Entrepreneurship in Business

This report discusses the characteristics and roles of entrepreneurs, their contribution to the economy, and how the country supports entrepreneurial development. It includes examples of successful entrepreneurs and their traits. The report also highlights the benefits of entrepreneurship, such as employment generation, technology development, self-reliance, and upgradation of lifestyles. It emphasizes the importance of entrepreneurship for economic growth and provides study material and solved assignments on the topic.

Entrepreneurship in
Business

Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
The characteristics and the role of entrepreneurs.........................................................................3
TASK 2............................................................................................................................................6
Critically evaluate how entrepreneurs have contributed into the economy.................................6
TASK 3............................................................................................................................................8
Critically evaluate how the country contribute to entrepreneurial development.........................8
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurs are the people who bring innovative idea and put the same in a business.
They are the people who start the business with the available resources and investment by
grabbing the opportunities at time and explore it to its best. An entrepreneur is a person grabs the
market by bringing a product or service which is very much new for the customers or for the
target audience. For reference purpose this report has taken an example of entrepreneurs who
were successful into their field of work and they are Mike Ashley, James Dyson and Richard
Branson. All these people are very successful and their traits and personality has helped them in
achieving their goals and objectives which they have set for their lives (Bocken, 2019). Mike
Ashley is a entrepreneur which deals in the sporting goods and also is a chief executive for
Sports Direct. He is a businessman who comes in the category of Billionaire. James Dyson is the
founder of Dyson ltd and he is also known as the inventor of dual Cyclone bagless vaccum
clearner. He also has won many awards some of them include Order of Merit, Knight Bachelor,
Commander of the Order of the British Empire and many more.
This report discuss about characteristics and the roles of entrepreneurs. Apart from this
the report also includes the contribution of entrepreneurs in the economy of UK. Later on the
report also discuss about how UK has helps in the development of these entrepreneurs.
TASK 1
The characteristics and the role of entrepreneurs.
Characteristics of an Entrepreneur
1) Vision :- An entrepreneur must have a vivid vision . He should be able to design out his long
haul and momentary objectives and targets. He must have the option to outline his tentative
arrangements in an understandable and proficient way. Taking Mike Ashley as an example,
from a country level squash player to a national level squash coach and finally opening sports
shops across the country built his empire in sports industry which gives another significant
characteristic essential in a business person that is he should be enthusiastic about his work.
Entrepreneurship is a difficult work and takes long hours, so he should be an effervescent
individual. Being passionate about your work gives profitable results and achievement.
Risk Takers :- Mike Ashley started his journey with a £10,000 loan from his family obviously
being unaware of the outcome (Bolaji, 2012). Risk is an essential piece of any new business. In
any case, it is a particularly significant factor in enterprise on the grounds that here the business
person bears the whole danger of the business. So it is fundamental that the business visionary
has a brave and risk taking character. Rightfully said if you don’t take the chances you’ll never
have the answers .

2) Innovative :- Everyone has ideas but coming out with an idea which is unpopular at that time
and still be able to make money from it while fulfilling the needs of the customer is a skill
which an entrepreneur should possess . An entrepreneur must be innovative, he must be able
to bring new product in the markets and capitalise on it.
3) Creativity and Adaptability :- To keep your business afloat most of the times you'll have to
be more flexible than a gymnast. Having the option to rapidly adjust to shifts in the market
implies returning to the planning phase once in a while and rolling out huge improvements to
your structure or even the whole plan of action. In the event that your last item looks not at
all like what you at first began with, you're most likely doing it right. Ashley started
acquiring brands and owning teams, he bought Donnay in 1996 and lillywhites in 2002 and
of course he is most known as the owner of NewCastle United Team for which he paid
approximately £135 million. This shows how adaptive and what level of creative critical
thinking an entrepreneur should have to become successful .
Roles of an Entrepreneur
Contribution :- By establishing the business entity, business visionaries contribute their own
assets and pull in capital (in the form of debt, equity so on and so forth.) from speculators, loan
specialists and general society. This prepares open riches and permits individuals to profit by the
achievement of business visionaries and developing organizations. This sort of pooled capital
that outcomes in riches creation and dispersion is one of the fundamental objectives and goal of
economics (Catalina, 2013).
4) Create Jobs :- Entrepreneurs are ordinarily and by definition job makers, instead of
employment searchers. The basic interpretation is that when you become a business person,
there is one less occupation searcher in the economy, and afterward you give work to various
other job seekers. This sort of employment creation by new and existing organizations again
is one of the essential objectives of financial improvement. This is the reason the Govt. of
India has propelled activities, for example, StartupIndia to advance and bolster new
businesses, and furthermore others like the Make in India initiative to pull in outside
organizations and their FDI into the Indian economy. This thusly makes a great deal of
openings for work, and is helping in expanding our norms to a worldwide level. Mike Ashley
left his job as a national level squash coach and created thousand more jobs by opening up
new stores in the UK.
Economic Role :- a) Bearing the danger of failing in business. b) Mobilizing the revenue of the
organization properly. c) Using HR in a cost-productive way. d) Giving channels of further
monetary development in the association (Deligeorgiou, 2018).

