Entrepreneurship in Business

This report discusses the characteristics and role of entrepreneurs in the United Kingdom, focusing on entrepreneurs Mike Ashley and Richard Branson. It also analyzes the contributions of entrepreneurs to the growth and development of society and the economy. Additionally, it explores the United Kingdom's contribution to entrepreneurial development and the support provided by the government.

Enterpreneurship in
Business

Table of Contents
INTRODUCTION.................................................................................................................... 3
MAIN BODY........................................................................................................................... 3
Characteristics and role of entrepreneurs in United Kingdom.............................................3
Contribution of entrepreneurs in United Kingdom economy................................................6
TASK 3................................................................................................................................... 8
United Kingdom contribution to Entrepreneurial Development............................................8
CONCLUSION..................................................................................................................... 11
REFERENCES..................................................................................................................... 14

INTRODUCTION
Entrepreneurship is defined as a process to establish a new business venture.
The person who establish such business ventures are defined by entrepreneurs
(Bhuvan and Naik, 2019). Entrepreneurship is all about establishing a new and
successful business venture from some short of creative idea and technique.
Economists have also indicated that entrepreneurs are among the major resources
required in production the other resources are summarised as natural resources,
labour and capital. Entrepreneurs are considered as the new leaders in this constant
changing world. Entrepreneurship and entrepreneurs both words comes from French
verb entrepreneur which means to undertake something. This report is based on the
case study of entrepreneurs Mike Ashley and Richard Branson. Mike Ashley is a
CEO of Sports Direct Organisation. He also owned the Newcastle United and also
the House of Fraser. Mike Ashley was born in 1964 in England, United Kingdom.
Mike Ashley was itself a sports player involved in squash. He also became a national
level sports coach in squash. Richard Branson is the founder of Virgin Group. He
was born in 1950 in London, United Kingdom. He is among the successful
entrepreneurs at the global level. Henceforth, this report also emphasis on
characteristics of entrepreneurs. Aim of the report is also to project the role of
entrepreneurs in the society. Furthermore, this report will also analyse about the
contributions entrepreneurs made in the society with the support of entrepreneurial
businesses they established. All the contributions entrepreneurs made in the growth
and development of society will be briefly analyse in this report. Furthermore, this
report will also analyse about the contribution made by society in the growth and
development of entrepreneurship. Contributions given by United Kingdom towards
the growth and development of entrepreneurship will be analysed in brief.
MAIN BODY
Characteristics and role of entrepreneurs in United Kingdom
Characteristics are defined as the personality of entrepreneurs which drives
the entrepreneurial businesses.
Characteristics of entrepreneurs
Characteristics of entrepreneurs can be summarised in the following points.

Vision: Entrepreneurs are visionary in nature. Vision is considered as the important
aspects of the entrepreneur’s personality which drives the growth and success of the
entrepreneurial business. Vision is among the first step entrepreneurs taken in order
to establish a successful business model (Chukwu and et.al., 2019). All activities
related to business is planned based on the vision of entrepreneurs. Vision of
entrepreneurs is mostly based on creating some significant change that can lead to
further growth and development of society. All goals and objectives of the business
are totally based on the vision of entrepreneurs. Nature of business is also depends
upon the vision entrepreneurs possess. For example entrepreneurs Mike Ashley and
Richard Branson both carried the vision to establish a successful business empire
that leads the business decision making and efforts towards establishing such a
huge business houses.
Risk Taker: Entrepreneurs are considered as the risk taker. Most of the
entrepreneurial business all across the globe is built by taking risks at each stage of
the business development and growth. Risk taking ability is among the crucial
aspects involves in the entrepreneurs personality and characteristics. Business
environment is considered as among the fluctuating environment as every day new
technologies and innovation are launching in the market which also developed te
business environment as a volatile in nature (Correa and Zavala, 2017). All
innovation and new developments in the market launched by entrepreneurs by
taking risk at all level of business development. For example entrepreneurs Mike
Ashley and Richard Branson tool risk at each stage if the business which enabled
both the entrepreneurs in developing growth opportunities.
Innovative: Innovation is also an important aspect of the entrepreneurial personality
and characteristics. Entrepreneurs utilise creative ideas and techniques in order to
build a successful business empire. Among all corporate entities entrepreneurs carry
the list number of financial as well as other resources which motivate them to
channelize business operations on the basis of innovation and creativity that can
restricts the needs of resources for the business operations. With the support of
innovation and creativity entrepreneurs channelize all operations of business and
also to entertain growth for the business. Innovation is considered as the fuel to the
entrepreneurial business operations.

