Entrepreneurship: Role of Entrepreneur as Leader and Contribution to Economy and Society

Entrepreneurship
Assessment

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
TASK 2............................................................................................................................................5
Task 3...............................................................................................................................................7
Contribution to economy and society..........................................................................................7
Survival issues.............................................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship is the ability as well as readiness to organise, develop and to run an
enterprise, along with any of their uncertainties in context to earn a profit. Starting of new
business is the most suitable example of entrepreneurship. In terms to economics,
entrepreneurship is related to capital that was introduced in the business, natural resources, land,
labour etc. with the intension to generate a profit. There are four type of entrepreneurship that are
present in the business environment such as Small enterprise, scalable start-up firm, social
entrepreneurship, large company etc. The organisation that was selected in this project is Dyson
as it is established in 1991 by James Dyson in the state of United Kingdom. House hold
appliances which it manufactures are hand dryer, heaters, lights, hair dryer, blade less fans,
vacuum cleaner. The brand had its headquarters in Amesbury, UK. The Chief Executive Officers
of the enterprise is Roland Krueger. The report cover various topic in which analysis and study is
done. Such as definition of entrepreneurship and who are the entrepreneur of chosen company
and what were their personality traits it was also discuss. Explain why innovation is important
and which services or product are launch by industry in the competitive market. Discussion
regarding the role of entrepreneur as a leader and qualities that help to become a most successful
leader are also explain in this assignment. How employer leads to expand as well as grow their
business are tends to discuss in this project. The topics related to contribution to the economy as
well as survival issues are also explain in the respective assignment.
TASK 1
Dyson has most powerful suction of any vacuum. It manufacture various appliances that
are related to house hold. The entrepreneur of the brand is James Dyson. As he is commonly
known as investor of the Dual cyclone bag less vacuum cleaner, that works on cyclonic
separation principle basis. Dyson having grown impatient by clogged air filters in their ball
barrow factory, and tends to develop a cyclone particle collector that are most common to
devices that are most commonly used in industrial plant which is large in size like saw mill.
Through adapting this solution to home vacuum cleaner, for 5 years he worked and almost tested
around five thousand prototypes before producing a model which is satisfactory that swirled
incoming dirty air around cylindrical container, here through centrifugal force separation of dust

become possible. entrepreneur have the following personality traits such as Discipline, self-
awareness, resourcefulness, creativity, empathetic, communicative, process oriented, flexible,
confident, resilient, risk taker etc. If owner has great sense to self-awareness than it is become
easy for them to achieve success and with the help of it only strength & weakness can be
observed by employer. Another advantage of it is to improve one's ability for the purpose to
receive, provide as well as apply the feedback which is most significant. The most essential trait
that must possess entrepreneur is empathy. With soft skills business owner connect to various
benefits like customer loyalty, etc. Every leader must have excellent communication skills so
that it reduce the chance of misunderstanding, miss interpretation etc. entrepreneur must have
effective listening skills so that opposite party also try to express their views or innovative ideas.
When entrepreneur decides to launch new item to competitive market than he should speak
confidently and clearly so that they can easily introduce the product by communicating product
features to audience. Entrepreneur must have good convincing skills so that they can attract large
number of audience towards their product which tends tends to make positive impact on sales
and revenues of the organisation which indirectly leads to increase the chances of business
growth and survival. On the other hand, in context to their approach if owner is flexible that
they are capable to take benefit of various new opportunities. When employer has power or skills
to take risk than they can find new smart methods to make themselves different from their
competitor. When they are interested to take risk that he will be eligible to learn lesson that are
most valuable because it help organisation in long term. Owner who are capable to solve the
issues and who think out of box at the time to face business challenges than it become possible
for them to quickly pivot as well as to implement the solutions that are necessary to implement
for the purpose to business growth.
Knowledge plays a great role when it comes the thought of recognising various
opportunities. Various different factors such as social, economic, technological trend are observe
to analyse existing market so that entrepreneur easily grasp the opportunities. As it is social
process so it relies entrepreneur ability to interact. Five examples that must follow by
entrepreneur to recognise an opportunity are to find out market inefficiency which is noteworthy.
As these methods identify problems for which they are more passionate. Secondly successful
business model is tends to be identify in same type of market. As using the respective model to
introduce their own brand is easy way to success. New approach with context to tried & true idea