5) Technological Role :- a) Changing customary innovation to present day framework. b)
Adjusting improved innovation to business environment. c) Use of accessible innovation in
the creation process. d) Creating productivity and fitness in the workforce through innovation
6) Leader Role :- An entrepreneur ought to likewise go about as a pioneer on the grounds that a
business visionary may need to carry individuals with disagreeing perspectives and ways to
deal with cooperate as a group. Along these lines, he should be acceptable with his kin the
executives and authority abilities. He needs to lead the individuals by employing,
terminating, preparing and rousing his assets as and when fundamental.
7) Figure Head Role :- Entrepreneur should be the Head in the association and take part in
stately obligations, for example, speaking to the association in formal and casual occasions or
in any event, being the open representative at whatever point there is a press release and so
on.
8) Liaison Role :- Entrepreneur ought to likewise be the contact official for his association. He
ought to be the wellspring of connection with the outside world and business houses,
continually attempting to discover a chance of cooperating with other enormous associations.
9) Resource Allocater :- An entrepreneur needs to discover how the accessible assets can be
distributed between various divisions of the association to suit their requests and necessities.
This causes them to accomplish the authoritative objectives and goals.
10) Negotiator Role :- The business person must haggle for the benefit of the association both
inside with the staff just as with the outside financial specialists or colleagues. At such
chances, the entrepreneur should be increasingly centered around their job of being a 'win-
win" major issue.
11) Disturbance Handler :- An entrepreneur needs to go about as the arbiter and carry individuals
with contradicting contemplations to the table and get them roused to cooperate. He needs to
deal with all contentions and get the group to concentrate continually on the objective.
12) Spokesman Role :- The entrepreneur should go as the representative of the business and
transmit data internally and externally in the association. He should be the wellspring of
information about his organization to potential speculators and teammates.
13) Monitor Role :- The entrepreneur acts as a regulatory body too; he monitors both the internal
and the external environment of the business constantly.

TASK 2
Critically evaluate how entrepreneurs have contributed into the economy.
The growth in entrepreneurs leads to the direct growth of country’s economy in so many
ways. The country has released it so early that economy can only be grown when they promote
more industrialization into the economy. UK framed many polices which entertained by
welcoming of many new industries and company. They provide many schemes and concessions
which promote more entrepreneurship into the economy (Hangarki and Hangarki, 2012). The
benefits of entrepreneurs into the economy are as follows:
Employment generation: The companies help in generating employment into the
economy. Every organization needs people or human resource to get it run. It is the human
resource only which takes the company into the very next level. More the increase in the number
of entrepreneurship will lead to generation of more employment rate. And in country where the
employment rate is more, then there the people living into poverty are very much less. The
employment rate in UK is 75% which is taken to be as significant figure. Country where the
employment rate is huge there people leads a good life. More employment means less poverty,
up gradation into the lifestyle of people, more tax payers, less burden on economy for poor
people and more advancement in technology. Therefore entrepreneurs help the economy in
increasing the employment rate into country.
Technology Development: Entrepreneurs always tries to come up with new and innovative
ideas to serve to their customers. For this they always try to bring development into the
technology because they know the advancement into the technology will help both the
entrepreneur and the customer bringing easiness into their lives. More the advancement into
technology more will be the production with less cost and more developed the country will. UK
is considered as developed economy as the technology level is very much advanced. This
advancement is only brought by the increase in entrepreneurship (Design, 2013). Technology
development will help the economy into the technological development.
Self- reliance: As the entrepreneurship will grow into the country, the country would
become more self- reliance in itself. They need not have to buy the resources from any other
country. In fact the country would be so reliance that it could export its surplus to other countries
and can make money. The entrepreneur brings self- reliance to the economy that’s why country
promotes the growth of more and more entrepreneurs. Self – reliance helps the country in
becoming independent as they need not have to import the things which can get produce into the
country. This saves cost for the country as they need not have to pay for imports.
Up gradation of lifestyles: As the entrepreneurs’ increases into the economy, the employment
rate into the economy also increases. As the employment rate increases the employment into the
economy also increases. The people earn and they spend. When the people start earning then
they are able to a basic lifestyle and with the increase in their income their standards for living

