Entrepreneurship and US Economy

This report examines the characteristics and role of entrepreneurs, their contribution to the US economy, and the US contribution to entrepreneurship. It includes real-world examples of entrepreneurs like Jeff Bezos and Bill Gates. The report highlights the importance of entrepreneurship in enhancing the economy and living standards.

ENTREPRENEURSHIP
AND US ECONOMY

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Examine characteristics and role of entrepreneurs.................................................................1
Critically evaluate entrepreneurs contribution to United States.............................................3
Critically evaluate United States contribution to entrepreneurship........................................5
Use two real world examples from well- known entrepreneurs.............................................6
CONCLUSION................................................................................................................................8
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneurship refers to the setting up of the business enterprise by taking the risk
related to loss and also working for the profits. It is very helpful for changing the environment in
a successful way. Entrepreneurship is very useful to bring the social change that helps in
enhancing the status of the people within Society. It is a creation of value that includes change
according to the US (Mason, 2018). Economy of US is very highly developed country that can
follow the mixed economy that also has largest purchasing power of people. Country like United
State highly supports the entrepreneurship due to this entrepreneur can face the high success and
profits. In this entrepreneur can provide the job opportunities, creativity which indirectly
supports the country and also enhance the living standards of the people. This report includes the
Jeff Bezos that operates the Amazon which is worldwide company. Jeff Bezos is an American
internet entrepreneur who is a founder of multinational technology that is Amazon. Jeff can play
a key role in the development and success of the e-commerce industry by becoming a co-founder
of the Amazon where several types of dealing can be done like books, clothing, groceries and
many more products and services. It includes the basic role and characteristics of entrepreneurs
that is helpful in enhancing their successful business within all over the world. Further it
elucidates the contribution of entrepreneurs within the economy of US so that there economy is
raises high and also impact the purchasing power of the customers in a positive way. In this
United States contribution is also includes in becoming the Jeff Bezos a best entrepreneur in the
world. Further it explains the two well known entrepreneurs that are Jeff Bezos and Bill gates
that helps in becoming a largest entrepreneurs in the world and also become ideal for many of
the person in their life (Bhachu, 2017).
MAIN BODY
Examine characteristics and role of entrepreneurs
There are several roles and key attributes of an entrepreneur that helps in becoming the
successful in their life and entrepreneurial career. It includes the role and features of the Jeff
Bezos that is one of the famous entrepreneur in the world who is very well known for the
founder of the Amazon (Mendel, 2020). It also involves the Bill Gates that is the founder of the
Microsoft and to become it successful firm will highly focus on the evaluating the roles and
characteristics. Some of their roles and characteristics can be shown below:
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Characteristics of Jeff Bezos
 Risk taker:- The major key attributes of an entrepreneurs is that they are the high risk
takers which helps in gaining the profits within their business enterprises. For Instance-
Jeff Bezos had made up his mind to start a new business and operated the Amazon. He
had no money at that time he has only parent’s support in terms of money. He knew that
there is always failure and success in business he did not let him back down from the risk
in business. He is biggest risk taker.
 Reliable Experimentalist: - He believes in innovating in products according to the
customer’s needs and wants. That’s why he is continuously experiment with new
technology and extensively accepted online venture and Amazon has online book selling
venture (Sigala and Dolnicar, 2017).
 Highly competitive: - He is highly competitive in business world. He is more focusing
on quality of the products and services. Amazon had once targeted some competitors who
dealing with child products, they drop there price and he also successful in that strategy.
Jeff Bezos came out on top.
Characteristics of Bill Gates
 Amazing learner: - It is one of the best characteristics of entrepreneurs that help in
gaining the higher success and profits within the business enterprises. For Example- Bill
gates is an amazing learner in terms of business and personal life also. He always curious
about learning new things and about new concept and outlook.
 Big thinker :- Bill Gates is incredibly big thinker there are no one big thinkers than Bill
gates. His thinking power and thinking ability is very strong. He has very unique ideas in
terms of business productivity and growth. He was think out of the box for the company
growth. He focused each and every thing related to the business (Ahsan, 2020).
