Entrepreneurship and the World Economy

Entrepreneurship and
the world economy
Table of Contents

Introduction......................................................................................................................................1
Main Body.......................................................................................................................................1
Conclusion.......................................................................................................................................7
References........................................................................................................................................9

Introduction
Entrepreneurship refers to development of new enterprises by considering the risks
associated with the same. The main objective of enterprises is to earn profit by making
investment and tapping opportunities. the person who manages the business and conceive ideas
to transform them into a venture is known as entrepreneur (Aulet and Murray, 2013). the
entrepreneurs and enterprises contribute hugely to the growth of an economy. It involves
innovation through which new products, services and technologies are built and introduced on a
commercial basis by undertaking financial risks and responsibilities. The main reason behind this
is to earn profit and take the business at next level. This report is about various entrepreneurs
who became successful. Some of them are J. K. Rowling and Simon Cowell. These people are
the examples you should be considered for developing enterprises and become successful
entrepreneurs. Furthermore, it covers characteristics and role of entrepreneurs, their contribution
to UK economy, evaluation of UK contribution to entrepreneurship, relevant examples of well
known entrepreneurs. These things are going to give clarity by emphasising on various aspects of
entrepreneurs and the enterprises built by them. Some arguments of the authors on the matters of
entrepreneurship and its connection with the world economy are also included. The contribution
is huge in shaping a country economically. UK government support and provide subsidies for
helping entrepreneurs get ideas which can be turned into enterprises. The main reason behind
this is that if organisations are earning huge profit then contribution for the betterment of society
is likely to be there (Bruton and et. al, 2013). Entrepreneurs are significant people for lifting and
making the lifestyles better by bringing new innovation and ideas in the existing business
scenario. Also, entrepreneurs are encouraged to work in order to accelerate economic growth by
creating employment at a faster rate and other facilities in an economy.
Main Body
A person who is liable for setting up business as well as take financial risks with a hope
for attaining profit margin is referred to as entrepreneurs. They are liable for creation of new
business who are responsible for taking risks which comes along with sector in which they are
delivering their services and enjoy rewards that occurs by taking them (Burns, 2016).
Entrepreneur is seen as a source of new goods, ideas, services and procedures. They are seen as
1

innovator who are responsible for generating fresh innovations as well as bring something new
within market by which requirements of individuals can be accomplished.
Entrepreneur possess different characteristics which are illustrated here: creativity leads
to something new as without this innovation can't be carried out. It assists to come up with new
ideas for solving problems as well as allow to think which are out of box. Professionalism
implies quality in terms of behaviour and mannerisms with their clients as well as employees as
this leads them to develop culture in organisation (If You Identify With These 10 Characteristics
You Are Thinking Like An Entrepreneur!, 2017). Professionalism also brings with them
discipline and reliability which enables entrepreneur to attain their targets and set an instance for
each. Risk taking is mandatory for entrepreneurs to explore or identify the unknown as without
this unique cannot be attained. In this case, they can opt for unorthodox methods and opt for
differentiated approach for handling risks. Passion acts like a driving force which makes
individual motivated and acts like a driving force through which better results can be attained.
Passion leads entrepreneurs to overcome roadblocks and attain towards goals. Planning denotes
standardised game which is responsible for aggregating all the resources which are present. This
enables entrepreneur to come up with an idea through which goals can be attained in a required
manner (Chaston and Scott, 2012).
Entrepreneur plays different roles while delivering their services so that they can attain
their goals as per required standard. Social roles are individuals who are liable for pursuing
novel potential for solving problems associated with community. This involves creation of
possibilities for entrepreneurship and furnishing employment as well as job options within the
society. In addition to this, it also leads to engage themselves within social welfare services for
redistribution of wealth and income (Gündoğdu, 2012). Entrepreneur is also liable to alter
standardised working procedures within a modernised approach. Within Economic role,
entrepreneurs are responsible bearing risks related with fall of business, collect and formulate the
revenue of organisation in an appropriate manner so that there operations are not hampered. In
addition to this, entrepreneurs needs to ensure that they make use of cost efficient human
resources in an appropriate manner, thereby render channels for having enhanced growth.
Furthermore, with respect to technological role of entrepreneur, they are responsible for altering
traditional technologies within modern system for adapting to enhanced applications with respect
2