also increases (Heo, Kim,and Lee, 2018). Employment has also reduces the rate of crimes into
the country. As in the country where people are not suffering from poverty and everybody has
work to do then the crime rates will automatically get decreased.
Increase in disposal income: The disposal income refers to the amount which is meant
for spending. As the income of the people in an economy increases their budget to spent more
also gets increased. This result into more income for the economy as the entrepreneurs have the
customers to buy for products. It also saves the entrepreneurs to get fail.
Increase in GDP: As the income for the entrepreneur increases and their size increases,
there would be more growth for the economy. As the more growth will result into increase in
GDP. Increase in the GDP is a sign that the economy I growing and prospering. GDP stands for
Gross domestic product, in this the income which a country earns from all the industry whether
manufacturing industries, service industries or agriculture is accumulated and then calculates the
total income. When the country needs to measure its growth then they compare the GDP for
present year to the GDP of previous year. If the GDP of current year is lower, then the GDP of
previous year then country tries to find out the reasons. But if the GDP of current year is higher
than of previous, then it is the good sign for the country as their income has been increased.
Increase in Tax payers: As the people would start earning income, then they will be count in a
category for tax payers. As more will the number for Tax payers, the more income government
would be getting (Khan, 2015). From the money received as a tax, the government would used in
building the infrastructure and perform their serve to the public. Through this money the
government does things for the public. So therefore, more the number in tax payers, more the
money the government would be receiving which directly result into the development of strong
economy.
Innovation and creativity: The completion into the entrepreneur will force them to
bring innovation and creation into the product and service which they are providing. Through
this the level for innovation and creation would automatically will get increased. To satisfy the
customers the entrepreneurs would develop the resources which advance the technology and
resources of an economy. For example, the advancement in health sector can prove to a great
help for an economy. Regular innovation and creation into this sector would help the economy in
developing better medical and heath facilities into the country. By this the people can avail the
medical heath in cheap cost and also the country can become a attractive point for the other
countries also that they ask for the help and assistance. And it also could get possible that people
from other countries comes to UK for their medical heath being.
Therefore, that’s why UK government focus upon the increasing entrepreneurship into
country because they the benefits which they will get from it, which help their economy only in
growth and prosperity.

TASK 3
Critically evaluate how the country contribute to entrepreneurial development.
Entrepreneurship in Schools :- Enterprise is a cross-curricular subject, close by citizenship,
sustainable development, worldwide instruction and innovativeness. The educational plan
structure features that such subjects should be created in a scope of settings (Manliev, 2015).
Picking up identifying with these topics is in this manner incorporated with the Experiences and
Outcomes principles and desires for learning and progression across the eight curriculum areas
listed below.
a) expressive art
b) languages and literacy
c) religious and moral education
d) social studies
e) mathematics and numeracy
f) science
g) technologies
h) health and well being
Understudies are allowed the chance to partake in a scope of hands-on business encounters,
including those recorded underneath:
Investors in schools a national undertaking challenge in schools. The opposition permits
understudies to begin and maintain a business while at school or school, in this way permitting
them to increase significant hands-on understanding of what is associated with maintaining a
business.
The National Enterprise Challenge offers schools the chance to set up and deal with a business.
The Tenner Challenge is focused on youngsters matured 11-19 who need to experience what it
resembles to be a business visionary.
It allows them to think about another business thought and set it up, utilizing genuine cash to
face determined challenges in the business field, having a benefit and an effect. MyBnk is an
honor winning UK good cause that shows youngsters how to deal with their cash and set up their
own endeavor (Nardiello and et. al., 2017).
The Fiver Challenge is for 5–multi year-olds over the UK. which gives members £5 to set up
smaller than normal organizations to make items or administrations they would then be able to