Roles of Jeff Bezos
 Allocator: - He allocates the different resources in the organization. The most important
resources are labour and work force. The businessmen are responsible for hiring an
efficient staff or work force to help in growing his business. This is important part of
business because good businessmen can take his business on heights or pull down the
business (Anggadwita and et. al., 2017).
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 Forecasting :- The role of businessmen include acting as a forecaster. The venture works
in the business environment and it is affected by changes adopting in different aspects of
the environment. It could be at micro level or internal environment such as machinery,
manpower, budget control and etc. or these could be at macro level or external
environment such as political, legal policy changes, technology and etc. Businessmen
must be good in correctly forecast these changes and make the organization deals with
these changes.
 Initiator :- He is the one who initiate for startup that reflect in Amazon. He has unique
ideas for his business. He has no investors he has only support from his family. He take
risk and started business(Rath, Solano and Schutjens, 2020).
Role of Bill Gates
 Reduces risk :- The major role of an entrepreneurs is that they can highly focused on
reducing the risk so that they can focused on gaining high productivity and profits. It also
helps in gaining the high market share and also gaining competitive advantage. For
example- Bill Gates also play an important role in reduces risk in organization. He
always motivates the employees for growth in organization and led them in right
direction for the work.
 Stick to legal norms :- To certify that the business stick to legal norms and policies such
as acquiring a license is also the role of the businessmen. Not obtaining to these can mean
serious legal outcomes for the business. These could be effect in terms of fiscal losses for
the organization. Some time it is serious matter for organization such as shutting down
the business. For example- Bill Gates can highly focused on adopting the rules and legal
norms that will display the government supports to the company and also helps in
satisfying the customers. In this Microsoft can enhance their profits margin and become
world largest company in the globe.(Bouncken and Reuschl, 2018).
Critically evaluate entrepreneurs contribution to United States
US economy is very well known and developed country in all over the world. In this
entrepreneurs play an essential role in the contribution of the economy of the country that helps
in drastic change within the US by offering the various participation of the people as they get the
high jobs and living standard in the society of the US. Entrepreneurs can highly supports to the
national income by generating the new health. In this entrepreneurs helps in developing the
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market which is majorly positively affect the national economy so the country can lead the other
small countries and also helpful to gain the high success and development. It is critically
evaluated that the entrepreneurs can contributes high in the economy of the United States in
several ways:
It is evaluated that Entrepreneurs can boost the growth of the economy by including the
innovative technologies and several commodities. In terms of Jeff Bezos, their company Amazon
is reflecting as a real innovation within US that helps in boosting the economy. In this firm will
patent around 49 products and users within Amazon that helps in facilitating the customer
picking goods in Amazon Locker and another that helps in communicating with one another
within the air. This technology is spread in all the world that will helpful in maximising the
economy of US and also gain higher advantage (Ashraf and et. al., 2019).
Another contribution of entrepreneur is that they can offer the varieties of job
opportunities to the number of people which helps in highly contributing the United State
economy. In this an entrepreneur that is Jeff Besoz is highly focused on providing the several
job opportunities to the people in the United States and Migrant people in US that helps in
enhancing the spending power of the customers due to their GDP is highly grow of the nation.
This will also helps in enhancing the living standards of the people. US is highly known for the
entrepreneurial economy in the world where the country highly supports their creative minds and
thoughts. (Amazon’s economic impact in the U.S., 2020).
Entrepreneurs can highly focused on developing the social change in which entrepreneurs
business offer the unique and fragmented commodities to their customers which helps the public
to easily live their life with more technology and also improved morale. For Instance- Like Jeff
Bezos can offer the Amazon to the public in all over the world where they can shop whatever
they need very conveniently. It will indirectly positively affect the US economy because of high
purchasing power of the people. In this people can shop at all over the world due to this United
States can enjoy the foreign currency which helps in enhancing the company and country profits
and welfare. In this Bill Gates offer the Microsoft software for the businesses and people to
support and recording the data and information for a longer period of time and in a convenient
way. It will reflect the social change within the world that will prominently affect the US
economy(Bizri, 2017).