Creativity: Creativity is also a major aspect of the entrepreneur personality and
characteristic. Entrepreneurs face most of the problems due to lack of financial
resources and other reliable resources that also involves human resources as well.
In the beginning of the business entrepreneurs channelize all business operations
with the support of creative ideas so that brand value can be created in the market
(Hidayat and Asmara, 2017). Creative techniques involves channelize business
operations in such a way that it can also leads to cost saving approach and
technique. For example entrepreneurs Mike Ashley and Richard Branson utilised
creative ideas and techniques in order to build the successful business ventures.
Role of entrepreneurs
Entrepreneurs are considered as the future leaders of the society. Following
roles entrepreneurs play in the society.
Contribution in society: Entrepreneurs play huge role in the development of the
society. Entrepreneurship is considered as the revolution in the society as it builds
big corporate houses with creative ideas. Over the period of time entrepreneurs has
contributed a lot in the growth and development of society all across the globe. All
recent innovation like technological advancement, social media and other innovation
are considered as the outcomes of the entrepreneurship businesses. All such
innovation has improved the standard of living of people in society (Lorentzen and
Jakobsen, 2016). Entrepreneurs also improve the economic potential of society. With
the high profits and sales turnover entrepreneurs also contribute in the growth of the
GDP. For example government in UK give huge emphasis on the growth and
development of entrepreneurs and start ups due. Entrepreneurs like Mike Ashley
and Richard Branson play huge role in the growth and development of society with
the support of entrepreneurial business.
Create jobs: Entrepreneurs also play huge role in creating job and career
opportunities for all the young as well as experienced professionals. By achieving
growth of business entrepreneurs also contribute in society by creating job
opportunities for all the professionals (Nikić, Stamatović and Sućeska, 2017). Both
professionals and entrepreneurs need each other as entrepreneurs requires skilled
professional who can execute all the plans for the growth of the businesses and also
the professional also requires entrepreneurs who can support the posses skills by

giving employment opportunities. For example entrepreneurs like Mike Ashley and
Richard Branson created plenty of job opportunities for the entire professional that
also improved the growth opportunities for all young as well as experienced
professionals.
Entrepreneurs are Philanthropists: Entrepreneurs are considered as the
philanthropists to the society. Entrepreneurs beliefs in the mentality of giving back to
the society. Entrepreneurs play crucial role in removing various issues of society. By
serving essentials to the needy people entrepreneurs play effective role in improving
the society and its living standards. This is also considered as among the important
aspects of the entrepreneur characteristics. In order to build a successful business
venture entrepreneurs take plenty of resources from the society which motivate them
to give back to the society whatever they have taken from the society in from of
charity and other social cause.
Leadership role: Entrepreneurs also play the leadership role in the society. Leaders
are the important part of the society as they drive the change in the society based on
the needs and requirements of the society. Due to leadership role entrepreneurs
cater all the needs and requirements of the society. Concept of entrepreneurship is
also based on observing the needs of the society and take suitable steps to meet
such needs with the effective business plan. Leadership style of entrepreneurs are
also oriented and keen towards the innovation and creativity which also drives to
society to utilise new innovative ideas and techniques in order to improve the
society.
All the above roles are considered as among the key roles entrepreneurs
needs to play in the society.
Contribution of entrepreneurs in United Kingdom economy
Entrepreneurs play huge role in economic growth all across the globe. In
United Kingdom economy is growing rapidly in result to the growth and development
of entrepreneurship businesses all across the UK. Entrepreneurs are considered as
the leaders of the society. Entrepreneurs use innovation, risk taking ability and other
factors in order to develop a business model. With the support of effective
approaches entrepreneurs has also improved the international orientation in the UK
business environment which has also strengthened the economic growth of United