sell/convey at a benefit while drawing in with their neighborhood network.
1) Entrepreneurship education in higher education :- Not a single model that describes
entrepreneur education across high school
In the U.K. in 2016, Companies House information shows a record high in business arrangement.
This pattern presents an economy that is preferring business people and accordingly fabricating
firm establishments for future business pioneers. With this new rush of adventures being shaped,
the administration should hope to organize its emphasis on boosting new businesses. Subsidizing
plans explicitly planned for helping business people ascend the stepping stool of business are
awesome yet in enterprise, cash can't. Truth be told, there's something more significant than cash
that the U.K (Okon, 2018). requirements to execute on the off chance that we need to see
youthful business people developing to be genuinely independent and fruitful.
2) The UK government’s Global Entrepreneur Programme (GEP) helps high-growth
overseas companies relocate to the UK.
The Global Entrepreneur Program (GEP) offers tutoring and business backing to non-
UK based founders to assist them with setting up and scale their business from a UK
worldwide central command.
Support includes :-
a) mentoring from experienced entrepreneurs
b) help to develop business plans
c) assistance with relocating to the UK
d) providing introductions to key networks including investors
e) guidance on how to grow internationally
f) continued help from DIT once located in the UK, especially around exporting
3) To qualify for GEP
You must be:
a) an overseas-based entrepreneur and founder of an innovative technology business
b)willing to relocate and establish the company’s global headquarters in the UK
You must have:
a) a potentially ground-breaking product or service based on unique technology
b) a business plan outlining how the business can expand from a headquarters in the
UK
c) a customer-validated product either already in the market or ready to launch

d) a clear commercial proposition that addresses a large global opportunity.
4) Instances of organizations the GEP has upheld move to the UK include:
a) Online venture the board organization Nutmeg from the United States
b) Space framework applications organization Orbital Micro Systems from the United
States .
c)Seat update travel programming/application organization Seatfrog from Australia.
5) Financial Schemes :- Masterminding financing is urgent for the achievement of any
business movement. The administration in the UK offers numerous plans that give
simple access to reserves. The aggregate corpus everything being equal and credit help
accessible to business visionaries offered by the legislature at the United Kingdom and
European Union level stands at two billion pounds and London gets an a lot of this.
Government Grants for Entrepreneurs :- The "Grant for Business Development" (GBI) and
"specific Finance for Investment" (SFI) plans offers business visionaries who dispatch
adventures in specific segments that produce work awards to gain capital resources.
The "National DTI Grant for Research and Development" plot offer awards to business
visionaries participating in innovative work and advancing creative items. Associations into
innovative work additionally become qualified for R&D charge credits. At a more extensive
scale, associations occupied with collective innovative work exercises with different
organizations or colleges across Europe become qualified for "Structure 6," an EU supported
dish European award (Ram, Rouse, Woldesenbet and Jones, 2012).
Organizations undertaking land advancement where the end estimation of the venture will be not
exactly the expense of improvement inferable from issues such a defiled land, troublesome
ground conditions, advertise disappointment and so forth gets qualified to pick up award
subsidizing to meet the distinction
Business visionaries into fares may profit protection plans offered by the Export Credits
Guarantee Department (ECGD). ECGD likewise gives awards to encourage cooperation in
abroad presentations.
The Mayor of London and the European Regional Development Fund (ERDF) has propelled a
£300m subsidizing plan to enable little and medium organizations to deal with their carbon
impression and in this manner diminish everyday operational use.
The award sum in all cases relies upon the size, area and nature of the task.

6) Loan and Load Assistance :-Aside from awards, the administration likewise offers
advance and credit help to support business people.
The "Little Loans for Business Scheme" gives credits up to £50,000 to little and
medium organizations.
The "Undertaking Finance Guarantee" plot, which is overseen by the Department for
Business Innovation and Skills which has workplaces in London, SW1 (closest
cylinder stations: St James Park, Westminster and Victoria) helps business people
denied advances by banks for need of security. The administration offers assurance to
loan specialists.
The 'Door to Finance' program offered by The East London Small Business Center
(ELSBC), which has workplaces in Aldgate East and Stratford, helps business
visionaries in the 33 London Boroughs, and especially in East London, raise assets to
begin or grow their business.
The way to profiting such awards and credits offers is setting up a suitable and
thorough marketable strategy. Make a point to feature the proficiency and adaptability
of the plan of action.
CONCLUSION
From the report discuss above, the roles and characteristics of an entrepreneur has been
discussed. The roles may include economic role, technological role, role as a job creator, social
role and many more. Whereas the characteristics may include leadership quality, Vision, risk
taker and etc. The report also dicuss about the factors or benefits of entrepreneurs to the
economy’s growth. These benefits may include increase in employment, increase in GDP,
innovation and creation into economy, more number of tax payers, technological development
and the so forth. At last the report discuss about the efforts which a country has take in increase
in entrepreneurship in the country. these may include the different schemes and concessions
which the government provide to them to give them encouragement.

REFERENCES
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ENTERPRENEURSHIP. Managerial Challenges of the Contemporary Society.
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