Entrepreneurship and the World Economy

ENTREPRENEURSHIP
AND THE WORLD
ECONOMY

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
An entrepreneur is the one who started their own business and hence bears all the risks
along with the rewards. Entrepreneurship is basically the act of developing the business and thus
driving it towards the profit. Alan Sugar and Simon Cowell are the leading entrepreneur who
have transformed the world with their innovative ideas and has achieved success. Alan Sugar is a
politician as well as business magnate who first started the company of consumer electronics by
the name Amstrad which is listed in London Stock Exchange. Simon Cowell is an English talent
show judge as well as business man who has been the judge of various British shows like
American Idol, Pop Idol.
This essay addresses the 3 characteristics as well as 3 roles of entrepreneurs,
Entrepreneur contribution to UK economy and UK contribution to entrepreneurial development.
MAIN BODY
3 characteristics as well as 3 roles of entrepreneurs
An entrepreneur is basically the individual who starts a new and fresh business and thus
bears all the risks as well as enjoy the rewards of that business. In short, an entrepreneur is
generally the initiator, challenger as well as the driver of their own business. Although there are
large number of entrepreneurs who have succeeded in their life and thus have been the pioneer
but the most inspirational and famous are Alan Sugar and Simon Cowell. Alan Sugar is a leading
businessman while Simon Cowell is judge of talent shows as well as entrepreneur.
Characteristics
Self-motivation
One of the most significant characteristics of a successful entrepreneur is that they are
highly self-motivated. For succeeding in life, an individual needs some kind of motivation and
need a push that will drive them towards their goal. Thus, having the sense of self-motivation is
extremely required for becoming the good entrepreneur. A self-motivated entrepreneur is
generally dedicated to their work and thus works on various alternative for solving the complex
problems. Individuals who are hard-working are incredible goal oriented and thus makes every
effort to succeed in their life (Kirzner, 2015). They are considered as the successful entrepreneur.
For example, the successful entrepreneur Alan sugar and Simon Cowell when first started their
business was committed towards their work and well as towards the goals. They were directed

towards their objective enough to take their business at milestone. Their self-motivation helped
them to succeed in their business and thus took their organization towards the sky of seven.
Risks
Each and every business bears some type of risks whether is it an already established
business or new organization. Every organization has to go through the risks and find ways to
deal with. Thus risk tolerance is the biggest characteristics of any entrepreneur in order to
succeed in their life. As a successful entrepreneur, the individual needs to remain aware of the
nature and degree of risks which will face in starting their business. Besides this, a good
entrepreneur generally knows when to take the risks and how to deal with it. Avoiding risks
cannot make an organization to develop and the entrepreneurs knows it. Before starting the
business, an individual requires the well through analysis of the market and its trends to know
the amount risks that they would incur in the short as well as long term (Venkataraman, 2019).
Alan sugar when started the business of importer and the consumer electronics faced a lot of ups
and down due to the strong presence of their competitors. But eventually he found the ways to
deal with these risks and hence succeeded. Simon Cowell entire career is based on analysing
various risk among which launching the band of monkeys was one where Simon Cowell was
unaware of its success in America. This group in the end created their hit songs which grabbed a
huge success in the market.
Passion
Passion is one of the important as well as remarkable characteristics which a successful
entrepreneur possesses . Passion is generally a driving factor which creates a sense of motivation
within people and drive them towards their goals (Meyer, Neck and Meeks, 2017). A passionate
entrepreneur makes effort to make their work look good and thus find ways for their
development. This is a significant characteristics and helps the entrepreneurs to overcome the
various hurdles and roadblocks. For example, Simon Cowell was highly passionate for the music
industry and thus was committed to become producer. This passion for music industry made
Simon Cowell a famous American Idol. Passion of Alan Sugar for Football made him too bought
Football club and thus financed World cup.