Role of Entrepreneurs in Economic Development

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.