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The major contribution of the entrepreneurs within US economy is that it can raise the
productivity of the firms and also the economies so that it directly or indirectly affect the
economy and GDP of the US. For instance- AS the government can encourage the economic
investment of the companies within the US. In this government can pass a code of conduct that
includes the capital investment, job creation, technology development and also employee
ownership etc. Within Amazon Jeff Bezos can highly focus on it to enhance the company as well
as US economy (Coulibaly, Erbao and Mekongcho, 2018). As Amazon can follow all the federal
laws and state tax that helps in compensating the employees so that there living standards is to be
enhanced which is beneficial for the company. Some aspects that show how Jeff Bezos, Amazon
can highly focus on the US economy:
 Amazon can highly contribute in the Federal income tax expense that is nearly $ 1billion
which is such a big amount for the US economy.
 Jeff Bezos also focus on that the Amazon can contribute in the property tax, state income
tax etc. that is based on state and local taxes.
Critically evaluate United States contribution to entrepreneurship
It is to be critically evaluate that the country has contributes highly in the
entrepreneurship which helps in enhancing the power of entrepreneurship in the country. It helps
in influencing the economic performance that will introduce the new goods and methods so that
productivity is to be boost so that high competition may arise which will gives the successful
results to the company and maximising the country GDP. Realising the high contribution of the
economy entrepreneurs can get the friendly environment which helps in following the rules and
responsibilities which will helps in gaining the high success in their business (Mehmood and et.
al., 2019) . The some contribution of United States for entrepreneurs are as follows:
 Government of United States are highly contributing in supporting the innovation and
creativity of the person which is very beneficial for the entrepreneurs because they start
their business by using the innovation and fragmentation. This factor also helps in
shaping the country innovativeness where government and apply some policies and
legislation which in favour of the entrepreneurship and their business operations. These
standards are related to the wealth creation with the business entrepreneur. In this US
highly focus on saving the products and services by using the Intellectual property rights.
This helps in fosters the innovation of the entrepreneurship. For Instance- Jeff Bezos can
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operate the Amazon and in this US economy can majorly support their ideas and
creativity due to which Jeff can face high success in their business (Bates, Bradford and
Seamans, 2018).
 US can highly supports to the entrepreneurship and also scores high within gaining the
high opportunities to the students to become a successful entrepreneurs. In this country
bright student can highly focus on discovering the entrepreneurial career. In US the
economy is very flexible to supports to the start-up businesses and for their they can
effectively respond the changes within marketplace. For Instance- Bill Gates is a
successful entrepreneur in the US and in their successful career Country can contributes
more by supporting and encouraging their innovation to the high extent(Beynon, Jones
and Pickernell, 2019) .
 To support the entrepreneurship within US, the government can highly focus on adopting
the GEDI that is Global ecosystem dynamics investigation that helps the nation to
analyse the bottlenecks which can holds the high performance of entrepreneurship. This
will majorly help the entrepreneurship by saving from the drawbacks which will affect
the entrepreneurs within US economy. Foe Example- Government can highly support the
Microsoft so that it will helps the number of user to simplify their work. It helps in
gaining higher profits and success in their business industry (Huarng, 2018).
 The major contribution of the US in the entrepreneurship is there high population that
helps in generating the high entrepreneurs in the country which can contribute in the GDP
of the country. In US government highly supports the research and development due to
this people can highly focused towards the creative things and device which reflects in
their entrepreneurship where they can gain higher profits and revenues.
Use two real world examples from well- known entrepreneurs
This report includes the two entrepreneurs that are Bill Gates and Jeff Bezos who are the
successful in their entrepreneurship and also contributes some part in the US economy that helps
in developing economy (Qian, 2018). These two can be explain below:
Bill gates also known as William Henry Gates III is an co founder of Microsoft who is
well known for its creativity and software development. He is also in the list of world's richest
men in the world and many a times he was at the top of richest businessman in the world. As
having a huge turnover , Microsoft contributes to the large share of tax payment to the
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government which helps to improve the infrastructure of the country of US (Iqbal and et. al.,
2020) .
It possess following traits :
 Bill Gates is a global leader in terms of software development.
 He inherits creativity in his ideas and always comes with unique product.
 He reads a lot for adding to his knowledge and for generating new ideas.
 Bill Gates knows very well how to prioritize his time due to this Microsoftcan earn
higher profits (Pisani and et. al., 2017) .
