Entrepreneurship and the World Economy

Entrepreneurship and
the World Economy
Table of Contents

INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Characteristics and role of Entrepreneurs...................................................................................1
Contribution of Entrepreneurs to the UK ECONOMY...............................................................4
Contribution of UK to Entrepreneurship.....................................................................................6
Real world relevant examples from well-known entrepreneurs.................................................7
Concise and well researched argument utilising current literature.............................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship can be defined as the process of creating or starting a new business with
the available resources (Ács, Szerb and Autio, 2016). An entrepreneur is a person who is always
eager to discover and create something new and innovative that provides solution to an existing
problem. Entrepreneurs go out searching and creating new things because they want to be their
own boss, they want to start something from scratch and earn more money. In simpler words,
entrepreneurship is all about discovering a need or an opportunity to develop something useful
that can provide solutions to existing problems. There are different kinds of entrepreneurs,
namely- ethnic, cultural, social, millennial, project-based etc. Entrepreneurship is undertaken
with the primary motive of earning profits and providing solutions to people's problems. As the
economies continue to integrate due to various factors like globalization, various countries are
moving towards total liberalisation thereby boosting the concept of entrepreneurship.
Entrepreneurs develop businesses which in turn create new jobs and strengthens competition in
the market and therefore increases the overall productivity (Asongu and Tchamyou, 2016).
Entrepreneurship has impacted the world economy in a lot ways including creating a balanced
development of the regions, providing access to bigger markets and improving the standards of
living of the people. Entrepreneurship on the whole has led to creation of a large number of jobs
across the world which has helped in solving the problem of unemployment up to a considerable
amount.
This report explains the roles and characteristics of entrepreneurs, a critical evaluation of
their contribution to the UK economy and how the UK has contributed to the concept of
entrepreneurship. The report also describes the work of J. K. Rowling and James Dyson in
context of entrepreneurship and an author's viewpoint on the concept of entrepreneurship. All of
this is supported by facts and figures.
MAIN BODY
Characteristics and role of Entrepreneurs
An entrepreneur is a person who is focussed on continuously searching for opportunities
and creating a business by using the available resources and whose primary motive is to generate
profits and solve the existing problems of the society. The entrepreneur is usually the sole
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proprietor of a business, a person who own a number of shares of the business or a partner in a
business. The characteristics and roles of entrepreneurs are described below -
Characteristics
 Creativity – Employees are the people who want to think and work out of the boxes.
Thus, they are always thinking of new ideas and ways in order to improve their
company's profits and overall productivity. Creativity helps in coming up with new and
innovative solutions that are out of the box.
 Risk taker – Since the entrepreneur is the sole owner of the business, therefore he is the
biggest risk taker (Burnett and Danson, 2017). He is accountable for any mistake of
failure of a particular idea. Entrepreneurs are always ready to take risk but have a
backup plan with them at all times. He is aware of the consequences that taking a
particular risk can possibly have.
 Networking – Networking is among the most important parts of entrepreneurship.
Entrepreneurs have the ability to recognize opportunities of partnering up and
connecting with others which can help take them a long way.
 Passion – Passionate entrepreneurs are successful as they are deeply connected with
their product, service or aim. Passion is what helps them find motivation and drive
themselves forward in order to achieve goals and objectives.
 Vision – All successful entrepreneurs have their eye on the larger picture of achieving
the goals and objectives. They have a vision which is all about strategic planning and
helps them identify any challenges that may be posed to them during the process.
 Understanding of their products – Entrepreneurs know what they have to offer to the
customers with a complete understanding of what the customers need and expect to get
their problems resolved (Bouncken and Reuschl, 2018).
 Customer is everything – Besides having the main aim of earning profits, the
entrepreneurs also know their customers to the highest level possible. They are aware
that the first step involved in the process is to lure and attract as many customers as
possible and that the product which they are offering should cater to their needs and
wants.
Roles
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