Entrepreneurship and the World Economy

Entrepreneurship and
the World Economy

Table of Contents
INTRODUCTION...........................................................................................................................1
Main body........................................................................................................................................1
Explain the characteristics and role of entrepreneurs.............................................................1
Critically evaluate that how entrepreneurs have contributed to the UK economy.................4
Critically examine how UK has contributed to entrepreneurship..........................................8
Use any two entrepreneurs to support points and arguments.................................................9
CONCLUSION..............................................................................................................................10
RECOMMENDATIONS...............................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship refers to the self-employed persons who deals with the additional
uncertainty. It defines as a process of designing and running a business operation which are new
innovative but initially starts as a small enterprise. This is also considered as a capability and
willingness to develop, manage as well as organise a new venture along with its risk to make
profits. Whereas, entrepreneurs and managers both have distinct identity and characteristics as
they are different from each other. In this report two organization is chosen such as Dyson
vacuum cleaner and Amazon. Dyson vacuum cleaner is a British technology company which are
founded in UK by sir James Dyson in 1991. The company designs and manufactures household
appliances such as vacuum cleaner, purifiers, heater, hand dryers, light and so on. Moreover,
Amazon is an American multinational technology company which are founded by Jeff Bezos in
1994 and based in Washington, which emphasised on e-commerce, cloud computing, artificial
intelligence as well as digital steaming. It considered as a big four technologies company along
with Google, Apple and Facebook. It is known as a disruption of well-established industries
through technological innovation and mass scale. Under this report discussed about the
entrepreneurship and some features and role of entrepreneurs such as Alan Sugar and James
Dyson. Also, shows that how businessman has contributed towards the United Kingdom
economy and the country’s government contribution to encourage entrepreneurship. In this
report use entrepreneurial backgrounds and experience to show the impacts of these enterprises
on country’s economy and growth rate.
Main body
Explain the characteristics and role of entrepreneurs.
There are various entrepreneurs in the market and all they have unique sets of
characteristics and roles which are essential for taking an innovative steps (Kozubíková, 2017).
In this report discussed about the roles and nature of two entrepreneurs such as Alan Sugar and
James Dyson that are as follows:
Characteristics of Alan Sugar: Vision: It is about strategic planning which is always kept by successful entrepreneur as it
shows the big picture of future and ability can make better people. This will help in
identify challenges as well as tackle day to day responsibilities of job while staying
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emphasized on long term goals and initiatives. Alan Sugar has clear and imaginary vision
to be a successful businessman which helps in taking several initiatives. Risk tolerance: Every entrepreneur wants to grow and succeed in their businesses which
involves changes and risks (TobingCécora, 2019). Alan sugar don't be afraid to take risks
when he takes initiates to become an entrepreneur, when pursuing many clients etc.
 Decisiveness: All decisions and judgements have consequences either good or bad. Over
the period of time these phenomena shape reality as well as express the substances of
lives. Alan Sugar doing well return note and cautiously determine the possible long
period of time effects of all decisions, while hunting counsel before taking major
decisions.
Role of entrepreneur: Leader role: Entrepreneurs should enact as a leader because they may need to carry
persons with dissenting approaches as well as views to work together in a team. Alan
Sugar needs to be good with his human resource management and leadership styles
(Åstebro, 2017). He has to lead individual by recruiting, firing, training, developing as
well as motivating to utilize their resources properly when it is required. Monitor role: Entrepreneurs treated as a regulatory body of an organization as they
monitor and control the whole environment internally as well as externally constantly.
Alan Sugar needs to be a good monitor to control and measure the performance of
workforce as well as businesses to achieve the long-term growth and success (Blair and
Hitchens, 2018).
 Liaison role: An entrepreneur should be an intimacy man for their own business. They
should be the source of link with the outside world and inside organization and always
trying to find out opportunities to work together with large scale organizations. Alan
Sugar needs to be a liaison for his own enterprise which helps in taking a competitive
advantage and secure success for a long duration.
Characteristics of James Dyson: Creative: This is an essential characteristic of an entrepreneur which needs to always be
thinking of new ways for improving company's workflow, productivity as well as bottom
line. James Dyson have creative nature which helps them in facing problems and solved
in an effective manner. He is successful in their life because of their creative nature.
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