Kingdom. Due to constant governmental support entrepreneurship has achieved
immense growth in the economy of UK. As per the recent reports shown by GEI that
formely known as Global Entrepreneurship and Development Index which is in its
fifth year of operational functions has also declared United Kingdom as the first
ranked nation in term of entrepreneurship eco system among the bunch of 130
countries all around the globe. UK ranking in the GEI index has rapidly developed
over the period of time due to the growth and development of entrepreneurial
business across the United Kingdom. First position in the index indicates about the
contribution of the entrepreneurial business in the economic and social development
of United Kingdom. The growth of the entrepreneurship business in UK has
supported the economy of UK with the boost of £196 billion (Njegomir, Tepavac and
Ivanišević, 2017). As per the reports in United Kingdom entrepreneurs not jus
contribute in the economic growth of the society but it also improved the employment
and development opportunity for all the professional graduates in UK.
Entrepreneurship businesses are supporting the employment rate of 12 % every
year that also improved the economic growth of the country. Due to development of
the entrepreneurial business UK government could reduce the unemployment rate in
the country. In UK population of around 3.24 million graduates are employing at any
of the entrepreneurial business houses. Entrepreneurs not just support to young
graduates and fresh professionals for improving the development and growth
opportunities but also to experienced professional to further expand the career by
catering services to entrepreneurs. In United Kingdom contributions are not only just
made by male entrepreneurs but due to government support and practices women’s
in United Kingdom also support in the economic growth of the UK. As per the
business report in United Kingdom women entrepreneurs are also making an
effective contribution in the growth rate. Women entrepreneurs’ contribution in the
gross domestic products of United Kingdom is more than £ 3.51 billion. This is an
effective number as compare to other part of the world where only male
entrepreneurs are making contributions in the economic growth of the nations. In
United Kingdom the average growth rate is more than 2 % which is also influenced
due to the growth of the entrepreneurship business in UK. In case of devolved
countries 2 % is considered as such an effective growth rate (Nuringsih and
Puspitowati, 2017). Previously the growth rate of United Kingdom was at the average
rate of 1.4 5 but after the increased governmental focus towards the development of

entrepreneurship this growth has gone to more than 2% that clearly indicate about
the importance of the entrepreneurship in the growth and development of the country
and its economy. In recent years after the emergence of entreprene3urship business
all around the globe economies all across the globe has made a significant
improvement in term of growth rate and development. The major reason behind is
the support of the entrepreneurship businesses to the development of economy. 12
% is considered as the effective numbe in tem of economic and GDP growth of the
developed country. The crucial aspects of the entrepreneurship businesses is they
initiate businesses with lack of financial and other relative resources in hands but
with the support of innovative ideas and techniques they improve the growth
potential and sales turnover which play huge role in improving the gross domestic
product for the governments. Contribution is not just in from of GDP growth rate but
also in form of improving employment opportunities in the UK. Both the economic
and social growth has made significant improvement in the United Kingdom
economic development.
(Sołek-Borowska and Chudy-Laskowska, 2018)
TASK 3
United Kingdom contribution to Entrepreneurial Development
United Kingdom economy has been progressively aiming to give young
entrepreneurs enriching platforms to transform their vision and ideas into successful

business ventures and leveraging high growth avenues in development. The
economy of UK is highly cooperative and adaptive to various business needs which
is required by new innovative mind set people to generate high growth revenue
business standards. The entrepreneurial vision, training and education and the
opportunities exploration enable people to bring their social ideas and philosophies
into successful ventures and business empires. UK economy is highly cooperative
and resources are in huge amount given to young minds who have synergy to bring
out their vision into successful development plans. A positive social network helps
people to share their ideas with each other and physical connectivity with social
media usage on various platforms has determined the connectivity levels with each
other. UK economy has given various entrepreneurs to the world from which Mike
Ashley and Richard Branson are the biggest visionaries in world whose creativity
and business expansion ideas have shaped their contribution to the economy growth
scenario and have inspired millions of people around the globe. UK economy is
highly optimistic towards giving entrepreneurs and young minds the freedom of high
tech advanced technology, innovative machinery to create employment opportunities
around the world (Azoulay,Jones, and Miranda, 2020).
 Mike James Ashley is British Billionaire retail entrepreneur in sporting goods
market industry, the chief executive of Sports direct and entered department
store industry following acquisition with House Of Fraser. The entrepreneur
has been largely successful in establishing large business firm from his initial
days of being a squash player to constructing his vision of innovative business
supply chains of sport equipments and other necessary items around the
world. UK economy has played very supportive role in giving the
entrepreneurial vision a huge boost through technology innovation cycle and
high creativity support to provide essential training and development
opportunities. The country has been progressively supporting growth avenues
of young entrepreneurs where the creative freedom ,passionate energy and
synergy of growth has dynamically opened various doors for success in
various fields. Mike Ashley is one of the biggest example whose productive
ideas and potentialities has not only given success in his personal and
professional lives, but also started employment opportunities for various
people around the globe due to large expansion into various sectors of

