Entrepreneurship in Business

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).