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Introduction to Entrepreneurship and the World Economy

   

Added on  2021-02-19

14 Pages4388 Words479 Views
Entrepreneurshipand the WorldEconomy

Table of ContentsINTRODUCTION...........................................................................................................................2MAIN BODY...................................................................................................................................21. Characteristics and the role of Entrepreneurs.........................................................................22. Critically evaluate how Entrepreneurs have contributed to the UK ECONOMY..................63. Critically evaluate how the UK has contributed to Entrepreneurship.....................................8CONCLUSION..............................................................................................................................10REFERENCES .............................................................................................................................121

INTRODUCTIONEntrepreneurship is essentially a process which is concerned with launching anddesigning new business within potential market. The people who create these organisation arecalled entrepreneurs. Moreover, an entrepreneur is commonly seen as a innovator and a majorsource of new ideas. They also play a very major role in economy, inventing effective andinnovative ideas into potential market. Furthermore, the process of entrepreneurship is risky innature but it also tends to generate hight economic wealth and growth through consistency issignificantly witnessed. Apart from this an entrepreneur also acts as a coordinating agent withina capitalist economy (Ács, Szerb and Autio, 2016). All the activities performed by entrepreneursessentially helps in attaining accomplished business objectives. Apart from this entrepreneurialactivities extensively benefits government of the country within business operations are carried.Because variety of employment opportunities are essentially created and unemployment ratetends to reduce. This report is going to cover the entrepreneurial strategies of which are adoptedby Alan Sugar and James Dyson in order to effective carry out their businesses in potentialmarket. Alan Sugar is the founder of consumer electronics company Amstrad whereas JamesDyson is the co-founder of Dual Cyclone and Dyson Ball vacuum cleaners. The outcome of thisreport is going to covers several aspects regarding entrepreneurs. Proper evaluation shall bemade in order to determine the major characteristics of entrepreneurs and their contribution toUK economy. Furthermore, evaluation with regard to how UK government has contributed toentrepreneurship will also be identified. Examples with regard to well known entrepreneur ismade. MAIN BODY1. Characteristics and the role of EntrepreneursEntrepreneurs: It refers to a person who is responsible for set up a new business as wellas conducting business activities. Entrepreneur is an individual who will organize a venture andliable to take all benefits from it. Individual who creates and build a new business as well as haveto bear most of the risk related to business and who have right to enjoy most of the rewardsearned by businesses is known as entrepreneur. They are majorly seen as a source of new andcreative idea of product and services. Characteristics of Entrepreneur2

There are several characteristics of a person which leads to as successful entrepreneur.There are various key skill and abilities which are necessary for brining new idea as well assuccessful implementing it to gain maximum benefits. Different characteristics of a successfulentrepreneur is mention below.Self motivation: This can be consider as one of the most important characteristics of anentrepreneur as it helps them in achieving goals and objectives (Afolabi, 2015). Selfmotivation is very helpful in conducting business activities in more effective and efficientmanner without any support from other person. When a person is self motivated they caneasily push themselves and succeed in business. Take risk: In order to become a successful entrepreneur a person should have ability totake risk. This is an essential characteristics as taking risk is an important factor toachieve success and without risk as person will able to accomplishing desired objectives(Asongu and Tchamyou, 2016). Entrepreneur should be able to calculate risk as well asprofits for them after gaining success for risk. Passion: An entrepreneur should be passionate towards their work and have a desire toaccomplish desired objectives. Passion can be consider as a fuel for a successfulentrepreneur. Entrepreneur should have passion to create a business successful and attaindesired goals. Innovative: Innovation is a characteristics of a person which helps them in developingnew and creative product or services. This characteristics of a person will help in creatingsuch product that is useful in meeting with customers requirement. By developingcreative and innovation product and services business can achieve substantial amount ofprofits. Role of EntrepreneurThere are various important role of an entrepreneur which help in conducting businessactivities in effective and efficient manner. Key roles of entrepreneur that lead to achieving goalsand objectives of entrepreneur is mention below.Adhering to legal norms: Entrepreneur role is to ensure that adhere the legal norms andpolicies so that they can conduct business activities smoothly. There are various rules andregulation developed by government so it is important to correctly follow these rules in order toachieve organisation goals. 3

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