industry growth (Jones and Sakong, 2020).The business idea is supported on
initial formulation steps by the various domestic growth market essentials
which helps young minds and creative mind expansion with keen knowledge,
functional energy to start their business avenues. Entrepreneurial mind set is
highly appreciated by domestic government and potentialities of growth helps
to dynamically acknowledge future perspective determinants. Mike Ashley got
huge funding in his initial business starting days, which helped him further
investing in expansion strategies and employing large workforce at factories
and various departments. These opportunities and growth marketing
strategies has opened up various formats and market share for customers to
reach out through internet social platforms and dynamically bringing access
(Blaug and Towse,2020).
 Richard Branson is one of the biggest British investor, author and
philanthropist who founded Virgin Group in 1970s, with around 400 countries
operating in various fields of business sectors around world. Branson has
cultivated an entrepreneurial mindset from very young age by the
determination and passion towards bringing his ideas and successful ventures
and business models. The entrepreneur was highly encouraged for his
services in retail, music and transport by the UK government officials. His
humanitarian work has been appreciated around the globe as a prominent
global figure and one of the most influential personalities who has created
various business expansion decisions through which there has been large
scale employment generation. UK economy has high growth potentialities in
the domestic market as well which encourages revenue growth cycle in initial
periods of entrepreneur which acts as motivation and boosts the rapid
economic development in form of products and services. The economy of UK
is strong with ease of corporate operations formulations, for young creative
minds who posses strong capabilities to create high efficient business ideas
into firms of strong vision and determination of creating employment . UK
economy has been supportive and enlarged vision of programmed growth
with technology integration, leveraged success of high quest has helped
investors like Richard Branson to operate big entrepreneurial ventures. The
economy of UK has high technology standards and research knowledge
breakthrough which enables entrepreneurial mindset to make successful

companies and firms who operate with high functional efficiency and
employment generation for humans living around (Iftikhar,Justice and
Audretsch, 2020).
These examples of two successful entrepreneurs enable us to deeply
analyse the various paradigms of human minds which has helped in creating
successful business firms and organizations. UK economy is one of the most
prominent developed countries whose active youth and dynamic growth into
various functional areas and sectors has encouraged young business minds
with passion. There has been rapid increase in number of young minds and
business people who take up entrepenurial ventures and startups due to
various federals, domestic market growth potentialities and avenues open for
international market growth which leverages high market share. Mark Ashley
and Richard Branson has successfully established their business and
expanded into various corners and countries around world due to extreme
support of UK environment and resources availability which leverages support
and high financial growth (Jones, Apostolopoulos and Walmsley, 2020).
CONCLUSION
This report can be concluded with detailed explanation on various factors of
entrepreneurial characteristics, mid set development and various avenues creation
which has helped the spread of startups in UK. It elaborates how creative thinking
abilities, development training and passion of establishing visions and ideas into
successful business platforms has helped companies to flourish in UK local
economy and gain their insights in diversification into international countries. This
report enables us to conclude the various skills which are necessary as potentialities
and determinants of talented mind set to leverage long term success in their
professional careers. This report concludes how external environment forces which
is the political scenario and technological up-gradation factors within domestic
country acts as one of the most important growth parameter for encouraging young
minds to establish their business. This report concludes how Mike Ashley and
Richard Branson as the most achieved business tycoons in world who started their

business from UK has established strong business around the world and has
inspired millions of countrymen, and young generation around globe to take up
business and starting up on their passion. This concludes the interrelation of both
entrepreneur and economic situation of UK along with large focus in building
futuristic avenues and various factors which seeks the growth and profitability factors
through various scales. This report concludes technological advancement, large
economic resources and the various quests of high skills development platforms
encourages growth and develop them to get rational services by government. The
natural sources availability, promotional technologies by large web services and the
synergy of positive outlook has motivated young minds to get their career in
investments and business startups. UK economy ahs regional domestic growth
factors which has helped startups to cater high level customers and upscale their
business services to external forces of globe also. This report concludes on keen
development of creative minds, meaningful potential training and employment
generation and immense futuristic growth factors which has helped people to
connect with each other and spread the message of dynamic working (Misra, 2020).
The overall scenario of UK explains us that the country has given various
successful businessman who have helped economies around the world to generate
successful employment, creative ideas and inspired millions to take up startups in
their young careers. There has been tremendous growth in various entrepreneur
courses in collegese and universities where students and young minds have vitally
taken up the opportunity to start their own business, have the skill to vision great and
formulate high functional structure by leveraging the various units together. The
report concludes how working through various innovative ideas and formulation of
young synergy has created functionality in the UK economy with high disposable
incomes among consumers around world. It concludes Mike Tyson and Richard
Branson have successfully implemented their business knowledge and passion
along with charismatic leadership skills to establish high growth companies who
have diverse consumer market share and high leverage power to gain customers
support all over world. This report has successfully concluded the entrepreneur
expansion into various industries and companies around world where they have
successfully implemented functional growth and high efficiency into various
scenarios. The UK economy and the cultivating factors of financial growth with high

potential expansion has built revolutionaries mind sets of people and creativity
among people to take up business, leverage financial units of dynamic growth and
bineg active in connecting people through various platforms. Social media and
promotional techniques have been an important component in successful expansion
of handles startups and growing the potential customer segments (Siddiqui, K2020).

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