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(PDF) Entrepreneurship and Economic Growth

   

Added on  2021-02-20

14 Pages4095 Words45 Views
Entrepreneurshipand the WorldEconomy

Table of ContentsINTRODUCTION...........................................................................................................................1Evaluate the characteristics and the role of entrepreneurs..........................................................1Critically examine how entrepreneurs have contributed to the UK economy............................6Critically study how UK has contributed to entrepreneurial development.................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10

INTRODUCTIONEntrepreneurs is explained as a person who start up business with scare resources andbears all risk and rewards of the venture all alone. They normally come up with small businessin intense competitive world as well as share hands in creating huge employment opportunitiesfor society people (Ateljevic and Page, 2017). In order to raise the national economy thegoverning bodies need to encourage entrepreneurs to come up with new and innovative business.They plays significant role in growth and development of the economy to a large extent. Thisreport is based on entrepreneurs who has directly contributed in raising living standards of thepeople. For this report two successfully entrepreneurs are chosen which are, Alan Sugar andJames Dyson. This great personality are UK most successful entrepreneur and are motivatingyoung minds to turn up as independent entrepreneurs. There are various benefits of becoming anentrepreneur and starting own business in global market. Some of the advantageous are,complete freedom to pursue own vision, huge opportunity to learn and acquire knowledge,having full control on business operations and a positive sense of pride while attaining set goalsand objectives. To be leading and successful entrepreneurs in neck to neck competitive world there arecertain skills which need to be adhered as an entrepreneurs. Some of the skills and abilities aregod gifted while other need to upgrade with the phase of time (Ayandibu and Houghton, 2017).Good communication, time management, efficiency, strategic thinking, networking, finance andso on are some of the mandatory skills which need to possess by an individual. Moreover, alongwith skills are there are some traits of the leading and successful entrepreneurs such as,creativity, competitive, open minded, confidence, self starter, determination, strong people skillsetc. having all this skills in an individual can easily become entrepreneur in global market place.In era of competitive world only some of the entrepreneurs survive because they build andmaintain great network, invest wisely, give priority to customers demand, establish a group ofadvisor, stay current with professional tools etc. Evaluate the characteristics and the role of entrepreneursAbout Alan Sugar:Alan Michael Sugar is a successful politician, media personality, business magnate andpolitical advisor. He was from hackney , London and in the year 1968 he expanded the business1

of Amstrad across the globe. It is manufacturing sky digital interactive boxes. Along with this heis actively involved in philanthropist activities with a number of charities (Ayandibu andHoughton, 2017.). To grow the business open market place they invested huge money withoutany fear and this attitude made them grow his fortune from scratch to huge empire. Sir AlanSugar was ready to take necessary risk in every phase of business.Illustration 1: Alan Michael SugarThe characteristics of Alan Michael Sugar:This great personality is successfully entrepreneur in today's era because he withholdscertain characteristics such as, risk taker, passionate, self motivator, never give up attitude and soon.Here are some of the characteristics of Alan Sugar which are highlighted below:Self motivator: Sir Alan is a self motivator which has pushed to become a leadingentrepreneurs in Amstrad . Having self motivator as a characteristic is biggest plus point to buildoneself as a successful entrepreneur. While opening a new venture there are many ups and down2

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