 He spends a lot which makes him to thrive to work for more profits.
 He is a smart worker rather than being a hard-worker.
 He is very daring as he always like to confront challenges rather than avoiding it (Qian,
2017) .
Apart from this, it has following roles and responsibilities :
 Bill Gates is responsible for raising funds for the company that is Amazon so that it will
become world largest enterprise in the world.
 Whenever required he motivate its employees through interactions to direct them towards
more efficiency.
 He is also responsible for taking critical decisions which affects the company as a whole.
 He is mainly responsible for managing the members of BOD ( Board of Directors) within
Microsoft (Malerba and McKelvey, 2019) .
Jeffery Preston Bezos who was born on January 12, 1964 is an American entrepreneur is
popularly known as the founder of a multinational company named Amazon. From 2017, he is
the richest man in the world according to the Forbes list and he is the only businessman in the
world who reaches a net worth of $200 billion. Jeff Bezos can highly contributes in the US
economy by following all the tax policies and federal laws so that economy would be enhanced
and it will beneficial for the company and their sustainability. It is a high quality of the Jeff
Bezos to follow all their rules and regulations so that they can gain high profits and also helps the
country economy as a high extent (Atems and Shand, 2018).
It possess following traits :
 Inherits innovation as he always come up with something new and productive into the
market.
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 Seeks a desire to learn more for increase his knowledge base.
 Always seek out an opportunity to grab and make the most out of it.
 He is very ambitious thoroughly to achieve higher success.
Apart from this, he has following roles and responsibilities :
 Responsible for taking decisions related to the administration which helps in the success
of Amazon and also ,majorly contributes in the economy of the US.
 Held responsible for motivating the employees of an organisation for excellence.
 Responsible for collaborating with other organisation for profit maximisation.
 Seek for the new opportunities in the market to grab and execute it for generating more
revenue (Bruton, Zahra and Cai, 2018).
 Held responsible for expanding his business to more countries by establishing and
starting its business operations in respective countries.
CONCLUSION
From the above report it is to be concluded that the entrepreneurship is an essential aspect
for the country and also enhancing the economy. Entrepreneurship is an act of creating the
organisation that is helpful to generate the profits and revenues so that high standard of living is
to be increased. This report is very useful to clear the understanding related to entrepreneurship
that helps in leading the entrepreneurship and change within the society. This study inculcates
the successful entrepreneurs that is Jeff Bezos and Bill gates. In elucidates the roles and key
attributes of the entrepreneur of the US that helps in becoming highly successful in their life. The
Jeff Bezos can lead the Amazon and Bill Gates is the founder of the Microsoft. In this several
roles and characteristics is to be included that are creative thinker, learner, forecaster, reducing
risk etc. that are very useful to handle the change and productivity within marketplace. Their
roles and features helps in growth and development of the company in effective and efficient
manner. In inculcates the several aspects that can reflects the contribution of the entrepreneurs
within the economy of the United states. As they offers the varieties of job role and opportunities
to the people within the country so that their living standard is to be increased. It also helps in
developing the purchasing power of the customers because of they get the high job opportunity
because of the entrepreneurship within country. This will indirectly affects the positive manner
in the economy of the United States. Further this study helps in understanding the various
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knowledge related to the United State government contribution on the entrepreneurship. This
will also develops the economic performance of the country and company. In this
entrepreneurship can getting the higher support to the United state because they can highly
emphasis on the innovation and creativity. Due to this entrepreneurs can get the high success.
This will majorly supports the Jeff Bezos and Bill Gates to expanding and exploring their
business. In this US laws and regulations also helpful as it is in favour of the entrepreneurship as
it is very helpful for the Bill gates and Jeff Bezos as they both follow the rules and regulations
that are related to tax benefits and federal laws which is very effective in internationalism the
business so that high profits and success can be gained. Further this report includes the two
entrepreneur examples that are Bill Gates and Jeff Bezos and it helps in understanding. In this it
inculcates their roles and responsibilities that can helps in gaining the success within the business
and their living standard with their status quo. All this aspects under the research is very helpful
to gain the high knowledge regarding the entrepreneurial term which is highly beneficial for the
success and the growth of future development.
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REFERENCES
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