Entrepreneurship in Business

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.