding better understanding of concepts that lead to provide better
national revenue and higher growth and spending. As evaluation of economy can be done for
improvement and better understanding in future business. There are different contribution
towards economy by and entrepreneur for changing mindset of evaluating these valuable change
in entrepreneur nature that enhance business. Operational activity in business enhance change
and for bringing effective contribution in business. There are different Policies to reduce failure
and accelerate scale-up are also proposed to be as important as policies to generate more
entrepreneurship. It was argued that in the UK economy , start-ups are growing more rapidly
and enhancing business operations that provide effective change in evaluating these aspects that
enhance future terms and condition in the environment.
Evaluation of UK in entrepreneurial development
This is the most important role played by entrepreneurship and entrepreneurs in such
economies This phenomenon has proved to us that if an economy is to develop fully,
entrepreneurship should be allowed to flourish. Therefore it is the objective of this paper to
critically analyzed the impact of entrepreneurs in any given economy. In this paper the writer
will identify and discuss the many benefits afforded to an economy through entrepreneurs and
entrepreneurship and the disadvantages of the same and draw conclusions on the overall impact
of the entrepreneurs (Terjesen, Hessels and Li, 2016). As economies continue to integrate due to
globalization and formally closed economies like India and China march toward total
liberalization, entrepreneurship is on the increase. A close analysis of developed and
industrialized economies indicates a common denominator that stands out amongst all of them.

Innovation is another factor that lead in enhancement of business perspective and
evaluating changes as creating differences in development of entrepreneurs is because they are
unable to find suitable jobs. For the purpose of changing business aspects that provide evaluation
and effective changes will be done and gaining its perspective for underestimating challenge and
evaluating these perspective for the future change in business aspects for entrepreneur. Another
positive impact of entrepreneurship on an economy is the increasing level of competition as new
entrepreneurs join the fray in existing domestic markets. While one may venture to say that this
will only lead to market saturation, the upside of such a phenomenon is that it causes all the
players in the market to re-evaluate their operational capabilities, increase value addition, lower
costs and become more efficient. Thus it can be stated that competition reduces the likelihood of
monopolies and oligopolies in the marketplace and is beneficial to the customer and the economy
as a whole.
One of the advantages of increased competition in an economy is that individuals and
firms continue to source methods that can better improve their operations, use resources more
efficiently and most importantly reduce costs while adding value. All this often results in an
increase in productivity in an economy and an increase in the gross domestic product (GDP),
which is indeed a benefit for the economy (Stuetzer and et. al., 2018). As integration of
economies continues due to globalization, entrepreneurs often tend to look for markets that are
outside of their domestic sphere thus generating foreign revenue and increasing the prosperity of
the economy as a whole. While opponents tend to state that when productivity increases the
unemployment can often increase, thus reducing the positive impacts, it is the opinion of the
writer that increased productivity leading to increased unemployment will then cause more
individuals to be creative, find niche markets, become entrepreneurs and begin generating more
employment opportunities, thus re-inventing the wheel and driving the economy forward. While
this may be a very simplistic explanation of the impact that entrepreneurs make on an economy,
it is also safe to say that the employment generation, increased competition, market expansion,
market penetration and sourcing new markets.
Therefore, UK economy as they represent the employment of around 16 million people
across the country with this number currently growing at a rate three times faster than that of big
corporations (Welter and et.al., 2017). Fueling this growth will be critical when moving into a

post-EU economic landscape that will rely even more heavily on domestic business and job
creation. Helping entrepreneurs to grow their business through alternative financing methods
such as EIS and secured debt fund not only drives growth of the UK SME arena but also offers
tremendous opportunities and returns for investors who choose to back innovative and dynamic
companies, such as those within company’s portfolio.
It is important for assessing different challenges that have been made effective use of
resources that enhance business and providing equally importance to provide effective fund that
help in building changes financial aspects for development of economy. This is due in no small
part to the entrepreneurialism of the UK’s business leaders and start-up founders who provide a
fantastic range of innovative ideas and SMEs that drive the private sector forward. The small
business arena makes a hugely significant contribution to the UK economy, forming 98% of
private sector businesses. This help entrepreneur to grow significantly and providing changes
that may evaluate use of economic development and enhance business operations that lead in
covering effective use o resources (Siqueira, Webb and Bruton, 2016). As small business are
contributing more as compared to other business that provide effective change in business that
enhance it for the future. SMEs is hugely important for the UK economy as they represent the
employment of around 16 million people in the UK, with this number currently growing at a rate
that is three times faster than for big corporations.
For the purpose of contributing into business that evaluate changes that will be taken
place and enhance business operations for helping out changes and growth and development.
There will be terms and evaluation of changes that will be effected for enhancing these changes
and gaining more knowledge about the market that is operated for running business. For the
purpose of choosing effective change in business that lead to enhance business and formulate
policies and procedures that provide increment in business and evaluate changes that create
effective change in the company. As currently working there are various organizations that
evaluate changes that enhance development of business and opportunities that lead to enhance
business operations. There are different alternatives available in the market and entrepreneur
have to take each and every concept and every idea into consideration that provide effective
gaining and enhance business operations for development in the future.
CONCLUSION

From the above study it can be concluded that entrepreneurship is a business that provide
understanding and provide market knowledge and skills also enhanced for getting more involved
for further effective change in society. As there are changes that may lead to provide effective
change in management practices in the company. For the purpose of developing and
incorporating and enhance business perspective for evaluating changes in gathering data that is
available for bringing effectiveness and changes will be taken into consideration for the
enhancement in business perspective that lead to create challenges and gaining proper effects in
solving for the future aspects in providing effective use of resources and evaluating innovation
and entrepreneurship for finding out changes that help in development of economy. As GDP
increases that may enhance business and strategies that will be used for bringing changes in the
future. For gaining changes that will create changes in business operations and create different
challenges that have to face while development of economy for the future. For the purpose of
bringing change and gaining these aspects as important as framing policies and procedures for
involving these changes and gathering data and information in the future. for the development in
the company that help in influencing changes that create effective working and build changes
that enhance growth and evaluate perspective for development of economy and gaining more
skills and development. Therefore, it is essential for entrepreneur o contribute towards the
economy. This help in fulfilling goals and objectives for future enhancement and growth. From
this study it can be observed that, Entrepreneur improve work culture and environment for bring
opportunities.

REFERENCES
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